X

Select the account you'd like to open

News

Chart Signals - Weds, Nov 25

Chart Signals - Weds, Nov 25

Asia Pacific Indices

Australia 200 has bounced up off of 5,200 support indicating it has entered a consolidation phase that could see it trade between there and 5,310 as it digests a recent rally.

Japan 225 has resumed its uptrend rallying up off of 19,700 support back into the 19,900 to 20,000 zone which includes a Fibonacci cluster and a round number. RSI suggests upward momentum levelling off .

Hong Kong 43 continues to drop back from 23,000 resistance falling back into the 22,370 to 22,490 zone. RSI bouncing around 50 indicates sideways trading within a 22,150 to 23,000 area.

India 50 has levelled off in the 7,810 to 7,860 area following an initial bounce up off of 7,700. RSI suggests downward pressure still easing. Next resistance possible near 7,900 then the 8,000 round number.

North American and European Indices

US 30 skidded back down into the 17,660 to 17,700 area before finding support and rebounding into the 17,820 to 17,860 zone. As it continues to fall away from lower highs in the index and RSI it appears to be entering a consolidation phase.

US NDAQ 100 failed to hold above 4,685 and has been retesting it as new resistance after finding support near 4,620 and bouncing back. Initial support in place near 4,660.

US SPX 500 remains in an uptrend with support moving up from 2,060 to 2,070 and the index climbing above 2,090 with next potential resistance near 2,100 then 2,115.

Germany 30 has turned back downward again in what looks like a normal trading correction. It has slipped back under 11,000 having fallen back from 11,090. Support has emerged near 10,870 above 10,855 a Fibonacci leve and the index has bounced back into the 10,950 to 10,970 zone. RSI suggests momentum may be downshifting from upward to neutral.

UK 100 is back under distribution having retested 6,300 as new resistance and bouncing around between there and 6,230. Next potential support near 6,200 with next resistance near 6,360.

Commodities

Gold continues to attract support above $1,065 bouncing up toward $1,076 from $1,070 with some resistance also near $1,082. RSI suggests a trading bounce underway but for this to be more than just an easing of oversold conditions, RSI needs to retake $1,086 a Fibonacci level.

Crude Oil WTI has bounced up from near $40.70 toward $41.90 as downward pressure eases but overall, it appears to be trading sideways in a $39.20 to $42.20 trading channel with next upside resistance near $43.80.

FX

US Dollar Index continues to struggle with 100.00 round number resistance while a negative RSI divergence suggests a potential peak in the price. Initial support possible in the 98.60 to 99.00 area.

EURUSD is trying to stabilize in the $1.0630 to $1.0670 area but even working off an oversold RSI hasn’t been able to get very far, still stuck below $1.0700 new lower resistance. Next downside support appears in the $1.0475 to $1.0500 area between the spring double bottom and a round number.

NZDUSD continues to rally up off of $0.6430 with support moving up toward $0.6500. Initial resistance has emerged near $0.6560 which needs to be overcome along with 50 on the RSI to confirm an upturn with next resistance possible near $0.6610 then $0.6730.

AUDUSD continues its upswing with $0.7200 emerging as new higher support. RSI above 50 and rising confirms growing upward momentum. Next resistance possible near 40.7250 then $0.7300 and $0.7400.

USDJPY is starting to roll over, falling under 122.50 which may become new resistance with next support possible near 122.15 then 121.80. RSI falling back toward 50 indicates upward momentum fading fast.

EURJPY remains under pressure with resistance falling toward 130.50 and support near 130.20 with a retest of the 130.00 round number looking possible. On a breakdown, next potential support appears near 127.40 then 125.80 both near prior lows. RSI confirms downward pressure still increasing.

CADJPY has started to rebound following a successful test of the bottom of its 91.50 to 93.50 trading range. RSI confirms sideways momentum.

USDSGD has dropped back to test its 50-day average near $1.4100 as a head and shoulders top continues to form with shoulder resistance near $1.4280 and neckline support near $1.3890 with initial support possible near the $1.4000 round number.


Sign up for market update emails