It’s a big day for the Australia 200 breaking out of an ascending triangle with the Germany 30 also breaking out to the upside. Crude oil continues to accelerate back upward boosting resource currencies like AUD and CAD. GBP and EUR are breaking down relative to USD and JPY today but GBP is not down as much as EUR.
Asia Pacific Indices
Australia 200 is breaking out today, clearing 5,835 to complete a bullish ascending triangle and rallying toward 5,875. RSI breaking out of a downtrend confirms momentum turning increasingly upward. Next potential resistance near a measured 5,990 and the 6,000 round number.
Japan 225 is struggling in the lower half of an 18,890 to 19,690 trading range. The index remains below a broken uptrend line near 19,170 while the RSI remains below 50 indicating emerging distribution. Initial support near the 19,000 round number.
Hong Kong 50 continues to pause near 24,400 trading in a 24,370 to 24,440 range. RSI falling back toward 50 indicates upward momentum slowing. Next support in a pullback possible near 24,125 with next resistance near 24,500.
North American and European Indices
US 30 looks like its bounce has ended and downswing may be resuming. The RSI failed to regain 50 confirming downward momentum and the index has dropped from a lower high near 20,720 toward 20,660 with next potential support near 20,570 then 20,500 and the 50-day average.
US SPX 500 has paused near 2,360 having bounced up from 3,340 support but trading well short of 2,370-2,390 resistance. RSI sitting on 50 indicates a sideways consolidation trend emerging.
US NDAQ 100 has stalled near 5,420 short of 5,440 resistance. A lower high in the RSI indicates upward momentum weakening although higher lows in the index indicates continuing accumulation A sideways trading channel appears to be emerging between 5,305 and 5,435.
UK 100 continues to rebound, climbing from 7,300 toward 7,380 with support rising toward 7,370 and next resistance possible near 7,400 then 7,440. RSI holding 50 and rising confirms uptrend resuming and a recent correction over.
Germany 30 broke out to a new high earlier today rallying up toward 12,230 but has since slumped back toward a retest of its 12,180 breakout point as support, forming a bearish shooting star candle. Next support possible near 12,100 with next measured resistance near 12,300. RSI breaking out of a downtrend confirms upward momentum increasing.
Gold has levelled off near $1,250 consolidating recent gains within a Fibonacci cluster. RSI flat near 60 indicates a pause within an uptrend. Initial resistance near $1,255 then the 200-day average near $1,260 with initial support possible near $1,242.
Crude Oil WTI continues its upswing, rallying up from $48.00 through its 200-day average near $48.40 then on toward $49.00 with next potential resistance near $49.50 then the $50.00 round number. RSI gaining on 50 indicates downward pressure easing.
US Dollar Index is on the rebound, continuing its bounce up off of 99.00 toward 99.80 but it still needs to regain 100.00 on the index and 50 on the RSI to suggest this is a significant upturn and not just a trading bounce.
EURUSD is rolling over again, dropping back through a Fibonacci cluster near $1.0830, and then $1.0800 on its way back toward $1.0750 with next potential support near $1.0720 then the 50-day average near $1.0670. RSI falling back toward 50 suggests rally ending and a downturn pending.
GBPUSD finished the day near $1.2420 and its 50-dayu average having traded down toward $1.2360 and bouncing toward $1.2480 before settling into the $1.2400 to $1.2440 zone. RSI testing 50 where a break would signal a deeper downswing.
NZDUSD is clinging to $0.7000 round number support trading near $0.7035. It needs to regain $0.7060 and 50 on the RSI to signal an upturn with next resistance possible near $0.7100.
AUDUSD is turning back upward rallying toward $0.7675 having successfully tested support at a higher low near $0.7600. Support moves up toward the 50-day average near $0 7625 with next potential resistance near $0.7700 and $0.7755. RSI back above 50 confirms upswing in momentum.
USDSGD remains in a downtrend below $1.3980 and $1.4000 recently trading near $1.3950 a Fibonacci level with next potential support at the 200-day average near $1.3915 then $1.3880.
USDJPY is consolidating recent declines between 110.60 and 111.30 a Fibonacci level having bounced up off support at the 110.00 round number. Next resistance possible near 111.60 with next downside support at a Fibonacci cluster near 109.20.
GBPJPY remains in a downtrend, breaking under 138.10 a Fibonacci level and falling toward 138.00 with falling channel support possible at its 200-day average near 136.90. RSI under 50 and falling indicates downward momentum increasing.
EURJPY is turning downward today, plunging from 120.30 down through 120.00 and on toward 119.00 a Fibonacci level with next potential support near 118.15 then the 200-day average near 117.60. RSI under 50 and falling confirms downward pressure increasing.
USDCAD is starting to roll over again, falling back toward $1.3340 from $1.3400 resistance. RSI falling back toward 50 where a breakdown would confirm a downturn in momentum. Next potential support possible near $1.3300 then $1.3260.