• AUD/USD gained strength on Monday as jump in iron ore prices and weaker greenback bolstered Australian dollar.
• Iron ore prices surged an impressive 10% on Monday, exceeding $110 per metric ton, providing a significant boost for Australia dollar.
• The AUD/USD 0.43% to $0.6927, just a touch below a 20-month top of $0.6937 hit on Friday.
•The technical outlook remains bullish and points to eventual bigger gains, Fourteen-day momentum is positive, reinforcing the scope for a bigger gains
• Immediate resistance is located at 0.6948(23.6%fib), any close above will push the pair towards 0.69793(Higher BB).
• Support is seen at 0.6895 (Daily low) and break below could take the pair towards 0.6861(38.2%fib).
Recommendation: Good to buy around 0.6920, with stop loss of 0.6850 and target price of 0.7000
