Verdict – Short-term bearish.
Iron ore corrected two rounds during Asian hours and both with significant volume. From hourly chart, iron ore is creating lower highs and lower lows, correcting in a descending channel. Hour MACD is widening. Hourly slow stochastic KD has corrected from overbought area from July 22nd to areas above oversold area. However be aware Monday reversal of market since risk-off might happen through weekends. A breakdown on 807.0 will confirm iron ore ended the last round of bull market started from 730.5.
The first support is 807.0. The first resistance is 849.0