AUDUSD is oversold after the FOMC. We expect a 1% retracement from these levels.
AUDUSD is down 0.5% for the day, just below 0.7000. The pair fell after the most recent Powell presser, where a faster than expected rate hikes trajectory has been ventilated.
The RSI is in oversold territory on H4, as the market is finding support around the daily -2.5% weekly Pivot at 0.6993.
We opened a long position in view of a retracement of the weekly -1.5% Percent Pivot at 0.7073.
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