Asia Pacific indices

Australia 200 has found some support above 5,270 and bounced back above 5,300 but it really needs to retake 5,375 and ideally 5,425 to indicate this is anything more than just a dead cat bounce to clear out an oversold RSI.

Japan 225 remains in an uptrend holding well 16,070 support but bumping up against 16,410 resistance. Overbought suggests it may need to consolidate gains in this range but if it does break out, next measured resistance may appear near 16,600.

HongKong 43 has stabilized in the 23,550 to 23,750 area working off an overbought RSI. It’s too early to say if this is a base forming or another pause in a bigger downtrend. Next support near 23,230 a Fibonacci level with next upside resistance at the 24,000 round number.

US Indices

US30 is having an inside day, trying to stabilize above its 50-day average near 16,930. It has been able to regain 17,000 but not 17,100 and has encountered resistance at a lower level indicating distribution while RSI falling under 50 confirms momentum turning downward with next support near 16,890 then 16,600 both Fibonacci levels.

SPX500 has retested its 50-day average near 1,975 as new resistance following a breakdown and continues to trend lower with next potential support near 1,950 then 1,905 a Fibonacci level. RSI under 50 and falling indicates downward pressure intact.

NDAQ100 is clinging to support near 4,000 where a round number, breakout point, uptrend line and 50-day average all converge. A failure there would be technically huge with next support near 3,945. RSI now under 50 signals momentum turning downward.

UK and European indices

UK 100 remains in a downswing with resistance falling toward 6,675 from 6,725. RSI indicates downward pressure easing a bit but intact overall. Next potential downside tests near 6,600 then 6,565 a Fibonacci level.

Germany 30 has found some support near 9,480 a Fibonacci level, for now, but RSI dropping under 50 indicates momentum turning increasingly downward. Next potential support on a breakdown near 9,345 with resistance falling toward 9,545.

Commodities

Gold continues to stabilize in a channel between $1,210 and $1,230. Oversold RSI suggests potential for a rebound with more resistance possible near $1,240.

Crude Oil WTI is breaking out of a downtrend, clearing $94.00 while RSI retaking confirms an upturn in momentum is underway. Next upside support appears near $95.00, a 23% Fibonacci retracement of the previous selloff. Support rises toward $93.00.

FX

NZDUSD remains under heavy pressure, carrying on lower after breaking $0.8000. Currently near $0.7860, it’s approaching its 2013 lows from the last RBNZ intervention in the $0.7700 to $0.7800 zone with RSI getting oversold suggesting the potential for a course reversal at some point.

AUDUSD continues to trend lower with the $0.8830 latest breakdown point emerging as new resistance. A retest of the 52-week low near $0.8675 appears possible although RSI getting really oversold suggests that level may potentially hold.

USDJPY is bumping up against 109.50 resistance again where a breakout would signal a new upleg that could test the 110.00 round number but a failure would complete a double top and with RSI way overbought could be a harbinger of a big correction back toward 107.50 or 106.30 Fibonacci tests.

EURJPY has successfully tested 138.55 a Fibonacci level as new support, while RSI holding 50 keeps its uptrend intact. Upside resistance appears near 139.00 then the 140.00 to 140.30 area near a round number and Fibonacci test. Next downside support on a reversal near 136.85.