You can now make use of CloudWatch Metric Math.
Metric math enables you to query multiple CloudWatch metrics and use
math expressions to create new time series based on these metrics. You
can visualize the resulting time series in the CloudWatch console and
add them to dashboards.
More information regarding Metric Math Syntax and Functions available here:
https://docs.aws.amazon.com/AmazonCloudWatch/latest/monitoring/using-metric-math.html#metric-math-syntax
However, it needs to be noted that there are no logical operators and you have to use arithmetic functions to make your way out.
To help out anyone bumping here, posting an example:
Lets say you want to trigger an alarm if CPUUtilization < 20% and MemoryUtilization < 30%.
m1 = Avg CPU Utilization % for 5mins
m2 = Avg Mem Utilization % for 5mins
Then:
Avg. CPU Utilization % < 20 for 5 mins AND Avg Mem Utilization % < 30 for 5mins ... (1)
is same as
(m1 - 20) / ABS([m1 - 20]) + (m2 - 30) / ABS([m2 - 30]) < 0 ... (2)
So, define your two metrics and build a metric query which looks like LHS of equation (2) above. Set your threshhold to be 0
and set comparison operator to be LessThanThreshold
.