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NZD/USD – Bearish Expanded Flat in 4 hours chart

NZD/USD – Bearish Expanded Flat in 4 hours chart
Monday, February 27th, 2017 @ 11:49 am by Muhammad Azeem

About Muhammad Azeem:

Muhammad Azeem Mr. Azeem is a pure technician and solely employs technical market analysis in trading. He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted. Muhammad is a regular participant in the FX Instructor Live Trading Room.

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NZD/USDTrend 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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