Chart of the Day for May 7th, 2013 – AUD/USD

Prices are testing support at 1.0246, the 38.2% Fibonacci expansion. This barrier is reinforced by the bottom of a falling channel set from mid-April. A break below that initially exposes the 50% level at 1.0204. Channel resistance is at 1.0357, with a turn above that aiming for the April 30 high at 1.0384.