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Chart Signals - Wed, Dec 2

Chart Signals - Wed, Dec 2

Asia Pacific Indices

Australia 200 has bounced back into the upper half of its current 5,145 to 5,385 trading range currently trading between 5,245 and 5,260. RSI holding 50 confirms underlying upward momentum intact.

Japan 225 continues to trend sideways in the 19,700 to 20,000 range currently trading in the 19,925 to 19,965 area between two Fibonacci levels. RSI confirms this looks like a pause within an ongoing uptrend.

Hong Kong 43 has an upswing underway within its broad 21,800 to 23,400 trading channel rallying up off of 22,145 Fibonacci support into the 22,380 to 22,450 area with next potential resistance on a breakout near 22,680 then 23,000. RSI retesting 50 where a breakout would confirm the upturn.

India 50 continues its rebound, climbing into the 7,920 to 7,960 area with next potential resistance near 8,000 then 8,080.  RSI regaining 50 confirms momentum turning upward.

North American and European Indices

US 30 is holding steady in the 17,770 to 17,860 range with more support near 17,720 and more resistance near 17,920 as it continues to trend sideways ahead of US payrolls later in the week.

US NDAQ 100 continues to struggle with 4,700 to 4,740 resistance but remains in an uptrend of higher lows above 4,655 with initial support rising toward 4,690 from 4,670. RSI steady above 50 confirms underlying uptrend still intact.

US SPX 500 is trading in the middle of a 2,080 to 2,100 range where it has paused for a rest. Next upside resistance near 2,115 then 2,135 with next support near 2,060.

Germany 30 has encountered some resistance near 11,435 a Fibonacci level and been knocked back into the 11,240 to 11,280 area above 11,215 Fibonacci support in a normal correction of an overbought RSI. A negative RSI divergence emerging suggests upward momentum slowing and a near-term consolidation possible.

UK 100 remains under accumulation, advancing on 6,400 with next resistance possible in the 6,490 to 6,500 area. RSI above 50 and rising confirms upward momentum increasing.

Commodities

Gold has bounced in a bid to correct and oversold RSI but gains have been contained to the $1,070 to $1,075 range with more resistance possible near $1.086 a Fibonacci level. Downside support appears near $1,060 then $1,052.

Crude Oil WTI is holding steady between $40.60 and $41.20 as it continues to consolidate in a $40.00 to $42.00 sideways channel.

FX

US Dollar Index has dipped back under the 100.00 round number having encountered resistance near 100.40 with more possible near 101.25. RSI near overbought and a negative divergence suggests the recent advance may be getting tired. Initial support possible near 99.75 then 99.40.

EURUSD has stabilized in the $1.0580 to $1.0630 area but needs to retake $1.0700 to suggest this is any more than another pause in an ongoing downtrend. Next support possible in the $1.0475 to $1.0500 area.

NZDUSD is breaking out of a saucer bottom today clearing $0.6620 on the pair and 50 on the RSI to signal an upturn with next potential resistance near $0.6730 then $0.6785. Support rises toward $0.6670.

AUDUSD is breaking out today, clearing $0.7290 and driving toward $0.7330 to signal the start of a  new upswing with next potential resistance near $0.7400 then the $0.7500 round number. RSI confirms upward momentum increasing.

USDJPY has dipped back under 123.00 toward 122.80 but more importantly, head and shoulders tops appear to be forming in both the pair and the RSI a sign the trend may be turning. Next support near 122.20 then 121.80.

EURJPY has picked up off of 130.00 support bouncing into the 130.30 to 130.80 area while easing an oversold RSI. A breakout from this range would signal a new upswing that could test 132.00. A failure would confirm the ongoing downtrend with next support near 127.50. .

CADJPY is steady just below 92.00 as it continues to trend sideways in a 91.50- to 93.50 channel. RSI dipping under 50 suggests momentum turning downward.

USDSGD continues to slide, dropping from $1.4110 toward $1.4060 with a retest of $1.4000 possible and next support after that near $1.3945 a prior low. RSI back under 50 confirms momentum turning downward.


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