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AUD/USD keeps the downtrend despite iron ore rally

• AUD/USD 2-month long downtrend line stays intact.
• Iron ore regains bullish tone.

Despite the iron ore rally and Fed's waning confidence on inflation, the AUD/USD failed to take out the falling trend line coming from the Sep. 20 high and Oct. 20 high.
As of writing, the currency pair is trading flat-lined around 0.7614 levels. While the pair may have found a bottom at 0.7532 (Nov. 21 low), still a break above the trend line has been elusive. This is slightly surprising, given the growing calls for the Fed to slow down on the rate hikes on account of weak inflation.
Further, as per the Metal Bulletin, seaborne iron ore prices rose on Friday and are up more than 16% for the month so far. Iron ore is one of Australia's top exports, hence rising ore prices usually boost AUD.