Down trend in AUD/USD has changed into an Up trend in 4 hours time frame. I have opened a buy trade in AUD/USD currency pair and price moved up so far in my favor. Based on Elliott wave analysis, price is most likely going to hit 0.7275 price level in coming trading days. However; if price is going to drop below 0.6911 support level then up trend is going to end. In such case I will re-analyze the price action of AUD/USD currency pair.
FX Instructor Forex Blog – For Traders, By Traders