AUD Bearish: Dalian iron ore falls for second straight session over demand concerns

Dhwani Mehta FXStreet

Iron-ore prices traded on the Chinese Dalian Commodity Exchange (DCE) fell for the second straight day this Tuesday on rising demand concerns from the mills in the wake of heightened production restrictions in the top steelmaking city of Tangshan.

The fall in the prices is also likely to exacerbate the pain in the Australian dollar, as iron-ore is Australia’s top export product. AUD/USD pair continues to meander near five-month lows of 0.6841, as overtly dovish RBA June meeting’s minutes keep the sentiment undermined. The RBA minutes showed that the board members see more rate cuts likely in the months ahead.

AUD/USD Technical Levels to Watch

AUD/USD

Overview
Today last price	0.6843
Today Daily Change	-0.0009
Today Daily Change %	-0.13
Today daily open	0.6852

Trends
Daily SMA20	0.693
Daily SMA50	0.6998
Daily SMA100	0.7058
Daily SMA200	0.7114

Levels
Previous Daily High	0.6885
Previous Daily Low	0.6848
Previous Weekly High	0.7009
Previous Weekly Low	0.6861
Previous Monthly High	0.7062
Previous Monthly Low	0.6862
Daily Fibonacci 38.2%	0.6862
Daily Fibonacci 61.8%	0.6871
Daily Pivot Point S1	0.6838
Daily Pivot Point S2	0.6825
Daily Pivot Point S3	0.6801
Daily Pivot Point R1	0.6875
Daily Pivot Point R2	0.6899
Daily Pivot Point R3	0.6912

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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