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Chart Signals - Wednesday 23 December

Chart Signals - Wednesday 23 December

Here are today’s chart signals covering index, forex and commodity markets.


Asia Pacific Index Chart Signals

Australia 200 has levelled off near 5,145 on the index and 50 on the RSI digesting recent gains but its too early to tell if this is a near term pause or a near term top. Index has recently moved up from 5,090 toward 5.130. Next resistance possible near 5,180 then 5,200.

Japan 225 has found support near 18,740 and rallied up toward 18,905 both Fibonacci level. Next resistance appears near 19,000 then 19,280 near the 50-day average. RSI indicates downward pressure weakening but needs to retake 50 to signal an upturn.

Hong Kong 43 is sending mixed signals. RSI testing 50 suggests an upturn pending but Index needs to retake 22,145 to confirm but is stuck below 22,000 in the 21,760 to 21,830 range.

India 50 has dropped back to retest 7,750 having run into resistance near 7,840 which could become a lower high on trend. RSI failing to retake 50 suggests recent upswing faltering and broader downtrend reasserting itself.

North American and European Index Chart Signals

US 30 successfully tested support at a higher low near 17,195 a Fibonacci level and rallied up into the 17,260 to 17,330 range initially then on toward 17,420 with next potential resistance in the 17,560 to 17,600 range near moving averages. RSI levelling off in the 40 to 60 range suggests momentum going sideways.

US NDAQ 100 is trading just below the middle of a 4,450 to 4,750 range bouncing up off of a higher low near 4,560 toward 4,585 with next resistance at the 50-day average near 4,615.

US SPX 500 is coming back under accumulation, evidenced by higher lows in the index and the RSI. 2,000 support has been holding and the index has regained 2,015 on its way toward 2,035 with next potential resistance near 2,040 and a bigger test near 2,060 where moving averages and a Fibonacci level cluster.

Germany 30 ran into resistance at a lower high near 10,630 and has drifted back down into the 10,460 to 10,540 range with next potential support near 10,375. RSI stuck under 50 and falling indicates continued downward momentum.

UK 100 remains supported above 6,000 rallying from near 6,060 on toward 6,120 with next potential resistance near 6,170. RSI indicates downward pressure continues to ease.

Commodity Chart Signals

Gold is consolidating yesterday’s gains between $1,072 and $1,080. RSI testing 50 where a breakout would signal an upturn with a move through $1,086 Fibonacci resistance still needed for confirmation with its next test after that at the $1,200 round number.

Crude Oil WTI has stabilized in the $34.60 to $35.20 range. A positive RSI divergence suggests downward pressure may be reaching its limits for now and a rebound possible. Initial resistance near $35.55 with next support near $34.00.

FX Chart Signals

US Dollar Index keeps rolling over suggesting a top may be in place and a downtrend starting. Resistance has dropped from 98.80 toward 98.50 with next potential support near 98.00 then 97.30.

EURUSD has started to advance within its $1.0800 to $1.1050 trading range today with RSI holding 50 and the pair regaining $1.0900 and advancing on the $1.0960 to $1.0980 area with the $1.1000 round number looming ahead.

NZDUSD is trading near $0.6800 as it keeps trending toward a test of $0.6870 the top resistance of an ascending triangle patter and a cup with handle base. Support rises toward $$0.6770 from $0.6730. RSI above 50 confirms upward momentum intact.

AUDUSD continues to form an ascending triangle base with support moving up toward $0.7200 from $0.7140 and next resistance near $0.7290 then $0.7360.

USDCNH is starting to roll downward again having run into resistance near 6.570. RSI rolling back under 70 from overbought confirms a downward correction starting with initial support possible near 6.5250 then 6.5000.

USDJPY is consolidating recent losses near 121.00 with resistance falling toward 121.40 from 121.80 and next support near 120.35 then the 120.00 round number. Falling RSI confirms momentum turning downward.

EURJPY is bouncing around between 132.50 and 132.80 but its big test is the RSI at 50 which could confirm or call off the start of a new downtrend. Next support near 130.85 then 130.00 with upside resistance falling toward 132.70 from 133.90 both near moving averages.

CADJPY has stabilized near 87.00 digesting recent losses. RSI is quite oversold so a bounce remains possible with initial resistance near 88.00 then 88.80 the recent breakdown point.

USDSGD is steady just above $1.4000 trading between $1.4040 and $1.4060. It remains in a sideways trend overall with RSI sitting on 50 and the pair trading between $1.3890 and $1.4300.

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