*** NZD/USD – SHORT TERM ELLIOTT WAVE ANALYSIS ***
The trend is bearish in NZD/USD currency pair, 15 minutes time frame. As I have suggested few hours ago during my daily Live Trading Room session, the price of NZD/USD pair is going to drop now on a short-term basis to print a bearish wave (iii) Elliott wave leg and traders should look for a sell trade. So, all those Forex traders who have followed my Elliott Wave analysis have made the right decision as the price has descended. Strong key resistance level is present at 0.7276 price level.
In my judgment, price action in NZD/USD currency pair is now going to rise up to print a bullish pull back – wave (iv). Next, I expect market to resume the down trend to print a Bearish Impulse Wave pattern. Based on Elliott wave forecast, the bearish decline in price action looks like a Bearish Impulse Wave.
Currently, bullish wave (iv) leg looks in-complete. So, first wait outside of the market and allow price action to rise up to complete the correction. Next, look for a possible sell trading chance to join the down trend in NZD/USD currency pair. However; if the price of NZD/USD breaks above 0.7276 critical resistance level then down trend is going to end. In such a market scenario, it would be best not to trade the market and re-analyze the NZD/USD fifteen minutes chart.