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

Dhwani Mehta FXStreet

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

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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