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

Dhwani Mehta FXStreet

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 price	0.6958
Today Daily Change	-0.0005
Today Daily Change %	-0.07
Today daily open	0.6963

Trends
Daily SMA20	0.693
Daily SMA50	0.7018
Daily SMA100	0.7069
Daily SMA200	0.712

Levels
Previous Daily High	0.7009
Previous Daily Low	0.6956
Previous Weekly High	0.7022
Previous Weekly Low	0.6927
Previous Monthly High	0.7062
Previous Monthly Low	0.6862
Daily Fibonacci 38.2%	0.6976
Daily Fibonacci 61.8%	0.6989
Daily Pivot Point S1	0.6943
Daily Pivot Point S2	0.6923
Daily Pivot Point S3	0.689
Daily Pivot Point R1	0.6996
Daily Pivot Point R2	0.7029
Daily Pivot Point R3	0.7049

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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