Asia Pacific Indices
Australia 200 is trying to stabilize around 5,070 a Fibonacci level trading between 5,060 and 5,090. RSI, however, suggests more work needed to call off the current downtrend. Next support near the 5,000 round number with next resistance near 5,145 a prior support level.
Japan 225 keeps on advancing, rallying up from 19,380 Fibonacci support toward 19,680 with next potential resistance in the 19,900 to 20,000 zone near a Fibonacci cluster and a round number. Rising RSI confirms upward momentum increasing.
Hong Kong 43 is retreating within the lower half of its 22,140 to 23,420 Fibonacci trading channel, falling from near 22,340 to 22,220. RSI diving under 50 confirms downward pressure increasing once again.
India 50’s latest trading bounce didn’t get very far returning back toward 7,750 after resistance came in at another lower high near 7,850 way below the 8,000 breakdown point. Next support appears near 7,650 and with RSI getting oversold it’s approaching an area it could start to find some support.
North American and European Indices
US 30 has stabilized in the 17,660 to 17,730 area above its 200-day average near 17,590 with more support possible near 17,500. RSI rolling down from 50 confirms a trading correction underway. Resistance falls toward 17,780.
US NDAQ 100 is having an inside day, trading above yesterday’s correction low near 4,620 but not rebounding very much, having run into lower resistance near 4,665. Falling RSI confirms a correction underway that could retest 4,600 or even 4,570.
US SPX 500 is digesting yesterday’s drop trading near 2,075 above 2,060 Fibonacci support but below a lower high near 2,085. RSI testing 50 which could signal if this is a trading correction or the start of a deeper downturn.
Germany 30 continues to roll over, breaking below a Fibonacci cluster near 10,855 and then retesting it as new resistance. Support has come in for now near 10,700 but RSI confirms upward momentum weakening. Next potential support near 10,655 a prior low then the 10,490-10,500 zone.
UK 100 keeps retreating confirming yesterday’s breakdown below 6,300 and dropping toward the 6,250 to 6,280 area with next potential support near 6,200 then 6,150. RSI breaking under 50 confirms a downturn in momentum.
Gold continues to stabilize, attracting support in the $1,086 to $1,094 area while working off an oversold RSI but unable to retake $1,100 which it would need to clear to call off the current downtrend. A retest of the summer lows near $1,070 remains possible.
Crude Oil WTI has levelled off near $44.00 in a $43.80 to $44.30 range above $43.00 channel support with upside resistance in place near $45.00. RSI flattening also suggests downward momentum running out of steam.
US Dollar Index remains well supported above 99.00 although its uptrend has paused to digest recent rallies. Initial resistance near 99.40 then the 100.00 big round number.
EURUSD keeps trending lower with resistance falling toward $1.0720 while support falls toward $1.0680 with next potential support near $1.0665, $1.0630 then $1.0500. RSI oversold but confirms downward momentum still increasing.
NZDUSD has stabilized near $0.6500 round number support and its 50-day average, setting a higher low. RSI levelling off near 40 also suggests a potentially emerging uptrend. Initial resistance possible near $0.6550 then $0.6620.
AUDUSD has stabilized above $0.7000 round number support but a tepid rebound suggests this could be another pause in a bigger downtrend. Resistance remains in place near $0.7065 where the pair recently broke a trend support line. Next downside support possible in the $0.6900 to $0.6930 area.
USDJPY appears to be levelling off in the 123.00 to 123.50 range to digest its recent rally and work off an overbought RSI that has emerged lately.
EURJPY is trending sideways between 131.50 and 133.50 in what appears to be a pause within an ongoing distribution trend with a retest of 130.00 still possible on a breakdown.
CADJPY is bumping up against 93.00 and appears poised to break out of a cup with handle base consisting of two rounded bottoms, the second smaller and finding support at a higher level. RSI back above 50 confirms momentum turning upward. Next potential resistance near 93.80.
USDSGD continues to level off in the $1.4210 to $1.4240 area and appears to be forming the right shoulder of a head and shoulders top with next support near $1.4030.