Asia Pacific Indices
Australia 200 keeps getting slammed, diving down through 5,145 and falling toward the 5,050 to 5,070 range below a Fibonacci level with next potential support at the 5,000 round number. RSI indicates downward pressure increasing.
Japan 225 shot up toward 19,700 before sliding back toward the 19,330 to 19,380 range just below a Fibonacci level with more support possible near 19,255. RSI suggests this may be a normal trading correction within an ongoing uptrend.
Hong Kong 43 has been knocked back from near 22,620 toward 22,500 within a wide 22,100 top 23,400 Fibonacci trading channel. RSI falling back under 50 confirms a downswing underway within this range.
India 50 looks like it may be washed out and starting to rebound, falling to test 7,750 then storming back up toward 7,930. RSI still pointing downward and the pair still needs to retake 8,000 to confirm an uptrend but a turn may be underway.
North American and European Indices
US 30 has dropped back into the 17,670 to 17,720 area from 17,920 with a correction getting underway to work off an overbought RSI in what looks like a pause within an ongoing uptrend above 17,595 support.
US NDAQ 100 has rolled back under 4,700 while RSI has gone back under 70 from overbought territory to indicate a deepening correction. Support has emerged in the 4,630 to 4,660 area with more possible near 4,600.
US SPX 500 continues to drop back falling toward 2,070 after confirming resistance falling toward 2,100 while RSI drops back toward 50 indicating upward momentum weakening and a downturn possible. Fibonacci support near 2,060 has been holding so far with more possible near 2,040.
Germany 30 has dropped back under 11,000 giving back all of Friday’s big rally and then some, taking out 17,855 Fibonacci cluster support as well. It’s currently testing 10,770 to determine if it remains in an uptrend with next potential support near 10,720 on a breakdown.
UK 100 is breaking down today, falling through the bottom of a former 6,300 to 6,500 sideways trading range with next potential support near 6,250 then 6,130. RSI breaking under 50 confirms the downturn in momentum.
Gold is finally finding some support above $1,085 after several days of declines. It has bounced back up toward $1,095 as it starts to work off an oversold RSI but it really needs to regain $1,100 to suggest this is any more than a dead cat bounce.
Crude Oil WTI remains in a downtrend with an early rally attempt proving to be false and the price diving down into the $43.60 to $43.80 range from a lower high near $45.00. RSI under 50 and falling confirms downward momentum growing. Channel and Fibonacci support near $43.00.
US Dollar Index has encountered some resistance near 99.50 with more possible at the 100.00 big round number. Today’s decline back toward 99.00 is small relative to Friday’s big rally up from 98.00 indicting underlying accumulation remains intact.
EURUSD has bounced up off of $1.0700 easing oversold RSI conditions but hasn’t really gotten very far, encountering resistance at a lower high near $1.0800. It really needs to clear $1.0840 top suggest this is any more than a trading bounce.
NZDUSD appears to be finding some support near $0.6500 where a round number and the 50-day average converge which would set a higher low of this holds. The pair has rebounded from $0.6520 toward $0.6545 with next resistance near $0.6565 and then $0.6625.
AUDUSD has confirmed recent breakdown points on the pair and the RSI as new resistance, particularly $0.7070. Initial support appears at the $0.7000 round number followed by $0.6935 and then $0.6900.
USDJPY’s big breakout rally ran out of gas near 123.50 and the pair has dropped toward the 123.00 to 123.15 area in normal backing and filling. RSI getting overbought also suggests a pause may be necessary. It remains in an uptrend above Friday’s 121.80 breakout point with next resistance closer to 125.00.
EURJPY has rallied up off of 131.50 support through 132.00 and out of a short term downtrend moving up into the 132.40 to 132.60 zone with next potential resistance near 134.65 where the 50 and 200-day averages cluster.
CADJPY has dropped back from near 93.20 toward 92.60 but it continues to form an ascending triangle base with RSI holding 50 to confirm uptrend momentum. Upside resistance possible enar 93.25 then 93.85.
USDSGD ran into resistance near $1.4260 and has dropped back toward $1.4210 in what appears to be the right shoulder of a head and shoulders top formation but rising RSI suggests upward momentum intact so signals a bit mixed at the moment.