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Chart Signals - Thursday, Nov 19

Chart Signals - Thursday, Nov 19

Asia Pacific Indices

Australia 200 is breaking out of a short-term downtrend, retaining 5,145 and rallying toward 5,185 with next potential resistance near 5,200 then 5,235 a 23% retracement of the previous downtrend. RSI regaining 50 confirms an upswing underway.

Japan 225 has rallied up into a resistance zone in a Fibonacci cluster between 19,925 and 19,965 just below the 20,000 big round number. So far rising RSI confirms growing upward momentum but nearing overbought a pause may be needed in the near term.

Hong Kong 43 is sending mixed signals. While RSI keeps trending downward, the index has turned upward out of a bear trap dip under 22,000 up through 22,145 a Fibonacci level and on toward 22,280 with next resistance near 22,525.

India 50 is breaking down again, sinking back under 7,750 with next potential support in the 7,670 top 7,700 zone then near 7,515 the September low and a Fibonacci test. RSI confirms continued downward pressure.

North American and European Indices

US 30 found support at another higher low near 17,450 and has resumed its upswing rallying up through its 200-day average near 17,600 and on toward the 17,650 to 17,690 area. RSI regaining 50 confirms an upswing underway with next resistance possible near 17,850.

US NDAQ 100 has resumed its up trend, rising up off of higher support near 4,560 up through 4,600 and on toward 4,640. RSI confirms upturn in momentum. Next resistance possible near 4,685 then 4,740 on trend.

US SPX 500 has bounced back nicely, retaking 2,060 a Fibonacci level, and 50 on the RSI with next resistance possible near 2,082 then 2,115. Support rises toward 2,055.

Germany 30 has re-established a Fibonacci cluster near 10,855 as support once again and has been taking another run at 11,000 round number resistance with support rising toward 10,960 from 10,930. RSI bouncing up off 50 confirms upward momentum accelerating again.

UK 100 has bounced up toward the middle of a 6,050 to 6,500 trading range climbing today from 6,230 toward 6,270 with net resistance possible near 6,310. RSI still needs to regain 50 to call off the recent downtrend.


Gold continues to break down, taking out summer support near $1,070 to confirm the recent break of $1,085 a 50% retracement of the 2008-2011 advance and signal a new downleg underway that could retest the $1,000 big round number.

Crude Oil WTI continues to stabilize in the $40.00 to $42.00 range. RSI climbing up out of oversold territory suggests downward pressure easing for now but it still needs to break out to the upside to signal a recovery else this remains a pause within a wider downtrend with next potential support near $37.45.


US Dollar Index has paused near 99.60, just below the 100.00 big round number which it failed to overcome on its first attempt. A slightly overbought RSI and a small negative divergence suggests resistance could emerge near here with a correction possible.

EURUSD remains in a downtrend stuck below $1.0700 with next support near $1.0620 then $1.0575. RSI near oversold but we’re not seeing much enthusiasm for a bounce at this point.

NZDUSD successfully retested $0.6435 support and has started to rebound again, climbing back toward $0.6470 with next resistance near $0.6500 then $0.6580.

AUDUSD is currently bouncing around between $0.7070 and $0.7110 but remains in a downtrend of lower highs confirmed by RSI still stuck below 50. It needs to clear $0.7165 to signal an upturn. Next downside support near the $0.7000 round number.

USDJPY is bumping up against 123.50 trying to decide whether to break out or not. RSI confirms increasing upward momentum but nearing overbought territory. Next resistance on a breakout possible near 124.45 then 125.30 with downside support near 123.15 then 122.20.

EURJPY is trying to stabilize in the 131.25 to 131.75 range but it remains in a downtrend below $132.00 resistance with next downside support near 130.60 and 130.00 and next resistance near 132.60.

CADJPY has started to advance once again, rising from 92.40 toward 92.90 with next upside tests possible near 93.20 then 93.80. RSI bouncing off 50 and setting a higher low confirms upward momentum increasing.

USDSGD continues to struggle with $1.4250 resistance as it carves out the right shoulder of a head and shoulders top. RSI rollover confirms upward momentum weakening. Initial support near $1.4210 then $1.4155.

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