Bearish trend is present in AUD/USD currency pair, 15 minutes chart. The price of AUD/USD currency pair is going to drop now on a short-term basis to create a Bearish Impulse Elliott wave pattern and Spot Forex traders should consider taking a possible sell trading chance.

Strong key resistance level is present at 0.7844 price level which is the ending point of bullish wave IV leg. In my opinion, the price action in AUD/USD currency pair has completed bullish wave IV corrective Elliott Wave Pattern. Based on Elliott wave analysis, Bearish Impulse wave pattern is now in progress. I expect the market to first move sideways and then resume the down trend to drop towards 0.7800 price area in coming trading hours.

The price action is most likely going to print a bottom as well in the coming trading hours after completing bearish impulse wave V pattern. As the trend is still bearish, forex traders should consider only short trades and not trading against the current AUD/USD bearish trend as it is always easy to trade in the favor of the market trend.

Currently, bearish wave V leg which is part of the bearish impulse Elliott Wave pattern looks half finish. A good idea is to look for a possible sell trading chance to join the down trend.

However, if the price action in AUD/USD spot Forex pair breaks above 0.7844 important resistance level then Bearish Elliott wave analysis will become in-valid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the AUD/USD currency pair price movement in fifteen minutes chart.