AUD bearish: Dalian iron-ore drops 2% on rising supplies, likely delay in US-China’s trade deal


Iron-ore prices traded on the Chinese Dalian Commodity Exchange (DCE) fell for the third straight day this Wednesday, down nearly 2% in early trades to CNY 612 ($86.64) a tonne, in the wake of increased supplies from big miners and a potential delay in the US-China trade deal.

Shipments of the steelmaking raw material from Brazil and Australia stood at 22.7 million tonnes during the week of Oct.21-27, up by 3.0 million tonnes from a week earlier, according to data compiled by Mysteel consultancy.

The drop in the ferrous metal’s prices seems to have limited the upside attempts in the AUD/USD pair. The spot currently trades near 0.6860, supported by in-line with estimates Australian Q3 inflation figures.

It’s worth noting that iron-ore, one of Australia's top exports.

AUD/USD Technical levels to watch

AUD/USD

Overview
Today last price 0.6858
Today Daily Change -0.0006
Today Daily Change % -0.09
Today daily open 0.6864
 
Trends
Daily SMA20 0.6792
Daily SMA50 0.679
Daily SMA100 0.685
Daily SMA200 0.6959
 
Levels
Previous Daily High 0.6872
Previous Daily Low 0.6834
Previous Weekly High 0.6884
Previous Weekly Low 0.6808
Previous Monthly High 0.6895
Previous Monthly Low 0.6687
Daily Fibonacci 38.2% 0.6858
Daily Fibonacci 61.8% 0.6849
Daily Pivot Point S1 0.6842
Daily Pivot Point S2 0.6819
Daily Pivot Point S3 0.6804
Daily Pivot Point R1 0.688
Daily Pivot Point R2 0.6895
Daily Pivot Point R3 0.6917

 

 

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