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Chart Signals - Tuesday, Oct 20

Chart Signals - Tuesday, Oct 20

Asia Pacific Indices

Australia 200 keeps trending higher with support rising toward 5,240 a Fibonacci level on a successful retest. RSI holding above 50 confirms uptrend intact with resistance near 5,260 then 5,300 and 5,385 on trend.

Japan 225 is steady near 18,210 a Fibonacci level while continuing to form a head and shoulders base below 18,430. More support in place near 18,000. RSI on 50 suggests an upturn in momentum pending.

Hong Kong 43 is bumping up against 23,000 as it continues to rally up out of a base. RSI overbought means it may need to pause in the short term but its underlying recovery trend remains intact above 22,790 with next resistance near 23,415 a Fibonacci level.

Hong Kong China H is consolidating recent gains in the 10,640 to 10,700 range with next potential resistance near 10,750 then 11,000. RSI indicates upward momentum still accelerating.

India 50 continues to trend higher with a rising RSI confirming a rising index. It has run into resistance near 8,280 a Fibonacci level for now with its next test near 8,320 the bottom of an old gap, while support rises toward 8,200 from 8,120.

North American and European Indices

US 30 has run into resistance near 17,195 a Fibonacci level and has levelled off in the 17,140 to 17,220 range to consolidate the rebound gains made earlier this month. RSI suggests upward momentum levelling off but underlying uptrend intact.

US NDAQ 100 has been knocked back a bit, falling toward 4,440 after failing to overcome Fibonacci resistance near 4,455. Round number and 200-day average support near 4,400 remains intact.

US SPX 500 has been retesting 2,025 support in normal backing and filling after a rally ran out of steam near 2,040 and old broken support level. Initial support possible near 2,105 a Fibonacci level then the 2,000 round number.

Germany 30 is bouncing around between 10,120 and 10,170 today around its 50-day average while continuing to attract support above 10,145 a Fibonacci level and 50 on the RSI. Next upside resistance possible near 10,205 a prior high.

UK 100 is still struggling with 6,400 resistance having slipped back toward 6,340 today but it continues to consolidate a breakout in the 6,250 to 6,450 area.

Commodities

Gold continues to drop back from $1,188 Fibonacci resistance as it consolidates a big breakout rally it staged recently. Support has emerged at a higher level near $1,170 with more possible near $1,160 a Fibonacci test. Initial resistance drops toward $1,174.

Crude Oil WTI has a downswing underway within its $43.00 to $50.00 trading range. It has dropped back under $46.60 a Fibonacci level from a lower high near $47.30 with next support near $45.90 then $45.00. RSI slipping under 50 suggests momentum may be turning downward.

FX

US Dollar Index has bounced up off of 94.00 but has been unable to retake 95.00 suggesting a lack of enthusiasm confirmed by RSI remaining well short of 50.

NZDUSD has gone into a holding pattern, trading near $0.6820 within an emerging $0.6730 to $0.6900 trading range while it works off an overbought RSI and digests recent gains.

AUDNZD is bouncing around between $1.0655 and $1.0675 below its 200-day avg near $1.0775. This appears to be a pause within a larger downtrend to work off an oversold RSI. Next support on trend near $1.0590.

AUDUSD is bouncing around $0.7260 as it consolidates a recent breakout rally in the $0.7200 to $0.7400 range. RSI falling back toward 50 indicates upward momentum slowing for now.

USDJPY continues to drift lower with resistance falling toward 119.60 and the pair slipping toward 119.40 with more support near 119.00 then 118.60. RSI still under 50 and a death cross of the 50 and 200-day averages indicates a downtrend emerging.

EURUSD is testing $1.1300 Fibonacci support that has been holding so far with resistance near $1.1440 and $1.1480. It continues to form an ascending triangle pattern above $1.1245.

EURJPY is holding steady just above 135.00 while RSI sitting on 50 confirms sideways momentum as it continues to trend sideways between 133.00 and 137.00 with a symmetrical triangle forming.

CADJPY has dropped back under 92.00 toward a test of 91.50 while RSI has been drifting back toward a test of 50. A break of either would cause the current recovery trend to fail and set up a potential retest of 90.00 a round number and a broken downtrend line.

USDCAD continues to bounce up off of $1.2850 with support climbing toward the $1.2940-$1.2960 range. It remains in a downtrend below $1.3100, but has regained the $1.3000 round number.

USDSGD has staged a trading bounce up off of $1.3720 but appears to be running out of gas near $1.3890 with a successful retest of a previous support level and breakdown point


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