Recommended Sell short position on AUD/USD

Looking at the AUZ/USD chart:
I suggest a sell short position base on 2 factors:



Looking at this 1H chart i could see a downtrend triangle formation.



In addition, base on fibonacci correction, the pair had a correction of 50% (2nd wave) in place.In order to confirm a downtrend breakout, i suggest to place a sell Stop position on the 38.2% correction position.
If a downtrend breakout is in place, this could be a start of the 3wave down.

Sell stop
EP=0.7090 SL= 0.7140 (50pips) TP= 0.6723 (3th wave 161.8%) SL=50(at the start)- 150(after break even)

This is the only consideration, AUD and NZD have similar correlations in movement, NZD had hit its 38.2% correction 2times! The downtrend in AUD could trigger NZD downtrend, similarity if NZD go deeper into correction, AUD could go into a further correction of 61.8%.