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Chart Signals - Friday, Dec 11

Chart Signals - Friday, Dec 11

Asia Pacific Indices

Australia 200 remains under pressure, falling to test the 5,000 round number while resistance falls toward 5,050 below 5,070 a Fibonacci level. RSI under 50 and falling indicates downward mo increasing with next support possible near 4,955 on a breakdown.

Japan 225 has stabilized above 19,000 trading into the 19,070 to 19,170 range but RSI still below 50 and resistance coming in near the 50-day average suggests this may be a trading correction within a broader downtrend. Next support near 18,905 a Fibonacci test and recent low.

Hong Kong 43 has levelled off in the 21,570 to 21,690 range digesting recent losses but it remains increasingly stuck below 22,000 with old support becoming new resistance and confirming the completion of a descending triangle. Next potential support near 21,290 which has acted as support and resistance in the past.

India 50 is retesting 7,700 as new lower resistance following a breakdown. Although a trading bounce up off 7,620 is underway easing oversold conditions, its broader downtrend remains intact and a retest of the 7,500 to 7,515 area remains possible.

North American and European Indices

US 30 stabilized in the 17,450 to 17,550 area near its 50 and 200-day averages and a round number and rallied up toward 17,700 before sliding back toward 17,590. RSI bouncing between 40 and 60 confirms sideways momentum. Next downside support near 17,355 then 17,200 with next resistance near 17,750.

US NDAQ 100 is holding above 4,600 support for now, trading in the 4,630 to 4,675 area with next upside resistance near 4,685. RSI slipping back under 50 suggests index remains vulnerable to a potentially deeper correction.

US SPX 500 is at a crossroad currently. It appears to be attracting support above 2,040 but remains below 2,060 where broke a Fibonacci level and its 50-day average earlier this week and today failed to hold above on a breakout attempt. On a move through 2,068 it could take a run at 2,080, but on a breakdown could fall toward 2,015.

Germany 30 has seen support emerge near 10,500 where a round number and Fibonacci level converge and appears to be moving into a channel between there and 10,660 currently trading near 10,600 with support rising toward 10,575. It needs to retake its 200-day average and 50 on the RSI to call off the current downtrend.

UK 100 has picked up off of 6,070 support but remains in a range between there and 6,120. It remains in a downtrend with potential support near 6,050 a channel bottom then the 6,000 round number.


Gold is holding steady in the $1,070 to $1,075 range within a $1,068 to $1,086 base building range. RSI holding below 50 suggests while downward pressure fading, it doesn't seem ready to rally further from her at this time.

Crude Oil WTI has slumped back under $37.40 its August low once again sliding into the $36.20 to $36.70 area. RSI oversold but confirming downtrend intact with next support near $36.25 then the $34.75 to $35.00 area near the 2008 low.

Crude Oil Brent is breaking down today, taking out the $40.00 round number and falling into the $39.40 to $39.90 area with old support becoming new resistance a bearish sign. OTOH, a positive RSI divergence suggests downtrend may be getting overextended and a turnaround possible. .


US Dollar Index is trading in the 97.25 to 98.00 range near its 50-day average in what appears to be a pause within an emerging downtrend. RSI confirms momentum turning downward. Next potential support near 96.60 on trend.

EURUSD has been knocked back under $1.1000 indicating continued resistance near there and $1.0970 a 38% Fibonacci retracement of the previous downtrend. RSI suggests momentum levelling off while it digests recent rallies above $1.0930 $1.0880 and $1.0800 support.

NZDUSD is on the move upward once again, gaining on $0.6800 with next resistance possible near $0.6900. Support rises toward $0.6750 as the smaller, higher saucer of a cup with handle base continues to form.

AUDUSD has dropped back from $0.7340 toward $0.7270 but it remains in a bigger upswing between $0.7200 and $0.7400 as it continues to build an ascending triangle base. RSI holding 50 confirms underlying upward momentum intact.

USDJPY is breaking down today, taking out 121.80 plus its 50 and 200-day moving averages then diving down toward 121.00 before finding some support. RSI dropping under 50 confirms the downturn in momentum. Next potential support near 120.25 while resistance falls toward 121.65.

EURJPY is rolling down from a lower high near 134.50 toward the 132.80 to 133.10 range with next potential support near 132.30. RSI falling back toward 50 confirms broader downtrend reasserting itself.

CADJPY is trading below the 90.00 round number confirming it as new resistance following a breakdown with next support near 88.80. RSI oversold but a lot of technical damage has already been done.

USDSGD is testing $1.4000 support once again as it remains in a downtrend of lower highs and lower lows. RSI under 50 confirms downward momentum.

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