NZD/USD – Bearish Expanded Flat in 4 hours chart

(Before It's News)

Trend is bearish in NZD/USD currency pair, four hour time frame. As I have suggested past week during my daily Live trading room session, market is falling down on a medium term basis to complete a bearish Elliott Wave v leg and traders should look for a sell trade. So, all those Forex traders who have followed the Elliott wave analysis have made the right decision as the price action has descended. Vital resistance area is present at 0.7277 price level.

Be sure to check out daily Forex market updates via Live Trading Room. In my opinion, price action in NZD/USD currency pair is most probably going to drop more as bearish Expanded Flat pattern has completed. So, a good idea is to go short to ride and trade the bearish wave v impulse wave pattern.

However; if price action of NZD/USD currency pair closes a bullish candlestick above 0.7277 key resistance level then bearish Elliott Wave count will become in-valid. Henceforth, I may jump at the chance to stay out of the market and re-analyze the NZD/USD price action.

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