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Chart Signals - 30 May 2016

Chart Signals - 30 May 2016

USD popped late Friday in response to comments from FOMC Chair Yellen who confirmed that US interest rates may be coming soon. Gold took another big hit along with EUR. US and European indices paused Friday but Asia Pacific indices finished the week strong.

Asia Pacific indices

Australia 200 broke out Friday, clearing 5,400 to signal the start of a new upleg with next resistance near 5,500 where a measured move and round number cluster. RSI suggests recent correction ending and underlying uptrend resuming.

Hong Kong 50 continues to climb, retesting 20,210 as higher Fibonacci support then driving up through 20,575 and on toward 20,630 with next resistance possible near 20,710. Rising RSI confirms upward momentum increasing. 

India 50 broke out Friday clearing 8,080 a Fibonacci level to signal the start of a new uptrend and driving on toward the 8,140 to 8,170 area with next resistance near 8,200 then 8,280 on trend. 

Japan 225 continues to climb, advancing up off 16,815 new Fibonacci support on toward 16,920 with next potential resistance at the 17,000 round number then 17,.165. RSI rising off 50 indicates upward momentum increasing. 

North American and European Indices

US 30 is holding steady between 17,820 and 17,860 well above 17,725 where it broke out of a downtrend and through its 50-day average. Next resistance possible near 17,950 then 18,080.

US NDAQ 100 is bumping up against 4,500 a round number and Fibonacci level with next upside resistance at the April high near 4,600. Support rises toward 4,490 from 4,465.

US SPX 500 has paused just below 2,100 with more resistance possible near 2,115 the top of a sideways trading channel. The index remains supported above 2,086 former shoulder resistance where a head and shoulders top failed.

UK 100 has paused between 6,250 and 6,680 to consolidate its recent breakout over 6,200. Next upside resistance possible near 6,340 then 6,450. With the price back above the averages, what looked like a false golden cross may be confirmed after all.

Germany 30 is still advancing but the pace has slowed a bit, climbing from 10,240 toward 10,300. Next upside resistance appears near 10,335 then the April high near 10,500.



Gold remains under pressure, starting out by falling back under $1,220 after a retest of $1,228 a Fibonacci level as resistance to confirm a downtrend underway. Gold then dropped from near $1,216 toward a test of $1,207.  Falling RSI indicates downward pressure increasing with next potential support near $1,193 a 38% retracement of the previous uptrend.  

Crude Oil WTI continues to struggle with $50.00 resistance and has slipped back into the $48.40 to $48.90 range while holding above $48.10 a Fibonacci level and recent breakout point. Oil could pause or correct further in the near term as it works off an overbought RSI.


US Dollar Index successfully retested 95.00 support and finished Friday strong with a rally back up toward 95.70 with next resistance possible in the 96.00 to 96.40 area.  RSI holding near 60 indicates a pause within an ongoing uptrend.

EURUSD continues to trend lower, with resistance falling towards $1.1140 as the pair tests $1.1111 and the 200-day average. Falling RSI indicates ongoing distribution with next potential support near $1.1060 then the $1.1000 round number.

GBPUSD has dropped back into the $1.4600 to $1.4640 area after encountering resistance in the $1.4680 to $1.4800 zone where a downtrend line, a recent high and the 200-day average cluster. RSI levelling off above 50 suggests a consolidation phase underway within an uptrend.

NZDUSD continues to slide, slipping under $0.6700 from $0.6760 with next potential support at the 200-day average near $0.6655 then $0.6560. RSI under 50 and falling indicates downward pressure increasing.

AUDUSD continues to struggle with resistance at its 200-day average near $0.7260 but also appears to be levelling off holding $0.7150 support and trading near $0.7190. RSI suggests downward pressure also flattening out.

USDCNH has pushed up off 6.5600 support challenging 6.5780 Fibonacci resistance again. RSI still near overbought so it may need to consolidate further but if it does breakout next resistance may appear near the 5.6000 round number. 

USDSGD held support at a higher low near $1.3710 and has bounced back up toward $1.3800 it needs to clear $1.3840 to signal the start of a new upleg.

USDJPY is bumping up against 110.55 Fibonacci resistance where a breakout would complete and ascending triangle and signal the start of a new upleg with next resistance possible near 112.00. RSI holding above 50 indicates upward momentum building.

EURJPY is still bouncing around in the 122.00 to 124.00 range recently trading near 122.70. RSI indicates continued distribution. Next support on a breakdown near 120.00 based on a measured move and a round number.

CADJPY has peeked back up above 84.55 trading near 84.70 with next resistance at its 50-dayt average near 85.00 then 86.20 a Fibonacci level. RSI sitting on 50 indicates neutral momentum.

USDCAD held support at its 200-day average near $1.2915 and 50 on the RSI to keep its upswing intact for now. It has bounced back up above $1.3000 a round number and Fibonacci level into the $1.3030 to $1.3050 area with next resistance near $1.3145 and $1.3205. 

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