Estimated reading time: 3 minutes
The bearish trend is present in AUD/USD currency pair, 15 minutes time frame based on AUD/USD Elliott wave Analysis. As I have forecasted few hours ago, the price of AUD/USD pair is going to falls down now on a short-term basis to print a Bearish Double 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 0.7643 price area where the bullish wave b has ended as well. In my judgment, price action in AUD/USD currency pair is now going to drop few more pips to complete the bearish wave c leg which is part of a larger degree bearish wave y leg. Based on Elliott wave analysis, the current bearish wave c is the start of a down trend. So, I expect the market to resume the down trend now as bullish wave b looks complete.
Currently, Bearish Impulse wave c leg looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend. However; if the price of AUD/USD currency pair breaks above 0.7643 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.
Now, at this point; I must acknowledge that the trend is also bearish in higher time frame of AUD/USD currency pair.
Below is the 4 hours chart of AUD/USD pair with AUD/USD Elliott wave analysis which shows us a big picture and a newly started bearish trend as well.
To me; price has completed the Bullish 1, 2, 3, 4 and 5 wave impulse pattern and top is now in place at 0.7711 price area. Now, market is falling down to print the corrective Double Zig Zag Elliott wave pattern. Bearish wave W is the first Zig Zag. Within the bearish corrective wave W leg, all sub-waves must sub-divides into smaller corrective a, b and c Zig Zag waves pattern.
The following Elliott Wave Bearish Motive pattern diagram shows us a completed bearish Double Zig Zag corrective pattern within the frame work of Elliott wave principle.
Based on my 4 hours chart AUD/USD Elliott wave analysis, we have got an in-complete Bearish wave W leg. Now, price is probably going to drop more to complete the bearish wave W leg.
To me; in fifteen minutes chart of AUD/USD pair the bullish leg in price action was just a pull back in a down trend as mentioned above as a bullish wave b leg. Strong key resistance level is present at 0.7711 in AUD/USD four hours chart.
So, I expect market to falls down more now to complete the bearish wave W leg. So, in my opinion market is going to resume the down trend in AUD/USD currency pair, time frame is 4 hours chart.
However; price should stays below 0.7711 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 0.7711 vital 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 the AUD/USD 4 hours chart.
Based on AUD/USD Elliott wave analysis the trend is down in 4 hours chart and a good idea is to look for a Sell trade around 0.7604 price area, as price is going to drop towards 0.7535 but a clear bullish break out in price action above 0.7711 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 Short trade around 0.7605 price level and price is probably going to falls down towards 0.7575 area. However; if the price of AUD/USD currency pair breaks above 0.7643 vital resistance level then bearish trend is going to end. Forex traders who don’t have a broker yet or wish to go with a broker that works well then click here.
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