US markets remain under pressure with the Dow failing to retake 20,000 and the US Dollar Index failing to retake 100. Sterling is back under accumulation on Brexit news testing recent Fibonacci resistance. Resource dollars have come under renewed interest with AUD and NZD surging higher into morning trading with CAD also gaining on the day.
Asia Pacific Indices
Australia 200 remains in an uptrend, continuing to attract support above 5,600 its 50-day average and channel bottom. The index has been trading in the 5,650 to 5,680 range with next resistance at a lower high near 5,720. RSI under 50, however, suggests momentum could be turning downward. Next potential support on a breakdown near 5,505.
Japan 225 is on the rebound, rallying up off of 19,000 support up into the 19,150 to 19,300 area with next potential resistance near 19,645. RSI back above 50 and creeping upward indicates bullish momentum building.
Hong Kong 50 ran into resistance near 23.500 and has dropped back toward 23,360 in what looks like a normal retrenchment following a big advance. It remains in an uptrend above 23,000 support. Next resistance possible near 23,630.
North American and European Indices
US 30 has stabilized at a lower level trading near 19,900 between 19,880 and 19,920. It remains stuck below the 20,000 round number and in a downswing with next potential support in the 19,660 to 19,700 near a channel bottom and its 50-day average. RSI testing 50 which could confirm the underlying uptrend or signal a downturn.
US SPX 500 is sending mixed signals. The index is trading near 2,282 between 2,270 and 2,285 well short of recent resistance in the 2,300 to 2,305 area. A head and shoulders in the RSI indicates upward momentum peaking. Next downside support in place near 2,252 where channel support and the 50-day average converge.
US NDAQ 100 successfully tested 5,100 support and has bounced back up toward 5,155, but appears to be levelling off at a lower high and still faces resistance near 5,175. Initial support possible near 5,130. RSI still under 70 indicates upward momentum has likely peaked.
UK 100 continues to bounce around between 7,100 and 7,200 recently sliding from 7,155 toward 7,125. RSI sitting just below 50 suggests momentum stabilizing following a correction. Next upside resistance near 7,265 with next downside support possible at the 50-day average near 7,050.
Germany 30 is having an inside day, consolidating Tuesday’s losses. A rebound attempt didn't get very far with the index levelling off short of 11,700 a previous channel top. RSI testing 50 which could confirm or break previous uptrend momentum. Next downside support possible in the 11,445 to 11,500 zone. Next resistance on a breakout possible near 11,810.
Gold is consolidating Tuesday’s breakout over $1,200 trading between $1,203 and $1,211 both Fibonacci levels with next potential resistance near $1,218 then $1,230. RSI bouncing off 50 confirms momentum turning upward again following a trading correction.
Crude Oil WTI continues to steadily climb within its $50.40 to $54.20 trading range rallying today from near $52.40 toward $53.20 with support rising toward $52.90 and next resistance near $53.50. RSI holding 50 indicates momentum neutral to slightly upward.
US Dollar Index remains under distribution after failing to retake its 100.00 breakdown point, confirming the round number as lower resistance and trading near the low end of Tuesday’s 99.30 to 100.50 range. RSI still under 50 indicates downward momentum intact.
EURUSD remains under accumulation, climbing up toward $1.0800 with next potential resistance near $1.0830 a Fibonacci cluster then $1.0875. Support rises toward $1.0720 a Fibonacci level. RSI steady near 60 indicates continued underlying upward momentum.
GBPUSD is back under accumulation and appears poised for a breakout. The pair has advanced from a higher low near $1.2550 toward $1.2660 and is approaching test of $1.2690 its recent high and a 23% Fibonacci retracement of the post-Brexit downtrend. Next potential resistance on a breakout appears near $1.2775 then $1.2855.
NZDUSD is struggling with $0.7300 resistance but it continues to attract support rallying up off of $0.7240 support. Next potential resistance on a breakout possible near $0.7350 its recent intraday high, then $0.7400.
AUDUSD remains under accumulation, with support rising from $0.7500 toward $0.7560 with the pair advancing on $0.7615. A breakout there would signal the start of a new upleg with next potential resistance near next potential resistance near $0.7700.
USDSGD continues to trend downward recently sliding from a lower high near $1.4170 toward $1.4120 with next potential support near $1.4985 a Fibonacci level, then the $1.4000 round number.
USDJPY is having an inside day, consolidating recent swings between 112.35 and 114.05 Fibonacci support and resistance, recently trading between 113.00 and 113.60. RSI signals are mixed with higher lows suggesting downward pressure easing but it needs to retake 50 to call off the current downtrend.
GBPJPY has resumed its uptrend with RSI bouncing off 50 confirming continued accumulation. The pair is trading near 143.20 and its 50-day average with next resistance possible near 143.80 then 145.00 and support rising toward 142.25 a Fibonacci level.
EURJPY is holding steady near 122.00 trading within a 121.00 to 124.00 range with RSI sitting on 50 confirming sideways momentum.
USDCAD bounced up off $1.2975 toward $1.3100 in a normal trading correction but has started to resume its downtrend falling from a lower high hack toward the $1.3040 to $1.3060 area with next potential support near the $1.3000 round number.