AUD bullish: Dalian iron-ore rallies 4% on China stimulus hopes


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

AUD/USD

Overview
Today last price 0.6819
Today Daily Change 0.0022
Today Daily Change % 0.32
Today daily open 0.6797
 
Trends
Daily SMA20 0.6764
Daily SMA50 0.6874
Daily SMA100 0.692
Daily SMA200 0.7029
Levels
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

 

 

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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD hovers around 1.0850 ahead of Eurogroup meeting, US data

EUR/USD is trading around 1.0850 as tensions mount ahead of the Eurogroup meetings which have previously ended in acrimony. US jobless claims, consumer confidence, and Fed Chair Powell's speech are all eyed. 

EUR/USD News

GBP/USD trades around 1.24 after as Johnson's condition, US data eyed

GBP/USD is trading around 1.24, consolidating its gains as UK monthly GDP disappoints with -0.1% in February. PM Johnson's condition is stable, but he remains in intensive care. US jobless claims, consumer confidence, and Powell's speech are awaited.

GBP/USD News

Crypto market shifting to the hyperspace

The typical pattern expects the participation of second-line Altcoins, such as Litecoin or Ethereum Classic. The current phase can cause occasional periods with a strong increase in volatility. The bulls have the advantage over the bears, but they don't yet have market control.

Read more

WTI consolidates the upside near $26 amid imminent OPEC+ output cuts

WTI (oil futures on NYMEX) is consolidating the advance to a new two-day high of 26.66, as the bulls take a breather the recent bounce back from near 25.60 region. At the press time, the US oil trades at 26.05, still up 3.80% so far.

Oil News

Gold: Recovery rally weakens demand for put options

Gold has gained significant ground over the last couple of weeks. The yellow metal bottomed out near $1,515 on March 20 and was last seen trading near $1,650 per ounce, representing a 0.38% gain on the day. Prices hit a high of $1,678 on Tuesday. 

Gold News

Forex MAJORS

Cryptocurrencies

Signatures