Here's today's wrap and chart signals
Asia Pacific Index Chart Signals
Australia 200 is consolidating recent gains in the 5,500 to 5,555 area. RSI levelling off well above 50 suggests upward momentum pausing for now. Next support on a downturn near 5,430.
Japan 225 has tumbled back under 17,000 after peaking near 17,440. RSI falling back under 70 from overbought indicates a trading correction getting underway. Initial Fibonacci support near 16,690 a 23% retracement of the recent advance has held so far with next support after that near 16,400 a previous high.
Hong Kong 43 continues to consolidate recent gains in the 23,700 to 24,110 range, well above its recent 23,490 breakout point. RSI stable above to suggests a normal consolidation within an emerging uptrend.
US Index Chart Signals
US 30 has rolled back toward its September high near 17,360 indicating the recent breakout rally up to 17,440 has failed and a correction may be starting. Initial support possible near 17,180 a support/resistance level then the 17,000 round number.
SPX 500 continues to struggle with 2,020 while a lower high for the RSI, a negative divergence and an overbought reading all suggest the recent rally may be nearing exhaustion. Initial support possible near 2,000 then 1,965 near the 50-day average.
NDAQ 100 has paused near 4,150 to consolidate its recent breakout after running into resistance near 4,180. A negative RSI divergence suggests upward momentum slowing. Initial support near 4,045 then the 4,000 round number.
UK and European Index Chart Signals
UK 100 is falling back again, taking out 6,500 as ti continues to fall away from 6,560 resistance. Next Fibonacci support near 6,400. RSI suggests momentum starting to go sideways.
Germany 30 faltered near 9,300 where its 50-day average and a Fibonacci level and has resumed its downtrend form a lower high, filling in a recent gap. Next potential support tests near 9.065 then the 9.000 round number.
Commodity Chart Signals
Gold continues to find support above $1,160 as it pauses to work off an oversold RSI. Initial upside resistance possible near $1,175 then $1,184.
Crude Oil WTI appears to be finding some support near $77.00 after getting smashed down through $80.00 which may now emerge as new resistance. Next measured support near $76.00. RSI oversold and a positive divergence emerging suggests potential for a pause or rebound in the near term.
FX Chart Signals
US Dollar Index is consolidating yesterday’s breakout over 87.00 which has emerged as new higher support. Upside resistance possible near 87.50 then a measured 89.30, but RSI near overbought suggests some backing and filling may be needed in short term.
NZDUSD continues to hold $0.7700 support for now, bouncing back up toward $0.7780 with upside resistance near $0.7800 then $0.7920. RSI stable just below 50 suggests downward pressure easing.
AUDUSD successfully retested $0.6840 support and appears to have completed a double bottom. Initial resistance on a rebound appears near $0.8760 then $0.8840 a Fibonacci level. RSI holding 40 suggests downward pressure weakening.
USDJPY is having an inside day, consolidating yesterday’s breakout rally in the 113.10 to 114.00 range. RSI overbought so a trading correction possible with initial support near 112.60 then the 110.25 breakout point.
EURJPY is overbought on the RSI and bumping into resistance at 142.60, near a Fibonacci level. While at risk of a correction, it remains well above its 141.20 breakout point with support near 141.70. Next resistance on a breakout near 143.75.