The US Dollar Index has a major breakout underway today clearing the 100.00 level for the index and totally soaring against JPY. Overbought RSIs for several USD pairs and other signs of topping suggest that USD could be getting close to a buying climax. The higher Dollar has started to drag on the advances of US indices, particularly NDAQ.
Asia Pacific Indices
Australia 200 has turned back downward again after its latest rally peaked at a lower high near 5,400 for the index confirmed by a failure at 50 on the RSI. The index is back under its 50 day average near 5,370 trading near 5,325 with next potential support at its 200-day near 5,285.
Japan 225 continues to climb rallying up off 14,425 Fibonacci support and advancing into the 17,620 to 17,720 range. Rising RSI confirms upward momentum increasing. Next potential resistance ear 17,720 then 17,795.
Hong Kong 50 has stabilized near 22,250 above potential support near 22,130 a Fibonacci level and the 22,000 round number. RSI near oversold suggests potential for a pause or bounce with initial resistance near 22,315 then 22,410.
North American and European Indices
US 30 continues to rally to new all-time highs advancing on the 19,000 round number. Some resistance has emerged near 19,960 and the pair has dropped back toward the 18,850 to 18,900 zone in a trading correction of an overbought RSI. Next support possible near 18,730 and the recent breakout point.
US NDAQ 100 broke 4,740 support falling into the 4,680 to 4,720. RSI back under 50 confirms a downswing underway with next potential support near 4,625 then the 200-day average near 4,560.
US SPX 500 continues to attract support above its 50-day average near 2,145 but upward momentum appears to be pausing short of 2,195 resistance with the index recently trading between 2,155 and 2,175.
UK 100 keeps drifting back downward with RSI under 50 indicating distribution. Resistance drops toward 6,925 toward 6,810 then 6,750 with support near 6,740 then 6,660 and 6,600.
Germany 30 continues to struggle with resistance near the top of tis 10,000 to 10,880 trading channel. RSI topping out near 60 confirms its sideways trend remains intact. The index has dropped back from near 10,800 toward the 10,680 to 10,720 area with next potential support near 10,535 and the 50-day average.
Gold may be starting to bottom out. The price plunged down to a new low on trend but this was not confirmed by the RSI, setting up a positive divergence, a sign of slowing downward momentum. The price has also bounced up off $1,210 Fibonacci support toward $1,228 in what looked like a potential bull trap bottom but it has since fallen back under $1,220.
Crude Oil WTI broke down again, taking out $43.00 and its 200-day average, diving toward the $42.50 to $42.80 area b ty then turned back upward rallying toward $43.60 in what could be a bear trap washout. Next resistance near $44.60 with next potential support near $41.55. RSI suggests downward pressure starting to level off.
Copper has stabilized following a big correction, bouncing up off $2.46 having completed a 38% retracement of its recent rally and bouncing back up into the $2.52 to $2.57 area with next potential resistance near $2.60 then $2.73. RSI still really overbought so the price may remain volatile.
US Dollar Index is breaking out over 100.00 round number having cleared 99.00 which may become initial support. RSI nearing overbought again and a negative divergence suggests upward momentum slowing and a pause or correction possible with the potential for more resistance looming near 100.55 and measured resistance near 101.00.
EURUSD is breaking down again today, taking out $1.0850 to fall to a new low on trend, diving toward the $1.0710 to $1.0760 area. RSI near oversold and a positive divergence emerging suggests potential for a pause or upward correction.
GBPUSD remains under accumulation with the pair resuming its uptrend following a trading correction back toward $1.2460 with rising RSI confirming rising upward momentum. The pair has regained $1.2500 with net potential resistance near $1.2540 then the $1.2655 to $1.2675 between the 50-day average and a 23% Fibonacci retracement.
NZDUSD remains under pressure with the pair dropping into the $0.7070 to $0.7110 zone with next potential support in the $0.7000 to $0.7025 area where a 50% Fibonacci retracement, round number and the 200-day average cluster.
AUDUSD is in limbo having broken an uptrend line near $0.7580 but holding above its 200-day average and the $0.7500 round number. The direction it moves out of this range could set the trend with next support near $0.7390 and next resistance near $0.7600 and the 50-day average.
USDSGD is reaching up toward $1.4200 but with RSI getting really overbought it appears vulnerable to a correction. The pair has slipped into the $1.4150 to $1.4180 area with next potential support near $1.4065.
USDJPY is breaking out again today blasting through 107.00 confirming it has cleared its 200-day average and rallying into the 108.00 to 108.50 area with next potential resistance near 109.05 a Fibonacci level. RSI getting overbought so a correction possible.
GBPJPY is breaking out again today, clearing the 135.00 round number and advancing on 135.40 with support rising toward 134.80 and next potential resistance near 138.10 a Fibonacci level RSI getting overbought suggests potential for a correction.
EURJPY appears to be trying to break out, trading above 116.00 a former channel resistance and advancing on 116.40 with next potential resistance near 117.10 then 118.35 a Fibonacci level. RSI confirms uptrend.
USDCAD peeked above $1.3570 testing $1.3590 before dropping back toward $1.3560 in a possible bull trap peak. Initial pullback support possible near $1.3480 then $1.3420.
USDMXN continues to trend upward, trading in the 20.70 to 21.10 area with next resistance possible near 21.40. Overbought RSI suggests potential for a pause or a trading correction.