AUDUSD on 60 min chart potential corrective pattern abc setting up.
MACD bearish divergence suggests recent top was wave 5. Looking for a wave to stop at prior wave 4. From there a b wave to 61.8 - 78.6 fib retracement.
From here potential short trade
Enter short @ .7670 - .7885
Stop loss above start of a wave @ .7710
Target c, with 1.27 fib extension @ .7540.
Approx. 3 R/R.
MACD bearish divergence suggests recent top was wave 5. Looking for a wave to stop at prior wave 4. From there a b wave to 61.8 - 78.6 fib retracement.
From here potential short trade
Enter short @ .7670 - .7885
Stop loss above start of a wave @ .7710
Target c, with 1.27 fib extension @ .7540.
Approx. 3 R/R.