NZD/USD – Down trend in 15 Minutes chart

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. 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.