Gold and JPY have posted strong gains today, but remain well short of their recent peaks. Advances on those levels could potentially lead to double tops with more consolidation still potentially needed over time following big moves. Stocks have been running into resistance near round numbers and Fibonacci retracement levels but higher lows and rising RSIs suggest underlying accumulation may continue even if we enter a consolidation phase.
Asia Pacific Indices
Australia 200 is bumping up against 5,000 a round number and Fibonacci test where a breakout would signal the start of a new uptrend with next resistance near 5,075. RSI clearing 50 signals momentum turning upward. Support rises toward 4,970 from 4,940.
Japan 225 continues to struggle 16,330 resistance but an ascending triangle base of higher lows continues to form below that level with support moving up to the 16,000 round number from 15,620. RSI suggests recent trading bounce may be running out of steam for now.
Hong Kong 50 is still attracting support above 19,000 recently trading in the 19,320 to 19,400 area with next upside tests near 19,500 then 19,710 a Fibonacci level with next support near 19,090.
India 50 is testing resistance near 7,225 which it needs to clear to complete an ascending triangle base and signal a breakout. RSI indicates downward pressure easing. Next resistance possible near 7,275 on a breakout then 7,345.
North American and European Indices
US 30 is bumping up against 16,475 a Fibonacci level where a breakout would complete a double bottom base. RSI above 50 confirms a new uptrend underway. Next resistance possible near 16,550 then 16,640 where a prior high and the 50-day average cluster. Support rises toward 16.430 from 16,390.
US NDAQ 100 ran into resistance near 4,225 a Fibonacci level and has dropped back toward the 4,160 to 4,180 area. RSI above 50 indicates upward momentum increasing. Next potential resistance near 4,270 then 4,315 with next support near 4,100.
US SPX 500 challenged 1,940 Fibonacci resistance but failed to get through, falling back into the 1,915 to 1,925 area with next support at the 1,900 round number. RSI above 50 indicates upward momentum accelerating. Next upside resistance at the 50-day average near 1,950.
Germany 30 continues to climb successfully retesting 9,345 a Fibonacci level as higher support and rallying into the 9,520 to 9,560 zone before dropping back into the 9,430 to 9,470 area where higher support has emerged. RSI regaining 50 confirms momentum turning upward.
UK 100 is having an inside consolidation day trading between 5,950 and 6,030 in a normal consolidation of recent gains. The 6,000 round number failed to hold, but support appears to be coming in near 5,960 a Fibonacci level.
Gold has started to take off again, blasting through $1,212 and rallying on toward $1,235 before levelling off. RSI has pushed back up into overbought territory so a run at $1.250 or $1.262 could set up a double top. Meanwhile, higher lows indicate continued underlying accumulation.
Crude Oil WTI remains well supported as it consolidates Wednesday’s breakout over $30.00 trading in the $30.40 to $31.00 range after being knocked back from $31.60. Next upside test appears near $32.35 a 23% retracement of the recent downtrend. RSI above 50 indicates upward momentum accelerating.
US Dollar Index is still hanging around just below 97.00 as another bounce attempt falters. Initial support near 96.65 then 96.10 should tis downtrend resume.
EURUSD is starting to break down, falling below $1.1111 Fibonacci and round number support and retesting it as new resistance then heading down toward $1.1090. RSI approaching 50 from above where a breakdown would confirm a downturn. Next potential support at the 200-day average near $1.1055 then the $1.1000 round number.
NZDUSD is holding steady near $0.6630 close to its 50 and 200-day averages. It appears to have moved into a $0.6560 to $0.6730 trading channel with RSI holding 50 indicating a sideways consolidation trend emerging.
AUDUSD has encountered resistance near $0.7190 and paused near $0.7150. RSI indicates momentum neutral to cautiously upward. Higher lows indicate continuing accumulation. Next resistance possible near $0.7215 on a rally.
USDCNH continues to roll over after retesting 6.5325 as Fibonacci resistance, recently dropping from 6.5230 toward 6.5170 with next potential support near the 6.5000 round number then 6.4850 its recent low.
USDJPY is still working its way lower within a 113.00 to 115.00 trading channel recently trading near 113.60. RSI suggests downward pressure still increasing. Next potential support on a breakdown near 111.60.
EURJPY is retesting 126.00 support which could end in a double bottom or the start of a new downleg that could test the 125.00 round number or a measured 124.00. RSI indicates downward pressure increasing short term.
CADJPY continues to trade in the upper half of an 81.60 to 83.60 range above 92.45 Fibonacci support. RSI faltering short of 50, however, suggests broader downtrend may still be intact.
USDSGD is holding above $1.4000 after running into resistance near $1.4120. A breakdown would signal a new downleg starting that could retest support in the $1.3890 to $1.3900 area near its 200-day average.