Here is today’s wrap and chart signals
Asia Pacific Index Chart Signals
Australia 200 keeps finding support in the 4,340 to 4,370 zone. With RSI climbing up out of oversold territory a trading bounce appears to be underway but it would need to clear 5,430 to confirm the start of a new upswing with next resistance near 5,480 or 5,500 if successful.
Japan 225 has staged a strong rally up off of its 10-day average and the 16,000 round number trading up near 16,300. RSI however is approaching overbought territory with potential upside resistance approaching at the 52-week high near 16,410, or the 16,500 round number test.
Hong Kong 43 has stabilized in the 23,730 to 24,000 zone between a Fibonacci level and a big round number. RSI oversold suggests index could be due for a pause or rebound with next resistance possible near 24,365 on a breakout or 23,580 on a breakdown.
US Index Chart Signals
US30 bounced up off of 17,000 round number support setting a higher low while its RSI bounced off 50 keeping upwards momentum intact for now. Channel resistance in place near 17,350 where a retest could lead to a breakout or a double top.
SPX500 found some support at its 50-day MA near 1,970 and rebounded back up toward 2,000 which it is retesting as new resistance. RSI back above 50 encouraging but it needs to break out of tis downtrend to suggests this is more than just a trading bounce.
NDAQ100 continues to bounce around between 4,025 and 4,125. RSI retested 50 support completing a double bottom and keeping its upward momentum intact for now. More support in place at the 4,000 round number where a previous breakout point, moving average and trend support also converge.
UK and European Index Chart Signals
UK 100 found support near 6,635 and has rebounded setting a higher low. RSI near oversold suggests a trading bounce could be starting. Having cleared a Fibonacci level near 6,690, next resistance appears near 6,780.
Germany 30 rallied up from 9,540 but had its rally contained by the 10-day average and round number resistance both near 9,700. RSI held 50 for now but still could go either way. Next resistance near 9,800 with next support in the 9,480-9,500 zone between a Fibonacci level and a round number.
Commodity Chart Signals
Gold has slipped back under $1,220 again into the lower half of a $1,210 to $1,230 trading range as it pauses to work off an oversold RSI. A retest of then $1,200 round number can’t be ruled out yet with a rally toward $1,240 also possible.
Crude Oil WTI successfully retested $91.10 support and has been on the rebound driving up through $93.00 which may become new support with next resistance near the $95.00 level. A move by the RSI back above 50 would confirm an upturn in momentum.
FX Chart Signals
NZDUSD continues to find support above $0.8045 with more possible at the $0.8000 round number. An oversold RSI and a positive divergence suggest potential for a rebound as downward pressure eases. Initial upside tests appear near $0.8135 then $0.8190.
AUDUSD is starting to stabilize in the $0.8830 to $0.8930 area. Oversold RSI suggests pair may be getting washed out and trading bounce possible. On a breakout, next resistance may appear near $0.9000 round number resistance then $0.9085, a Fibonacci level.
USDJPY continues to consolidate recent gains in the 107.50 to 109.50 range. Even though RSI remains extremely overbought, it continues to trade in the upper half of the channel and a probe toward the 110.00 measured and round number test remains possible.
EURJPY continue to roll over with 140.30 a Fibonacci level emerging as new resistance. Lower highs for the pair and a falling RSI signal upward momentum slowing. Initial support near 138.55 then 136.85 both Fibonacci tests.