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Chart Signals - Monday 2 November

Chart Signals - Monday 2 November

Here are today’s chart signals covering index, forex and commodity markets.

Asia Pacific Index Chart Signals 

Australia 200 is testing 5,200 channel support along with 50 on the RSI where success would keep the current uptrend intact but a break would signal a downturn with next potential support tests near 5,150 then 5,070. Initial resistance is near 5,265.

Hong Kong 43’s correction continues to deepen with the index sliding toward 22,620 as resistance falls toward 22,700 while RSI breaks under 50 to confirm a downturn in momentum. Next potential support is near 22,375 with resistance near 22,820.

Hong Kong China H is testing Fibonacci and channel support near 10,390 plus 50 on the RSI where success would keep its uptrend intact but failure would signal a downturn with next potential support near 10,000. Upside resistance near 10,520 then 10,640.

India 50 remains under pressure, breaking down through 8,080 and sliding toward a potential retest of the 8,000 round number. RSI falling under 50 confirms momentum turning downward.

Japan 225 continues to bounce around between 18,740 and 19,200 slipping back under 19,000 toward 18,875 as it consolidates an initial breakout rally at a higher level. RSI indicates upward momentum intact but leveling off for now.

North American and European Index Chart Signals

US 30 is coming off a bearish outside reversal day that saw it drop back toward 17,650 after running into resistance near 17,850.  This appears to be a normal correction

US NDAQ 100 tried to break out over 4,685 its July peak but has started to slump back toward 4,650 having met resistance near 4,700. Overbought RSI suggests it may need some time to digest recent gains before advancing into new territory.

US SPX 500 remains under accumulation, taking a run at 2,100 but failing to get through there and dropping back toward 2,080 a retest of a breakout point.

Germany 30 has levelled off in the 10,700 to 10,900 range bouncing around a Fibonacci cluster near 10,850 while it works off an overbought RSI and digests recent gains.

UK 100 remains in an uptrend but has paused to consolidate in the 6,360 to 6,460 area.

Commodity Chart Signals

Gold remains under pressure, diving down toward $1,140 after confirming $1,150 as new lower resistance following a breakdown. RSI diving under 50 confirms a downturn in momentum with next potential support near $1,126 a Fibonacci level and initial resistance near $1,1144.

Crude Oil WTI continues to advance, once again bumping up against $46.60 Fibonacci resistance having rallies up from $43.00 last week with support moving up toward $46.00 from $45.40. RSI back above 50 indicates momentum turning upward with next resistance near $47.60 on a breakout.

FX Chart Signals

US Dollar Index is dropping back again, sliding from 97.80 back toward the 96.70 to 97.10 support area in a normal trading correction of recent gains. Next potential support near 96.60.

EURUSD finished the week sitting on $1.1000 after dropping back from resistance in the $1.1070 to $1.1080 area. Support has moved up toward $1.0910 toward $1.0960 then $1.0990 as accumulation unfolds and downward pressure eases. Upside resistance near $1.1090 then $1.1120.

NZDUSD is climbing within a $0.6600 to $0.6900 trading range where it has been consolidating an initial breakout rally. RSI holding 50 confirms underlying upward momentum intact. Support moves up toward $0.6720 with resistance near $0.6795 then $0.6850.

AUDUSD has established another higher low near $0.7070 above the $0.7000 round number to confirm base building continues below $0.7400 with initial resistance near $0.7160 then $0.7200.

USDJPY remains steady in the upper half of its 118.00 to 122.00 trading channel as channel resistance held after the BoJ meeting. RSI testing 50 suggests a downturn pending with next tests  near 120.30 then 120.00 round number support.

EURJPY is clinging to support in the 131.60 to 133.60 range near the bottom of a 132.00 to 139.00 trading channel. RSI indicates ongoing downward pressure with next support near 130.00 and next resistance near 134.00 and 134.55.

CADJPY is picking up within a 90.50 to 93.50 trading zone with RSI popping back above 50 confirming the upwswing. Support has moved up toward 91.50 with resistance near 92.40.

USDSGD is sending mixed signals. It remains in an uptrend of higher lows but has started to drop back toward $1.4000 after encountering resistance at its 50-dya average near $1.4080. RSI sitting on 50 indicates neutral momentum as the pair trades between $1.3990 and $1.4070.

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