USD: A positive start for the Dollar, Yen edges lower

• Overall a flat start for the Dollar, the greenback was under pressure Yesterday for most of the Day, but recovered following the strong US ISM Services and its Components.
• The Kiwi was the best performer overnight, up 0.25% at one point, back to flat now.
• NZDUSD failed to test the 0.6000 handle, printed 0.5996 high Yesterday and 0.5984 Today.
• Initial resistance is still at 0.6029, the April high and best traded level since November.
• The Aussie is now the worst performer, down 0.39%, and continues to unwind as the Dollar pares losses, after AUDUSD reached its best level since December at 0.6494 Yesterday.

• RES 4: 5864.93 200-dma     
• RES 3: 5837.25 High Mar 25 and a bull trigger 
• RES 2: 5773.25 High Apr 2       
• RES 1: 5724.75 High May 2                               
• PRICE: 5651.75 @ 07:22 BST May 6 
• SUP 1: 5511.99 20-day EMA                        
• SUP 2: 5355.25/5127.25 Low Apr 24 / 21 and a key support
• SUP 3: 4996.43 76.4% retracement of the Apr 7 - 10 bounce
• SUP 4: 4832.00 Low Apr 7 and the bear trigger

The latest recovery in the e-mini S&P reinforces current bullish conditions.The contract has breached the 50-day EMA, at 5622.87. A continuation of the bull phase would expose 5837.25 next, the Mar 25 high and a bull trigger. It is still possible that the entire rally since Apr 7 is a correction. A reversal lower would signal the end of this corrective phase and expose initially, support at 5127.25, the Apr 21 low.

• RES 4: $75.51 - High Jan 15 and a key resistance   
• RES 3: $72.56 - High Feb 20
• RES 2: $71.76 - High Apr 2 and key resistance
• RES 1: $61.49/64.32 - 20- and 50-day EMA values  
• PRICE: $58.20 @ 07:18 BST May 6 
• SUP 1: $54.67 - Low April 9 and bear trigger  
• SUP 2: $53.72 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
• SUP 3: $52.54 - 2.382 proj of the Jan 15 - Feb 4 - 11 price swing
• SUP 4: $50.00 - Psychological round number  

A medium-term bearish trend in WTI futures remains intact and short-term gains are considered corrective. The move down that started Apr 23 signals the end of the correction between Apr 9 - 23. That cycle higher allowed an oversold condition to unwind. Attention is on $54.67, the Apr 9 low and a bear trigger. Clearance of this level would resume the downtrend and open $53.72, a Fibonacci projection. Resistance to watch is $64.32, the 50-day EMA.