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AUDUSD FOMC Reversal Values

AUDUSD FOMC Reversal Values

2014-10-29 15:13:00
Walker England, Forex Trading Instructor
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Talking Points

  • AUDUSD Moves to R4 Resistance
  • Today’s Range Begins at .8876
  • Bearish Reversals Triggered Under .8805

USDJPY 30Minute Chart

AUDUSD FOMC Reversal Values

(Created using FXCM’s Marketscope 2.0 charts)

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The AUDUSD has opened higher on expectations that the pending FOMC policy event will send the US Dollar continually lower. In the event price moves above .8900, this would signal the possibility of a fresh breakout above the R4 pivot point. In the event that price stays below this value, paired with potentially hawkish rhetoric from the fed, traders can begin looking for reversals of price back towards support.

A break in price back below range resistance at the R3 pivot, would signal a reversal to US Dollar strength. In this scenario traders can begin looking for a decline in the AUDUSD back to prices of support, starting with the S3 pivot at .8829. Conversely, a move blow today’s final value of support at the S4 pivot at .8805, would signal a larger price reversal on the creation of a new lower low back in the direction of the pairs primary trend. In this scenario, traders can take a breakout beneath support as a shift in the market, and begin looking to trade the AUDUSD’s new direction.

AUDUSD FOMC Reversal Values

Are you new to trading with pivot points? To become more familiar with Camarill Pivots and how to use them for day trading FX Reversals, check out the suggested reading links below. This way you can continue your trading education, while working towards actively incorporating pivot points into your selected day trading strategy.

Suggested Reading:

The Pivot Point Cheat Sheet

Trading Intraday Market Reversals

Scalping with Pivot Points

CCI and Camarilla Pivots

---Written by Walker England, Trading Instructor

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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