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Chart Signals Tuesday 27 October

Chart Signals Tuesday 27 October

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

Asia Pacific Index Chart Signals 

Australia 200 smacked into resistance near 5,400 having completed a 50% retracement of its previous downtrend near 5,385. It has dropped back toward 5,350 in a common correction with more support possible near 5,315 a previous resistance level.

Japan 225 is bouncing around 19,000 in a normal pause to consolidate its recent big rally in the higher 18,900 to 19,170 area with next resistance at the 200-day average near 19,255.

Hong Kong 43 peeked above 23,415 Fibonacci resistance but was unable to sustain momentum and has fallen back in a normal correction to work off an overbought RSI. Support has come in near 23.050 with more possible near the 23,000 round number while resistance drops back into the 23,110 to 23,130 area.

Hong Kong China H has slipped back into the 10,710 to 10.760 area after running into resistance at the 11,000 round number. A consolidation at this point appears normal after recent gains pushed the RSI close to overbought territory. Fibonacci support in place near 10,390.

India 50 is coming off a bearish outside reversal day that saw it touch 8,365 and then break down through 8,280 and fall toward 8,255 with next potential support near 8,200. RSI suggests upward momentum stalling.

North American and European Index Chart Signals

US 30 successfully retested its 200-day average near 17,580 as new support and has resumed advancing, rallying back up toward 17,650 with next potential resistance near 17,850 near prior highs. RSI near overbought suggests it may need to digest recent gains at some point.

US NDAQ 100 is having an inside day, consolidating last week’s big gains and awaiting Apple’s news late Tuesday. It has paused to work off an overbought RSI with support rising toward 4,600 and next resistance possible near 4,645 then 4,685.

US SPX 500 is consolidating last week’s gains, working off an overbought RSI near 2,070 while holding 2,060 higher Fibonacci support indicating continued underlying interest. Next potential resistance near 2,080 then 2,100.

Germany 30 continues to struggle with resistance at a Fibonacci cluster between 10,844 and 10,855. With RSI overbought, it may need to pause or correct recent gains. Initial support appears near 10,760 then 10,660 with resistance falling toward 10,815.

UK 100 remains in an uptrend, confirming its 6,400 breakout point as new support and bouncing back up toward 6,450 with next potential resistance near 6,485 then 6,535 on trend, RSI confirms upward momentum intact.

Commodity Chart Signals

Gold is holding $1,160 Fibonacci support, a sign its underlying uptrend remains intact, but remains stuck below $1,170 as its current consolidation continues. Next resistance possible near $1,181 with next support near $1,151.

Crude Oil WTI has gone back into reverse again, falling back under $45.00 and dropping into the $43.60 to $44.00 range. RSI under 50 and falling indicates downward pressure growing and a retest of $43.00 channel support possible.

FX Chart Signals

US Dollar Index encountered resistance near 97.35 and has levelled off, holding above 97.00 while it digests recent gains. RSI confirms underlying uptrend still intact through this pause. Next upside resistance near 98.00 then a previous double top near 98.75.

EURUSD is holding above $1.1000 following a successful test of $1.1000 round number support but bouncing back up toward $1.1070 with next resistance at the 200-day average near $1.1120. Next potential support on a breakdown possible near $1.0965 then $1.0900.

NZDUSD remains in an uptrend with support moving up toward $0.6730 and the pair testing $0.6800 within a $0.6700 to $0.6900 trading channel. RSI holding near 70 suggests correction ending and underlying upward momentum still intact.

AUDUSD remains in an uptrend with a higher low near $0.7200 and 50 on the RSI both holding as support to keep its emerging uptrend going. Initial resistance appears near $0.7265 then $0.7305.

USDJPY has starting to fall back after 121.60 channel resistance held again. RSI suggests upward momentum breaking. Pair has dropped back into the 120.60 to 121.10 range with next support near the 120.00 round number.

EURJPY held support at the low end of its 133.00 to 137.00 trading channel, but its rebound has been contained by the 50-day average near 134.00. RSI under 50 indicates momentum turning downward with next potential support near 132.00.

CADJPY is stuck in neutral with the pair sitting on 92.00 and the RSI sitting on 50 as it trades in the 91.50 to 93.20 zone.

USDSGD seems to be seeing another trading bounce run out of gas with resistance dropping toward another lower high near $1.4000 while RSI failing short of 50 confirms downward momentum intact. Next support near $1.3900 then $1.3835.

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