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Chart Signals: WTI, Indices and USD rebound, Sterling sells off

Major indices appear to be resuming their broader uptrends today, particularly the Australia 200 which is testing the top of an ascending triangle and the Germany 30 which is retesting a recent high. The US Dollar Index has bounced off of 99.00 but remains stuck below 100.00. GBPUSD has been hammered back under $1.2500 today and may remain active through the Article 50 trigger with swings in both directions possible. 

Asia Pacific Indices

Australia 200 is on the move upward again. The index has retaken 5,800 and is testing 5,830 where a breakout would complete a bullish ascending triangle. Next potential resistance may appear near a measured 5,990 or the 6,000 round number. RSI breaking out of a downtrend signals upward momentum accelerating.  

Japan 225 continues to rally up off 19,000 retaking its 50-day average near 19,255 and advancing on 19,330. RSI peeking above 50 confirms momentum turning back upward. Next potential resistance near 19,420 then 19,500. 

Hong Kong 50 remains under accumulation, consolidating recent gains well above 24,000 trading between 24,350 and 24,490 with next potential resistance near 24,685. A negative RSI divergence, however, suggests upward momentum may be slowing. 

North American and European Indices

US 30 held 20,500 and its 50-day average support and is starting to bounce back, rallying toward 20,720 with support rising toward 20,680. It needs to retake 20,785 and 50 on the RSI to suggest this is more than just a trading bounce. 

US SPX 500 is on the rebound with the index rallying up off a successful test of its 50-day average near 2,334 through 2,350 and on toward 2,362 with next resistance possible near 2,372 and 2,390. RSI climbing back above 50 confirms momentum turning back upward. 

US NDAQ 100 has regained 5,400 advancing toward 5,420 and calling off a potential head and shoulders top. RSI rallying up off 50 indicates recent correction ending and its uptrend resuming. Next potential resistance appears near 5,435 then the 5,500 round number. 

UK 100 is turning back upward breaking through 7,300 and bouncing back toward 7,360 with next potential resistance near 7,400 then 7,440. RSI holding 50 indicates underlying uptrend remains intact. 

Germany 30 is testing the top of its 11,870 to 12,170 trading channel. RSI picking up off 50 suggests upward momentum reaccelerating following a correction. Next measured resistance on a breakout possible near 12,470. 


Gold has encountered resistance near $1,255 a Fibonacci level with more possible near $1,260 a channel top and the 200-day average. RSI indicates upward momentum levelling off for now. Support in place near $1,246 then $1,242 as it consolidates near $1,250. 

Crude Oil WTI has rebounded toward $47.90having regained $47.70 a Fibonacci level while trading between $47.00 uptrend support and its 200-day average near $48.30. RSI back above 30 from oversold suggests recent selloff has run its course and downward pressure has started to ease. 


US Dollar Index is starting to turn back upward rallying toward 99.60 after confirming support in place near 99.00. It still really needs to retake the 100.00 round number on the index and 50 on the RSI to confirm this as an upswing rather than just a trading bounce. 

EURUSD is starting to roll over again, failing to hold above a Fibonacci cluster near $1.0830 and falling back toward $1.0800.  Next support appears near $1.0760 then $1.0720.   

GBPUSD has taken a big tumble, diving down from $1.2600 through $1.2500 and on toward a test of its 50-day average near $1.2440. RSI rolling over indicates recent uptrend may be faltering. Next support possible near $1.2400 then $1.2360 with initial resistance near $1.2490. 

NZDUSD is retesting $0.7000 support dropping from a lower high near $0.7040. RSI under 50 and falling indicates the recent bounce appears to be over and another downswing possible with next support near $0.6970 then $0.6900. Next resistance on a rally possible near $0.7070 then $0.7100. 

AUDUSD has stabilized near $0.7600 down from recent resistance near $0.7725 but still holding above its 200-day average near $10.7540 and the $0.7500 round number. RSI on 50 indicates a sideways trend. 

USDSGD continues to attract support above its 200-day average near $1.3910 and has bounced back up through $1.3950 a Fibonacci level. It remains in a downtrend below the $1.4000 round number. 

USDJPY appears to be stabilizing in the 110.00 to 111.25 range between a round number and a Fibonacci level. RSI stable near 30 suggests downward pressure levelling off. Next support at a Fibonacci cluster near 109.20 with next resistance near 111.60. 

GBPJPY is sending mixed signals. It remains in a falling channel between its 50 and 200-day averages but appears to be attracting support above 138.10 a Fibonacci level with initial resistance near 139.30 and 140.00. Next downside support possible near 137.15. 

EURJPY is hanging around 120.00 as it continues to bounce around and trend sideways between 119.00 and 121.00 two Fibonacci levels. 

USDCAD continues to climb. The pair has moved up toward $1.3400 with support rising to near $1.3360 from $1.3300 with next resistance possible near $1.3445 then $1.3475. RSI holding 50 and rising indicates underlying uptrend resuming. 

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