Asia Pacific Indices
Australia 200’s selloff appears to be subsiding with support coming in near 5,220 and the index bouncing back toward 5,260, regaining 5,245 a Fibonacci level along the way. Initia upside tests appear near 5,272 then 5,292.
Japan 225 has a moderate trading bounce underway, rising toward 18,310 from 18,110 where it completed a short term double bottom. A lot of technical damage was done by the selloff though. It needs to retake the Dec low near 18,510 to call off the current downleg.
Hong Kong 43 is retesting the 21,000 round number, which could end in a double bottom or the start of a new downleg with next potential support possible near 20,685 then 20,400. Initial resistance possible near 21,125 then 21,275.
India 50 has stabilized near 7,750 support for now, having plunged down from 7,930. RSI falling under 50 signals a downturn but if it does manage to rebound initial resistance may appear near 7,810 or 7,850. Next downside support possible near 7,515 a Fibonacci level.
North American and European Indices
US 30 appears to be washed out for now having completed a bear trap dip below 17,000 and bouncing back above 17,100. Initial rebound resistance has emerged near 17,195 a Fibonacci test that needs to be passed to call off the current downswing.
US NDAQ 100 had been pounded back down under 4,500 but has rebounded toward 4,520 after support emerged near 4,440 and a Fibonacci level near 4,455. Initial resistance drops toward 4,530 from 4,550.
US SPX 500 has started to turn upward once again climbing out of a bear trap bottom that briefly took out 2,000 support but failed to remain below that round number. Having regained 2,014, next potential resistance appears in the 2,025 to 2,030 area.
Germany 30 has a trading bounce underway having found support near 10,250 after a freefall down from near 10,850 to start the week. Support has moved up toward 10,340 from 10,290 with next resistance possible near 10,370 then 10,480 both Fibonacci levels.
UK 100 has bounced up off of 6,070 confirming 6,000 support and rallied back up through 6,130 a Fibonacci level and on toward 6,150 with next potential rebound resistance near 6,190.
Gold appears to have completed the right shoulder of a head and shoulders base rallying up from $1,070 toward another retest of $1,086 neckline resistance. A double bottom near $1,050 forms the head. RSI bumping up against 50 where a breakout would confirm an upturn.
Crude Oil WTI faltered near $37.60 short of $38.25 Fibonacci test and slumped back into the $35.60 to $36.20 area, while RSI remains stuck below 50 indicating continued resistance to a rebound.
US Dollar Index once again failed to hold above 99.00 and is trading near the middle of a 97.80 to 99.20 channel. The index still stuck below 100.00 and the RSI still stuck below 50 suggest a big top may be forming.
EURUSD continues to consolidate last month’s breakout rally in the $1.0800 to $1.1000 range. RSI holding 50 confirms upward momentum building. Today the pair has been trading between $1.0890 and $1.0940 having bounced up off its 50-day average near $1.0835.
NZDUSD has stabilized near $0.6730 a significant support/resistance level and appears to be settling in to the $0.6720 to $0.6770 area following a drop back from $0.6870. It remains in an uptrend above its 50-day average near $0.6665.
AUDUSD held support near $0.7150 and has rebounded to retest its 50-day average near $0.7200 with next resistance near $0.7250. It remains in an uptr4end above $0.7130.
USDCNH is breaking out today, clearing 6.6000 and advancing on 6.6300. Measured moves from recent trading ranges suggest 6.7000 or 6.9000 could be challenged in time although it may need to work off an overbought RSI in the near term.
USDJPY has a bounce underway up off of 118.70 where it found some support back up toward the 119.30 to 119.50 area in what appears to be a retest of the 120.00 round number as new lower resistance. RSI confirms downward momentum still growing.
EURJPY has clawed back some of yesterday’s losses bouncing toward 129.50 from 128.70 but more importantly it remains in a downtrend below yesterday’s 130.00 breakdown point.
CADJPY is trading between 85.20 and 86.00 consolidating yesterday’s losses. RSI remains oversold so it could trend sideways or rebound further with next potential resistance near 86.25 then 87.50 the prior trading range with more support near 85.00.
USDSGD has once again challenged resistance in the $1.4260 to $1.4300 area and failed to get through for now sliding back toward $1.4230 with next support near $1.4155. Rising RSI, however, suggests the current upswing may not be done yet.