Forex Video Briefing (10/30) – AUD/USD Building Bullish Momentum
Taking a look at the 4H AUD/USD chart, we can see that price was bullish ahead of the FOMC announcement, trying to break above 0.89, in which case October’s consolidation could be considered a price bottom. Price fell sharply in reaction to the FOMC announcement but held above 0.8750, and above some common support levels in the middle of the October range. Price has since rebounded, and crossed back above the cluster of 200-, 100-, and 50-period SMAs. It also showed respected to a broken triangle resistance, now as support. Finally, the 4H RSI held above 40, which reflects maintenance of the bullish momentum established just before the FOMC event.
Now, looking at the daily chart, we should expect some sellers around 0.90, especially if the daily R