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AUD/USD Elliott Wave Forecast 15th May to 29th May 2020

AUD/USD Elliott Wave Forecast 15th May to 29th May 2020

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AUD/USD Elliott Wave Forecast
AUD/USD Elliott Wave Forecast in 4 hours chart

 

Based on technical analysis AUD/USD Elliott Wave Forecast, the bearish trend is present in AUD/USD currency pair, 4 hours time frame based on AUD/USD Elliott Wave Weekly Forecast. As I have forecasted few hours ago, the price of AUD/USD pair is going to drop now 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 Elliott wave forecast have made the right decision as price has descended.

Strong key resistance level is present at 0.6560 price area which is termination point of Bullish corrective wave b leg. In my judgment, price action in AUD/USD currency pair is now going to move sideways. Next expect further decline in price action to complete a Bearish corrective pattern – wave c leg. So, market is going to remain bearish on a short term basis. Next, expects a short term bottom in price action as well. Based on Elliott wave forecast, current Bearish trend is part of a Bearish corrective Elliott wave pattern, wave 2 leg in higher time frame.

Currently, Bearish corrective Elliott wave pattern, wave c leg looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 0.6405 price area. However; if price of AUD/USD currency pair breaks above 0.6560 vital resistance level then down trend is going to end. In such a market scenario, it would be best not to trade Forex market and re-do AUD/USD Elliott wave analysis in four hours chart.

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Now, at this point; I must acknowledge that the trend is bullish in higher time frame of AUD/USD currency pair.

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AUD/USD Elliott Wave Forecast in daily chart

 

Below is the daily chart of AUD/USD pair with my Elliott wave forecast which shows us a big picture and a well started bullish trend as well.

AUD/USD Elliott Wave Forecast

To me; price is printing Bearish corrective wave 2 leg. Next, price is going to prints a medium term bottom as well. After that I expect expect price action in AUD/USD currency pair to move up to complete bullish Impulse wave 3. Within Bullish Impulse Elliott wave pattern, all sub-waves must sub-divides into 5, 3, 5, 3 and 5 waves pattern.

The following Elliott Wave Bullish Impulse wave pattern diagram shows us a completed Bullish Impulse wave pattern within the frame work of Elliott wave principle.

Bullish Impulse pattern

The Bullish Impulse Wave pattern of the Elliott wave principle shows that how price action does not moves in a straight line fashion but in a series of higher swing highs and higher swing lows. Bullish Impulse Elliott wave pattern in an up trending market could be seen inside the above image. The figure shows what a Bullish Impulse Elliott wave pattern looks like. If a trader knows what a Bullish Impulse Wave pattern looks like, then it would become much easy for a currency trader to actually analyze the Forex charts and make a trading decision as well.

A Bullish Impulse wave consists of total five waves. Three bullish legs in the favour of an up trend. And two bearish corrective Elliott wave patterns, against the up ward market trend. We use numbers to label impulse wave 1, 2, 3, 4 and 5. Inside wave 2 and 4, we use English alphabets to label corrective wave structures. Please take a note that Bullish Impulse Wave pattern is a motive Elliott wave pattern. It appears at a trending market environment and moves in the favour of larger up ward market trend.

Based on my AUD/USD using Elliott Wave in daily chart, we have got an in-complete bullish wave 3 leg. So, market is going to first move sideways and then rise more to prints bullish Impulse wave 3 pattern. However; it is possible if price breaks below green colour support line then forecast will become in-valid.

To me; in four hours chart of AUD/USD currency pair the bearish wave c leg which is part of a higher degree wave 2 corrective wave pattern in daily chart is just a bearish leg in an up trend. As mentioned above as Bearish Zig Zag corrective wave leg inside a 4 hours chart.

Strong key support level is present at 0.5506 price area in AUD/USD daily chart. So, I expect market to first move sideways for next coming trading days and then may be start moving up. So, in my opinion market is going to remain bullish overall. And on a medium to long term basis, expects a sideways to bullish leg in market. Next, market is probably going to resume the Bullish trend after that in AUD/USD currency pair, in daily chart.

Now, when an existing Bullish Elliott Wave Weekly Forecast in AUD/USD is going to fail?

Well, the forecast is good for about next two weeks time. And price should stays above 0.5506 support area in daily time frame to keep the up trend alive. A clear bearish break down in price action below 0.5506 support area will end an up trend. It will also fail bullish Elliott Wave Weekly Forecast as well. In such a market scenario, it would be best not to trade the market and re-analyze AUD/USD daily chart.

Summary

 

Based on AUD/USD Elliott Wave Weekly Forecast the trend is up in daily chart. A good idea is to look for a buy trade around 0.5812 price area. As price action is going to rise towards 0.6711. But a clear bearish break down in price action below 0.5506 vital support area will end up trend. On a medium term basis, it is a bearish trend in AUD/USD 4 hours time frame.

A good idea is to take a sell trade around 0.6405 price level. Next, price is probably going to fall lower towards 0.6050 price level. However; if price of AUD/USD currency pair breaks above 0.6560 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.

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