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Chart Signals - Weds, Jan 6

Chart Signals - Weds, Jan 6

Asia Pacific Indices

Australia 200 has stabilized in the 5,160 to 5,230 area with more support possible near 5,145. RSI holding 50 suggests underlying uptrend remains intact through the recent downswing.

Japan 225 appears to be stabilizing in an 18,210 to 18,430 trading channel between two Fibonacci levels. Support has been rising toward 18,300 as the index rebounds. Next upside resistance near 18,5235 with next downside support near 18,000.

Hong Kong 43 successfully held the 21,000 round number to complete a double bottom and has bounced back up into the 21,080 to 21,220 area where it appears to be stabilizing.

India 50 has stabilized in the 7,750 to 7,810 range after being pounded down from 7,900 earlier in the week. RSI bouncing around 50- suggests a sideways trend. More support in place near 7,700.

North American and European Indices

US 30 ran into resistance near 17,250 but also continues to attract support near 17,000 with a channel between these levels emerging. Index is currently trading in the 17,050 to 17,100 area.

US NDAQ 100 is trading near 4,500 having found support near 4,465 above 4,455 Fibonacci support with initial resistance possible near 4,520. RSI still falling suggests selloff may not be over yet.

US SPX 500 is clinging to the 2,000 round number having dropped back from the 2,015 to 2,025 range where it encountered resistance. Next support possible in the 1,990 to 1,994 area then 1,976. RSI suggests continued selling pressure.

Germany 30 ran into resistance near 10,370 a Fibonacci level and has resumed its downtrend slumping back into the 10,170 to 10,250 range with falling RSI confirming the downturn. It has since bounced back into the 10,270 to 10,340 range but has more work to do before the current downtrend can be called off.

UK 100 has stabilized in the 6,070 to 6,170 range following yesterday’s selloff, so far setting a higher low and holding above 6,000 round number support. RSI bouncing around 50 indicates sideways momentum.


Gold continues to climb up out of a double bottom with RSI clearing 50 signalling momentum has turned upward. Support has moved up toward $1,077 as the price advances on $1,086 where a Fibonacci test converges with the neckline of a head and shoulders base and the 50-day average. Next potential resistance on a breakout near $1,100.

Crude Oil WTI continues to backslide taking out $36.00 and falling toward $35.20 with next support in place near $35.00 then $34.35. RSI failing to retake 50 and rolling over suggests downward momentum reasserting itself.


US Dollar Index is breaking out today, clearing the top of a 97.90 to 99.40 trading range, while RSI regaining 50 confirms momentum turning upward. 100.00 could now be challenged once again with nest resistance after that possible near a measured 100.90.

EURUSD has broken down today, taking out $1.0800 to signal the start of a new downtrend with RSI under 50 and falling confirming increased downward momentum. Trading down into the $1.0710 to $1.0750 area, next potential support appears near $1.0700 then $1.0645.

NZDUSD is testing trend and moving average support in the $0.6665 to $0.6700 area which has held so far but RSI breaking down through 50 suggests momentum turning downward. Next potential support on a breakdown in the $0.6580 to $0.6600 zone.

AUDUSD is testing uptrend support near $0.7140 which has held so far but look vulnerable with RSI signalling downward pressure increasing. Next potential support on a breakdown near $0.7100 then $0.7065.

USDCNH continues to climb, building on its recent breakout over 6.6000 with support rising toward 6.6295 and next resistance possible near 6.6535 then a measured 6.7000. Overbought RSI suggests it may need to digest recent gains soon.

USDJPY continues to trend lower with the pair testing support in the 118.80 to 119.00 area and resistance falling toward 119.30 from 120.00. Next support possible near 118.20 but RSI near oversold suggests a pause possible in the near term.

EURJPY is getting slammed again, carrying on down from its recent break below 130.00 on into the 127.60 to 128.10 area with a retest of the 2015 low near 126.00 possible. It could pause in the short term with RSI getting oversold.

CADJPY is testing 85.00 support which could end in a bear trap  bottom or the start of another downleg. RSI is really oversold but has been for a while. Initial rebound resistance possible near 85.60 then 85.90

USDSGD continues to advance with support moving up toward $1.4225 from $1.4200 while rising RSI indicates increasing upward momentum. Next potential resistance appears near $1.4290 then $1.4365 the October high.

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