USD has spiked upward in response to hawkish FOMC minutes sending USD base pairs screaming higher and other currencies sharply lower particularly AUD, NZD, EUR and JPY. Gold has also been breaking down off the USD rally. Indices are mixed with japan 225 benefitting from the weaker Yen but US 30 and US SPX 500 close to completing head and shoulders tops.
Asia Pacific Indices
Australia 200 has lost 50 points since the FOMC minutes falling from 5,400 toward 5,350 with next support possible near 5,335 then 5,225. RSI rolling over indicates upward momentum fading.
Japan 225 is testing the top of a 16,245 to 16,780 trading channel where a breakout would signal a new up leg that could challenge the 17,000 round number or 17,145 Fibonacci resistance. RSI regaining 50 confirms momentum turning upward again.
Hong Kong 50 held 19,695 Fibonacci support and has bounced up toward 19,840 with support rising toward 19,790. It still needs to regain the 20,000 round number to confirm an upturn with next resistance near 20,210 if successful.
India 50 remains in an uptrend holding 7,750 support and advancing from 7,800 toward 7,880 with next resistance place between the 8,000 round number and 8,080 Fibonacci test.
North American and European Indices
US 30 is breaking down today, taking out 17,500 to complete a 23% retracement and break the neckline of a head and shoulders top. Next potential support near 17,120 where the 200-day average and 38% Fibonacci retracement converge. RSI under 50 confirms momentum turning downward.
US NDAQ 100 remains below 4,400 and 4,345 resistance trading near 4,320 with next potential support near 4,275 then 4,225 a Fibonacci level. RSI still under 50 confirms downward momentum intact.
US SPX 500 is trading between 2,042 and 2,050 just above 2,040 where a breakdown would complete a head and shoulders top and signal a new downtrend that could test 2,025 or 2,000 where a round number and 38% retracement converge. RSI under 50 and falling confirms downward pressure increasing.
UK 100 is bouncing around between 6,110 and 6,170 as it trends sideways in a channel between 6,055 and 6,215 just below its 50 and 200-day averages which it needs to clear to signal an upturn. RSI still stuck below 50 indicates downward pressure growing with next support near the 6,000 round number.
Germany 30 successfully retested support near 9,735 and has bounced up into the 9,840 top 9,960 but the gains have been limited relative to yesterday’s decline and the index remains stuck below the 10,000 round number with more resistance possible near 10,110.
Gold is getting hammered today, breaking down through $1,268 and diving down toward $1,256 with next potential support at the 50-day average near $1,250 then $1,228 a Fibonacci level. RSI breaking 50 and an uptrend line signals momentum turning downward.
Crude Oil WTI has levelled off near $48.10 consolidating this week’s rally up from $46.00. WTI ran into resistance near $48.70 and has dropped back toward $47.70 in a normal trading correction with next support possible near $47.25 then $46.70 as it corrects an overbought RSI.
US Dollar Index is breaking out today, clearing 95.00 resistance and advancing on 95.20 with next potential resistance near 96.40. Accumulation still appears to be underway with support climbing toward 94.70 and RSI climbing up off 50.
EURUSD continues to retreat, breaking down through $1.1300 and diving down toward $1.1220 with next potential support near $1.1200 a Fibonacci level then the 200-day average near $1.1100. RSI under 50 and falling confirms downward pressure increasing.
NZDUSD failed to retake its 50-day average near $0.6825 and has been slammed back down through $0.6770 toward $0.6730 with next potential support near $0.6700 then the 200-day average near $0.6645. RSI under 50 confirms downward pressure increasing.
AUDUSD is breaking down today taking out its 200-day average near $0.7270 and falling on toward $0.7220 with next potential support near $0.7100 on trend. Resistance drops toward $0.7260.
USDCNH is breaking out today over 6.5600 to signal the start of a new upleg on trend with next potential resistance near 6.5640 then 6.5795 a Fibonacci level. RSI near overbought suggests a retest of the breakout point possible.
USDSGD is breaking out today, blasting through $1.3750 and driving on toward $1/3830 to signal the start of a new up leg with gains confirmed by a rising RSI. Next potential resistance near $1.3885 a former support level.
USDJPY is breaking out today, clearing the 110.00 round number and testing its 50-day average near 110.30 with net resistance at 110.55 a Fibonacci level. RSI lifting up off 50 confirms momentum turning upward. Support rises toward 109.80 from 109.50.
EURJPY bounced up off 123.00 setting a higher low to indicate an uptrend may be emerging. It needs to retake 50 on the RSI and the 50-day average near 124.50 to confirm with next potential resistance near 125.25.
CADJPY is stuck in neutral sitting on 94.55 a Fibonacci level within a 84.10 to 85.00 trading range. RSI on 50 confirms sideways momentum.