Asia Pacific Indices
Australia 200 is breaking down again, falling toward the 4,040 to 4,950 range with 5,000 emerging as new resistance following a breakdown. RSI under 50 and diving indicates downtrend momentum increasing with next potential support near 4,875.
Japan 225 is bouncing around between 17,500 and 17,800. It could start to consolidate and work off an oversold RSI but this being a pause in a bigger downtrend remains possible with next potential support near 17,360 then 17,225.
Hong Kong 50 found support near 20,100 holding the 20,000 round number and has started to rally, climbing up toward 20,500 initial resistance with support moving up toward 20,300.
India 50 remains under pressure diving from near 7,700 toward 7,540 with next support near 7,515 a channel bottom and Fibonacci level. RSI indicates downward pressure still growing.
North American and European Indices
US 30 has had its ups and downs today, successfully testing support near 16,475 a Fibonacci level, but also doing a round trip between 16,500 and 16,800 where resistance came in again just below 16,835. RSI getting oversold suggests a trading bounce possible but if this fails, 16,000-16,030 could be tested.
US NDAQ 100 has stabilized in the 4,310 to 4,320 area near a Fibonacci level. RSI near oversold suggests a bounce possible with initial resistance in the 4,370 to 4,390 zone. Next downside support near 4,275.
US SPX 500 has bounced back up toward 1,950 having successfully tested Fibonacci support near 1,940 but ran into resistance near 1.975 on a rebound and then resumed its downtrend. RSI getting oversold so a pause or bounce possible but if it breaks down again, 1,900 could be tested.
Germany 30 is breaking down again today. After diving down through the 10,000 round number, the index has been trading in the 9,860 to 9,910 area around 9,890 a Fibonacci level. RSI confirms downward pressure still increasing. The index was unable to retake 10,000 on a retest confirming the start of a new downleg with next potential support near 9,750.
UK 100 is falling again today, taking out 6,000 support and dropping into the 5,880 to 5,920 zone. A run back up at 6,000 failed, confirming the breakdown. Next potential support appears near 5,855 a channel bottom. RSI indicates downward momentum accelerating.
Gold continues to advance, building on yesterday’s major breakout over $1,186 that completed a head and shoulders base by breaking through $1,100 with next potential resistance near a measured $1,126. RSI confirms upward momentum increasing.
Crude Oil WTI has been bouncing around between $32.40 and $33.70 but remains in a downtrend having traded as low as $31.60. RSI oversold suggests a trading bounce possible but longer term a probe of $30.00 can’t be ruled out.
Crude Oil Brent may be close to a near term bottom with a drop toward $32.00 followed by a bounce into the $33.70 to $34.50 forming a hammer candle and suggesting the market could be getting washed out. The new low in the price was not been confirmed by the RSI, setting up a positive divergence that suggests we could be getting close to a near-term selling climax.
US Dollar Index remains unable to conquer the 100.00 round number and has started to roll over again today sliding down from a lower high near 99.40 toward 98.40 with next potential support near 98.25 then 97.30. RSI around 50 suggests momentum neutral as best as the recent upswing falters.
EURUSD is on the rebound this morning rallying up off of $1.07890 back up through $1.0800 to call off the recent breakdown and driving on $1.0910 area with next resistance after that possible near $1.0940 and support rising toward $1.0890. RSI regaining 50 suggests momentum turning upward once again.
NZDUSD has retested former trend and moving average support near $0.66745 as new resistance confirming the recent breakdown and start of a new downleg. Currently trading in the $0.6620 to $0.6650 area, next potential support appears near $0.6580 then $0.6500. RSI confirms downward pressure increasing.
AUDUSD has fallen to test the $0.7000 round number with more support near $0.6980. RSI under 50 and falling confirms downward momentum growing especially after the recent break of a trend support line. Next potential downside test near $0.6955.
USDCNH has stabilized with resistance coming in near 6.7000 down from yesterday’s peak near 6.7335. With the pair having completed a measured move and RSI overbought, a correction to digest recent gains appears possible with initial support near 6.6700 then 6.6625.
USDJPY is bouncing around between 118.20 and 117.60 with next potential support at the August low near 116.25. RSI getting really oversold suggests a pause or bounce possible in the short term.
EURJPY has started to find some support in the 126.80 to 127.00 area bouncing up from there toward 128.20 with next resistance possible near 129.30. RSI back above 30 from oversold signals an upward correction starting.
CADJPY has dropped into the 83.00 to 84.00 range where it appears to be trying to stabilize after a breakdown under 85.00. RSI really oversold but also still confirming current downtrend continues.
USDSGD may be peaking with a bearish key reversal forming that saw the pair peek above $1.4400 then get slammed back into the $1.4290 to $1.4340 zone with next support possible near $1./4250. RSI near overbought suggests a trading correction possible.