In Australia’s worse-than-expected retail sales, traders saw not a reason to dump, but rather an opportunity to get in for cheap.
After the RSI shot into the overbought territory post-FOMC, the indicator cooled off as the price came down to test the support at 0.7700.
The subsequent rebound above 0.7770 was a sign that buyers are still in the business. 0.7850 is the intermediate resistance and its clearance could propel the Aussie above 0.79.
On the downside, 0.7620 is the major daily support buyers should be aware of.
