Asia Pacific Indices
Australia 200 continues to backslide following the completion of a double top near 5,830. The index is sitting just above its 50-day average near 5,720. A break through there would signal the start of a new downtrend with next potential support near 5,675 then 5,575.
Japan 225 is sending mixed signals. The index continues to fall back from 19m675 with resistance falling toward 19,430 and the index near 19,380. It is holding above its 50-day average near 19,195, and continues to form an ascending triangle above 19,000. RSI bouncing around 50 suggests a sideways trend.
Hong Kong 50 is still rolling over, falling away from 24,000 and dropping from near 23,650 toward 23,560 with next potential support near 23,500 then 23,225. RSI breaking under 50 signals momentum turning downward.
North American and European Indices
US 30 is back under 21,000 and with the RSI overbought and rolling over, it looks like upward momentum in the index has peaked and a correction possible. Recently bouncing around between 20,910 and 20,980 next potential support appears near 20,830 a previous breakout point.
US SPX 500 is falling away from 2,400 trading near 2,375 with next potential support near 2,368 then 2,350 and 2,315. RSI overbought and starting to retreat indicates upward momentum has peaked and a downswing starting.
US NDAQ 100 is starting to fall back dropping under 5,365 as it falls away from 5,400 with next potential support near 5,300. RSI dropping back under 70 signals upward momentum fading and a correction starting.
UK 100 is still falling back in a normal trading correction after running into resistance near 7,400. Recently trading in the 7,345 to 7,360 area, next potential pullback support appears closer to 7,300. A negative RSI divergence indicates upward momentum weakening.
Germany 30 has dropped back under 12,000 which may become resistance as it continues to fall back from a recent high near 12,090 toward 11,980. Lower highs and a negative divergence in the RSI indicate upward momentum slowing. Next potential support near 11,950 then 11,850.
Gold is consolidating Friday’s big bounce up off $1,220 support trading back around $1,230 a Fibonacci level between $1,225 and $1,234. RSI holding 50 confirms underlying uptrend intact through the recent correction. Next potential resistance near $1,242.
Crude Oil WTI is hanging around $53.00 with support rising toward $52.70. It continues to consolidate while forming a bullish ascending triangle above $52.00 and below $54.75.
US Dollar Index continues to send mixed signals. An attempt to break out over 101.70 last week failed in a bearish Evening Star pattern but it continues to hold above 101 00 and 50 on the RSI to keep its underlying uptrend intact. Next resistance in the 102.00 to 102.25 area with next support near 100.70.
EURUSD is sending mixed signals trading near $1.0600. The pair has bounced up off $1.0500 with support rising toward $1.0585 but it still faced resistance near $1.0640. Meanwhile, the RSI broke out of a downtrend but is struggling to get back above 50.
GBPUSD is starting to stabilize having found support at a higher low near $1.2210 and climbing back up into the $1.2230 to $1.2280 area. Next potential resistance possible near $1.2360 a recent breakdown point with next potential support near $1.2110.
NZDUSD is testing the $0.7000 round number today having dropped down from $0.7040. Falling RSI indicates downward momentum still accelerating with next potential support near $0.6950.
AUDUSD is rolling over, trading below $0.7600 but at the same time, support has come in near $0.7665 with more possible near $0.7630 where the 50 and 200-day averages converge and then the $0.7500 round number. RSI under 50 suggests momentum turning downward.
USDSGD remains in a downtrend of lower highs below $1.4155 with RSI below 50 confirming downward momentum. Initial support appears near $1.4085 followed by $1.4000 then $1.3980.
USDJPY appears to have completed an upswing and has started to roll over within a broad 111.50 to 115.50 sideways range. A recent rally topped out near 114.80 and the pair has dropped back under 114.05 on its way toward 113.95 with next support possible near 113.45 then 113.00 and 112.00.
GBPJPY has slipped under 140.00 toward 139.45 in the lower half of a 138.10 to 142.25 sideways channel. RSI under 50 and trending downward indicates increasing distribution.
EURJPY’s upswing has paused just below 121.00 holding above 120.00 and 119.60 where it broke out of a downtrend. RSI holding above 50 also indicates a pause within an emerging uptrend. Next resistance possible near 122.50.
USDCAD is still struggling with resistance near $1.3400 moving into a $1.3380 to $1.3430 range to consolidate recent gains and work off an overbought RSI. Next correction support possible near $1.3325.