Profile image
By FX Instructor (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

AUD/USD – Sell setup in 4 hours chart

Tuesday, March 14, 2017 3:49
% of readers think this story is Fact. Add your two cents.

(Before It's News)

3-14-2017 3-21-29 PMTrend 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

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.