Trend is bearish in NZD/USD currency pair, 4 hour time frame. As I have suggested past week during my daily Live trading room session, market is rising up on a short term basis to complete bullish Wave b leg which is part of a larger version of a bearish Zig Zag pattern and traders should look for a long trade. So, all those Forex traders who have followed the analysis have made the right decision as the price has ascended. Strong key resistance level is present at 0.7379 price level.
Be sure to check out daily Forex market updates via Live Trading Room. In my judgement, price action in NZD/USD is now going to drop towards 0.7150 price level to print a bearish Zig Zag Elliott wave pattern, in coming trading days.
Currently; bearish Zig Zag pattern looks in-complete and price action offers a possible Sell trade setup to join the down trend. However; if price of NZD/USD currency pair breaks above 0.7379 critical resistance level then I might like to stay out of the market and re-examine the four hour chart of NZD/USD currency pair.