The initial moves following the Brussels terrorist attacks quickly faded sparking significant intraday reversals. North American indices and crude oil remain in consolidation mode with the exception of the US NDAQ 100 which broke out to the upside today. A weakening JPY, meanwhile has taken the pressure off of Japanese exporters, igniting a rally in the Japan 225.
Asia Pacific Indices
Australia 200 is starting to climb again, rallying up from near 5,135 toward 5,175 with next upside tests near 5,185 then 5,230. RSI however suggests momentum still downshifting into neutral.
Japan 225 is climbing within its 16,460 to 17,300 trading channel rallying up from near 16,900 through 17,000 and on toward 17,100. Next upside resistance near 17.425 on a breakout. RSI holding 50 confirms underlying accumulation intact.
Hong Kong 50 is consolidating in the 20,460 to 20,860 range in what looks like a common pause within an ongoing recovery trend with next upside tests near 20,500 then the 21,000 round number.
India 50 remains under accumulation, rallying up from a higher low near 7,640 toward 7,720 with next potential resistance on trend near 7,755 then 7,815. RSI confirms upward momentum increasing.
North American and European Indices
US 30 has levelled off in the 17,620 to 17,650 area having rallied up off of 17,580 as it holds above 17,525 support and below 17,665 resistance while pausing to work off an overbought RSI.
US NDAQ 100 is breaking out today, clearing its 200-day average near 4,420 and advancing on 4,450 with next potential resistance near 4,500 a round number and Fibonacci test. RSI confirms upward momentum increasing.
US SPX 500 is testing the top of a 2,040 to 2,060 trading channel although an overbought RSI suggests it may need to digest recent gains in this range some more. If it does manage to breakout, next potential resistance may appear near 2,080 or 2,100.
Germany 30 fell from near 9,935 toward 9,970 earlier today but has gained it all back advancing on 10,000 with 10,100 resistance looming ahead.
UK 100 retested 6,100 earlier and has bounced back up into the 6,170 to 6,200 area with more resistance possible near 6,235. RSI indicates sideways trend continues.
Gold rallied early from near $1,240 toward $1,260 where it topped out at a lower high and then gave most of it up falling back toward $1,245. RSI sliding toward 50 indicates upward momentum weakening and a downturn pending.
Crude Oil WTI continues to struggle with $40.00 round number resistance with more possible near $40.75. RSI overbought indicates potential for a near term pause or correction after a big advance. Initial support possible near $39.70 then $39.25 and $38.30 the latter two Fibonacci levels.
US Dollar Index tested the top of an emerging 94.60 to 95.80 trading range (within last Thursday’s candle) but failed to break out and has dropped back toward 95.55 with next support near 95.00. upside resistance on a breakout possible near 96.00 then 96.25.
EURUSD remains in a slump, breaking down through $1.1255 and falling toward $1.1190 while resistance drops toward $1.1220. Next downside support possible near $1.1111 a Fibonacci test and round number.
NZDUSD continues to tumble back from the top toward the middle of its $0.6560 to $0-.6870 trading channel, falling from near $0.6770 toward $0.6735. RSI bouncing around 50 confirms sideways momentum.
AUDUSD has paused near $0.7600 to work off on overbought RSI. It appears to be consolidating recent gains in the $0.7540 to $0.7690 range.
USDCNH failed to break through 6.5000 on its first attempt but is holding above 6.4795 a Fibonacci level trading in the 6.4860 to 6,4940 range. RSI climbing toward 50 indicates downward momentum weakening.
USDJPY continue to rally up out of a triple bottom near 111.00 advancing from near 111.70 toward 112.50 with next potential resistance near 113.00 the middle of a broad 111.00 to 115.00 channel. RSI indicates downward pressure fading.
EURJPY found some support near 124.60 and has bounce back up toward 126.20. RSI sitting on 50 suggests we could see a trading range emerge between those two levels with next resistance near 127.25 and next support near 124.00.
CADJPY is testing the top of its 84.55 to 86.25 trading channel and 60 on the RSI. Breakouts above these levels would signal a new upleg starting with next resistance near 87.90 another Fibonacci test while failures would confirm the current sideways trend continues.
USDSGD continues its trading bounce up off of $1.3475 trading into the $1.3600 to $1.3630 area. RSI suggests downward pressure levelling off. Next resistance near $1.3700.
USDCAD traded up toward $1.3140 where it ran into resistance and has dropped back toward $1.3050 with next support closer to $1.3000. This action suggests that the pair may work off oversold RSI conditions through a sideways pause rather than a big upward retrenchment.