AUD bearish: Dalian Iron-ore prices slump on rising supply risks

Dhwani Mehta FXStreet

Iron-ore prices traded on the Chinese Dalian Commodity Exchange (DCE) extended its losing streak into an eighth straight day on Monday, having hit fresh two-month lows of CNY 609.50 ($86.31) per tonne amid worries of weak demand as China's top steel-producing province of Hebei looks to tighten emission requirements.

The slump in the ferrous metal’s prices is likely to keep the upside attempts restricted in the AUD/USD pair that currently trades near 0.6790 region, having reversed a dip to 0.6771 lows, as US-China trade woes linger.

It’s worth noting that iron-ore, one of Australia's top exports, slipped into a bear market last week.

AUD/USD Technical levels to watch

AUD/USD

Overview
Today last price	0.6791
Today Daily Change	0.0004
Today Daily Change %	0.06
Today daily open	0.6787

Trends
Daily SMA20	0.6907
Daily SMA50	0.6939
Daily SMA100	0.6986
Daily SMA200	0.7072

Levels
Previous Daily High	0.682
Previous Daily Low	0.6778
Previous Weekly High	0.6822
Previous Weekly Low	0.6676
Previous Monthly High	0.7082
Previous Monthly Low	0.6832
Daily Fibonacci 38.2%	0.6794
Daily Fibonacci 61.8%	0.6804
Daily Pivot Point S1	0.677
Daily Pivot Point S2	0.6753
Daily Pivot Point S3	0.6729
Daily Pivot Point R1	0.6812
Daily Pivot Point R2	0.6837
Daily Pivot Point R3	0.6854

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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