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AUD Bullish: Dalian iron ore jumps over 4% on supply risks

Iron-ore prices traded on the Chinese Dalian Commodity Exchange (DCE) jumped over 4% so far this Tuesday on rising concerns over a supply crunch, as the big miners seem unable to expand production, with steel output set to remain high in coming months.

The rise in the prices can be also attributed to strengthening Chinese demand for the ferrous metal. China's iron ore imports rebounded in May from an 18-month low in April, as per the latest data published by the China Customs.

Firmer iron-ore prices could be one of the reasons why the AUD/USD pair has managed to hold the downside at the midpoint of the 0.69 handle. Iron-ore is Australia’s top export product.

AUD/USD Technical Levels to Watch

AUD/USD

Overview
Today last price0.6958
Today Daily Change-0.0005
Today Daily Change %-0.07
Today daily open0.6963
 
Trends
Daily SMA200.693
Daily SMA500.7018
Daily SMA1000.7069
Daily SMA2000.712
Levels
Previous Daily High0.7009
Previous Daily Low0.6956
Previous Weekly High0.7022
Previous Weekly Low0.6927
Previous Monthly High0.7062
Previous Monthly Low0.6862
Daily Fibonacci 38.2%0.6976
Daily Fibonacci 61.8%0.6989
Daily Pivot Point S10.6943
Daily Pivot Point S20.6923
Daily Pivot Point S30.689
Daily Pivot Point R10.6996
Daily Pivot Point R20.7029
Daily Pivot Point R30.7049

Author

Dhwani Mehta

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.

More from Dhwani Mehta
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