I've been meaning to post something on this for a while. But I've hung back 'cause each time I look at the iron ore price chart the rally looks 'corrective' and not indicative of a recovery.
But ... I've been thinking that for a while. So, I guess, I've capitulated ...
:-D
Here's a daily chart
Still looks corrective to me ....
Iron ore is, of course, a key Australian export and the price falls have had a big impact on the terms of trade and have weighed on the AUD.
More to come? Well, like I said ... .this price activity looks corrective so I'm not turning into a bull. But, I'm not always right (plenty on the internet are, apparently).
