Estimated reading time: 3 minutes
The bullish trend is present in AUD/USD currency pair, 15 minutes time frame based on AUD/USD Forecast today. As I have forecasted few hours ago, the price of AUD/USD pair is going to drop now on a short-term basis to print 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 support level is present at 0.7744 price area where the Bullish wave (i) has ended. In my judgment, price action in AUD/USD currency pair is now going to rise up few more pips to complete the bullish wave (v) impulse Elliott Wave leg. Based on Elliott wave analysis, the upcoming Bullish Impulse wave (v) is going to be the resumption of an up trend. So, I expect the market to resume an up-trend as bearish wave (iv) Zig Zag pattern has almost completed.
Currently, Bullish Impulse wave (v) looks in-complete. So, we should look for a possible buy trading chance at 0.7804 price area to join an up-trend. However; if the price of AUD/USD currency pair breaks below 0.7744 vital support level then up 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 Forecast today in fifteen minutes chart.
Now, at this point; I must acknowledge that the trend is also bullish in higher time frame of AUD/USD currency pair.
Below is the 4 hours chart of AUD/USD pair with AUD/USD Forecast today which shows us a big picture and a nice up trend as well.
To me; price is printing a Bullish Impulse Wave 5 Elliott Wave pattern in 4 hours chart. Now, market is moving up to complete the last and final bullish leg – Wave 5.
The following Elliott Wave Bullish Impulse pattern diagram shows us a completed bullish 1, 2, 3, 4 and 5 waves leg within the frame work of Elliott wave principle.
Based on my AUD/USD Forecast today, we have got an incomplete Bullish wave 5 leg in AUD/USD currency pair, 4 hours time frame. Now, price is probably going to rise up more to complete the bullish wave 5 impulse leg. To me; the bearish decline in price action was just a bearish pull back as mentioned above in fifteen minutes chart of AUD/USD pair. Strong key support level is present at 0.7711 in AUD/USD four hours chart.
So, I expect market to rise up more now to complete the Bullish Impulse Wave 5 Elliott wave pattern. So, in my opinion market is going to resume an up trend in AUD/USD currency pair, time frame is 4 hours chart.
However; price should stays above 0.7711 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 0.7711 vital support area will end the up 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 Forecast today the trend is up in 4 hours chart and a good idea is to look for a buy trade around 0.7840 price area, as price is going to rise towards 0.7900 but a clear break down in price action below 0.7711 vital support area will end the up trend. On a short term basis, it is again a bullish trend in AUD/USD 15 minutes time frame and a good idea is to take a Buy trade around 0.7804 price level and price is probably going to rise up towards 0.7835 area. However; if the price of AUD/USD currency pair breaks below 0.7744 vital support level then bullish 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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