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AUD/USD pops as traders ignore Iron ore price slide

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The AUD/USD pair is sitting above 0.75 handle as markets ignored Iron ore futures in Singapore, which sank back toward $50 a metric ton.

    Bid above by 5-DMA

    The spot found bids above 5-DMA at 0.7470. The currency has witnessed sharp rally since mid-January on the back of recovery in Oil, rally in Iron ore and Gold. However, Iron ore future fell 1.5% today; the fourth consecutive fall following Monday’s record surge.

    Moreover, oil is trading up more than 2% at both the sides of the Atlantic and that seems to be helping AUD stay on the front foot. The pair currently trades around 0.7510; up 0.75% on the day.

    AUD/USD Technical Levels

    The immediate hurdle is seen at 0.7528 (Mar 9 high), ahead of resistance at 0.7598 (June 1, 2015 low) and 0.7653 (61.8% of 0.8163-0.6827). On the other hand, a break below 0.7470 (5-DMA) would expose daily low of 0.7446. A break lower would expose 0.7374 (10-DMA).
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