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Chart Signals - Wed, Oct 28

Chart Signals - Wed, Oct 28

Asia Pacific Indices

Australia 200’s advance has stalled near 5,380 a 50% retracement of the previous downtrend while RSI suggests upward momentum levelling off. Initial support possible near 5,340 then 5,310.

Japan 225 continues to drop back in a normal trading correction, falling under 18,905 back toward 18,800 with next potential support near 18,700 a Fibonacci level. RSI slipping but confirms underlying uptrend intact for now.

Hong Kong 43 has dropped back to retest 23,000 as support after running into resistance near 23,415 in a common trading correction working off an overbought RSI with next support possible near 22,650.

Hong Kong China H continues to drop back from 11,000, falling into the 10.630 to 10,680 area in what looks like a normal trading correction within an uptrend. Fibonacci support in place near 10,390.

India 50 keeps rolling over, falling under 8,280 into the 8,230 to 8,250 area with next potential support near 8,190 and 8,080. RSI suggests upward momentum fading.

North American and European Indices

US 30 has slumped back from 17,600 toward 17,570 with next support possible near 17,550 then 17,500 in what appears to be a normal trading correction of an overbought RSI which otherwise confirms the underlying uptrend.

US NDAQ 100 is steady near 4,630 as it continues to level off in the 4,600 to 4,650 area for a pause below its July high near 4,685 to work off an overbought RSI.

US SPX 500 is trading within Friday’s range for a second day in a row trading between 2,060 and 2,085 as it digests last week’s big rally that pushed the RSI up into overbought territory.

Germany 30 has dropped back from 10,810 toward 10,700 with support in place near 10,685 and 10,660 as it consolidates recent gains after running into Fibonacci cluster resistance near 10,855.

UK 100 has slipped back under 6,400 toward 6,360 but remains in an uptrend above 6,310. RSI holding 50 suggests it appears so far to be a normal rest stop within an ongoing uptrend.


Gold has successfully retested $1,160 Fibonacci support again but continues to struggle with resistance at a lower high near $1,170. RSI drifting back toward 50 indicates upward momentum slowing. Potential support on a breakdown may appear in the $1,150 to $1,152 area.

Crude Oil WTI is breaking down today, taking out $43.00 former channel support which may emerge as new resistance. RSI under 50 and falling indicates downward pressure increasing. Although approaching RSI oversold a retest of $42.00 remains possible with next support near $41.30.


US Dollar Index failed to hold above 97.00 and has started to retreat again retesting 96.70 with next potential support in the 96.20 to 96.40 area.

EURUSD continues to attract support above $1.1000 and RSI suggests downward pressure starting to ease off but it still hasn’t been able to rebound very far, only up into the $1.1045 to $1.1080 area with resistance near $1.1111 and the 200-day average.

NZDUSD remains under accumulation as it continues to rise up off a higher low near $0.6730 toward $0.6780 with next resistance near $0.6855 then $0.6900. RSI holding well above 50 confirms underlying upward momentum intact.

AUDUSD continues to drift back in a normal trading correction but appears vulnerable. Currently testing $0.7200 with next potential support near $0.7150 but RSI is testing 50 which could end with confirmation of a broader uptrend or a downturn signal.

USDJPY has started on a new downswing after successfully retesting channel and 200-day moving average resistance near 121.00.  It has dropped to test the 50-day near 120.25 with next support near the 120.00 round number then 119.00.

EURJPY continues to decline, falling to test channel support near 132.00 while RSI under 50 and falling indicates downward momentum increasing. Next potential support on a breakdown near the $1.3000 round number. Upside resistance falls toward 133.10.

CADJPY is breaking down today, taking out 91.50 to signal the start of a downswing within its 88.80 to 93.20 trading channel. RSI falling under 50 confirms the downturn in momentum. Next potential support near the 90.00 round number.

USDSGD is sending mixed signals. It remains in a downtrend below $1.4000 currently trading near $1.3960 with next support near $1.3890 then $1.3840 and $1.3720. RSI however suggests downward pressure easing and an upturn possible.

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