by Chris Becker
It’s all about growth as China sets new targets, iron ore ore smashes to new highs and markets believe the hype as crude oil pushes to new highs – sending the Aussie dollar to the stratosphere as a result. Commodities are leading the charge here as stock markets slowly get dragged along but they could wobble a bit today with a raft of GDP and trade releases.
Recapping Asia’s session, the Shanghai Composite completely ignored the epic rally in iron ore and closed up only a few points higher. The daily chart shows the tight range forming between that support and overhead resistance at 3000 points, which just can’t be cleared and would be my signal for a significant rally – up to the next level of resistance at 3400-3700 points:
