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Chart Signals: Stocks and oil resilient, NZD rebounds, JPY weakens

Chart Signals: Stocks and oil resilient, NZD rebounds, JPY weakens

The big theme across stock markets in the US, Australia, and crude oil, has been one of resilience, with markets taking everything the bears could throw at them and still managing to attract support and bounce back. Central banks are also influencing trading today. NZD has rebounded on today’s neutral RBNZ decision while JPY has been weakening ahead of the Bank of Japan as traders appear to be speculating more stimulus could be on the way.

Asia Pacific Indices

Australia 200 appears to be on the rebound bouncing back up toward 5,230after being hammered from near 5,290 toward 5,175 yesterday. Its recent sideways trend appears to be reasserting itself.

Japan 225 is sitting on 17,430 a Fibonacci level trading between 17,360 and 17,500. RSI suggests upward momentum levelling off as it consolidates recent gains in a wider range between 17,120 and 17,740.

Hong Kong 50 is still trending sideways between 21,000 and 21,640 recently trading in the 21,320 to 21,380 area.

India 50 continues to struggle with the 8,000 round number and more resistance possible near 8,080 but higher lows and support rising toward the 7,940-7,960 area indicate ongoing underlying support.

North American and European Indices

US 30 continues to digest recent gains around the 18,000 round number trading between 17,860 and 18,160. Steady gains through the day from near 17,920 toward 18,080 indicated continued support through this consolidation phase.

US NDAQ 100 was pounded early on from 4,500 Fibonacci resistance back toward is 50-day average near 4,380 but has bounced back toward 4,440 with next resistance possible near 4,500 then 4,600.

US SPX 500 is consolidating recent gains in the 2,075 to 2,115 range taking another run at 2,100 after bouncing up off 2,084. Next resistance possible near 2,110 then 2,135. A higher low for the RSI indicates continued upward momentum.

UK 100 has stabilized above its 50 and 200-day averages bouncing back up through 6,310 which may become support and advancing on 6,345 with next potential resistance near 6,375. RSI holding 50 and rising confirms underlying uptrend momentum increasing again.

Germany 30 continues to attract support above 10,200 recently trading in the 10,280 to 10,340 range with next resistance near 10,375. So far this appears to be a normal pause within a larger uptrend.


Gold is trading steady shown by the RSI sitting on 50 and the price near $1,245 within a $1,228 to $1,268 channel between Fibonacci support and shoulder resistance with a head and shoulders top still forming. Trading recently between $1,142 and $1,152.

Crude Oil WTI is breaking out again, clearing $43.50 Fibonacci resistance and advancing on the $44.10 to $44.50 area with next potential resistance at the $45.00 round number. RSI getting overbought but indicates upward momentum increasing again for now.


US Dollar Index is holding steady near 94.50 within a 93.65 to 95.25 sideways trending channel.

EURUSD is bouncing around $1.1305 a Fibonacci level trading between $1.1290 and $1.1340. RSI near 50 suggests sideways to downward trading with a retest of $1.1255 Fibonacci support possible. Next resistance near $1.1400.

NZDUSD remains in an uptrend having established another higher low near $0.6810 then popping back up toward $0.6930. It continues to struggle with $0.7000 round number resistance but if that can be overcome, $0.7055 could be challenged. Initial resistance near $0.6965.

AUDUSD has stabilized in the $0.7550 to $0.7610 having an inside day after being pounded down from $0.7765 yesterday. RSI under 50 but the pair holding its 50-day average and the 40.7500 round number sending mixed signals about whether the longer term uptrend may continue or not although it hasn’t failed yet.

USDCNH continues to climb within a 6.4570 to 6.5285 trading range driving up off 6.5000 toward the 6.5080 to 6.5100 zone. RSI above 50 and rising indicates upward momentum increasing.

USDSGD is sitting on $1.3500 for the pair and 50 on the RSI a neutral stance that suggests a pause within an ongoing downtrend with next support near $1.3400 and resistance near $1.3575.

USDJPY is holding between 111.00 and its 50-day average near 111.80. RSI back above 50 indicates momentum turning upward with next potential resistance on a breakout near 112.50 then a Fibonacci cluster near 113.85. Downside support in a selloff possible near 110.65 then the 110.00 round number and 109.00.

EURJPY is bumping up against 126.20 with next potential resistance on a breakout near 127.25 then 128.25. RSI suggests upward momentum building. On a downturn, however, support could emerge near 125.00 a round number and the 50-day average.

CADJPY is testing its 200-day average near 88.50 with next resistance on a breakout near the 90.00 round number with downside support near 88.00 then 87.30. RSI indicates upward momentum still increasing.

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