Asia Pacific indices
Australia 200 continues to climb up off from 5,100 with support moving up toward 5,140 a Fibonacci level. RSI indicates downward momentum fading fast. Initial upside resistance tests appear near 5,270 then a series of prior highs near 5,345.
Japan 225 is bouncing around in a Fibonacci trading range between 14,350 and 14,850. RSI still sliding suggests this could still be a pause in a bigger retreat. On a turnaround, 15,000 looms as big round number resistance.
HongKong 43 tried to break 22,720 Fibonacci support but held its recent low near 22,555 and bounced back above 22,800 with upside tests near 23,000 then 23,230. RSI climbing up from oversold suggests downward pressure easing.
US30 held Wednesday’s low near 15,870 and had a choppy day trading up toward 16,200 before dropping back under 16,130 a Fibonacci level but finishing above the 16,000 round number. A doji candle suggests bulls and bears may be at an impasse for now.
SPX500 had an inside day, bouncing between 1,820 and 1,880 around 1,842 a 38% Fibonacci retracement level. RSI oversold suggests a pause possible in the short term.
NDAQ100 has stabilized between 3,680 and 3,760 two Fibonacci levels. An attempt to retake the 200-day average failed at 3,800 resistance. Even though RSI is oversold this appears to be a pause in a bigger downtrend with its 200-day average emerging as resistance. Next downside support near 3,630.
UK and European indices
UK 100 dipped below 6,100 a Fibonacci level briefly then bounced back to spend most of the day near 6,200 before finishing near 6,160, in a sign that selling pressure may be exhausted for now. Additional bounce resistance near 6,260.
Germany 30 fell under 8,500 and traded down toward 8,340 before staging a bug rebound and finishing near 8,575 to complete a bear trap reversal and a hammer candle both signs that suggest a bottom in place for now. RSI still oversold so further bounces possible with upside resistance near 8,670 then 8,760.
Gold slipped back slightly in normal backing and filling, but its uptrend remains intact with RSI above 50 and $1,234 emerging as new higher Fibonacci support. Upside resistance in place at the 50-day average near $1,250 then near $1,265 a Fibonacci test.
Crude Oil WTI held the $80.00 round number and then staged a big rally up off of it taking a run at $85.00 then dropping back nearly halfway toward $82.80. RSI still oversold suggests potential for some base building.
US Dollar Index is holding 85.00 support but an attempt to retake 85.25 Fibonacci resistance failed to hold, confirming Wednesday’s breakdown. A drop of RSI under 50 would signal a downturn in momentum with next support near 84.70 then 84.55 and 84.20.
NZDUSD was unable to break through $0.8000 for the pair and 50 on the RSI suggesting formidable resistance there particularly with the threat of further RBNZ intervention should the dollar rally too far. It could consolidate between there and $0.7700 with initial support near $0.7880 and $0.7800.
AUDUSD remains in base building mode, bouncing around between $0.8660 and $0.8860 a 23% retracement of the recent selloff. RSI climbing toward 50 signals downward momentum weakening.
USDJPY spent the day bouncing around between 105.50 and 106.50 two Fibonacci retracements of the recent rally (38% and 50%). RSI under 50 indicates downward momentum intact with next potential support near 104.45 with next rebound resistance near 107.00.
EURJPY had a huge bounce up off of 134.20 support up through 135.00 and 136.00 toward 136.25 with next resistance near 136.85. RSI suggests downward momentum levelling off.