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AUD/USD – Bearish trend is 15 Minutes chart

Thursday, November 10, 2016 6:49
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(Before It's News)

aud-usd-15-MTrend is bearish in AUD/USD currency pair in 15 Minutes time frame. Short term resistance is present at 0.7777 price level and price is falling down.

Based on Elliott wave analysis, I expect price to drop more towards 0.7570 price level in coming trading hours. The drop is price looks like the start of bearish Elliott wave 3 leg.

A good idea is to take a sell trade and join the down trend in AUD/USD currency pair. However; if price of AUD/USD currency pair is going to rise above 0.7777 resistance level then I would prefer to stop myself from trading and re-analyze the price action in AUD/USD currency pair in fifteen minutes time frame.

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  • The drop has been massive which was expected but straight after the results not afterward. However, I believe we will see recovery pretty soon next week, so I will definitely not mind trying my luck and having a go at long. I get excellent support with my broker OctaFX using their swap free account option, it enables me to avoid paying overnight charges and that’s why I can be confident with doing long term trades and it obviously brings reward for me as well.

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