AUD bullish: Dalian iron-ore gains 2% on falling shipments, China stimulus hopes

Dhwani Mehta FXStreet

Iron-ore prices, traded on the Chinese Dalian Commodity Exchange (DCE), extends its three-day upbeat momentum on Wednesday, up nearly 2% to CNY 662 per tonne ($ 93).

The bullish sentiment around the commodity is mainly driven by falling shipments from big miners and increased odds of further economic stimulus by China in a bid to combat deepening economic slowdown.

The gains in the ferrous metal’s prices could keep the renewed uptick in the AUD/USD pair intact. The spot currently trades near-daily tops of 0.6864, helped by the Reserve Bank of Australia’s (RBA) comments. The RBA said in parliament earlier today that it's unlikely it will need to employ unconventional monetary policy measures.

It’s worth noting that iron-ore, one of Australia's top exports, is seen correcting from a bear market seen end-August.

AUD/USD Technical levels to watch

AUD/USD

Overview
Today last price	0.6861
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	0.686

Trends
Daily SMA20	0.6776
Daily SMA50	0.6862
Daily SMA100	0.6909
Daily SMA200	0.7019

Levels
Previous Daily High	0.6871
Previous Daily Low	0.6848
Previous Weekly High	0.6862
Previous Weekly Low	0.6687
Previous Monthly High	0.6869
Previous Monthly Low	0.6676
Daily Fibonacci 38.2%	0.6857
Daily Fibonacci 61.8%	0.6862
Daily Pivot Point S1	0.6848
Daily Pivot Point S2	0.6837
Daily Pivot Point S3	0.6825
Daily Pivot Point R1	0.6871
Daily Pivot Point R2	0.6883
Daily Pivot Point R3	0.6894

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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