A number of major indices are trading near big round numbers including 20,000 for the US 30 and Japan 225, 5,000 for the US NDAQ 100 and 7,000 for the UK 100. Crude oil appears to be back under accumulation pulling CAD along for the ride. Sterling has been weakening while JPY has been mixed weakening against USD but strengthening against GBP and EUR.
Asia Pacific Indices
Australia 200 is breaking out today, clearing 5,600 with support rising toward 5,580. Rising RSI indicates upward momentum increasing. Next resistance possible near 5,615 then a measured 5,700.
Japan 225 is breaking out again today, clearing 19,500 and advancing into the 19,600 to 19,660 area with next potential resistance near a measured 19,940 then the 20,000 round number. Overbought RSI suggests potential for a correction with initial support near 19,260.
Hong Kong 50 could be close to a near term low with a hammer candle and a bear trap dip then reversal near its 21,830 200-day average. Oversold RSI suggests potential for a bounce with initial resistance near 22,000 and support emerging between 21,660 and 21,700.
North American and European Indices
US 30 is back up above 19,900 and taking another run at the 20,000 round number where it may continue to struggle with resistance with RSI overbought and indicating upward momentum flattening out. Next measured resistance on a breakout near 19,230.
US SPX 500 continues to trend sideways trading between 2,235 and 2,275 digesting recent gains. The index has been trading near 2,270 with next resistance on a breakout near a measured 3,315 with next support near 2,220 a Fibonacci level.
US NDAQ 100 is still in an uptrend attracting support above its 2,900 breakout point with RSI confirming the uptick in momentum. Initial resistance remains in place near 4,970 followed by the 5,000 round number.
UK 100 remains under accumulation, rallying up off the 7,000 round number and advancing on 7,040 with next potential resistance near 7,070 then 7,110. Rising RSI confirms upward momentum increasing.
Germany 30 is breaking out today, clearing channel resistance near 11,445 and advancing on 11,470 with next resistance possible near 11,500 then 11,675. Overbought RSI indicates potential for a pause or correction with initial support possible near 11,415 then 11,400 in a pullback.
Gold has settled back toward $1,130 the centre of an emerging $1,120 to $1,140 base building range. RSI remains really oversold so a trading bounce possible. Next upside resistance near $1,155 with next downside support near $1,100.
Crude Oil WTI remains under accumulation still rallying up off $50.00 with support rising toward $51.55 and the pair advancing on $52 50 with next potential resistance near $53.20 then $54.35 and $55.00.
US Dollar Index is breaking out today, clearing 103.20 to signal the start of a new upleg with next measured resistance possible near 104.00 on trend. Support rises toward 103.00 from 102.40.
EURUSD is retesting $1.0360 which could end in a double bottom or another breakdown. A head and shoulders bottom in the RSI suggests downward momentum may have peaked and a bounce possible with initial resistance near $1.0400 then $1.0480. On a breakdown, next measured support appears near $1.0240.
GBPUSD is breaking down as it drifts lower, taking out its 50-day average near $1.2410 which has become resistance and falling toward the $1.2310 to $1.2360 area with next potential support near $1.2275 then $1.2115. RSI under 50 and falling confirms downtrend accelerating.
NZDUSD may be close to a near-term bottom with a hammer candle and dip just under $0.6900 suggesting downward pressure may be getting washed out. An initial bounce could retest the $0.7000 round number and breakdown point without violating the broader downtrend.
AUDUSD appears to be trying to stabilize above $0.7200 with support coming in near $0.7220 and the pair rebounding toward $0.7260 with next resistance possible near $0.7300.
USDSGD is still struggling with $1.4500 resistance and may be peaking with RSI falling back under 70 to signal a correction starting. The pair has dropped from $1.4480 toward $1.4440 with next potential support near $1.4400 then $1.4360.
USDJPY has a nice rebound underway climbing from near 116.50 toward 117.75 but it has been unable to overcome resistance 118.15 or 118.60. An overbought RSI and negative divergence suggest upward momentum peaking and a correction possible. Initial support near 117.70 then 117.20 in a pullback with next resistance on a breakout near the 120.00 round number.
GBPJPY is starting to roll over, trading back under 146.40 a Fibonacci level which has become resistance and falling toward 145.40 with nest potential support near 144.50 then the 200-dya average near 142.90. Next resistance possible near 147.40.
EURJPY appears to have run out of gas and is starting a correction with RSI back under 70 and the pair falling back toward the 122.30 to 122.670 area from a recent peak near 124.00. Next support possible near 121.00 a 23% retracement of the recent uptrend.
USDCAD has started to backslide after running into resistance near $1.3435 well short of the $1.3500 round number. RSI may be peaking near 60 a sign of a downtrend. The pair has slipped toward $1.3380 with next support possible at $1.3340 near the 50-day average then $1.3300 a Fibonacci level.