Crude oil is having a huge trading day driving from the middle to the top of its $40-$50 trading range on news of a big OPEC deal to cut supply. Meanwhile, Asia Pacific currencies have been getting hammered particularly JPY which continues to collapse against pretty much everything even though its already really oversold. AUD and NZD have turned back downward giving back some of their recent gains.
Asia Pacific Indices
Australia 200 continues to slip back from 5,500 resistance indicating the top of a channel may be forming there. The index has dropped toward 5,455 with next support possible at the 50-day average near 5,380.
Japan 225 keeps driving higher shrugging off an overbought RSI. The index has cleared 18,500 which may become support up from 18,420 and rallied into the 18,600 to 18,660 area with next potential resistance near 18,720 then 18,925.
Hong Kong 50 continues to accelerate upward as it forms a saucer bottom between 22,000 and 23,000. Next potential resistance on a breakout near 23,160 then 23,410 a Fibonacci level.
North American and European Indices
US 30 remains well supported climbing form near 19,110 into the 19,130 to 19,170 range still trading between 19,000 and 19,200 where it may continue to consolidate recent gains and work off an overbought RSI with next measured resistance on a breakout near 19,400.
US SPX 500 continues to attract support above 2,200 with more possible near 2,190 its recent breakout point Initial resistance possible near 2,215 then a measured 2,270.
US NDAQ 100 is still struggling with 4,900 resistance dropping back toward 4,830 to test its 50-day average from 4,880. A pause at a lower level in the RSI indicates upward momentum weakening. Next downside support possible near 4,780.
UK 100 remains in a sideways range between 6,700 and 6,925, falling back from near 6,840 back toward 6,770. RSI needs to regain 50 to signal an upturn.
Germany 30 is still trending sideways between 10,500 and 10,800 recently trading between 10,620 and 10,660 with next resistance near 10,700.
Gold has successfully retested $1,170 Fibonacci support completing a 62% retracement of its previous uptrend and a double bottom. Oversold RSI indicates potential for a rebound.
Crude Oil WTI is soaring today driving up off $45.00 to the top of its $40-$50 longer term trading channel. RSI above 50 and rising confirms upward momentum increasing and is not close to overbought even with a 10% gain on the day. Next potential upside resistance near $51.60 then $53.60 with support rising toward $48.00.
US Dollar Index has levelled off in the 101.00 to 102.00 area to digest recent gains and work off an overbought RSI. A drop back toward the 100.00 round number would indicate a deeper correction starting.
EURUSD continues to base build near $1.0600 with the pair trading comfortably between $1.0560 and $1.0660 with next resistance near $1.0685 a 23% retracement of its recent selloff, then $1.0700.
GBPUSD continues to trend sideways between $1.2350 and $1.2550 building a base recently trading between $1.2430 and $1.2510. RSI on 50 confirms current sideways momentum.
NZDUSD has paused near $0.7100 digesting recent advances just below resistance near $0.7170 its 50-day average and $0.7195 a Fibonacci level. RSI needs to retake 50 to call off a bigger downtrend and confirm an upturn.
AUDUSD smacked hard into resistance at the $0.7500 round number and has been sent reeling back toward the $0.7380 to $0.7400 area from a lower high. Next support possible near $0.7300 a channel bottom. A lower high in the pair and the RSI suggests a downturn.
USDSGD is still attracting support above $1.4200 and refuses to break down, instead bouncing up toward $1.4320 with next potential resistance near $1.4350 and $1.4400. Initial support near $1.4260.
USDJPY’s incredible rally continues with another breakout underway today which has called off an evening star pattern. The pair has cleared 114.00 now with next potential resistance in the 115.00 to 115.35 area near round number and Fibonacci resistance. RSI remains really overbought so a correction remains possible but so far upward momentum remains intact.
GBPJPY is breaking out again with an overbought RSI providing zero headwinds for the pair. It has cleared 142.25 a Fibonacci level as it advances up from 140.00 and has moved up into the 142.50 to 142.90 area with next potential resistance near 144.00 and its 200-day average then 145.00 and 146.40 a Fibonacci level.
EURJPY is breaking out today, clearing 120.00 and advancing on 121.10 a Fibonacci level with next resistance after that possible near 122.30. Support moves up toward 120.90 from 120.20. RSI overbought but pair keeps defying gravity.
USDCAD is still rolling over bouncing around between $1.3460 and $1.3360 before setting out near $1.3420. Next potential support near $1.3300 a Fibonacci level. RSI falling under 50 confirms momentum turning downward.