Iron-ore prices traded on the Chinese Dalian Commodity Exchange (DCE) extended its winning streak into a sixth straight day on Thursday, having surged nearly 4% to CNY 664 ($93.62) per tonne on Chinese stimulus hopes.
China's cabinet, the State Council, said on Wednesday that China will cut bank reserve requirements in a "timely manner" to spur economic growth.
The rise in the ferrous metal’s prices is likely to add to renewed upside attempts seen in the AUD/USD pair that currently trades near 0.6820 region, helped by fresh optimism on the US-China trade talks.
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
|Today last price||0.6819|
|Today Daily Change||0.0022|
|Today Daily Change %||0.32|
|Today daily open||0.6797|
|Previous Daily High||0.6802|
|Previous Daily Low||0.6751|
|Previous Weekly High||0.6789|
|Previous Weekly Low||0.6689|
|Previous Monthly High||0.6869|
|Previous Monthly Low||0.6676|
|Daily Fibonacci 38.2%||0.6783|
|Daily Fibonacci 61.8%||0.677|
|Daily Pivot Point S1||0.6765|
|Daily Pivot Point S2||0.6732|
|Daily Pivot Point S3||0.6714|
|Daily Pivot Point R1||0.6816|
|Daily Pivot Point R2||0.6834|
|Daily Pivot Point R3||0.6867|
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