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Jun 11 - 07:55 AM

AUD/USD - Helped To Two-Week Peak By The Strength Of Iron Ore

By Rob Howard  —  Jun 11 - 06:07 AM
  • AUD/USD hit 0.7775 at 0725GMT as AUD benefitted from iron ore price gains

  • Dalian iron ore closed up 5.9% today, by three-week high nL2N2NT092

  • Iron ore is Australia's single biggest export earner

  • 0.7775 = highest level since May 26 (0.7774 was last week's peak)

  • Offers expected pre-0.78 if AUD/USD extends north (0.7796 was May 26 high)

  • 0.7797 is 61.8% Fibo of 0.7891 (May 10 high) to 0.7646 (June 3 low)

AUDUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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