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Chart Signals: Indices rally again, AUD and gold surge as USD retreats

Chart Signals: Indices rally again, AUD and gold surge as USD retreats

A pause in US indices hasn’t held back Asia Pacific indices which continue to climb as they advance up out of technical base patterns. USD started to give back some of its recent gains igniting rallies in AUD and gold (which broke out of a symmetrical triangle)

Asia Pacific Indices

Australia 200 is back above 5,000 and rising with climbing RSI confirming upward momentum increasing. It has advanced into the 5,070 to 5,090 area with next potential resistance near 5,145 then 5,185 on trend.

Japan 225 is trading between 16,620 and 16,870 around 16,815 a Fibonacci level as it continues to trend higher after breaking out of an ascending triangle base. RSI back above 50 and rising confirms growing upward momentum. Next potential resistance near 17,000 and the 50-day average then 16,140.

Hong Kong 50 successfully retested 19,695 the neckline and breakout point from a head and shoulders base as new support and continues to advance, rallying toward 19,950 from 19,880 and toward the 20,000 round number with next potential resistance after that near 20,210 a 50% retracement of a previous downtrend.

India 50 continues to rally up out of a double bottom back, driving up into the 7,370 to 7,420 range with next potential resistance in the 7,500 to 7,515 area.

North American and European Indices

US 30 is consolidating recent gains above 16,835 a Fibonacci level, trading in the 16,870 to 16,920 with next resistance at the 17,000 round number. RSI confirms upward momentum still increasing.

US NDAQ 100 ran into resistance at 4,346 a Fibonacci level and has pause just below that for now near 4,320 holding well above 4,290 its recent breakout point. Next upside resistance possible near 4,375 then 4,400 with more support near 4,255.

US SPX 500 has paused near 1,988 between 1,976 the Fibonacci level it broke out over yesterday and the 2,000 round number. RSI still rising confirms underlying uptrend intact. Next resistance on a breakout near 2,014 another Fibonacci test with more support at 1,970 a recent breakout point.

Germany 30 is holding steady above 9,725 a Fibonacci level and its 50-day average in what looks like a normal pause within an uptrend. Advancing on 9,780, next resistance looks  possible near 9,810 then 9,885.

UK 100 continues to trend steadily higher, successfully retesting its 6,100 breakout point as new support and advancing on 6,150 with next potential resistance near 6,205 then 6,310 where a prior high and 200-day average converge.


Gold has broken through the downward resistance line near $1,245 to complete a symmetrical triangle and signal a new upleg. Gold has blasted through the $1,250 round number and has been driving on toward a retest of the February high near $1,262 with next upside resistance near $1,282 a Fibonacci level.

Crude Oil WTI has levelled off near $33.25, above $32.40 where resistance has become support and below $33.90 channel resistance where a breakout would complete a W double bottom base. RSI indicates underlying accumulation continues as momentum trends upward.


US Dollar Index has rolled back down from 98.50 toward 97.50 with declines accelerating after 98.00 support gave way. RSI retesting 50 signals momentum may be turning down again. Next potential support in the 96.55 to 97.00 zone.

EURUSD is starting to turn back up off of $1.0820 support advancing on $1.0970 where a Fibonacci test and the 50-day average converge with support rising into the $1.0920 to $1.0940 area. Next bounce resistance possible near $1.1000 then $1.1040.

NZDUSD is testing the top of a $0.6560 to $0.6770 trading channel having rallied up off of $0.6640 where its 50 and 200-day averages cluster. RSI indicates neutral to upward momentum. Next resistance on a breakout possible near $0.6870 and previous highs.

AUDUSD is breaking out today, clearing $0.7300 and its 200-day average to complete an ascending triangle and signal a new uptrend. Next potential resistance appears near $0.7400 at previous highs then the 40.7500 round number. RSI confirms increasing upward momentum.

USDCNH is rolling over once again falling away from 6.5500 toward a retest of 6.5285 a Fibonacci level with next potential support after that closer to 6.5000. RSI falling back under 50 confirms momentum turning downward.

USDJPY once again failed to hold above a Fibonacci cluster near $114.00 dropping back into the 113.30 to 113.70 area. So far this looks like a normal retrenchment within an emerging uptrend with rising RSI confirming downward pressure weakening.

EURJPY continues to bounce up off of 122.00 rising into the 124.00 to 124.60 area with next potential resistance tests near 125.00 then 126.15. RSI advancing on 50 indicates downward pressure fading and an upturn pending.

CADJPY continues to attract support above 84.55 is it advances in a step pattern of rallies followed by consolidation at higher levels with next potential resistance near 85.15 then 86.20 a 50% retracement of its recent downtrend. RSI above 50 confirms accumulation.

USDSGD is retesting $1.3890 channel support as it falls away from $1.4000 with resistance falling toward $1.3920. A breakdown would confirm the start of a new downtrend with next potential support near $1.3725.

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