Indices in Europe and North America have staged strong relief rallies today along with 24 hour trading in the Japan 225 and Australia 200. Markets have now started to run into their first significant resistance hurdles near round numbers or Fibonacci levels. Crude oil is also rallying today while Gold and JPY are giving back some of their recent gains.
Asia Pacific Indices
Australia 200 has a strong rally up off of 4,855 underway bumping up against the 5,000 round number hurdle it needs to clear to confirm an upturn. Next potential resistance near 5,070 if successful. RSI gaining on 50 suggests an upturn pending.
Japan 225 has an upturn underway having successfully retested 16,900 support and completed a bear trap washout of weak hands below 17,000. The index has rallied back up into the 17,500 to 17,600 range with next support near 17,.350 and next potential resistance near 17,715. RSI back above 30 signals downtrend weakening and a trading bounce underway.
Hong Kong 50 has bounced up off of support near 19,470 toward 19,800 and RSI remains very oversold but the index really needs to retake 20,000 sot signal the start of a new uptrend with next resistance after that possible near 20,210.
India 50 is trying to regain its footing with bulls and bears at odds within a 7,500 to 7,600 emerging trading channel around the 7,500 round number and 7,515 a Fibonacci level.
North American and European Indices
US 30 has climbed up out of the 16,120 to 16,280 range where it has found initial support advancing up into the 16,380 to 16,440 area with an assault on 16,475 Fibonacci resistance now underway. RSI signals downward pressure easing and an upward correction starting.
US NDAQ 100 has rallied up off of 4,140 through 4,195 and on toward a challenge of Fibonacci resistance near 4,310 in a big relief rally with next potential resistance near 4,370. Rsi upswing signals downward pressure weakening.
US SPX 500 bounced off of 1,883 this morning retaking 1,900 and driving on toward 1,930 with next potential resistance near 1,940 a Fibonacci test. RSI rolling back up above 30 signals a trading bounce underway.
Germany 30 has been steadily bouncing back rallying from near 9,615 through 9,750 and 9,890 on toward 9,920 with 10,000 round number resistance looming ahead.
UK 100 is once again challenging 6,000 round number resistance which it needs to clear to signal the start of an upturn, while support rises toward 5,970 from the 5,910-5,950 zone. Next potential resistance near 6,085 a 23% retracement level.
Gold has turned downward once again, falling from above $1,090 down through $1,086 and on toward $1,073, causing a recent breakout to fail. RSI testing 50 which could confirm an uptrend or signal a downturn. Next potential support near $1,070.
Crude Oil WTI continues to hold $30.00 support, climbing toward $30.90 with initial resistance emerging near $31.45 then $32.00. RSI suggests downward pressure starting to ease and it’s still really oversold indicating potential for additional bouncing.
US Dollar Index is till drifting sideways stuck below 100.00 in a 98.00 to 99.60 channel, currently trading near 99.00. RSI sitting on 50 confirms neutral momentum.
EURUSD is hanging around the middle of its $1.0800 to $1.1000 consolidation channel with RSI sitting on 50 confirming sideways momentum. Today finds the pair trading down toward $1.0860 from $1.0940 initial resistance.
NZDUSD is breaking down again, taking out $0.6500 and retesting it as new resistance with next potential downside support near $0.6475 then $0.6410 and $0.6300. RSI indicates downward pressure still increasing.
AUDUSD remains in a downtrend with a failed attempt to retake $0.7000 confirming the recent breakdown. Support has emerged above $0.6900 and RSI suggests downward momentum levelling off but a lot more work needs to be done to turn this situation around.
USDCNH held near 6.5620 and has bounced up to test 6.6090 a Fibonacci level that has acted as support and resistance recently with its next upside test near 6.6260. RSI holding 50 indicates underlying upward momentum remains intact through the recent trading correction.
USDJPY has bounced back up toward 118.00 trading in the 117,80 to 118,30 range with next upside resistance near 118.75 RSI climbing back up above 30 from oversold territory indicates an upward correction getting underway.
EURJPY has bounced back up above 128.00 as it continues to base build in the 126.90 to 129.20 range. RSI back above 30 confirms downward pressure fading.
CADJPY is back above 82.00 following what looks like it might have been a bear trap washout and rebound initial resistance possible near 82.40 then 83.10. Really oversold RSI could set the stage for a significant trading bounce.
USDSGD continues to struggle with $1.4400 resistance and has been drifting down within a $1.4290 to $1.4430 channel while RSI suggests upward momentum starting to slow.