AUDUSD SHORT--WATCH FOR THE RETRACEMENT OFF OF THE .618

Looks like we should have a continuation to the downside with this pair.

These are my thoughts:
Overall trend is bearish
PA (price action) is under the 200ma on the D time frame
PA has moved quite a bit highter than the 20ma on the D time frame (insinuating a snap back)
PA is running into the .618 retracement level

We will see how this plays out but I think the odds are in our favor for a short position.