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Chart Signals - Thursday, Nov 12

Chart Signals - Thursday, Nov 12

Asia Pacific Indices

Australia 200 has found some support near 5,070 and bounced up into the 5,100 to 5,300 area. It needs to retake 5,145 to signal an upturn with next resistance near 5,240 if successful. On a downturn, 5,000 could be retested.

Japan 225 remains in an uptrend but has levelled off in the 19,690 to 19,770 area with RSI getting overbought. Next resistance appears in the 19,950 to 20,000 area where a round number and Fibonacci cluster converge with support rising toward 19,570.

Hong Kong 43 has bounced up off of 22,200 Fibonacci support to keep its uptrend intact but has run into resistance near 22,510 and dropped back toward 22,350 suggesting this may have been a trading bounce especially with RSI still stuck below 50.

India 50 has a trading bounce underway up toward 7,810 after finding support near 7,750. So far this appears to be an unwinding of an oversold RSI with a move back up through the prior high near 7,865 needed to signal the start of a more meaningful upturn.

North American and European Indices

US 30 is starting to climb again within an emerging 17,675 to 18,000 trading range in a sideways correction of its big October advance. Support coming in above the 200-day average near 17,600 indicates underlying accumulation intact. Recently trading in the 17,720 to 17,800 zone.

US NDAQ 100 has levelled off in a 4,620 to 4,770 range, but it really needs to get back above 5,685 to call off the recent downtrend in favour of a sideways trend to consolidate its big October advance.

US SPX 500 has a nice bounce underway up off of 2,060 Fibonacci and moving average support, rallying up toward 2,090 with next potential resistance in the 2,100 to 2,115 zone and support climbing toward 2,075.

Germany 30 has rallied up off of 10,855 Fibonacci cluster support into the 10,900 to 10,940 zone but continues to struggle with 11,000 round number resistance as RSI indicates upward momentum still fading. Next upside test possible near 11,215 on a breakout.

UK 100 found support near 6,250 and has bounced back up toward 6,300 but appears to be running into resistance near 6,325. RSI needs to regain 50 to completely call off recent weakness.

Commodities

Gold continues to stabilize near $1,090 trading between $1,085 and $1,100. RSI oversold but gold not showing much interest in rebounding either so a retest of $1,070 can’t be ruled out.

Crude Oil WTI is breaking down today, taking out $43.00 channel support and retesting it as new resistance. RSI confirms downward pressure still increasing. Next potential support near $42.10 then $40.50.

FX

US Dollar Index is holding steady above 99.00 digesting its recent rally and continuing to attract support. Round number resistance looms at the 100.00 level.

EURUSD remains in a downtrend with an oversold RSI unable to propel it back up through $1.0800, making current trading look like a pause in a bigger downtrend with next potential support near $1.0710 then $1.0680 and $1.0655.

NZDUSD continues to climb up off of $0.6500 round number support while RSI suggests downward pressure starting to ease. Initial resistance possible near $0.6560 then $0.6620 and $0.6670 with next support near $0.6440.

AUDUSD continues to attract support above $0.7000 bouncing up from $0.7020 toward $0.7060 where it has been testing a broken trend support line as new resistance. On a breakout, $0.7120 or even $0.7170 could potentially be tested.

USDJPY has levelled off near 123.00 to digest recent gains and work off an overbought RSI. Resistance has emerged near 123.65. In a correction, a retest of the 121.80 breakout point appears possible.

EURJPY is consolidating between 131.50 and 133.50 in what appears to be another pause within an ongoing downtrend. RSI indicates downward momentum intact and a test of the 130.00 round number still possible on trend.

CADJPY remains well supported in the 92.50 to 93.00 range as it continues to form an ascending triangle base following a double bottom. Next upside resistance possible near 93.80 with support in place near 92.00.

USDSGD is starting to roll back down, falling under $1.4200 after peaking and forming a right shoulder of a head and shoulders top near $1.4250. RSI peaking below 70 another sign of a downturn. Next potential support at the 50-day average near $1.4080.


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