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Chart Signals - Friday, Nov 20

Chart Signals - Friday, Nov 20

Asia Pacific Indices

Australia 200 is retesting 5,240 as higher Fibonacci support following a breakout with upside resistance possible near 5,270 then 5.310 and 5,385. RSI breaking out over 50 confirms upward momentum increasing.

Japan 225 has levelled off near 19,840 in a normal pause within an ongoing uptrend to digest recent advances. Resistance remains in the 19,900 to 20,000 area which contains a round number and a Fibonacci cluster.

Hong Kong 43 is on the rebound with the index climbing toward 22,500 with next potential resistance near 22,600 then 23,000. RSI trying to break out of a downtrend and testing 50 where a breakout would confirm an upturn in momentum.

India 50 is back above 7,800 with a rounded bottom suggesting the recent correction may be ending and a rebound starting with RSI indicating downward pressure easing. Next upside tests possible near 7,860 then 7,905 and 8,000.

North American and European Indices

US 30 remains in an upswing trading up into the 17,720 to 17,770 range with next upside resistance possible near 17,840 then 17,930. RSI above 50 and rising and the 200-day average becoming support confirm an advance underway.

US NDAQ 100 continues to advance, climbing toward 4,675 with next resistance near 4,685 then the recent high near 4,735. RSI confirms upward momentum increasing.

US SPX 500 has cleared 2,080 and retested it as higher support. It has advanced on 2,090 with next resistance possible near 2,115 a previous high. RSI back above 50 and rising confirms upturn in momentum.

Germany 30 is in rally mode again, building on yesterday’s breakout over 11,000, driving up from 11,050 toward the 11,050 to 11,110 area around its 200-day average with next resistance possible near 11,215 a Fibonacci level.

UK 100 has cleared 6,300 to climb back into the upper half of its 6,050 to 6,500 trading channel. RSI regaining 50 confirms momentum turning upward. Index has rallied toward 6,340 with next resistance near 6,415.


Gold has bounced back up into the $1,080 to $1,086 range following a bear trap dip below $1,070 that appears to have shaken out weak hands. Oversold RSI suggests the potential for a bounce with next resistance possible near $1,100.

Crude Oil WTI remains under pressure, slumping back from a lower high near $40.90 toward $40.30. So far $40.00 round number support has been holding, but if it fails, $38.60 or $37.45 could be tested. A small positive RSI divergence suggests we could be near a low but too early to call


US Dollar Index has slipped back toward 99.20 after running into a wall of resistance at the big 100.00 round number yesterday. A negative RSI divergence suggests upward momentum tarting to fade. Next support tests in a correction possible near 98.50 then 98.00.

EURUSD has finally started to get some traction to its rebound attempts as it corrects an oversold RSI. It has retained $1.0700 and climbed up into the $1.0720 to $1.0726 zone but still needs to regain $1.0800 to signal the start of a new upswing.

NZDUSD had a big initial surge up off of $0.6435 on toward $0.6600. It has dropped back toward the $0.6550 to $0.6560 area in backing and filling, holding well above $0.6500.

AUDUSD is attracting support at a higher level near $0.7200 as it consolidates yesterday’s breakout from a downtrend over $0.7100. RSI is also breaking out over 50 to confirm the upturn. Next potential resistance near $0.7225.

USDJPY has dropped back under 123.00 and appears to have completed a short term double top in both the pair and the RSI. In a correction situation, initial support may appear near 122,60 then 121.80 a previous breakout point.

EURJPY continues to climb up off of 131.00 support trending toward 132.00 with next potential resistance near 133.25. RSI suggests downward pressure flattening out and a rebound possible.

CADJPY has dropped back toward 92.30 having failed to break through 93.00. It remains above 92.00 and 91.50 with higher lows forming an ascending triangle pattern as it rises up out of a double bottom.

USDSGD is starting to roll over, falling from near $1.4240 toward $1.4140 having completed the right shoulder of a head and shoulders top. RSI falling toward 50 suggests a downturn pending. Next potential support near $1.4080 then $1.4000.

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