Asia Pacific Indices
Australia 200 has levelled off in the 5,245 to 5,275 area after plunging from the top to the bottom of a 5,245 to 5,385 Fibonacci trading channel yesterday. RSI holding 50 to confirm underlying uptrend intact through this correction but a break would signal a downturn.
Japan 225 failed to hold above 19,000 once again with resistance emerging near 19,170. The index found support at a higher low near 18,820 and has rebounded toward 18,960. RSI flat but well above 50 indicates a pause underway within an uptrend.
Hong Kong 43 has slipped back under 23,000 as its correction deepens. Support has emerged near 22,700 with more possible near 22,660 then 22,500. Initial rebound resistance near 22,780 then 22,860. RSI testing 50 where support holding would confirm underlying interest but a break would signal a potentially deeper downturn.
Hong Kong China H is retesting support near 10,388 a 23% Fibonacci retracement level and 50 on the RSI which have held so far. Next support on a break near 10,280 then 10,000 with upside bounce resistance near 10,440 then 10,480.
India 50 remains under distribution falling toward a retest of 8,080 Fibonacci support with the 8,000 round number looming. RSI falling under 50 confirms a downturn in momentum. Resistance falls toward 8,125.
North American and European Indices
US 30 has established support at a higher level near 17,690 as it staged an inside day to consolidate yesterday’s rally up from 17,550 and finished strong near 17,790 initial resistance with next potential tests near 17,915 and 18,000. Overbought RSI suggests it may need a near term rest.
US NDAQ 100 continues to struggle with 4,685 resistance unable to hold above its July peak for more than a few minutes. It remains in an uptrend with support rising from near 4,615 toward 4,650.
US SPX 500 is holding up well following a big rally and in the face of an overbought RSI, with support moving up from 2,060 to 2,080 while resistance appears near 2,092 then 2,110.
Germany 30 continues to level off around 10,855 near a Fibonacci cluster, digesting its latest rally and working off an overbought RSI, currently trading in the 10,690 to 10,925 range with next resistance possible near 11,000 and support moving up toward 10,740.
UK 100 has dropped back within a 6,350 to 6,490 trading channel in what appears to be a normal pause within an emerging uptrend with RSI still holding above 50.
Gold remains under pressure on follow through from yesterday’s big bearish reversal that saw gold spike up toward $1,185 then plunge back down under $1,160. RSI has broken uptrend support, confirming a downturn with next support near $1,150 then $1,142 and $1,126.
Crude Oil WTI is trading at a higher level following yesterday’s big drive up off $43.00 channel support toward $46.25 where it ran into resistance. Support has moved up toward $44.90 with the price currently trading in the $45.25 to $45.90 area.
US Dollar Index is coming off an inside day in the upper half of yesterday’s range having spiked up from near 96.50 toward 98.00. Currently in the 97.50 to 97.90 area with next potential resistance near 98.60.
EURUSD remains stuck below $1.1000 confirming yesterday’s big drop down form near $1.1090 into the $1.0900 to $1.0970 range with next downside support possible near $1.0820. RSI confirms downward pressure still growing.
NZDUSD has been steadily creeping back up after finding support near $0.6640 up from $0.6600. Currently in the $0.6680 to $0.6720 area with next upside resistance near $0.6800. RSI suggests upward momentum slowing as short-term trend shifts sideways.
AUDUSD remains under distribution, sliding under $0.7080 from a lower high on then near $0.7102 with a retest of $0.7000 looking possible with RSI under 50 and falling indicting downward momentum accelerating.
USDJPY could have a big day depending on the BoJ decision. Currently trading near 121.10 in the upper half of a 118.00 to 122.00 sideways trading range having climbed up off of 120.30 initial support. RSI has retested 50 to confirm a recent breakout and upturn in momentum. Next potential upside resistance out of the channel appears near 123.15 then 124.30 with next downside support near 116.15 the August low.
EURJPY is climbing up out of a bear trap dip that took it below $1.3200 down to $1.3160 then back up toward 133.00. A lower low in price was not confirmed by the RSI a positive divergence that suggests downward momentum slowing. Initial resistance possible near 133.60 then 133.95, 134.50 and 135.25. Next downside support possible near 131.35 then 130.00.
CADJPY is on the upswing within a 90.50 to 93.50 trading channel. Support has moved up from 90.70 towqrd 91.30 while resistance appears in place near 92.10 then 92.65. RSI buuncign around 50 indictes sideways momentum but things can change.
USDSGD is holding above $1.4000 consolidating yesterday’s breakout in the $1.4020 to $1.4070 zone. RSI climbing back up above 50 confirms the upturn in momentum. Resistance in place at the 50-day average near $1.4080 then $1.4145 a previous high.