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 Zig Zag Elliott wave 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.
Strong key resistance level is present at 0.8034 price area which is the termination point of bullish wave B leg. In my judgment, price action in AUD/USD currency pair is now falling down to print bearish wave C leg. So, market is going to remain sideways and then falls lower to complete the corrective Elliott wave pattern Bearish Zig Zag pattern which looks in-complete. Based on Elliott wave analysis, the current bearish price action is the Bearish Zig Zag which is part of a higher degree bearish wave C Elliott wave leg.
Currently, Bearish Zig Zag Elliott wave pattern looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 0.8004 price area. However; if the price of AUD/USD currency pair breaks above 0.8034 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.
If you are a trader who prefer to use robots and EAs to automate your trades and make them very profitable for you or require very good forex/stock training resources, please check this page.
Now, at this point; I must acknowledge that the trend is actually bullish in higher time frame of AUD/USD currency pair.
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 bullish trend as well.
To me; price is trying to complete the Bullish Running Triangle Elliott wave pattern. Now, market is falling down to complete the bearish wave C leg. The bearish wave C leg is not the last and final decline as price is going to rise and drop several more times. Within the Bearish wave C pattern, all sub-waves must sub-divides into a Zig Zag 5, 3 and 5 waves Elliott pattern.
The following Elliott Wave Zig Zag pattern diagram shows us a completed Bearish Zig Zag 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 Bullish Running Triangle 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 wave B in price action is just a pull back in a down trend as mentioned above as a Bearish Zig Zag leg inside a 15 minutes price chart.
Strong key resistance level is present at 0.8034 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 0.8034 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 0.8034 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.
Based on AUD/USD Elliott Wave Forecast the trend is bullish in 4 hours chart and a good idea is to look for a buy trade around 0.7870 price area, as price is going to rise up towards 0.8080 but a clear bearish break down in price action below 0.7807 vital support area will end an up trend. On a short term basis, it is a bearish trend in AUD/USD 15 minutes time frame and a good idea is to take a sell trade around 0.8004 price level and price is probably going to drop towards 0.7935 price level. However; if the price of AUD/USD currency pair breaks above 0.8034 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 rate.
Valforex.com will not be liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Trading Forex, Binary options and Cryptocurrencies involve high-risk and are not suitable for all investors. Online trading in general, may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity. All trademarks, images and logos that appear on this site are copyrights of their respective owners and have been used under the Act of Fair Use.
0 Comments