AUD resilient as iron ore bounces back

Iron ore bounced back from its slide, as weak prices proved too tempting for buyers, helping Australian stocks to recover some ground. The Aussie dollar gave away half its gains today on the back of a US dollar that strengthened overnight and the RBA’s decision to leave rates unchanged. However the AUDUSD was relatively resilient compared with other major currency pairs USDJPY and EURUSD, possibly due to the rally for both oil (up 7%) and iron ore (up 2.1%) in addition to yesterday’s rate hold decision. Saxo Capital Markets Australia’s trading desk still believes the support level should remain at 0.7600, while further upside is possible above the resistance level 0.7625. To read more, visit: (VIEW LINK)