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Chart Signals - Weds, Oct 14

Chart Signals - Weds, Oct 14

Asia Pacific Indices

Australia 200 has drifted back under 5,240 into the 5,180 to 5,210 zone with more support possible near 5,130. RSI dropping back toward 50 suggests momentum downshifting from positive to neutral during a consolidation phase.

Japan 225 remains supported above 18,000 currently trading between 18,140 and 18,240 near 18.210 a Fibonacci level. RSI hanging around 50 indicates sideways momentum.

Hong Kong 43 is consolidating recent gains in a higher range between 22,460 and 22,630 a sign of renewed accumulation. RSI suggests a pause possible within an emerging uptrend with next resistance possible near 23,000 and next support near 22,150.

Hong Kong China H continues its recovery path, climbing up into the 10,340 to 10,460 zone around 10,390 a 23% retracement of the previous downtrend. Next upside resistance possible near 10,640 while RSI above 50 confirms rising momentum.

India 50 successfully retested 8,080 Fibonacci support keeping its uptrend intact with more possible near 8,000. Initial resistance appears near 8,140 then 8,280.

North American and European Indices

US 30 ran into Fibonacci resistance near 17,195 it was unable to overcome and has dropped back a bit, but so far it remains above the 17,000 round number while RSI remains well above 50. Initial support near 17,090 then 17,020.

US NDAQ 100 has dropped back towards 4,350 after faltering at its 200-day average near 4,400 but remains above support at its 50-day average near 4,325 with more possible at 4,310 a Fibonacci level.

US SPX 500 is bouncing around between the 2,000 round number and 2,020 around a Fibonacci level at 2,014. RSI near overbought and slipping back a bit suggests a correction starting within a bigger uptrend.

Germany 30 has stabilized near 10,000 while RSI has slipped back under 50 to suggest a correction underway. Initial support has emerged near 9,945 with more possible near 9,890 a Fibonacci level.

UK 100 has dropped back to retest support in the 6,300 to 6,310 area which is holding so far while resistance drops back from 6,400 toward 6,330.

Commodities

Gold has been climbing again, retaking $1,160 following a successful retest of $1,150 establishing a higher low on trend and gaining on $1,166. Initial resistance at its 200-day average near $1,178. RSI confirms upward momentum increasing.

Crude Oil WTI is still falling although at a slower pace than Monday, testing support at $46.60 a Fibonacci level and 50 on the RSI both of which have held so far. Initial resistance in the $47.30 to $47.80 area with next downside test near $45.00.

Copper continues to backslide, falling away from $2.44 resistance back toward $2.38 and its 10-day average with more support possible near $2.30. RSI holding 50 but needs to clear 55 to call off its previous downtrend.

FX

US Dollar Index has established support at a higher low near 94.50 but needs to retake 95.00 to signal a new upswing. RSI suggests downward pressure levelling off. Next resistance near 95.40 with next support near 94.20.

NZDUSD has slipped back toward $0.6670 in a normal trading correction after RSI got overbought and the pair ran into channel resistance near $0.6735. more support possible near $0.6600.

AUDUSD faltered short of $0.7400 and has dropped back into the $0.7255 to $0.7305 area working off an overbought RSI. It remains in an uptrend above the $0.7150 breakout point.

USDJPY remains stuck in neutral sitting on the 120.00 level in a 118.00 to 122.00 trading channel. A pending death cross of the 50 and 200-day averages and RSI still below 50 suggest a downturn still possible.

EURJPY continues to form a symmetrical consolidation triangle between 132.00 and 139.00 currently trading in the 133.50 to 137.00 range. RSI bouncing around between 40 and 60 confirms sideways momentum.

CADJPY has found support at a higher level near 91.50 for now and bounced back up toward 92.40 before settling back toward 92.20. RSI holding 50 indicates underlying momentum still positive for now.

USDSGD is hanging around near $1.4000 having found some support near $1.3925. It remains in a downswing below $1.4100 currently trading between $1.3990 and $1.4020.


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