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  4. AUDUSD might spike up at channel bottom

AUDUSD might spike up at channel bottom

April 04, 2016 09:35

The AUD pair is heavily correlated to Iron ore as the world's largest iron ore exporter. Recently Iron ore price has spiked up and that happened after China announced huge infrastructure investments (they will import Iron ore heavily) so that might be good for AUD currency. The pair showed good numbers in the change in the number of new building approvals issued and worse result in retail sales. You can see it in the calendar.

Technically AUDUSD is in uptrend and H4 is showing a clear up channel. The POC comes within 0.7560-0.7580 (L4, 78.6) and if the pair proceeds towards POC the new wave of buyers should show up spiking the price towards 0.7620 and 0.7740. Only if price breaks 0.7740 the way towards 0.7805 will be open. However pay attention to 0.7510 as the 4h close below will negate bullish scenario.

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