Asia Pacific Indices
Australia 200 remains under pressure, drifting down into the 4,860 to 4,920 area after retesting 4,980 as new lower resistance with more possible at the 5,000 round number. Next downside support possible near 4,845 then 4,790.
Japan 225 found some support near 18,550 and has rallied back up toward 18,740 a Fibonacci level with next resistance possible near 18,760 then 18,850 and 18,905. RSI suggests downtrend intact though with next downside support near 18,430.
Hong Kong 43 has bounced up off of 21,000 easing oversold conditions but an initial pop up toward 21,350 was short lived with the index drifting back toward 21,100. It needs to retake 21,550 a recent breakdown point to call off the current downtrend.
India 50 appears to have completed a double bottom, climbing up off of a successful retest of 7,515 toward 7,660 while support rises toward 7,580. RSI suggests downward pressure starting to ease. Next resistance near 7,700 then 7,750 and 7,840.
North American and European Indices
US 30 has been swinging back and forth between 17,180 and 17,400 and appears to be moving into a trading channel between 17,195 and 17,355 two Fibonacci levels. RSI still falling, however, suggests a retest of 17,000 remains possible.
US NDAQ 100 keeps rolling down from a double top, with its 50-day average near 4,580 being tested as resistance and confirming a breakdown. A bear trap dip under and then back above 4,500 suggests it may be washed out but there’s still technical work to be done.
US SPX 500 has stabilized near 2,014 a Fibonacci level following a brief dip below 2,000 round number which may be a bear trap reversal. RSI near oversold but confirming downward pressure intact for now.
Germany 30 is breaking down again today after failing to hold near 10,370 a Fibonacci level. The index has fallen back toward 10,200 while RSI indicates downward pressure increasing. Next potential support appears near 10,045 a Fibonacci level then the 10,000 round number.
UK 100 remains in a downtrend with the 6,000 round number emerging as lower resistance following a breakdown. Current support appears near 5,940 followed by 5,855.
Gold is bouncing around between $1,064 and $1,076 within a wider $1,050 to $1,1086 trading channel. RSI rolling down after failing to break 50 suggests this could be a pause within an ongoing downtrend.
Crude Oil WTI has a big bullish turnaround underway today. It fell below its 2008 low near $35.00 briefly but then rallied in what may be a bear trap reversal with a key reversal day possible. Oversold RSI suggests a trading bounce possible with intial resistance near $36.30 then $36.80 and $37.30.
US Dollar Index is still hanging around between 97.00 and 98.00 with RSI under 50 suggesting this may be a pause within an emerging downtrend with next potential support near 96.45 and next resistance near 98.45.
EURUSD is bouncing around between and its 200-day average near $1,030 with next potential resistance on a breakout near the $1.1111 round number. Rising RSI indicates increasing upward momentum.
NZDUSD keeps working its way higher moving back above $0.6730 with resistance near $0.6790 then a big test near $0.6900 where the 200-day and October high converge. RSI above 50 and rising confirms growing upward momentum.
AUDUSD has bounced up off a higher low near $0.7165 and is holding 50 on the RSI to keep its uptrend and ascending triangle intact with next resistance near $0.7335 then $0.7400.
USDJPY continues to turn downward, with resistance falling toward 121.30 while support declines toward 120.40 followed by the 120.00 round number. RSI under 50 and sinking confirms growing downward pressure.
EURJPY has stabilized in the 132.40 to 133.20 area, while RSI holding 50 suggests underlying upswing intact. Next resistance near 134.15 but if it keeps trending downward, 132.00 or 131.00 could be tested.
CADJPY has levelled off in the 87.50 to 99.50 above its August low near 87.00. Oversold RSI suggests a trading bounce possible but it would need to retake 88.80 to call off its current downtrend.
USDSGD keeps slowly dropping away from a triple top falling today from $1.4130 toward the $1.4070 to $1.4085 area with next potential support near $1.4000.