Estimated reading time: 4 minutes
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 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 0.7943 price area which is the originating point of bearish wave W leg. In my judgment, price action in AUD/USD currency pair is now rising up to print a Bullish Zig Zag Elliott Wave pattern – Wave X. So, market is going to remain sideways to complete the corrective Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bearish price action is the Bearish Double Zig Zag leg which is part of a higher degree bearish wave C Elliott wave leg.
Currently, Bearish Double 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 0.7930 price area. However; if the price of AUD/USD currency pair breaks above 0.7943 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 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.
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To me; price is trying to complete the Bullish Contracting 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 up and down several more times to complete the sideways looking Triangle pattern. Within the Bullish Contracting Triangle pattern, all sub-waves must sub-divides into a, b, c, d and e waves Zig Zag pattern.
The following Elliott Wave Triangle pattern diagram shows us a completed Bullish Contracting Triangle 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 Contracting 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 in price action is just a pull back in a down trend as mentioned above as a bullish Wave X leg inside a 15 minutes price chart.
Strong key support level is present at 0.7868 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 up trend in AUD/USD currency pair, in 4 hours chart. However; price should stays above 0.7868 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 0.7868 support area will end an up 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 up in 4 hours chart and a good idea is to look for a buy trade around 0.7885 price area, as price is going to rise up towards 0.7965 but a clear bearish break down in price action below 0.7868 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 0.7930 price level and price is probably going to drop towards 0.7890 price level. However; if the price of AUD/USD currency pair breaks above 0.7943 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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