Good Morning Traders Looking on the 60 minute timeframe, price has recently retraced in a 3-wave pattern from the recent high (0.714) into the 61.8% retracement. Adding to the set of confluences is the RSI indicator which currently nears overbought territory. Where price currently sits at is a perfect level to enter for a sell, providing an adequate risk/reward of 2.7
It should also be considered where the AUD/USD price scales up on the larger timeframes. For example, looking on the Daily timeframe, the AUD/USD sits at the top of the channel structure and with increasing likelihood for a dollar correction, this trade should be closely considered as an opportunity to ride the market down to the lows of the channel, around the 0.70060 level.