Estimated reading time: 3 minutes
The bullish 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 rise up now on a short-term basis to prints a Bullish Zig Zag Elliott wave pattern and traders should look for a buy trade. So, all those Forex traders who have followed my analysis have made the right decision as price has ascended.
Strong key support level is present at 0.7870 price area which is the originating point of bullish impulse wave a leg. In my judgment, price action in AUD/USD currency pair is now rising up to prints a Bullish Impulse wave c leg. So, market is going to rise up more now to complete the Bullish Zig Zag Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bullish price action is the Bullish Zig Zag leg which is part of a higher degree bullish corrective wave d Elliott wave pattern.
Currently, Bullish Zig Zag Elliott wave pattern looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 0.7927 price area. However; if the price of AUD/USD currency pair breaks below 0.7870 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 Elliott wave analysis 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 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 rising up to complete the bullish wave d leg. The bullish wave d leg is not the last and final rise as price is going to drop lower and rise up several more times to complete the Bullish Running Triangle pattern. Within the Bullish Running Triangle Elliott pattern, all five sub-waves must sub-divides into 3, 3, 3, 3 and 3 waves structure pattern.
The following Elliott Wave Bullish Triangle pattern diagram shows us a completed corrective Bullish Running Triangle 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 Elliott wave pattern. Now, price is probably going to rise up to complete the bullish wave d leg. To me; in fifteen minutes chart of AUD/USD currency pair the bullish leg in price action is just a pull back in an up trend as mentioned above as a Bullish Zig Zag corrective wave pattern in a 15 minutes price chart.
Strong key support level is present at 0.7870 in AUD/USD four hours chart. So, I expect market to rise up more now to complete the Bullish Running Triangle pattern – Wave (B) leg. So, in my opinion market is going to remain sideways a little bit and then resumes an up trend in AUD/USD currency pair, in 4 hours chart. However; price should stays above 0.7870 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 0.7870 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 0.7985 price area, as price is going to rise up towards 0.8005 but a clear bearish break down in price action below 0.7870 vital support area will end an up trend. On a short term basis, it is a bullish trend in AUD/USD 15 minutes time frame and a good idea is to take a buy trade around 0.7927 price level and price is probably going to rise towards 0.7985 price level. However; if the price of AUD/USD currency pair breaks below 0.7870 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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