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Chart Signals - Weds, Nov 18

Chart Signals - Weds, Nov 18

North American and European Indices

US 30’s latest rebound attempt ran out of steam just short of its 200-day average near 17,600. More concerning, the RSI failed to regain 50 suggesting continued downward pressure. The index has dropped back toward 17,450 with next potential support near 17,355 a Fibonacci level.

US NDAQ 100 has started to level off near 4,580 having rallied up off of 4,450 with support moving up toward 4,550. Net resistance appears in the 4,660 to 4,685 zone. RSI back above 50 suggests recent correction has ended.

US SPX 500 is retesting 2,060 a Fibonacci level that has acted as both support and resistance in the past. A move up through here and 50 on the RSI would confirm the start of a new upswing with next resistance near 2,092. Support climbs toward 2,045.

Germany 30 rallied for a second straight day, driving up from 10,800 straight through a Fibonacci cluster near 10,855 and on toward 10,970 before falling back in the US afternoon toward 10,870. RSI has bounced up off of 50 confirming its underlying uptrend remains intact.

UK 100 has regained 6,200 rallying up from 6,210 toward 6,280 before slippinig back toward 6,230 with support near 6,200. Next potential resistance near 6,300 which it needs to retake along with 50 on the RSI to confirm the recent selloff has ended.


Gold has resumed its primary downtrend with yesterday’s false rally fading. Resistance has dropped back down toward $1,082 from $1,100. Gold dipped down below its summer high near $1,070 toward $1,066 in a possible bear trap washout. Oversold RSI suggests potential for a trading bounce.

Crude Oil WTI ran into resistance near $42.20 and has dropped back toward $40.70 while RSI confirms its current downtrend remains intact. Support in place near the $40.00 round number then $37.45.


US Dollar Index is climbing again today, clearing 99.50 with the 100.00 round number test looming ahead. RSI near overbought but confirms upward momentum still increasing.

EURUSD has dropped under $1.0700 into the $1.0630 to $1.0660 range as it remains under distribution with next potential support near $1.0600 then $1.0475.

NZDUSD has found some support near $0.6435, a former resistance level and has bounced back toward $0.6475 but it really needs to retake $0.6500 to call off the current downtrend which could be difficult with RSI indicating downward pressure still increasing. A breakdown could open the door to a possible retest of the $0.6225 triple bottom.

AUDUSD is holding steady just above $0.7100 trying to determine if it can muster up enough interest to break through $0.7165 and out of a month-long downtrend. RSI sitting just below 50 suggests an upturn pending but not confirmed. Next upside resistance possible near $0.7200 with trend support near $0.7040.

USDJPY has been taking another run at the top of a 122.20 to 123.60 trading range with rising RSI confirming upward momentum increasing again. Next potential resistance on a breakout possible near 124.00 then 124.60.

EURJPY’s rebound was short lived with resistance dropping from near 132.00 toward another lower high near 131.40. RSI indicates downward pressure levelling off but a retest of 130.70 or 130.00 remains possible on trend.

CADJPY is still bouncing around in a sideways trend between 91.50 and 93.50 currently trading in the upper half near 92.75. RSI successfully testing 50 indicates underlying upward momentum intact.

USDSGD has paused in the $1.4200 to $1.4240 area while RSI confirms upward momentum levelling off. The right shoulder of a head and shoulders top appears to be forming.

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