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Chart Signals - Tuesday 22 December

Chart Signals - Tuesday 22 December

Here are today’s chart signals covering index, forex and commodity markets.

 Asia Pacific Index Chart Signals

Australia 200 has run into some resistance near 5,150 and has slumped back toward 5,110 in what looks like normal backing and filling after a rally up off of 4,865. Support in place near 5,070 a Fibonacci level, then 5,000.

Japan 225 has stabilized near 18,825 near the bottom of its previous day’s range. RSI sending mixed momentum signals with a higher low offsetting a reading still below 50. Next potential support near 18,620 then 18,490 with resistance near 19,000 on a rebound.

Hong Kong 43 is holding steady in the 21,820 to 21,890 area with a small head and shoulders base forming. RSI testing 50 where a breakout would confirm an upturn in momentum with next resistance near 22,000 then 22,145 a Fibonacci level.

India 50 continues to rebound, rallying up off of 7,750 back above 7,800 with next resistance possible near 7,840 then the 8,000 round number. RSI testing 50 where a breakout would confirm an upturn.

North American and European Index Chart Signals

US 30 successfully retested 17,100 support and has rallied toward 17,230 with support rising to the 17,160 to 17,195 zone and next upside resistance near 17,275 then 17,490.

US NDAQ 100 is climbing up off of support at a higher low near 4,520 trading near 4,550 with next potential support near 4,600. RSI holding above 40 indicates underlying uptrend intact.

US SPX 500 continues to attract support above the 2,000 round number while a higher low in the RSI indicates downward pressure fading. The index has regained 2,104 a Fibonacci level and moved on toward 2,024 with next potential resistance near 2,040 then 2,060.

Germany 30 started out rally mode today, climbing up off of 10,500 toward 10,800 but then fell back under 10,655 an on into the 10,470 to 10,540 area. RSI failing to retake 50 a definite setback.

UK 100 continues to attract support above 6,000 bouncing back around between 6,100 and 6,110 with initial resistance near 6,060. RSI indicates downward pressure easing and an upturn pending.

Commodity Chart Signals

Gold is attracting renewed interest, rallying up off of $1,067 toward $1,079-$1.081 near the top of a wider $1,050 to $1,086 channel with next potential resistance near $1,200. RSI suggests an upturn pending but not quite there yet.

Crude Oil WTI is hanging around $34.20 still trying to decide whether to break down or rally. A drop below $34.00 would signal a new downleg with next support possible near $32.40. A positive RSI divergence however suggests downward pressure weakening and a rebound possible back toward $34.70 or $35.00 initially.

FX Chart Signals

US Dollar Index is hovering near the middle of a 98.00 to 100.00 trading range. A top still appears to be forming with the index stuck below the century mark and the RSI stuck below 50.

EURUSD continues to consolidate recent gains trading above $1.0800 old resistance which has become new support moving back up into the $1.0910 to $1.0940 area with next resistance near $1.0970. RSI bouncing up off of 50 confirms underlying uptrend.

NZDUSD continue to form an ascending triangle base with $0.6730 emerging as higher support following a breakout with next potential resistance near $0.6780 then $0.6870 and its 200-day average. RSI holding 50 confirms upward momentum.

AUDUSD has bounced up off of trend support near $0.7090 keeping an ascending triangle base building and has moved back up into the $0.7170 to $0.7200 zone with next resistance possible near $0.7285.

USDCNH is sending mixed signals. It remains in an uptrend above a higher low near 6.5490  with upside resistance near 6.5550 then 6.5723 but overbought RSI suggests a correction possibly back toward 6.5265 or even 6.5130 channel support.

USDJPY has resumed its downtrend, falling into the 120.90 to 121.25 range with next potential support near the 120.00 round number then 119.00. RSI faltering at 50 and turning back down confirms accelerating downward momentum.

EURJPY is having an inside day near 132.00 digesting recent losses but the downward breaks of 132.50 and 50 on the RSI have already signalled the start of a new downswing within a broad falling channel with next support near 130.95 then 130.00.

CADJPY has found some support near 86.40 and bounced back toward 86.80 tying to ease an oversold RSI but it continues to face resistance near 87.10 then 87.40.

USDSGD remains in a sideways trend between $1.3930 and $1.4230 recently dropping back from $1.4120 toward the $1.4070 to $1.490 area with next potential support near the $1.4000 round number.

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