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Chart Signals - Monday, Nov 16

Chart Signals - Monday, Nov 16

Asia Pacific indices

Australia 200 has been under pressure again with resistance falling to 5.070 a Fibonacci level following a breakdown and the index testing the 5,000 round number with next potential support near 4,970 then 4,900. RSI confirms downward pressure increasing.

Hong Kong 43 keeps steadily rolling over, slipping under 22,150 a Fibonacci level to test the 22,000 round number which has held so far. Next support near 21,750 then 21,600 should that fail. RSI faltering at 50 and turning down suggests ongoing distribution.

India 50 continues to stabilize above 7,700 and near 7,750 as an oversold RSI suggest the recent retreat may have been too much too fast. Initial resistance on a bounce possible near 7,805 then 7,865 with next downside support near 7,650.

Japan 225 has rolled back from near 19,525 back toward 19,380 to test Fibonacci support with more possible near 19,240 followed by the 19,000 round number. RSI suggests the index is in a normal consolidation phase within an ongoing uptrend.

North American and European Indices

US 30 has broken down through 17,360 completing a 23% retracement and remains under pressure, falling toward 17,195 another Fibonacci test. RSI breaking under 50 confirms downward pressure increasing. Next support possible at the 17,000 round number.

US NDAQ 100 keep rolling over with the 4,600 level it broke down through yesterday  emerging as lower resistance while the index dives down toward 4,500 slipping below it at the close on Friday. RSI falling under 50 signals a downturn. Next potential support in ear 4,425 to 4,435 area near a moving average cluster.

US SPX 500 remains in a downswing with the RSI well below 50 and the index diving under 2,050 and continuing to trend downward under 2,020. Next potential support appears near 2,015 a Fibonacci test then the 2,000 round number.

Germany 30 has dropped back under 10,855 a Fibonacci cluster but has successfully tested support at its channel bottom near 10,655 briefly dipping down to 10,610 before bouncing back. RSI indicates upward momentum weakening and a downturn pending with next potential support in the 10,500-10,520 area. Initial resistance on a bounce near 10,720 then 10,780.

UK 100 continues to fall off the table with resistance falling toward 6,180 and the index dropping toward 6,090 before finding some support. With RSI showing downward pressure increasing, a retest of the 6,000 round number appears possible on trend.


Gold appears to be finally attracting some support in the $1,080 to $1,090 range having successfully retested $1,070. An oversold RSI suggests the potential for a bounce with next potential resistance in the $1.095 to $1,105 area.

Crude Oil WTI has fallen to within striking distance of the $40.00 round number, trading near $40.75 with resistance falling toward $41.65.  Next potential downside support near $38.50 then the August low near $37.45.


US Dollar Index has dropped back into the 98.60 to 99.00 zone but still remains in an uptrend above 98.00 with RSI suggesting recent trading has been a normal pause after a big rally.

EURUSD took another run at $1.0800 and once again failed to get through, confirming its current downtrend remains intact. Downside support appears near $1.0720 then a recent low near $1.0675.

NZDUSD has paused in the $0.6500 to $6540 zone while RSI suggests downward pressure levelling off. It appears the recent correction may have run its course with support coming in at a higher low than in September. Initial resistance near $0.6600.

AUDUSD is at a significant turning point. The pair holding above 0.7100 suggests an upswing underway but it needs to clear $0.7170 plus 50 on the RSI to confirm. Next potential resistance near $0.7225 then $0.7300 if successful.

USDJPY keeps backsliding with 123.00 emerging as new lower resistance with support for the pair near 122.40 then 121.80 the recent breakout point. RSI suggests upward momentum starting to fade.

EURJPY is holding steady near 132.00 trading between 131.50 and 133.20 near the bottom of a wider trading range. A breakdown would signal the start of a new downleg that could potentially test 130.00. Next resistance near 134.00.

CADJPY has dropped back to test 92.00 and 50 on the RSI as it swings back and forth within a 90.50 to 93.25 trading range. Initial support near 131.50.

USDSGD is hanging around $1.4240 just below $1.4250 shoulder resistance as a head and shoulders top continues to form. RSI shows upward momentum increasing so a ruen at $1.4355 remains possible with support on a downturn near $1.4180.

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