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Forex: AUD/USD bounces to 0.9900 barrier after US PPI

FXstreet.com (Barcelona) - The AUD/USD has continued its downtrend Wednesday, though the pair received an impetus from the release of US economic data recently. Subsequently, the cross bounced off the 0.9870 level to trade presently at 0.9896/98.

In the United States, the Producer Price Index (YoY) has grown +0.6% in April, against expectations of +0.8%. In addition, the Producer Price Index ex Food & Energy (YoY) has yielded a growth of +1.7% in April, matching a projection of +1.7%.

“The AUD/USD continues the downtrend non-stop after the breakout below 127.2% Fibonacci at 0.9990. Trading below this level is considered negative, capable of shoving the pair lower toward 0.9825. If that level is broken, the downtrend will extend.” warns the ICN.com technical analyst team.

According to Research Analyst Gareth Berry, at UBS, “In terms of the AUD/USD, the pair remains staunchly bearish, as support is at 0.9821, a break below this would pave the way for further weakness to 0.9711 – resistance is at 1.0018.”

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