Trend is bullish in AUD/USD currency pair, four hour time frame. As I have suggested past week during my daily Live trading room session, market is rising up to print bullish Elliott wave Double Zig Zag pattern. So, all those Forex traders who have followed the analysis have made the right decision as the price has moved up, after wasting some time. In my judgement, price is now going to resume the up trend to complete bullish Wave Y. Strong key support level is present at 0.7068 price level.
Be sure to check out daily Forex market updates via Live Trading Room. Price is most likely going to rise up towards 0.7295 price level in next coming trading days.
Now, current bearish pull back in price action is just a buy trade setup to join an up trend to ride bullish Wave Y leg. However; if price of AUD/USD currency pair breaks below 0.7068 critical support area then I might like to stay out of the market and re-examine the 4 hour chart of AUD/USD currency pair.
