Dalian iron ore jumps 6% to record highs on fresh trade optimism, will it help the Aussie?

Iron-ore prices traded on the Chinese Dalian Commodity Exchange (DCE) staged a solid comeback and rallied nearly 6% to hit an all-time high of 812 yuan ($117.66) a tonne on Wednesday.

The upsurge is backed by the revived optimism over a potential US-China trade deal to be reached when the US President Trump meets his Chinese counterpart Xi ahead of the G20 meeting in Japan next week. 

Adding to this, the concerns over tighter supplies also buoyed the sentiment around the ferrous metal after the total iron ore shipment from Australia and Brazil fell 706,000 tonnes last week.

The bounce in the prices is likely to keep the downside restricted in the Australian dollar, as iron-ore is Australia’s top export product.

However, AUD/USD  remains trapped in a tight range near 0.6875 region, as the latest trade-related headlines and overtly dovish RBA June meeting’s minutes could outweigh the risk-on rally in the Asian equities and the iron-ore price rebound. Meanwhile, markets await the FOMC monetary policy decision for the next direction on the Aussie.

AUD/USD Technical Levels to Watch


Today last price 0.6876
Today Daily Change 0.0001
Today Daily Change % 0.01
Today daily open 0.6875
Daily SMA20 0.693
Daily SMA50 0.6994
Daily SMA100 0.7055
Daily SMA200 0.7113
Previous Daily High 0.6882
Previous Daily Low 0.6831
Previous Weekly High 0.7009
Previous Weekly Low 0.6861
Previous Monthly High 0.7062
Previous Monthly Low 0.6862
Daily Fibonacci 38.2% 0.6863
Daily Fibonacci 61.8% 0.6851
Daily Pivot Point S1 0.6843
Daily Pivot Point S2 0.6812
Daily Pivot Point S3 0.6792
Daily Pivot Point R1 0.6894
Daily Pivot Point R2 0.6914
Daily Pivot Point R3 0.6946



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

Latest Forex News

Latest Forex News

Editors’ Picks

AUD/USD regains 0.73 on Biden transition news, mixed Aussie trade data

AUD/USD keeps its range around 0.7300 amid mixed Australian trade data and the upbeat market mood. The risk sentiment got a boost following reports that the US GSA has started the formal Biden transition process. S&P 500 futures rise 0.50%. RBA Debelle's speech awaited. 


Gold in bearish consolidation below $1840, remains vulnerable

Gold (XAU/USD) is nursing losses in Tuesday’s Asian trading, having slumped 2% on Monday to reach the lowest levels in four months at $1831. Vaccine progress, stronger US data hammer gold prices. Focus on vaccine updates and risk sentiment for fresh impetus.

Gold news

USD/JPY: Rises for third day on Biden transition news, eyes BOJ’s Kuroda

USD/JPY trims early-Asian losses as Tokyo open welcomes the risk-on mood. Trump concedes defeat, ex-Fed Chair Yellen likely be the next Treasury Secretary. Vaccine hopes, stimulus expectations and Brexit optimism favor bulls.


Bitcoin risks a correction to $12,000

Peter Brandt, author, and publisher of the Factor Report, has exited around 50% of his Bitcoin position. The veteran trader believes Bitcoin might be poised for a correction to $12,000 in the near future.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info