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Chart Signals - Monday, Nov 23

Chart Signals - Monday, Nov 23

Asia Pacific indices

Australia 200 is retesting 5,245 a Fibonacci level after running into resistance near 5,300 as is common after a breakout. RSI moving back above 50 confirms an uptrend building with next potential resistance near 5,385.

Hong Kong 43 continues to climb with RSI breaking out of a downtrend and retaking 50 confirming momentum turning upward again. The index has rallied up from 22,760 toward 22,880 with a test of 23,000 or 23,415 a Fibonacci level possible.

India 50 ran into some resistance near 7,910 and has dropped back toward 7,830. RSI rising up out of oversold territory indicates downward pressure easing and a bounce underway that could potentially carry the index toward a test of the 8,000 round number.

Japan 225 has started to level off in the 19,900 to 20,000 resistance zone which contains a Fibonacci cluster and round number. RSI indicates a common consolidation phase underway within an ongoing uptrend.

North American and European Indices

US 30 is consolidating a higher level, trading in the 17,750 to 17,850 range now well above its 200-day average near 17,600. RSI confirms upward momentum growing. Next potential resistance near 17.915 then the recent high near 17,990.

US NDAQ 100 is bumping up against 4,685 with the potential fora a run at its previous peak near 4,740 possible on a breakout. Support rises toward 4,660.

US SPX 500 is holding steady in the 2,080 to 2,092 range digesting the gains made earlier this week. next upside tests possible near 2,100 then 2,115.

Germany 30 keeps trending higher, advancing into the 11,100 to 11,160 area up from 11,050. Rising RSI confirms upward momentum increasing. Next potential resistance near 11,215 a Fibonacci level.

UK 100 continues to turn upward within its 6,050 to 6,500 trading channel. 6,300 has emerged as new support with resistance near 6,360 then 6,460 near prior highs. RSI back above 50 confirms the upturn.


Gold struggled with resistance near $1,085 a Fibonacci level and has fallen back toward $1,076 as it continues to bounce around in a channel between $1,070 and $1,100. RSI back above 30 from oversold signals an upward correction getting underway.

Crude Oil WTI has another big test of $40.00 support while resistance falls toward $40.70. A breakdown would signal the start of a new downleg that could retest $38.60 to the August low nwar $37.45.


US Dollar Index has moved into a 98.80 to 100.00 trading range with RSI confirming upward momentum levelling off while the index digests recent gains. Support moving up toward 99.00 confirms underlying interest intact.

EURUSD has resumed its downtrend, falling from a lower high on trend near $1.0760 toward $1.0640 with next potential support near $1.0620 then $1.0475.

NZDUSD has levelled off in the $0.6560 to $0.6580 range consolidating an initial swing up off of $0.6435 and through $0.6500. RSI testing 50 which it needs to clear to confirm an upturn underway. Next potential resistance near $0.7625 then $0.6830.

AUDUSD has seen good follow-through from last week’s breakout from a downtrend and over $0.7100. Currently trading closer to $0.7240 next resistance may appear near $0.7300 then $0.7400. RSI indicates upward momentum increasing.

USDJPY has slipped back into the 122.70 to 122.90 area with a double top emerging near 123.75.RSI downturn suggests a correction starting with next support near 121.80 a previous breakout point.

EURJPY has dropped back under 131.00 from a lower high near 132.30 as distribution continues. Downside support near 130.70 then the 130.00 round number.

CADJPY is dropping back within a 91.50 to 93.00 sideways trading range holding uptrend support that keeps an ascending triangle base forming.

USDSGD has rolled back under $1.4200 with RSI testing 50 where a breakdown would confirm a downturn in momentum. Initial support in the $1.4100 to $1.4140 area then the 50-day average near $1.4070 and $1.4000.

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