The AUD/USD fell by 300 pips in the 4-hour period immediately after the FOMC and you can make up your own mind on whether this was warranted or not. I am still very strongly of the view that AUD/USD will form a major base somewhere around .9200/50 and I’m positioned accordingly. Initial resistance starts at the prior lows near .9325 and above there is the 38.2% retracement of last night’s collapse which comes in at .9375.
