Asia Pacific indices
Australia 200 has dropped back into a Fibonacci trading range between 5,380 and 5,450 after running into resistance near 5,500. RSI rolling over suggests upward momentum weakening again. Next support possible near 5,330 then 5,275.
Japan 225 appears to have moved into a wide trading range between 16,600 and 18,100 with RSI near 50 indicating momentum turning sideways. Support has emerged at 17,210 a Fibonacci level with initial resistance near 17,635 and more support at the 17,000 round number.
HongKong 43 continues to rebound, having established support at a higher low near 23,600. RSI holding 50 and rising indicates momentum turning upward with next potential resistance near the 24,000 round number then 24,365 a Fibonacci level.
US30 failed to hold above 18,000 last month and has started to retreat. A negative RSI divergence suggested upward momentum was exhausted and with the index back near 17,800, a correction appears to be underway with next support possible near 17,730 then 17,600.
SPX500 continues to fall back from a recent peak near 2,100, currently trading near 2,050. A negative RSI divergence indicates upward momentum fading and a correction possible, perhaps back into the 1,980 to 2,000 zone initially.
NDAQ100 failed to hold above 4,300 again last week and has started to slump back again, currently near 4,220 with Fibonacci support possible near 4190 or 4,100.RSI dropping back under 50 signals momentum turning downward.
UK and European indices
UK 100 is bouncing around between 6,500 and 6,650. Another lowr high appears to be in place with RSI rolling back under 50 to suggest momentum may be turning downward again. Next support enar 6,410 a Fibonacci level.
Germany 30 looks vulnerable here, having peaked at a lower high near 9,930 last week. A rare but bearish H&S top in the RSI suggests a significant trend change may be underway. Next support near 9,680 then 9,585 and 9,425 in a pullback.
Gold continues to retreat within a wide $1,140 to $1,240 trading channel. $1,200 has emerged as new resistance with initial support near $1,165. RSI hanging around 50 indicates sideways momentum prevailing.
Crude Oil WTI remains in an overall downtrend although it has paused between $51.70 and $55.00 of late to work off an oversold RSI. A retest of $50.00 remains possible on trend.
NZDUSD is testing the low end of its $0.7660 to $0.7980 trading channel. RSI continues to rise toward 50 indicating downward pressure still easing. Initial resistance on a bounce possible near $0.7850.
AUDUSD continues to stabilize in the $0.8100 to $0.8200 range, working off an oversold RSI. On a breakout $0.8300 could be tested but a test of the $0.8000 round number cant’ be ruled out either.
USDJPY is testing the high end of a 119.00 to 121.00 trading range. Higher lows for the pair and the RSI suggests upward momentum building again, suggesting a retest of the 121.80 or a measured 123.00 may be possible on a breakout.
EURJPY continues to head south, breaking down through 145.00 which may become new resistance. RSI breaking under 50 and filling indicates momentum turning increasingly downward. Next potential support near 143.75 then 141.95 both Fibonacci levels.