The US 30 broke out to another new high today and took a run at the 22,000 round number. SPX and NDAQ are still refusing to confirm, although the Germany 30 showed some signs of life. WTI crude came under pressure after failing to hold $50.00 but gold broke out of a consolidation zone to kick off a new upleg. Resource dollars (AUD, CAD, and NZD) followed crude oil lower on the day as USD rebounded a bit.
Asia Pacific Indices
Australia 200 continues to bounce around between 5,700 and 5,800 with RSI bouncing around 50 confirming sideways momentum. Next upside resistance possible near 5,835 then 5,885 with next support possible near 5,655.
Japan 225 found support near 19,910 and has bounced back up toward the 20,000 round number and its 50-day average. RSI still below 50, however, indicates this could be a head fake as momentum is still turning downward. Next potential resistance near 20,065 with next support near 19,895.
Hong Kong 50 keeps accelerating upward going parabolic and keeps getting more overbought. The pair has broken out to another new high, blasting through 27,300 up toward 27,700 with next resistance near 28,000 before settling back into the 27,600 to 27,640 area.
North American and European Indices
US 30 is bumping up against the 22,000 round number, having traded up to 22,020 as it continues to advance to new all-time highs. RSI is getting really overbought so a correction remains possible with initial support possible near 21,910 then 21,830.
US SPX 500 is still unable to overcome 2,482 resistance, trading back near 2,475 with next support possible near 2,460. On a breakout, the index could challenge 2,500 but RSI rolling over suggests slowing upward momentum, making a breakout less likely as time goes on.
US NDAQ 100 remains unable to rally, sitting on 5,900 still digesting its drop back from 6,000 round number resistance into the 5,875 to 5,925 zone. RSI falling toward 50 indicates upward momentum slowing.
UK 100 is sitting in the middle of a 7,300 to 7,500 trading channel with RSI still sitting on 50 confirming sideways momentum. Initial support and resistance near 7,355 and 7,440.
Germany 30 is trying to mount a rebound, rallying up off of 12,090, regaining 12,225 a Fibonacci level and trading near 12,265 with next potential resistance near 12,300 then 12,380. RSI climbing toward 50 indicates downward pressure starting to ease.
Gold has resumed its uptrend, regaining $1,270 and advancing on $1,274, breaking through the extension of an old trend support line. Next resistance possible near $1,280 then $1,288 on trend. An uptrend in the RSI indicates underlying accumulation continues.
WTI crude oil failed to meaningfully break out over $50.00, tumbled back down through its 200-day average near $29.00, and found support near $48.20 a Fibonacci level before stabilizing in the $48.50 to $48.90 zone.
US Dollar Index has paused near 92.60, consolidating Monday’s breakdown below 93.00. The pair could pause or bounce in the near term with RSI getting oversold. Initial resistance possible near 93.35 with next support near 92.00.
EURUSD has encountered resistance near $1.1835 with more possible near a measured $1.1940. RSI remains overbought so a pause or correction remains possible with initial support near $1.1800 then $1.1735 and $1.1680.
GBPUSD is consolidating Monday’s big breakout over $1.3155 a Fibonacci level, trading between $1.3200 and $1.3245. RSI still rising suggests this could be a common pause within a continuing uptrend.
NZDUSD is starting to roll over with the pair dropping back under $0.7500 and the RSI falling back under 70. The pair has dropped toward the bottom of a $0.7455 to $0.7525 trading range with next potential support on a breakdown near $0.7390 a Fibonacci level.
AUDUSD once again peeked above $0.8000 and once again failed to hold that key level, dropping form a lower high near $0.8050 toward $0.7980. An overbought and rolling over RSI indicates risk of a correction with next potential support near $0.7935 then $0.7900.
USDSGD has bounced up off of $1.3535 support toward $1.3580 and could stage a bigger bounce with RSI still oversold. Initial resistance possible near $1.3600 then $1.3620.
USDJPY held 110.00 round number support for now, but it remains in a downtrend still trading below 110.60 a Fibonacci level and its recent breakdown point. RSI indicates downward momentum remains intact. Next potential support in the 109.25 to 108.75 zone.
GBPJPY is sending mixed signals. The pair ran into resistance at another lower high near 146.55 and has slipped back toward 145.60, with next support near the 145.00 round number and 144.00 the 50-day average. On the other hand, the RSI holding 50 and rising indicates momentum turning increasingly upward.
EURJPY is still hanging around 130.00, trading between 129.00 and 131.00. Signals are mixed with the RSI indicating upward momentum slowing but higher lows indicating ongoing accumulation.
USDCAD continues to climb up off of $1.2400 support, regaining $1.2500 and advancing into the $1.2530 to $1.2550 area with next resistance possible near $1.2600 then $1.2640. RSI back above 30 signals downward pressure easing and an upward correction underway.