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NZD/USD – Down trend in 15 Minutes chart

NZD/USD – Down trend in 15 Minutes chart
Monday, June 19th, 2017 @ 10:44 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-usdThe 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. 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 pullback – wave (iv). Next, I expect the 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 downtrend 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.

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