Last week saw a lot of retests and reversal signals suggesting that the bear market of the last several weeks was ending. This week, I’m seeing a lot of signs of growing support, particularly higher lows and breakouts through initial resistance levels. RSI readings also suggest bear trends subsiding and recoveries getting underway in indices and oil. JPY, howeer
Asia Pacific Indices
Australia 200’s rebound continues with the index regaining 4,900 and advancing on 4,960 with next potential resistance at 5,000 where a round number and Fibonacci test cluster then the prior peak near 5,065. RSI peeking back above 50 confirms momentum turning upward.
Japan 225 has rallied up into the 16,040 to 16,160 area with support moving up toward the 16,000 round number from 15,620. RSI advancing on 50 indicates downward pressure fading and an upturn pending. Next potential resistance near 16,240 then 16,500.
Hong Kong 50 continues to attract support above the 19,000 round number and 19,090 a Fibonacci level. A recovery trend appears to be emerging which would be confirmed if RSI can regain 50. Next resistance near 19,390 then 19,705 a 38% retracement of the recent downtrend.
India 50 successfully retested 7,000 round number support and has bounced up toward 7,110 with RSI confirming a trading bounce underway. Next resistance possible near 7,220 which it needs to clear to call off its long-term downtrend.
North American and European Indices
US 30 is rallying up off another successful test of the 16,000-16,030 support area driving through 16,250 and on toward a test of the 16,475 to 16,500 area between a Fibonacci level and a round number while support rises toward 16,420. RSI clearing 50 confirms uptrend underway.
US NDAQ 100 is really picking up steam, passing a Fibonacci test near 4,100 and driving on toward the 4,180 to 4,200 area with next potential resistance near 4,225 another retracement level. RSI breaking out over 50 confirms an upturn in momentum.
US SPX 500 is gaining serious ground today with the index retaking 1,900 and the RSI regaining 50 to confirm momentum turning upward. Next potential resistance appears near 1,940 a Fibonacci level with support moving up toward 1,920.
Germany 30 continues to recover, breaking through a Fibonacci cluster near 9,345 that may become support and advancing toward 9,420 with next potential resistance near 9,500 then 9,740 on trend. RSI climbing toward 50 indicates downward pressure weakening.
UK 100 is breaking out today, clearing 5,960 a Fibonacci level and then driving through 6,000 and on toward 6,050 with next potential resistance near 6,125. RSI back above 50 indicates momentum turning upward once again.
Gold has stabilized near $1,200 in a $1,192 to $1,212 range below Fibonacci resistance while it continues to work off a very overbought RSI. Next downside support possible near $1,180 should the current correction deepen.
Crude Oil WTI continues to climb, successfully retesting support at $28.30 to establish a higher low and then blasting up through $30.00 into the $30.30 to $30.90 area with next potential resistance near $31.25 then $32.45. RSI regaining 50 indicates momentum picking up again.
US Dollar Index has encountered some resistance near 97.00 with more possible near 97.50. RSI levelling off way short of 30 suggests the recent trading bounce up from 95.30 may be running out of stead. Initial support in a pullback possible near 96.70 then 96.35 and 96.05.
EURUSD is holding above $1.1111 Fibonacci channel support and above 50 on the RSI indicating the recent correction is fading and a normal consolidation within an uptrend is underway. Upside tests appear near $1.1150, $1.1170 then $1.1255.
NZDUSD has successfully bounced up off of $0.6560 successfully retesting a breakout point as higher support. RSI holding 50 keeps underlying uptrend intact. It faces resistance in the $0.6630 to $0.6690 area between the 50 and 200-day moving averages then channel resistance near $0.6730.
AUDUSD continues to trend higher with support moving up toward $0.7085 with upside resistance near $0.7185 then $0.7240 and the 200-day average near $0-.7300. RSI lifting up off 50 indicates upward momentum increasing.
USDCNH has retested 6.5325 a 38% Fibonacci retracement level as new resistance and has resumed its downtrend, falling toward 6.5240 with next potential support near 6.5000 then 6.4880.
USDJPY appears to be settling into a 113.00 to 115.00 trading range recently trading between 113.75 and 114.30. RSI suggests recent trading bounce fading and downtrend resuming.
EURJPY is bouncing around between 126.20 and 128.20 recently falling from 127.40 toward 126.60. RSI suggests downward pressure still increasing. A failure of channel support would signal a new downleg that could test the 125.00 round number then a measured 124.20.
CADJPY is swinging back and forth between 81.60 and 83.60 around 82.45 a Fibonacci level. RSI climbing toward 50 indicates downward pressure weakening although it recently sank from 83.40 toward 82.90. Next upside resistance near 84.55.
USDSGD has dripped back toward the $1.4030 to $1.4060 area after running into resistance near $1.4110 a previous high. RSI suggests trading bounce faltering but it would need to break $1.4000 again to signal a downturn.