Elliott Wave Forecast AUD/USD Short Term
Bullish trend is present in AUD/USD currency pair, 15 minutes chart. As I have suggested a few hours ago, during my daily Forex Live Trading Room session, the price of AUD/USD currency pair is going to rise up now on a short-term basis to create a Bullish Running Triangle Elliott wave pattern and Spot Forex traders should consider taking a possible buy trading chance.
Strong key support level is present at 0.7907 price level which is the ending point of bearish wave a leg. In my opinion, price action in AUD/USD currency pair has completed Bullish wave iii motive wave and current moving sideways to create a Bullish Running Triangle Elliott Wave Pattern. Based on Elliott wave forecast, Bullish Running Triangle pattern wave iv is now in progress. So, I expect the market to first move sideways and then resume the up trend and rise towards 0.7955 price area in coming trading hours.
Next, price action is most likely going to prints a top as well in coming trading hours after completing bullish wave v impulse wave pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current AUD/USD bullish trend as it is always easy to trade in the favor of market trend. Currently, bearish wave iv triangle pattern which is part of the Bullish Impulse Elliott wave pattern looks half finished. A good idea is to look for a possible buy trading chance to join an up trend.
However; if the price action in AUD/USD spot Forex pair breaks below 0.7907 important support level then Bullish Elliott wave Forecast will become in-valid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the AUD/USD currency pair price movement in fifteen minutes chart.
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