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Chart Signals - Friday, Oct 23

Chart Signals - Friday, Oct 23

Asia Pacific Indices

Australia 200 is breaking out today, clearing 5,270 and driving on into the 5,310 to 5,340 zone. RSI lifting up off 50 confirms upward momentum increasing. Next potential resistance near 5,385 then 5,520 the 50% and 62% retracements of the previous downtrend.

Japan 225 is breaking out today, clearing 18,740 which may become support, to complete a big head and shoulders base. RSI breaking out over 50 confirms the upturn in momentum. Next potential resistance near 18,910 then 19,000 on trend.

Hong Kong 43 continues to bounce around 23,000, rallying up from 22,750 toward 23,150. Next upside resistance near 23,415 a Fibonacci level. Rising RSI indicates upward momentum increasing.

Hong Kong China H has broken out over 10,660 which may become new support, to signal the start of a new upleg on trend. The index has cleared 10,700 and rallied toward 10,775 with next potential resistance near 10,930 a former support level then the 11,000 round number.

India 50 has gone into a holding pattern after encountering resistance near 8,280. It remains above 8,200 which suggests it may be entering a consolidation phase within a step accumulation pattern.

North American and European Indices

US 30 is breaking out today, blasting through 17,200 and soaring toward 17,500 with support rising toward 17,385. Next potential resistance on a breakout near 17,580 where a prior high and the 200-day average converge. RSI confirms upward momentum increasing but could get overbought soon.

US NDAQ 100 has passed a Fibonacci test near 4,453, breaking through and rallying toward 4,500 with next resistance possible near 4,555. Rising RSI confirms upward momentum increasing.

US SPX 500 has resumed its uptrend, breaking out over 2,040, retesting it as new support and then driving up through 2,050 with next potential resistance near 2,060 where the 200-day average and a Fibonacci level cluster.

Germany 30 blasted off today with rising RSI confirming the index rally up from 10,200 through 10,370 and 10,495 on its way toward 10,575 with next potential resistance near 10,660 a previous support level. Support rises toward 10,480.

UK 100 held 6,300 and has rallied back up toward 6,400 into the upper half of a 6,250 to 6,450 trading channel where it has been consolidating recent gains.


Gold has drifted back into the $1,160 to $1,170 range in what still looks like a normal trading correction within an emerging uptrend supported by higher lows in the metal price and the RSI.

Crude Oil WTI has bounced back up above $45.00 and rallied on toward $45.60 having established support at a higher low near $44.45. RSI needs to regain 50 to confirm the upturn with next resistance near $46.60 a Fibonacci level.


US Dollar Index is breaking out of a two month downtrend today clearing 95.20 and driving up toward 96.00 with next resistance possible near 96.70 then 97.00. RSI regaining 50 confirms momentum turning upward.

EURUSD has broken down in a big way today, taking out $1.1300 then plunging toward $1.1160 breaking an uptrend support line, causing an ascending triangle to fail. RSI taking out 50 confirms downturn underway. A test of the 200-day average near $1.1120 is underway with next potential support at the $1.1100 round number.

NZDUSD bounced off of 0.6730 to confirm old resistance as new support keeping its upswing intact while it works off an overbought RSI. Initial resistance possible near $0.6800 then $0.6900.

AUDUSD has stabilized near $0.7200 as a correction back from $0.7380 resistance winds down and overbought conditions ease. More support in place at the 50-day average near $0.7150. First resistance near $0.7270.

USDJPY has popped back up through 120.00 into the upper half of its 118.00 to 121.40 trading channel on the US rally. RSI has moved back above 50 but it really remains in a sideways trend until it can break out of this channel.

EURJPY plunged within its 133.00 to 137.00 trading channel, diving from 136.00 down close to 134.00. RSI diving under 50 signals a downturn in momentum.

CADJPY held support in the 91.00to 91.50 area setting a higher low and keeping its current upswing intact as it rallies back up toward 92.10 with next resistance near 93.20. RSI sitting on 50 indicates consolidation mode.

USDSGD has levelled off in the $1.3910 to $1.3960 range, indicating that the recent trading bounce may be running out of gas short of the $1.4000 round number. A downturn from here would form a lower high on trend.

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