As I have suggested past week during my daily Live trading room session, AUD/USD 4 hours chart bearish price break out is just a head fake pattern. So, all those Forex traders who have followed the Elliott wave analysis and took a buy have made the right decision – the price has moved up after creating a false spike at 0.7597 support level. Key resistance level is present at 0.7848 price level and I am now looking for a bullish price action in coming trading days towards 0.7800, round number.
Be sure to check out daily Forex market updates via Live Trading Room. In my judgment, market is now in the process to complete bullish Wave C leg and overall I expect choppy price action for the time being on four hours chart of AUD/USD currency pair.
Which means price is most likely going to remain sideways and after that it is going to resume the down trend. The corrective bullish pull back pattern offers a sell trade setup to join the upcoming bearish leg. However; if price is going to break above 0.7848, key resistance level instead of going down then I would prefer to stay out of the market and re-analyze the price action.
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