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AUD/USD – Sell setup in 4 hours chart
Trend is bearish in AUD/USD currency pair, four hour time frame. As I have suggested past week during my daily Live trading room session, market is falling down on a medium term basis to complete a bearish Elliott wave c leg 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 the price action has descended. Strong key resistance level is present at 0.7632 price level.
Be sure to check out daily Forex market updates via Live Trading Room. In my opinion, price action in AUD/USD currency pair is most probably going to drop more towards 0.7485 price area to print a bearish wave c leg which is going to complete wave Y of a Double Zig Zag. So, a good idea is to go short at market to ride and trade the bearish wave Y Double Zig Zag Elliott wave pattern.
However; if price action of AUD/USD currency pair closes a bullish candlestick above 0.7632 important resistance level then bearish Elliott wave count will become in-valid. In this case, I would prefer to stop trading the AUD/USD currency pair and re-look at the four hour chart.
Source: http://fxinstructor.com/blog/audusd-sell-setup-in-4-hours-chart
