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


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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD remains bid and approaches 1.1650 after US data

The persevering selling pressure in the greenback helps EUR/USD advancing to the area of daily highs near 1.1650 on Friday. The data from the US showed on Friday that the economic activity in the private sector continued to expand at a robust pace in early October.

EUR/USD News

GBP/USD treads water near 1.3800 after mixed UK data

GBP/USD came under bearish pressure in the early European session after the data from the UK showed an unexpected contraction in September Retail Sales. However, the British pound managed to pare its losses with the Markit PMI figures surpassing analysts' estimates.

GBP/USD News

GBP/USD treads water near 1.3800 after mixed UK data

GBP/USD came under bearish pressure in the early European session after the data from the UK showed an unexpected contraction in September Retail Sales. However, the British pound managed to pare its losses with the Markit PMI figures surpassing analysts' estimates.

GBP/USD News

Crypto bulls unfazed by flash crash

BTC closed more than 5% lower on the Thursday session, but buyers have stepped in to hold the Tenkan-Sen as support. ETH action shows that the recent rejection has caused some indecision. XRP does not have far to move to initiate a massive bullish breakout.

Read more

Apple talks over battery supplies for EV stall-Reuters

Apple (AAPL) is on a steady move higher ahead of results next week. We have had solid earnings from big names already such as Tesla (TSLA) and Netflix (NFLX), but Apple is the biggest one of all and will be the highlight of the earnings season for many.

Read more

Forex MAJORS

Cryptocurrencies

Signatures