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FOMC Doesn’t Disappoint Volatility Seekers

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Today certainly didn’t disappoint for those who were looking for an increase in volatility. The dollar saw gains across the board, with EURUSD and AUDUSD leading some of the largest declines across the market.

AUDUSD started the day higher, testing key resistance at .8880. I mentioned yesterday that I would be looking for bearish price action at this level for a potential short opportunity. While we didn’t get a bearish pin bar today, we did get a bearish outside bar.

AUDUSD daily forex chart

I don’t advocate trading based on an outside bar alone, however I do view today’s bearish outside bar as a sign of potential weakness. From here we can look for bearish price action on the 4 hour chart around key resistance at .8823. This area has served as resistance several times since October 2nd.

Summary: Watch for bearish price action on the 4 hour chart around .8823. The next key support comes in at the January and October low of .8658.

AUDUSD 4 hour forex chart

EURUSD analysis

Daily Chart

EURUSD daily forex chart

4 Hour Chart

EURUSD 4 hour forex chart

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