Verdict – Short-term neutral.
DCE iron ore pick up fast this afternoon however correct back few minutes after. U.S. Dollar linked metal indicated very high correlation over the entire February. U.S. dollar broke important level at 90 at noon. Hourly candles were in the consolidation range. Hourly MACD was narrowing below 0 axis. Hourly CCI headed south in last trading hour. Short-run technical signals were indicating market flattening.
The first support is 1072.0, the first resistance is 1180.0
