The bullish trend is present in NZD/USD currency pair, 15 minutes time frame based on NZD/USD Elliott Wave Forecast. As I have forecasted few hours ago, the price of NZD/USD pair is going to rise up now on a short-term basis to prints a Bullish Zig Zag corrective Elliott wave pattern and traders should look for a buy trade. So, all those Forex traders who have followed my analysis have made the right decision as price has ascended.
Strong key support level is present at 0.7199 price area which is the termination point of bearish wave b corrective leg. In my judgment, price action in NZD/USD currency pair is now rising up to prints a Bullish Impulse c leg. So, market is going to remain bullish on a short term basis. Next, expect a top and a drop as well. Based on Elliott wave analysis, the current bullish price action is the Bullish Zig Zag corrective wave pattern which is part of a higher degree corrective Bullish X wave Zig Zag Elliott Wave pattern.
Currently, Bullish Elliott wave pattern wave c looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 0.7280 price area. However; if the price of NZD/USD currency pair breaks below 0.7199 vital support level then up trend is going to end. In such a market scenario, it would be best not to trade the Forex market and re-do the NZD/USD Elliott wave analysis in fifteen minutes chart.
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Now, at this point; I must acknowledge that the trend is actually bearish in higher time frame of NZD/USD currency pair.
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Below is the 4 hours chart of NZD/USD pair with my Elliott wave analysis which shows us a big picture and a well started bearish trend as well.
To me; price is trying to complete the Bearish Triple Zig Zag corrective wave pattern. Now, market is moving down overall to complete the corrective wave Z leg. The bearish wave Z leg is the last and final decline and price is going to prints a bottom after that. Within the Bearish Triple Zig Zag corrective pattern, all sub-waves must sub-divides into a corrective 3, 3 and 3 waves pattern.
The following Elliott Wave Bearish Triple Zig Zag Elliott wave corrective pattern diagram shows us a completed Bearish Triple Zig Zag pattern within the frame work of Elliott wave principle.
Based on my NZD/USD Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bearish Triple Zig Zag corrective pattern at wave X location. Now, price is probably going to move sideways and then falls down to start printing the Bearish corrective wave Z leg. To me; in fifteen minutes chart of NZD/USD currency pair the bullish leg in price action is just a pull back in a down trend as mentioned above as Bullish Zig Zag corrective wave pattern inside a 15 minutes price chart.
Strong key resistance level is present at 0.7353 in NZD/USD four hours chart. So, I expect market to first rise up a little bit more and then starts the decline to print bearish Triple Zig Zag wave Z leg pattern. So, in my opinion market is going to remain sideways and then resume the down trend in NZD/USD currency pair, in 4 hours chart.
However; price should stays below 0.7353 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 0.7353 resistance area will end the down trend and in such a market scenario, it would be best not to trade the market and re-analyze NZD/USD 4 hours chart.
Based on NZD/USD Elliott Wave Forecast the trend is down in 4 hours chart and a good idea is to look for a sell trade around 0.7265 price area, as price is going to drop more towards 0.7145 but a clear bullish break out in price action above 0.7353 vital resistance area will end the down trend. On a short term basis, it is a bullish trend in NZD/USD 15 minutes time frame and a good idea is to take a buy trade around 0.7280 price level and price is probably going to rise up towards 0.7315 price level. However; if the price of NZD/USD currency pair breaks below 0.7199 vital support level then bullish trend is going to end. We recommend trading with these top-rated brokers when using our signals/analyses/forecasts as they handle your trades quicker and more efficiently with very low spreads and most of them have high trade execution rate.
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