*** AUD/USD – SHORT TERM ELLIOTT WAVE ANALYSIS ***
The trend is bearish in AUD/USD currency pair, 15 minutes time frame. The price of AUD/USD is going to rise up on a short-term basis to print a corrective bullish Zig Zag Elliott wave pattern and traders should look for a buy trade. Strong key resistance level is present at 0.786% Fibonacci level the value is 0.7555 price level.
In my judgment, price action in AUD/USD currency pair is now going to rise up more to hit 0.786% Fibonacci level to print bullish Wave c leg, which is going to complete the bullish Zig Zag Elliott wave pattern. Next, price is going to fall down towards 0.7530 price area. Based on Elliott Wave analysis, we are looking for a possible sell trading chance to join the short term downtrend in the next coming trading hours.
Currently, bullish Zig Zag looks in-complete. So, first wait outside of the market and allow the price to hit 0.786% Fibonacci level which offers us a possible sell trade setup. Next, I expect market to resume the down trend.. However; if the price of AUD/USD breaks above 0.7555 important resistance level on a closing basis then down trend is going to end. From this time forward, I may seize the opportunity to stay out of market and re-assess the AUD/USD currency pair market movement in fifteen minutes chart.
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