AUDUSD continues to trade above its recent lows. The pair maintains a bearish theme and short-term gains are considered corrective. Price has recently cleared 0.6363, the Sep 28 low and bear trigger. This confirmed a resumption of the primary downtrend and the print below 0.6200 exposes 0.6133 next, a Fibonacci projection. On the upside, initial firm resistance to watch is 0.6404, the 20-day EMA.
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GERMANY AUG PPI +7.9% M/M (FCST +2.4%); JUL +5.3% M/M
GERMANY AUG PPI +45.8% Y/Y (FCST +36.8%); JUL +37.2% Y/Y
Source: Destatis