Asia Pacific Indices
Australia 200 continues to bump up against 5,800 resistance with more possible near 5,825 following a bull trap peak. RSI is overbought and showing early signs of topping, suggesting that it may be near exhaustion and a correction possible. Initial support possible near 5,745 then 5,700.
Japan 225 continues to roll over having formed a double top. Resistance has dropped toward 19,500 while the pair slipped to test 19,135 before rebounding toward 19,350. RSI falling toward 50 indicates upward momentum fading and a downturn possible with next potential support near the 19,000 round number.
Hong Kong 50 is breaking out of a downtrend, clearing 22,750 and advancing on 23,000 with support rising toward 22,900. Rising RSI confirms upward momentum accelerating. Next potential resistance near 23,110.
North American and European Indices
US 30 is bouncing around between 19,830 and 19,970 still unable to bust through the top of a 19,700 to 20,000 sideways range. RSI drifting back toward 50 indicates momentum downshifting from upward to neutral with a correction still possible.
US SPX 500 continues to show signs of peaking for now, drifting back from 2,282 resistance earlier this week back into the 2,265 to 2,275 area with next potential support near 2,255 then 2,242 in a correction. Lower highs in the RSI as it falls toward 50 indicate upward momentum fading.
US NDAQ 100 has paused its advance following a doji day with an inside day trading near 5,040. RSI also suggests upward momentum levelling off. Initial resistance in place near 5,050 followed by a measured 5,100. Downside support in place near 5,025 then 5,000 and 4,960.
UK 100 remains under accumulation, clearing 7,300 and advancing on 7,330 before backing and filling toward 5,270. Really overbought RSI suggests potential for a correction at some point but so far its underlying uptrend remains intact.
Germany 30 continues to climb clearing the top of an 11,445 and 11,650 trading range and advancing on 11,690 with next potential resistance near 11,800. RSI remains overbought so a correction is still possible but so far the uptrend remains intact.
Gold continues to recover, clearing the first of three technical hurdles by breaking out over its 50-day average near $1,192 and advancing on $1,198 within striking distance of two more resistance level , the $1,200 round number and $1.204 a Fibonacci test. Support rises toward $1,190 from $1,178. Rising RSI indicates upward momentum still increasing.
Crude Oil WTI successfully tested $50.00 and is on the rebound, rallying up from near $50.60 toward $52.50 before slipping toward $51.80 which support appears to be coming in at a higher level. RSI picking back up above 50 indicates the recent correction may be over and its underlying uptrend resuming.
US Dollar Index is coming off a big battle between bulls and bears that saw the index bouncing between 101.25 and 103.00 before finishing the day near 101.90. RSI sliding under 50 indicates momentum turning downward with next potential support near 100.60 and 100.00.
EURUSD took a step back then a big step forward dropping back toward $1.0460 then driving back up through $1.0500 and rallying to test its 50-day average near $1.0620 before settling back toward $1.0585 as base building continues. RSI holding 50 following a breakout indicates momentum turning upward.
GBPUSD’s latest selloff appears to have ended in a bullish outside reversal/bullish engulfing day. Cable successfully held $1.2000 rallying up from $1.2060 toward $1.2260 before holding $1.2190. RSI holding 40 and higher lows indicate emerging accumulation.
NZDUSD continues to turn upward with the pair rallying from $0.6950 up through $0.7000 again and on toward the $0.7050 to $0.7090 area where it has been testing the 50 and 200-day averages. RSI climbing up off 50 confirms momentum turning increasingly upward.
AUDUSD is breaking out today, clearing its 50-day average near $0.7400 and advancing on $0.7460 with next potential resistance near the $0.7500 round number and the 200-day average. RSI above 50 and rising indicates upward momentum increasing. Support moves up toward $0.7435.
USDSGD is breaking down today, falling from a lower high near $1.4400 toward $1.4255 a 23% retracement of its previous uptrend. Resistance falls toward $1.4320 with next support possible near $1.4215 then $1.4155. RSI remaining below 50 and turning downward indicates downward pressure growing.
USDJPY is accelerating downward with a bounce toward 117.00 topping at a lower high and the pair then breaking down through 115.00 and testing 114.05 Fibonacci support before finishing near 115.50 a Fibonacci level. RSI breaking under 50 signals momentum turning downward. Next potential support test at the 50-day average near 113.35.
GBPJPY is holding above 140.00 trading near its 50 and 200-day averages. RSI holding near 40 suggests the recent correction may be ending. Initial rebound resistance possible near 141.00 then 142.25. Next support near 138.10 a Fibonacci level.
EURJPY looks like support may be starting to give way with the pair slipping under 122.00 and sliding toward 121.00 before bouncing back toward 122.30. RSI testing 50 where a break would signal a downturn.
USDCAD continues to retreat diving toward $1.3140 from $1.3300 with resistance falling toward $1.3190. RSI under 50 and falling indicates downward momentum accelerating with next potential support in the $1.3000 to $1.2975 area.