As I have suggested past week during my daily Live trading room session, AUD/USD 1 hour chart bearish running triangle pattern has completed. All those Forex traders who have followed the analysis and took a sell trade have made the right decision as the price has moved down. Key resistance level is present at 0.7448 price level and I am now looking for further bearish price action in coming trading days.
Be sure to check out daily Forex market updates via Live Trading Room. In my judgment, market is now in the process to complete bearish Wave 5 towards 0.7080 price level in one hour chart of AUD/USD currency pair.
Consider 0.7448 resistance level as bearish Elliott wave count in-validation point. This means, as long as price of AUD/USD currency pair stays below 0.7448 resistance level, the trend is going to remain bearish. Current bearish leg offers a sell trading chance to join the down trend. If bullish candlestick closes above 0.7448 resistance level then down trend is going to end. Hence, I might like to stay out of the market and re-examine the price chart.