After the Fed announcement on a federal funds rate hike from 0.25 to 0.50, the market had a volatile reaction that eventually ended with USD-buying. AUD/USD came up to check a support/resistance pivot around 0.7280 but fell sharply back to test a common support around 0.7160, where it rests now at the start of the 11/17 US session.AUD/USD 4H Chart 12/17 (click to enlarge)As we can see in the 4H chart, a break below 0.7160 opens up 0.7070 and perhaps the 0.70 handle as well. The momentum since hitting 0.7380 has been bearish, but the structure is choppy and still does not look like a motive bearish wave. Still, the 4H RSI is holding below 60 after tagging 30, suggesting that bearish momentum is still in play, though a little stalled. Even if this market is in a choppy mode, it can last a while. The last one last about a month in October and November. After all, looking at the multi-month time-frame, the market is in a sideways market, not a bullish one. In this time-frame we can say that there is neutral medium-term bias and bearish short-term bias.