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Chart Signals - Monday, Oct 26

Chart Signals - Monday, Oct 26

Asia Pacific indices

Australia 200 keeps screaming higher climbing up from 5,345 toward 5,400 with support rising toward 5,380 near the 50% retracement level of the previous downtrend. Next potential upside resistance in the 5,500 to 5,525 area. RSI confirms upward momentum still increasing.

Hong Kong 43 remains in an uptrend, driving from 23,150 toward 23,550 before settling back toward 23,415 the 38% retracement of the summer selloff which appears to be coming in as new support.

Hong Kong China H appears to have embarked on a new upleg, breaking through 10,750 and rallying on toward a test of the 11,000 round number which has held so far. RSI confirms upward momentum but nearing overbought suggests a pause possible soon. Next resistance near 11,285 the 38% retracement of the previous downtrend.

India 50 has run into some resistance but remaisn in an uptrend above 8,280 support with RSI above 50 and still rising confirming upward momentum continuing to build with next potential resistance near 8,375.

Japan 225 continues to rally up out of a head and shoulders base, blasting through 19,000 and carrying on toward 19,180 before running into some initial resistance with initial support rising toward 19,100 with next potential resistance near 19,260 and then 19,380 both Fibonacci levels.

North American and European Indices

US 30 leapt up from 17,500 toward 17,680 on the PBOC news, clearing its 200-day average near 17,550 which has become higher support with more near 17,610. RSI getting overbought suggests some short term backing and filling possible within an ongoing uptrend.

US NDAQ 100 soared for a second straight day to finish the week, clearing 4,600 and climbing into the 4,620 to 4,650 range with a retest of the July high near 4,685 looming ahead. This could present a significant challenge with RSI nearing overbought territory.

US SPX 500 broke out Friday, clearing 2,060 a Fibonacci level and driving on toward 2,080 with next potential resistance near 2,100. With RSI getting overbought, a common retest of the breakout point looks possible.

Germany 30 spiked up from 10,700 into the 10,780 to 10,820 range where it levelled off just below a Fibonacci cluster in the 10,845-10,855 range while overbought RSI suggests a pause possible.

UK 100 broke out Friday, clearing 6,455 and retesting it as new support to signal the start of a new upleg on trend with next potential resistance near 6,500 and 6,600 and more support near 6,450 then 6,435.


Gold popped and dropped jumping from near $1,170 up toward $1,182 then diving back down toward $1,167 after running into resistance. Next downside support possible near $1,160 a Fibonacci level. This bearish reversal suggests the recent uptrend may be exhausted.

Crude Oil WTI has come under pressure again, falling back under $45.00 and diving toward $43.90 before stabilizing in the $44.20 to $44.60 area. RSI under 50 and falling indicates downward pressure increasing  and a retest of $43.00 channel support looking possible.


US Dollar Index has popped through the top of its 94.00 to 97.00 trading channel while rising RSI indicates upward momentum increasing. Next potential resistance near 97.40 then 98.00.

EURUSD remains under fire, breaking down again to finish the wee, taking out its 200-day average near $1.1125 and diving down to test the $1.1000 round number with next potential support near $1.0915 and then $1.0800 while resistance falls toward $1.1020. RSI under 50 and falling indicates growing downward pressure.

NZDUSD is bouncing around in a channel between $0.6700 and $0.6900 waiting for the RBNZ meeting later this week and working off an overbought RSI that had developed by the end of the recent rally.

AUDUSD remains in an uptrend with the pair holding the bottom of its $0.7200 to $0.7400 consolidation channel and RSI holding 50 to indicate the recent correction has likely run its course.

USDJPY is approaching the top of its 118.00 to 121.50 trading channel while RSI indicates upward momentum accelerating. Next potential on a breakout appears near 123.00 a former support level. Death cross of the averages close to being called off.

EURJPY has fallen deeper into the lower half of its 132.00 to 137.00 trading range with RSI confirming downward momentum accelerating. Currently trading below 134.00 in the 133.50 to 133.70 area.

CADJPY remains in a holding pattern with the pair trading steady in the 91.00 to 93.35 rage while RSI sitting on 50 confirms sideways momentum.

USDSGD is coming off an outside rebound day that saw it bounce up off of a higher low near $1.3835 but top out at a lower thigh near $1.3985. It needs to clear $1.3050 to call off the current downtrend. Next downside support near $1.3785 a prior low.

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