AUD/USD

well, lets take a look at this pair, Last night we had a move during the news that ran the AUD/USD up 50 pips or so, Capturing around 30 pips of that move, I cashed out and now looking at a possible reversal of the pair.

Criteria I am looking at;

1) next resistance is 8900/10 mark back in 1989.
2) to move from current to 500 more pips is possible, but fundementally not likely.
3) review fundementals on AUD and USD economies.

here is the current thoughts

support is 8374, from this year, a break back below the 8374 is a indication of a reversal, current 4hr is on a short possiblity for the move, that should run first, then look. if it breaks below the 8400 mark, then I will be looking for the Downward trend reversal with confirmation once breaking below 8374 support, if it stays above the 8400 and the 4hr gives me an entry, I will get into the trade and use the 20 EMA on the 4hr chart as a moving SL on my trade.

AUD Fundementals has been good to excellent
USD fundementals has been mixed

righ now the FXDA desktop is in wait mode till I get the oversold status on the 4hr chart.