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Chart Signals: AUD, NZD and Asia Pacific indices roll over

Chart Signals: AUD, NZD and Asia Pacific indices roll over

The Aussie and Kiwi dollars continue to lose steam and appear to be rolling over into corrections along with the Hang Seng. JPY has been rallying against USD and EUR which has put pressure on the Japan 225 again. Corrections in crude oil and gold appear to have run their course.

Asia Pacific Indices

Australia 200 appears to be rolling over again, dropping from near 5,190 back toward the 5,080 to 5,100 range with next support near 5,000 a Fibonacci level and round number. RSI suggests upward momentum fading and a correction starting.

Japan 225 has been knocked back under 17,000 falling into the 16,880 to 16,960 range from 17,290 resistance with next support possible near 16,840 a Fibonacci level then tis 50 day average near 16,670.

Hong Kong 50 is bouncing around between 20,205 Fibonacci support and 20,275 having encountered resistance near 20,550. RSI suggests momentum flattening out. Next support near the 20,000 round number.

India 50 failed to hold above 7,515 and has slipped back under 7,500 toward 7,450 with next potential support near 7,400. RSI also suggests upward momentum starting to weaken and a rollover possible.

North American and European Indices

US 30 remains steady holding above its 200-day average near 17,110 climbing up from 17,140 through 17,195 Fibonacci resistance and on toward 17,235 with next resistance at yesterday’s high near 17,270 then 17,380. RSI indicates underlying uptrend remains intact through the current pause.

US NDAQ 100 is trading between 4,335 and 4,370 around a Fibonacci level near 4,345. RSI indicates momentum sideways to slightly upward. Next resistance near 4,380 then its 200-day average near 4,420.

US SPX 500 has slipped back under its 200-day average and a Fibonacci level near 2,015 but remains supported above the 2,000 round number, suggesting that it may resolve an overbought RSI through sideways consolidation.

Germany 30 is having an inside consolidation day trading just below 10,000 within yesterday’s range while it digests recent gains between 9,890 and 9,970 with initial support near 9,920.

UK 100 is holding steady in the 6,120 to 6,150 area above 6,100 near the middle of its current 6,015 to 6,215 range. RSI suggests momentum shifting from upward to sideways.

Commodities

Gold’s correction appears to have been contained by $1,228, the 23% Fibonacci retracement of the rally that started back in December. The yellow metal has bounced back into the $1,230 to $1,236 area with next resistance near $1,242 then $1,250 with next downside support near $1,222 then $1,200. RSI falling toward a test of the key 50 level.

Crude Oil WTI has dropped back into the $35.40 before finding some support and bouncing back toward a retest of $35.90, a 38% retracement of its previous downtrend, as new resistance. Oil remains within the $34.75 to $37.25 range that prevailed for much of last week. Overall this appears to be a moderate correction to digest the big advance of the last several weeks and work off an overbought RSI.

FX

US Dollar Index continues to bounce up off of 96.00 support trading near 96.75 with upside resistance possible near 97.00 then 97.40.

EURUSD has stabilized just below $1.111 a Fibonacci level and round number having falling back from near $1.1200. Support continues to come in near $1.1070 with more support in the $1.0970 to $1.1050 range which contains the 50 and 200-day averages a round number and another Fibonacci test.

NZDUSD continues to struggle, sliding from near $0.6660 toward $0.6590 but holding above $0.65560 its recent breakout point. RSI falling back under 50 suggests momentum turning downward again and a retest of $0.6500 possible.

AUDUSD continues to roll over with RSI falling away from 70 indicating a correction getting underway. The pair has fallen back under the $0.7500 round number dropping toward $0.7440 with next potential support near $0.7390 a recent breakout point.

USDCNH has bounced off of 6.4795 Fibonacci support back up through 6.5000 on its way toward 6.5110 with next resistance possible near 6.5285 a Fibonacci test. RSI gaining on 50 indicates downward momentum fading and an upturn pending.

USDJPY found support near 112.65 the lower boundary of a symmetrical triangle rebounding toward 113.10 with upside resistance still in place near 113.90. RSI stuck below 50 suggests the pair may be in a sideways consolidation of an ongoing downtrend.

EURJPY has dropped back under 126.00 falling toward the 125.30 to 125.60 area after faltering short of its 50-day average. RSI falling back under 50 suggests broader downtrend resuming. Next potential support near 125.00 then 124.00.

CADJPY remains in an uptrend with support moving up toward 84.30 and the pair rallying back up through 84.55 a Fibonacci level with next resistance near 85.00 then 86.20. RSI suggests momentum turning sideways.

USDSGD has bounced back up from $1.3750 toward $1.3830 with RSI rising up off 30 to indicate downward pressure easing. It would need to retake $1.3885 to suggest this is any more than a dead cat bounce.


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