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Chart Signals - Friday, Oct 16

Chart Signals - Friday, Oct 16

Asia Pacific Indices

Australia 200 is on an upswing within its higher 5,150 to 5,300 trading range, climbing up through 5,245 a Fibonacci level toward 5,270. RSI holding 50 and rising confirms uptrend intact with next resistance on a breakout possible near 5,285, a 50% retracement of the previous downtrend. .

Japan 225 has resumed its upswing having successfully retested 18,000 support and established another higher low that could be seen as the right shoulder of a head and shoulders base. Fibonacci resistance appears near 18,210 with neckline and Fibonacci resistance near 18,430. RSI testing 50 indicates an upturn in momentum pending.

Hong Kong 43 took a run at 23,000 but ran into round number resistance there and has dropped back toward 22,920 with its 22,815 recent breakout point emerging as new higher support. Rising RSI above 50 indicates uptrend momentum accelerating.

Hong Kong China H are climbing within a 10,275 to 10,650 trading range with support climbing toward 10,590. RSI indicates upward momentum increasing. Next potential resistance on a breakout near 10,750 then 10,930 both prior lows.

India 50 successfully retested 8,080 higher Fibonacci support and resumed its uptrend driving into the 8,160 to 8,190 range with next potential resistance near 8,280. Rising RSI confirms upward momentum increasing.

North American and European Indices

US 30 has moved into a 16,835 to 17,195 trading channel between two Fibonacci levels as it digests big gains made earlier this month. Today it started out near 17,035 dropped back under 17,000 toward 16,940 then turned upward again and has advanced on 17,080.

US NDAQ 100 has resumed its advance, retesting 4,400 resistance once again with support rising toward 4,360 from 4,310 where the 50-day average and a Fibonacci level converge. RSI lifting up off a successful retest of 50 indicates upward momentum intact.

US SPX 500 successfully retested 2,000 support and has rebounded up through 2,014 and on toward 2,020 with next potential resistance on a breakout near 2,040 a Fibonacci level.

Germany 30 continues to rebound up off of a successful retest of 9,890, driving back up through 10,000 and on toward 10,100 with next resistance possible at the 50-day average near 10.185. RSI bouncing around 50 indicates sideways momentum.

UK 100 has regained 6,300 and advanced on 6,370 having held 6,250 support while a successful retest of 50 on the RSI keeps underlying upward momentum intact. Next resistance possible near 6,400 then 6,460.

Commodities

Gold has been bouncing around between $1,180 and $1,188 a Fibonacci level. A normal consolidation phase may be starting to work off an overbought RSI. More support in place at the 200-day average near $1,176 with next upside resistance near $1,200 then $1,216.

Crude Oil WTI has started to rebound once again up off a successful retest of $45.00 support. RSI holding near 50 confirms underlying uptrend remains intact for now. Currently testing the $46.60 Fibonacci level once again with next resistance possible near $48.40.

FX

US Dollar Index has a nice bounce underway up off of 94.00 support toward 94.60 while RSI suggests downward pressure may be getting overextended. Initial upside resistance near 95.00 followed by 95.40.

NZDUSD continues to climb up out of a base with support moving up toward $0.6850 from $0.6730. Overbought RSI suggests it may need to pause to digest recent gains with resistance possible near $0.6875 or the $0.7000 round number.

AUDNZD has bounced up off $1.0660 toward $1.0700 unwinding oversold conditions, but it remains in a downtrend below $1.0755 where it recently broke its 200-day average.

AUDUSD has an upswing underway within its $0.7200 to $0.7400 trading channel. Next resistance on a breakout near $0.7600 where a measured move, prior support and the 20-day average all converge. RSI indicates increasing upward momentum. Initial round number test possible near $0.7500.

USDJPY found support near 118.20 and has bounced back a bit in a normal upward trading bounce but it remains in a downtrend below 119.25 with a death cross in the 50 and 200-day averages and falling RSI confirming increasing downward pressure.

EURJPY remain stuck in neutral with the RSI bouncing around 50 and the pair swinging back and forth between 133.00 and 137.00.

CADJPY remains in an uptrend advancing again following successful retests of support at 91.50 for the pair and 50 on the RSI. Nest resistance possible near 92.50 and 93.20 then 93.80 a former support level.

USDSGD has levelled off in the $1.3760 to $1.3820 range, digesting recent declines and breakdowns and working off a nearly oversold RSI ahead of today’s trade data. Next potential support at the 200-day average near $1.3670 the $1.3600 a key support/resistance level.


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