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Chart Signals - Weds, Dec 16

Chart Signals - Weds, Dec 16

Asia Pacific Indices

Australia 200 has stabilized above 4,900 bouncing into the 4,940 to 4,970 range, but it still needs to regain 5,000 to signal an upturn. Next resistance near 5,070 if successful.

Japan 225 has stabilized in the 18,500 to 19,000 zone with RSI suggesting downward pressure levelling off. It has bounced up through 17,740 toward 18,905 a Fibonacci test. Next upside resistance on a breakout near 19,300.

Hong Kong 43 has a trading bounce underway up off of 21,000 a higher low, easing oversold conditions. Support has moved up toward 21,500 from 21,350 with next potential resistance near 21,565 then 21,850.

India 50 has successfully retested 7,515 support completing a double bottom, currently trading in the 7,610 to 7,690 area with next resistance possible near 7,750.

North American and European Indices

US 30 is starting to trend higher again, having found support near 17,100 it has advanced into the 17,500 to 17,625 zone with support rising into the 17,160 to 17,400 area. RSI needs to retake 50 to confirm an upturn with next resistance near 17,740.

US NDAQ 100 has resumed its uptrend following a bear trap dip below 4,500 Monday. Support has moved up toward 4,570-4,590 with resistance near 4,635 then 4,685.

US SPX 500 completed a bear trap reversal around 2,000 yesterday and has been on the rebound, climbing from near 2,020 through 2,040 which has become support again and on toward 2,055 with net tests near 2,060 then 2,085. RSI suggests downward pressure easing.

Germany 30 found support near 10,100 climbed through 10,365 a Fibonacci level and advanced into the 10,420 to 10,490 area with support rising toward 10,315 from 10,225 and next resistance near 10,600.

UK 100 has bounced back up from 5,920 through 6,000 and on toward 6,040 with next potential resistance near 6,085. RSI bouncing off 30 suggests a trading bounce starting.


Gold is testing the bottom of a $1,060 to $1,086 trading range with resistance falling toward $1,068. RSI failing at 50 and rolling over suggests downtrend resuming after a pause. Next potential support in the $1.045 to $1,050 area with a retest of $1,000 still possible.

Crude Oil WTI continues to turn around following yesterday’s bear trap reversal, with support rising toward $36.00 from $35.00. RSI back above 30 confirms downward pressure easing and a bounce underway. Initial resistance has emerged near $37.40 with more possible near $38.25 a 23% retracement of the downtrend from August. Recently stabilizing around $36.85.


US Dollar Index is falling again within an 97.00 to 98.00 trading channel which appears to be a pause within an emerging downtrend. RSI under 50 and falling confirms downward momentum increasing.

EURUSD has slipped back under $1.1000 after briefly peeking above its 200-day average near $1.1030. It took out $1.0965 a Fibonacci level on its way toward $1.0910 with more support possible near $1.0875 then $1.0800.

NZDUSD has retested $0.6730 as higher support and advanced on $0.6770 with next potential resistance near $0.6825 then $0.6900 the October high and 200-day average. RSI confirms upward momentum intact.

AUDUSD continues to form an ascending triangle base with support rising toward $0.7160. Currently trading near $0.7200 with next resistance near $0.7240. RSI dipping back under 50, however, suggests momentum may be turning downward.

USDCNH has dropped back into the 6.5300 to 6.5500 range having recently run into resistance near 6.5650. Overbought RSI suggests potential for a correction with initial support possible near 6.5125 then 6.5000.

USDJPY has popped up to retest 121.80 its recent breakdown point, successfully confirming it as new resistance and signalling the start of a new downtrend. Initial support near 120.30 followed by the 120.00 round number then around 119.00.

EURJPY is bouncing around between 132.50 and 133.50. Lower highs suggest an emerging downtrend but RSI holding 50 suggests uptrend may not be over yet.

CADJPY is retesting 88.80 as new resistance. Oversold RSI suggests a bigger bounce possible perhaps to retest the 90.00 round number, but a failure here would confirm the downtrend and potentially set up a retest of 87.40 where ti appears to have completed a double bottom.

USDSGD has been falling away from $1.4100 lower resistance toward $1.4030 with next potential support near $1.4040 then $1.3900.

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