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Chart Signals - Thursday, Nov 5

Chart Signals - Thursday, Nov 5

Asia Pacific Indices

Australia 200 ran into resistance at a lower high near 5,310 and has slumped back into the 5,235 to 5,245 area. RSI holding 50 for now indicating uptrend intact but a failure would signal a downturn with next support near 5,200.

Japan 225 successfully retested 19,000 as new higher support keeping its uptrend intact and has bounced back up toward 19,110 with next resistance in place near 19,190. RSI indicates steady upward momentum.

Hong Kong 43 has rallied back up through 23,000 into the 23,160 to 23,206 range with channel and Fibonacci resistance possible near 23,415. RSI indicates upward momentum building again.

India 50 continues to crumble, falling back under 8,080 from a lower high and dropping toward 8.025. the 8,000 round number has held so far but if that fails, 7,980 or 7,900 could be retested. RSI under 50 indicates momentum turning downward.

North American and European Indices

US 30 was knocked back toward the 17,830 to 17,880 range after an early run at 18,000 ran into resistance could hold in the short term with RSI getting overbought.

US NDAQ 100 has levelled off in the 4,700 to 4,740 range, where it has started to consolidate recent gains and work off an overbought RSI. The 4,685 breakout point emerges as new support.

US SPX 500 has paused near 2,105 for now. A run at its July high near 2,135 remains possible if initial resistance near 2,115 can be overcome which may be difficult with RSI overbought. Support has moved up toward 2,100 as uptrend continues.

Germany 30 has encountered some round number resistance near 11,000 not a surprise considering RSI overbought, but it remains well supported, around a Fibonacci cluster near 10,855 currently trading between 10,810 and 10,860.

UK 100 is starting to pick up again, climbing toward the top of its 6,300 to 6,500 trading range moving up from 6,390 toward 6,460. RSI holding 50 confirms underlying uptrend remains intact.


Gold remains under heavy pressure, failing to level off in the $1,116 to $1,120 area, breaking former uptrend support to signal an downturn and falling toward $1,110 with next support possible in the $1,100 to $1,105 area near prior lows.

Crude Oil WTI took a run at resistance near $48.00 and  was pounded right back down through $46.60 its previous breakout point and on toward $46.00 in a big trading correction. RSI holding 50 indicates sideways trend continues.


US Dollar Index keeps on climbing toward the top of its 96.50 to 98.00 trading channel, recently advancing from near 97.40 to 97.70 while RSI indicates upward momentum steady.

EURUSD keeps trending lower, taking out $1.0900with next support possible near $1.0815 a July low with resistance falling toward $1.0965. RSI confirms downward momentum still increasing.

NZDUSD has stabilized in the $0.6570 to $0.6600 range after getting slammed down from $0.6720 on yesterday’s employment news. RSI under 50 confirms a downturn in momentum with a retest of $0.6500 or $0.6415 possible.

AUDUSD is sending mixed signals. It ran into resistance near $0.7215 but has found support at a higher low near $0.7140 a positive sign but RSI faltering near 50 suggests broader downtrend intact, a bearish sign. .

USDJPY is breaking out today, clearing 121.50 to signal the start of a new upleg, confirmed by a pickup in RSI up off of 50. Next potential resistance near 122.30 then 123.15.

EURJPY is clinging to channel support near 132.00 where a break would signal the start of a new downleg which could test 130.90 or even 130.00. Initial resistance falls toward 132.80.

CADJPY has been knocked back toward the 92.10 to 92.40 area after running into a wall of resistance near 93.00. A falling WTI didn’t help CAD either. 91.50 remains key support.

USDSGD has popped back up over $1.4000 while RSI has regained 50 after bouncing up off a higher low near $1.3940 to test its 50-day average near $1.4070 once again.

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