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AUD/USD - Thinking of Selling in 0.7275-0.73

The AUD/USD dipped sharply to start this week, breaking to a new low the year at 0.7020. The daily chart shows the market in full bearish force. This could become a run away market, but if there is a pullback to 0.7275-0.73, I would sell, with downside risk towards 0.7050. 

AUD/USD Daily Chart 8/25
(click to enlarge)

Let's take a look at the 1H chart:


(click to enlarge)

The 1H chart shows a sharp pullback when price dipped to 0.7020. This suggests we might see some consolidation ahead, but does set up an eventual downside target of 0.7020, and possibly the 0.70 psychological level as well. If we are indeed in a short-term consolidation period this week, let's see if AUD/USD can climb back to the 0.7275-0.73 area. I think the reward to risk is better here for a bearish outlook at this point.