AUDUSD
AUDUSD bounces off support after rate decision

The AUDUSD fell down on the FOMC decision but stalled at the 0.70893 swing low from yesterday's trade. That level was also near other swing levels going back to November 30 and the low swing area between 0.7089 it 0.71057.

The price has moved above that area and moved up to test the 100 hour moving average at 0.71352 and in the process moving above the 200 hour moving average at 0.7114 (green line). The price currently trading between those two moving averages.

What next?

On the topside traders will be looking for a break above the 100 hour moving average with momentum. A move above would have traders looking toward the 0.7172 to 0.71861 area (see green numbered circles).

Conversely a move back below the 200 hour moving average at 0.7114, would have traders looking again toward the 0.70893 low of the swing area (see red numbered circles).

Between the moving averages and buyers and sellers are each throwing punches and hoping to connect.