Trend is bearish in NZD/USD currency pair, 15 minutes time frame. As I have suggested few hours ago, the market is falling down on a short term basis to print a corrective Elliott wave W bearish leg and traders should look for a sell trade. So, all those Forex traders who have followed my Elliott Wave analysis have made the right decision as the price has descended. Strong key resistance level is present at 0.6949 price level.
In my judgment, price action in NZD/USD currency pair is most likely going to rise up now to print a bullish X wave leg. The X wave bullish pull back offers us a possible sell trading chance to join the down trend and to ride an upcoming bearish wave Y leg in the coming trading hours.
Currently; price action is in the progress to complete the corrective wave X bullish pull back as the Double Zig Zag Elliott wave pattern looks in-complete. So, a good idea is to look for a possible sell trading chance at bullish wave X location. However; if the price of NZD/USD currency pair breaks above 0.6949 critical resistance level then I might like to stay out of the market and re-examine the fifteen minutes chart of NZD/USD currency pair.