A near to perfect ABCD pattern is under formation on the AUDUSD chart on the hourly time frame. A short position can be opened here as we can see an approximate confluence of trend line resistance, Fib. level (0%), resistance level, as well as the bearish candlestick pattern confirmation. Profit taking can be done based on projection realized by the leg CD of the ABCD pattern. TP levels as shown are based on the immediate S/R levels.