AUD/USD Elliott Wave Forecast 23rd March, 2018

AUD/USD Elliott Wave Forecast in 15 Minutes chart

The bearish trend is present in AUD/USD currency pair, 15 minutes time frame based on AUD/USD Elliott Wave Forecast. As I have forecasted few hours ago, the price of AUD/USD pair is going to drop now on a short-term basis to prints a Bearish Impulse wave v Elliott pattern and traders should look for a sell trade. So, all those Forex traders who have followed my analysis have made the right decision as price has descended.

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Strong key resistance level is present at 0.7737 price area. In my judgment, price action in AUD/USD currency pair is now going to drop more to print a Bearish Impulse wave v leg as bullish Zig Zag corrective wave iv leg has completed. So, market is going to remain bearish to complete the Bearish Impulse Elliott wave v pattern which looks in-complete. Based on Elliott wave analysis, the current bearish price action is part of a bearish impulse wave C leg in higher degree Elliott wave pattern.

Currently, Bearish Impulse Elliott wave v leg looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 0.7713 price area. However; if the price of AUD/USD currency pair breaks above 0.7737 vital resistance level then down trend is going to end. In such a market scenario, it would be best not to trade the Forex market and re-do the AUD/USD Elliott wave analysis in fifteen minutes chart.

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Now, at this point; I must acknowledge that the trend is also bearish in higher time frame of AUD/USD currency pair.

AUD/USD Elliott Wave Forecast in 4 Hours chart

Below is the 4 hours chart of AUD/USD pair with my Elliott wave analysis which shows us a big picture and a well started bearish trend as well.

Now market is trying to falls down to complete the Bearish Impulse Elliott wave pattern wave C. The bearish wave C leg is the last decline as price is going to rise up after that. Within the Bearish Impulse wave pattern, all sub-waves must sub-divides into 5, 3, 5, 3 and 5 waves Elliott pattern.

The following Bearish Impulse Elliott Wave pattern diagram shows us a completed Bearish Impulse wave leg within the frame work of Elliott wave principle.

Based on my AUD/USD Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bearish Impulse Elliott wave pattern. Now, price is probably going to falls more lower to complete the bearish wave C leg. To me; in fifteen minutes chart of AUD/USD currency pair the bullish leg in price action is just a pull back in a down trend as mentioned above as Bullish Zig Zag inside a 15 minutes price chart.

Strong key resistance level is present at 0.7784 in AUD/USD four hours chart. So, I expect market to falls down more now to complete the bearish wave C leg. So, in my opinion market is going to remain sideways and then resume the down trend in AUD/USD currency pair, in 4 hours chart.

However; price should stays below 0.7784 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 0.7784 resistance area will end the down trend and in such a market scenario, it would be best not to trade the market and re-analyze AUD/USD 4 hours chart.

Summary

Based on AUD/USD Elliott Wave Forecast the trend is down in 4 hours chart and a good idea is to look for a sell trade around 0.7695 price area, as price is going to drop more towards 0.7635 but a clear bullish break out in price action above 0.7784 vital resistance area will end the down trend. On a short term basis, it is again a bearish trend in AUD/USD 15 minutes time frame and a good idea is to take a sell trade around 0.7713 price level and price is probably going to drop towards 0.7665 price level. However; if the price of AUD/USD currency pair breaks above 0.7737 vital resistance level then bearish trend is going to end. We recommend trading with these top-rated brokers when using our signals/analyses/forecasts as they handle your trades quicker and more efficiently with very low spreads and most of them have high trade execution rates.