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AUD/USD Elliott Wave Forecast: Bullish Double Zig Zag

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AUD/USD Elliott Wave Analysis by


The trend is bullish in AUD/USD currency pair, 15 minutes time frame. As I have suggested few hours ago during my dailyLive Trading Room session, the price of AUD/USD pair is going to rise up now on a short-term basis to print a corrective Bullish Double Zig Zag Elliott wave pattern and traders should look for a buy trade. So, all those Forex traders who have followed my Elliott wave analysis have made the right decision as price has ascended. Strong key support level is present at 0.7640 price level.

In my judgment, price action in AUD/USD currency pair has completed bearish wave b pull back and now market is going to rise up more to complete the Bullish Double Zig Zag corrective wave pattern, waves W, X and Y. Based on Elliott wave analysis, bullish wave c is now in progress. So, I expect the market to resume the up-trend and rise towards 0.7670 price area. Next, price action is most likely going to prints a top as well in coming trading hours after completing wave c bullish leg.

Currently, bullish wave c which is part of the Bullish Double Zig Zag pattern looks in-complete. So, a good idea is look for a possible Buy trading chance to join an up-trend around 0.7649 price area as price is most likely going to rise up towards 0.7670 price level. However; if the price of AUD/USD breaks below 0.7640 vital support level then up trend is going to fail. In such a market scenario, it would be best not to trade the market and re-analyze the AUD/USD fifteen minutes chart.

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About the author

Mr. Muhammad Azeem's website is, online since year 2006.

  • He has passed Certified Elliott Wave Analyst Level 1 Exam with 93% score.
    He teaches Trading With Elliott Wave online course in a 1 to 1 online classes format. 
  • He is the developer and teacher of an online Price Patterns Trading video course
    which is available for Forex traders and investors
  • On a daily basis, Mr. Azeem runs his own Forex Live Trading Room which covers
    London and NewYork market sessions. You an join today and find out for yourself
    just how social trading can be!

Trading Style and Methodology
Mr. Azeem is a pure technician and he solely employs technical market analysis in trading. He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted.

About Losing Trades:
I do lose trades, some times. So, losing trades do occur and it is the cost of doing the business over here. If I am in a losing trade then I usually try to close it as soon as possible and I do not marry my trades. Not to mention that I always trade with stop loss along with money management rules. I try to lose less and win more and that is why I keep making money in Forex trading.

About Winning Trades:
Winning trades do occur and I always wait with patience for a valid price pattern to develop on price charts. I usually do not trade with profit target or take profit. I let my profits run! I use different types of exit strategies (trailing stops) to pull maximum pips out of the market.

Mr. Muhammad Azeem
Certified Elliott Wave Analyst

SKYPE muhammad.azeem777

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