Please seeI am looking at a short term potential short setup in AUDUSD- pls see chart below. Price has rallied right into the 61.8 Fibonacci retrace level at 1.001 measured from the March high to the recent low. Momentum is diverging and a potential ending wedge pattern/3 Indians has formed. This is a great risk/reward short term short IF we see a solid candle reversal here. Stops above 1.003/1.004, target down to 9900. Note that the bigger picture is bullish and this is a short term trade only.
AUDUSD 5mins:
AUDUSD 60mins:
(UPDATE) This is how the setup played out. There was no reversal thus no confirmation to get short .
