The bullish trend is present in NZD/USD currency pair, 15 minutes chart. The price of NZD/USD currency pair is going to rise up now on a short-term basis to create a bullish Impulse Elliott Wave pattern and Spot Forex traders should consider taking a possible buy trading chance.

Strong key support level is present at 0.7338 price level which is the ending point of bearish wave (iv) leg. In my opinion, price action in NZD/USD currency pair has completed Bearish wave (iv) corrective pull back. Based on Elliott wave forecast, bullish wave (v) is now in progress. So, I expect the market to resume the up trend and rise towards 0.7370 price area in coming trading hours.

Next, price action is most likely going to prints a top as well in coming trading hours after completing the bullish wave (v) impulse wave pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current NZD/USD bullish trend as it is always easy to trade in the favor of market trend. Currently, a bullish wave (v) leg which is part of the Bullish Impulse Elliott wave pattern looks half finished. A good idea is to look for a possible buy trading chance to join an up trend.

However; if the price action in NZD/USD spot Forex pair breaks below 0.7338 important support level then Bullish Elliott wave Forecast will become invalid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the NZD/USD currency pair price movement in fifteen minutes chart.

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