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6 May 2015
AUD/USD gains as Iron ore futures rise
FXStreet (Mumbai) - The AUD/USD pair rose on Wednesday as the Dalian Iron ore futures rose their highest since the end of March.
AUD up for third consecutive session
The Aussie gained for the third consecutive session as the Benchmark iron ore futures on the Dalian Commodity Exchange rose 2.6% to 441.5 yuan, highest since March end. Iron futures rose as steel mills in China stepped up restocking amid tighter availability of imported supplies of their primary raw material.
Meanwhile, the AUD was also supported by a better-than-expected New Home sales data. However, the gains were capped at the high of 0.7973 since the retail sales narrowly missed expectations.
AUD/USD Technical Levels
The pair currently trades at 0.7960. The immediate resistance is located at 0.80, above which gains could be extended to 0.8074. On the flip side, a break below 0.7950 could push the pair down to 0.7897 (10-DMA).
AUD up for third consecutive session
The Aussie gained for the third consecutive session as the Benchmark iron ore futures on the Dalian Commodity Exchange rose 2.6% to 441.5 yuan, highest since March end. Iron futures rose as steel mills in China stepped up restocking amid tighter availability of imported supplies of their primary raw material.
Meanwhile, the AUD was also supported by a better-than-expected New Home sales data. However, the gains were capped at the high of 0.7973 since the retail sales narrowly missed expectations.
AUD/USD Technical Levels
The pair currently trades at 0.7960. The immediate resistance is located at 0.80, above which gains could be extended to 0.8074. On the flip side, a break below 0.7950 could push the pair down to 0.7897 (10-DMA).