AUDUSD Weekly MACD Green Line Flattening

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The AUDUSD is edging higher in today's Asia morning after Friday's daily Hammer, continuing to make efforts to reverse higher within the 6 month downchannel (on the weekly chart). A decisive green weekly candle this week following last week's weekly Doji would likely coincide with a test of the weekly chart downchannel resistance. Significantly, the AUDUSD may be in the early stages of forming a Double Bottom (on the weekly chart) with the current July low roughly equal to the May 2017 low. Today's 830am EST US Retail Sales m/m and Core Retail Sales m/m figures could set off the beginning for this week's rally higher, but the more important RBA monetary policy minutes will be released at 930pm EST. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking to go long in the green zone (of the daily chart), targeting the red zone for Tuesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I set my stops tighter).

AUDUSD Weekly/Daily/4hr

AUDUSD Technical Analysis

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