There have been a number of big moves today as traders start to recognize the increased potential of a contested US election or a Trump win, increasing political risk. Major indices have been breaking down along with the Mexican Peso and US Dollar while gold and EUR have broken out to the upside.
Asia Pacific Indices
Australia 200 is breaking down today, taking out its 200-day average near 5,265 and falling toward 5,230 with next potential support near 5,145 a previous low. RSI confirms downward momentum increasing.
Japan 225 has a correction underway that’s knocked it back from near 17,430 Fibonacci resistance toward the 17,150 to 12,00 area with more support possible in a setback near the 17,000 round number.
Hong Kong 50 stabilized in the 23,080 to 23,140 area after falling back from 23,220. With other stock markets going into freefall, a test of 23,000 or even 22,850 support appears possible.
North American and European Indices
US 30 remains under distribution still tracking below its falling 50-day average and falling toward the bottom of a bearish descending triangle forming between 18,260 and 18,000. RSI falling away from 50 confirms downward momentum increasing. Next potential support on a breakdown near 17,915 a Fibonacci level.
US NDAQ 100 is breaking down today, taking out 4,800 and falling to test 4,740 support with its next test after that near 4,745 then 4,675. RSI under 50 and dropping indicates momentum turning downward as the index falls away from a recent bull trap peak.
US SPX 500 keeps dropping toward the bottom of a 2,100 to 2,200 trading channel with lower highs and a falling 50-day average forming a descending distribution triangle. Resistance drops toward 2,130 with next support on a breakdown at the 200-day average near 2,080.
UK 100 is breaking down today, taking out 6,925 and its 50-day average near 6,900 falling toward 6,880 with next potential support near 6,800. RSI falling away from 50 confirms momentum turning increasingly downward.
Germany 30 is breaking down today, falling through the bottom of a 10,500 to 10,800 channel with RSI falling under 50 providing confirmation. Next potential support near 10,350.
Gold is breaking out to the upside today, driving up from its 200-day average near $1,274 up through $1,282 a Fibonacci level and on toward $1,291. RSI retaking 50 and more confirms momentum turning upward. Next resistance possible near $1,300 where the 50-day average, a Fibonacci cluster and a round number converge.
Crude Oil WTI has stabilized in the $46.10 to $47.00 range below its 50-day average digesting Monday’s plunge. A lot of technical damage has been done and a retest of $45.00 remains possible. RSI confirms momentum turning downward.
US Dollar Index is breaking down today, taking out 98.00 and falling toward 97.60 with next potential support near 97.50 then 97.00. RSI under 70 and falling toward 50 signals a downward correction deepening.
EURUSD is turning back upward today, retaking the $1.1000 round number which may become support and advancing on $1.1060. RSI nearing 50 where a breakout would confirm the upturn. Next resistance possible near $1.1075 then $1.1111 and the 50-day average.
GBPUSD has dropped back from near $1.2280 toward $1.2200 as it continues to bounce around and base build in a sideways range between $1.2070 and $1.2340.
NZDUSD continues to climb up off $0.7100 support toward $0.7195 a Fibonacci test but it really needs to retake $0.7255 and its 50-day average to call off a head and shoulders top. RSI retaking 50 would represent a positive first step.
AUDUSD continues to advance on $0.7725 the top of an ascending triangle by rallying up off of $0.7600 trend support. Pair has recently been trading in the $0.7640 to $0.7690 range.
USDSGD has fallen toward a retest of $1.3880 with next potential support on a breakdown near $1.3835 then $1.3800. RSI falling toward 50 indicates upward momentum weakening and a downturn pending.
USDCNH continues its trading correction, falling back toward 6.7740 ad it continues to retreat from 6.7935 resistance. RSI back under 70 from overbought confirms a correction underway with next potential support near 6.7575 a 23% retracement of its previous uptrend.
USDJPY is starting to turn back downward having met more 105.00 to 105.15 area and then dropping back toward 104.10. Next potential support appears in the 102.75 to 103.00 area just above its 50-day average. RSI indicates momentum rolling over and a downturn pending.
GBPJPY has had a bit of a setback, sliding back toward 127.20 from 128.60 channel resistance as part of a broader rebound in JPY.
EURJPY hs pulled back toward 115.00 a Fibonacci level and the middle of its 114.00 to 116.00 trading range after meeting some resistance near 115.60.
USDCAD has levelled off in the $1.3370 to $1.3410 area below $1.3500 round number resistance. RSI starting to roll over suggests upward momentum weakening. Next support near $1.3310 a Fibonacci level and breakout point.
USDMXN has broken out over 19.00 and its 50-day average confirming the start of an upswing and advancing on 19.25 with next potential resistance near 19.38 then 19.66. RSI regaining 50 confirms momentum turning upward.