After recent Federal Reserve US Central Bank announcement that they are going to rate hike 1 more time this year and projected 3 times more next year signal a shift to drain liquidity from and financial markets on the backdrop of weaker US dollar spot performance.where commodities currencies and commodities are inversely related to US dollar fundamental indicator. Should US dollar rise commodities and commodities currencies fall, should US dollar fall commodities or commodities currencies rise.
TA suggests that the upside is yet over, which is a short term correction from Aug 2017 high.
In June 2017 Iron Ore rally for a short span of 2 months into Aug 2017, from June 2017 low of 52 price to hitting Aug 2017 high of 78 to 80 price level.
1) Blue color lines refer to downtrend line or price channel line resistance.
2) Purple color lines refer to claasical support neckline couple level of support.
3) Green color line refers to U shape curve rounding bottom chart pattern.