AUDUSD Bouncing Off Weekly Chart Upchannel Support
Tuesday, December 05, 2017
by Darren Chu, CFA of Tradable Patterns
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The AUDUSD rallied more than 50 pips in today's Asia morning on the back of Australia's Current Account and Retail Sales figures at 730pm EST, and the RBA rate statement at 1030pm EST. The AUDUSD is now testing descending wedge resistance (on the daily chart), and bouncing off upchannel support (on the weekly chart). Before bulls become overly enthusiastic, they'll want to see the AUDUSD break above the daily chart descending wedge resistance (which should flatten the weekly MACD green line). Other than the weekly MACD, the weekly, daily and 4hr RSI, Stochastics and MACD are bottomish or rallying. I am flat after profitably closing a long today and am looking to re-enter long in the green zone (of the daily chart), targeting the red zone for Thursday. 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 
Clickhere for today's technical analysis on Soybean, AUDJPY
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About the author
Before the launch of Tradable Patterns , Darren Chu, CFA, served as IntercontinentalExchange | NYSE Liffe's country manager for Australia, India, and the UAE between July 2010 and January 2014, expanding his role to look after Liffe business development in APAC ex-Japan/Korea until his departure mid April 2014. His primary remit was developing relationships with Liffe clients, prospects and partners in the buyside (traditional and alternative asset managers), proprietary trading (high frequency algo as well as manual, point and click traders), bank, broker (institutional and retail), commodity trader and ISV community. Key futures and options promoted included European/London rate benchmarks such as the Euribor, Short Sterling, Gilts, London/European index futures including the FTSE and CAC, London soft commodities (Robusta Coffee, Cocoa, White Sugar), Paris (MATIF) markets (Milling Wheat, Rapeseed), and NYSE Liffe US markets with the MSCI EM, MSCI EAFE, gold/silver, Eurodollar, US Treasury and GCF Repo futures being the focus. Previously, Darren was with the TMX Group | Montreal Exchange for 4 years, marketing Canadian futures and options across North America, London, Singapore and Hong Kong. Darren also launched and managed CMC Markets Canada's Chinese marketing and sales team, along with educational offering. On the academic trail, Darren has been a frequent guest speaker at Canadian universities as well as an author of content for 3 derivatives courses offered by Canadian Securities Institute and mandatory for licensing of Canadian derivatives industry professionals. Darren can be reached at +65 8118 8840 or via email at darrenchu@tradablepatterns.com. contributing author since 11/21/2017
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