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Chart Signals: Indices on the Rebound, AUD, NZD and JPY Turn Upward

Indices have been strengthening through the US trading day following better than expected PMI reports, particularly Japan 225 and US 30. AUD and NZD have completed technical turns and are starting to break out to the upside. JPY pairs are trading sharply lower as JPY rallies.

Asia Pacific Indices

Australia 200 has dropped back within a 5,280 to 5,430 trading channel recently trading near 5,335 a Fibonacci level. RSI slipping under 50 signals momentum turning downward with next support possible near 5,260 then 5,200.

Japan 225 has started to bounce back after a correction ended at a high low near 16,780. The index has moved back up toward 16,680 with net potential resistance near 17,000 then 17,155 a Fibonacci level. RSI holding 50 indicates a pause underway within an uptrend.

Hong Kong 50 remains under accumulation with support rising toward 20,705 and the index advancing on 20,775 with next resistance possible near 20,815 then the 21,000 round number. Rising RSI confirms upward momentum increasing.

India 50 continues to consolidate recent gains at a higher level trading between 8,160 and 8,210 with next resistance near 8,280 and next support near 8,080 both Fibonacci levels. RSI near overbought suggests its due for a pause or correction. 

North American and European Indices

US 30 dropped back under its 50-day average falling from near 17,790 toward 17,670 before clawing all the way back to suggest bulls have not been defeated yet. RSI testing 50 where a break would confirm the start of a new downswing.

US NDAQ 100 continues to level off near 4,500 a round number and Fibonacci level while digesting recent gains and working off an overbought RSI. Resistance near 4,530 with next support near 4,465.

US SPX 500 looks like it has put in a double top with the index slipping back under 2,100 and RSI rolling over to indicate upward momentum fading. Next potential support at the 50-day average near 2,070.

UK 100 slipped back under its 50-day average and 6,200 but then rebounded to finish near there. RSI holding near 50 suggests a sideways trend emerging that could see swings in both directions.

Germany 30 continues to drop back, sliding from near 10,290 back toward 10,170 then bouncing back toward 10,220. Next support at the 200-day average near 10,120 then the 50-day average near the 10,000 round number. RSI suggests recent upswing fading.


Gold has a bit of a setback today, running into resistance near $1,220 with more possible near $1,228 then slipping back into the $1,208 to $1,214 area. $1,200 support continues to hold an encouraging sign.

Crude Oil WTI held $48.10 Fibonacci support as it continues to trade in a sideways range between there and $50.00 working off an overbought RSI.  as it falls away from $50.00 round number resistance. Next potential support in the $46.80 to $47.00 area with next resistance near $50.60.  



US Dollar Index is drifting lower within a 95.00 to 96.00 range with RSI flattening out near 60 indicating a sideways trend emerging.

EURUSD continues to form a rounded bottom above its 200-day average near $1.1111 climbing from near $1.1140 toward $1.1190 with next resistance possible near $1.1200 then $1.1245. RSI climbing toward 50 suggests an upturn pending. 

NZDUSD is breaking out of a short-term downtrend, driving up off $0.6760 and advancing on its 50-day average near $0.6830 with next resistance possible near $0.6870. RSI back above 50 confirms momentum turning upward again.

AUDUSD is breaking out of a rounded bottom clearing its 200-day average near $0.7255 and advancing on $0.7300 with next resistance possible near $0.7390. RSI turning up toward 50 confirms downward momentum weakening.

USDSGD continues to pause just below $1.3800 in a $1.3725 to $1.3845 range. RSI rolling over suggests recent upward momentum weakening.

USDJPY turned downward sharply, slicing through 110.55 a Fibonacci level, the 110.00 round number and the 50-day average near 109.75 on its way toward 109.00 but has since bounced back a bit toward 109.70. It needs to clear 110.00 at least to call off the current downtrend. 

GBPJPY is breaking down today, taking out the 160.00 round number to call off a recent uptrend then diving down through its 50-day average near 158.25 and on toward 157.70. RSI falling under 50 confirms the downturn with next potential support near 156.15 then 154.00.

EURJPY is testing 122.00 channel support which has held so far with the pair trading near 122.60. RSI still under 50 indicates downward momentum remains intact with a test of 120.00 measured and round number support still possible on trend.

CADJPY is dropping within a 83.00 to 85.50 trading channel with RSI back under 50 so far confirmgin sideways momentum prevailing.



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