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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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AUSSIE TECHS: EMA Levels Provide Support
*RES 4: 0.6613 High Mar 10
*RES 3: 0.6570 High Apr 30 and bull trigger
*RES 2: 0.6512 High May 1
*RES 1: 0.6476 High May 5
*PRICE: 0.6466 @ 16:38 BST May 7
*SUP 1: 0.6379/75 20-day EMA / 50-day EMA and key support zone
*SUP 2: 0.6337 Low Apr 24
*SUP 3: 0.6254 Low Apr 21 and key near-term support
*SUP 4: 0.6195 Low Apr 9
AUDUSD held gains well into the Thursday close. Attention remains on support at
0.6379/75, the 20- and 50-day EMA levels respectively. So far, the pair has
found support ahead of this zone. An ability to remain above the averages leaves
the current uptrend intact and refocuses attention on the key resistance at
0.6570. A break would resume the uptrend and open 0.6613 and 0.6684/85.
Clearance of the EMA's would concern bulls and expose 0.6254, Apr 21 low.

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