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AUD/USD Elliott Wave Weekly Forecast: 29th August to 12th September 2019

AUD/USD Elliott Wave Weekly Forecast: 29th August to 12th September 2019

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AUD/USD Elliott Wave Weekly Forecast

AUD/USD Elliott Wave Weekly Forecast in 4 hours chart

Based on technical analysis 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 to prints a Bearish Impulse Elliott wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my Elliott wave analysis have made the right decision as price has descended.

Strong key resistance level is present at 0.6821 price area which is the termination point of Bullish wave iv leg. In my judgment, price action in AUD/USD currency pair is now going to drop more. So, market is going to remain bearish on a short term basis. Next, expects a long term bottom in price action as well after decline. Based on Elliott wave forecast, the current Bearish trend is part of a Bearish Impulse Elliott Wave pattern, wave C leg in higher time frame.

Currently, Bearish impulse Elliott wave v leg looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 0.6773 price area. However; if the price of AUD/USD currency pair breaks above 0.6821 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 four hours chart.

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

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AUD/USD Elliott Wave Weekly 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 Bearish trend as well.

AUD/USD Elliott Wave Weekly Forecast

To me; price is printing Bearish Zig Zag corrective wave C leg. Now, price action is falling down to complete the Bearish corrective wave C impulse pattern. So, now market is falling down on a short term basis to complete the Bearish Zig Zag wave C leg. The Bearish impulse wave C leg is the last and final decline and price is going to prints a long term bottom after that. Within the Bearish Zig Zag corrective Elliott wave pattern, all sub-waves must sub-divides into 5, 3 and 5 waves pattern.

The following Elliott Wave Bearish Zig Zag corrective pattern diagram shows us a completed Bearish Zig Zag pattern within the frame work of Elliott wave principle.

Bearish Zig Zag Pattern

The bearish Zig Zag 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 lows (retracements) and highs (rises). Bearish Zig Zag Elliott wave pattern in a down trending market could be seen inside the above image. The figure shows what a Bearish Zig Zag Elliott wave pattern looks like. If a trader knows what a bearish Zig Zag 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 Bearish Zig Zag consists of two Impulse Elliott wave patterns, joined by a B wave. We use A English alphabet to label first impulse Zig Zag wave leg and we use C English alphabet to label second Impulse Zig Zag wave leg. Please take a note that Bearish Zig Zag pattern is a corrective Elliott wave pattern which appears at a pull back in a main down market trend.

Based on my AUD/USD technical analysis using Elliott Wave in daily chart, we have got an in- complete Bearish corrective wave C leg and price action is still falling down to completes the Bearish Zig Zag corrective leg. However; it is possible if price breaks above blue colour resistance line then forecast will become in-valid. Now, price action is probably going to move sideways and then falls more lower to completes a Bearish Zig Zag wave pattern. To me; in four hours chart of AUD/USD currency pair the bullish leg – wave iv corrective wave which is part of a higher degree wave C Bearish leg in daily chart is just a bullish pull back on a smaller degree in an up trend as mentioned above as wave iv Bearish Contracting Triangle wave pattern inside a four hours price chart.

Strong key resistance level is present at 0.7081 price area in AUD/USD daily chart. So, I expect market to first move sideways for next coming trading days and then may be starts the decline. So, in my opinion market is going to remain Bearish overall and on a medium term basis. Next, expects a Bearish leg in market after that in AUD/USD currency pair, in daily chart.

Now, when an existing Bearish 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 below 0.7081 resistance area in daily time frame to keep the down trend alive. A clear bullish break out in price action above 0.7081 resistance area will end the down trend and Bearish Elliott Wave Weekly Forecast; 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 down in daily chart and a good idea is to look for a sell trade around 0.6690 price area, as price action is going to drop more towards 0.6452 but a clear bullish break out in price action above 0.7081 vital resistance area will end the down trend. On a medium term basis, it is a Bearish trend in AUD/USD 4 hours time frame and a good idea is to take a sell trade around 0.6773 price level and price is probably going to drop lower towards 0.6588 price level. However; if the price of AUD/USD currency pair breaks above 0.6821 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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