The weekly chart of the Nymex Iron Ore futures
shows a bullish
inverse head and shoulder breakout. This is a clear reversal pattern…especially since the inverse head and shoulder has appeared at the bottom of the 5-year long downtrend.
break is good news for the Australian dollar
(AUD) given the close correlation between the two.
Increased odds of Fed rate hike could keep the AUD/USD
under pressure, nevertheless the Aussie could do better against other majors.