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Down trend in NZD/USD 4 hours chart

Tuesday, March 7, 2017 15:09
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(Before It's News)

3-8-2017 3-00-39 AMTrend is bearish in four hours chart. Important resistance level is present at 0.7245 price level. In past few trading days, market has moved lower. A clear bearish Expanded Flat Elliott Wave pattern has appeared at Wave iv location which pushed the price down.

A good option is to look for a sell trade as price is already falling down to print a Bearish Impulse Wave v leg. If bullish candlestick closes above 0.7245 key resistance level then down trend is going to fail. In such case, I would prefer to stay out of market and re-analyze the price action in NZD/USD currency pair.



Source: http://fxinstructor.com/blog/down-trend-in-nzdusd-4-hours-chart

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