The Japanese Yen has attracted renewed interest against USD, EUR and GBP recently, clawing back recent losses and testing Fibonacci levels. Major indices continue to send mixed signals looking exhausted despite some touching and holding new highs last week. The USD index is testing the 100.00 big round number to start the new trading week.
Asia Pacific indices
Australia 200 continues to form an ascending triangle below 5,830 recently trading near 5,780. Support moves up toward 5,760-5,780 from 5,700. RSI rising from 50 indicates momentum turning upward.
Hong Kong 50 has dropped back toward 24,300, trading well above its 24,000 breakout point but starting to fall away from 24,445 resistance. A negative RSI divergence indicates upward momentum may have peaked already.
Japan 225 has dropped back into the 19,400 to 19,500 range but continues to form an ascending triangle between 19,150 and 19,675. RSI holding above 50 indicates sideways to slightly upward momentum.
North American and European Indices
US 30 is still unable to retake 21,000 and remains below the former uptrend line it broke recently. RSI confirms that the trend has shifted from upward to sideways with a correction still possible. Currently bouncing around between 20,910 and 20,970 next potential support appears near 20,860 then 20,795.
US SPX 500 remains stuck below 2,400 and may have formed a double top already. The index is trading near 2,384 with initial resistance near 2,392 and next support possible near 2,376 then 2,356. RSI indicates upward momentum has peaked and a consolidation phase underway.
US NDAQ 100 is still holding above its 5,395 recent breakout point but it may be starting to roll over with resistance slipping toward 5,420 from 5,432. RSI overbought and a negative divergence indicates upward momentum peaking and a pause or correction possible.
UK 100 is consolidating between 7,410 and 7,450 just above its recent 7,400 breakout point. RSI near overbought so a pause possible but it has also broken out of a downtrend to confirm recent advances so signals are mixed. Next upside resistance possible near 7,500 where a round number and measured move converge. Next support possible near 7,350.
Germany 30 may be forming a significant top. The index is trading between 12,010 and 12,110 near and under the bottom of Thursday’s Shooting Star spike up toward 12,180. A negative RSI divergence indicates upward momentum slowing. Initial support near 12,000 then 11,930.
Gold is hanging around $1,230 a Fibonacci level, consolidating its recent rally up from $1,200 and Thursday’s breakout over $1,218 and its 50-day average. RSI back above 50 confirms momentum turning upward. Next resistance possible near $1,242 then $1,250.
Crude Oil WTI continues to rebound holding back above its 200-day average near $48.30 and trading near $49.00. It still needs to retake $50.00 to call off its recent downtrend. It appears to be moving into a $47.00 to $49.50 range for now. RSI back above 30 indicates downward pressure easing.
US Dollar Index is testing support at the 100.00 round number which appears to be holding so far. RSI has levelled off just below 50 suggesting a sideways trend could be emerging after a plunge down from 102.00, perhaps in the 99.00 to 101.00 area.
EURUSD has encountered resistance near $1.0780 falling back toward $1.0750, but it remains in an uptrend holding above $1.0720 Fibonacci support. Next potential resistance at a Fibonacci cluster near $1.0830 with next downside support near $1.0640 then $1.0585.
GBPUSD has climbed up into the $1.2350 to $1.2400 zone trading near $1.2360 as it continues to form the right shoulder of a head and shoulders base. RSI regaining 50 confirms momentum turning upward.
NZDUSD continues to turn back upward with support moving up toward the $0.7000 round number following a breakout. RSI climbing toward 50 confirms downward momentum fading with an upturn pending. Trading near $0.7040, next potential resistance appears near $0.7150 where the 50 and 200-day averages converge.
AUDUSD is trading up near $0.7700 continuing its upswing with rising RSI indicating increasing upward momentum. Support moves up toward $0.7670 from $0.7600 with next potential resistance near $0.7745 then $0.7810.
USDSGD is testing $1.4000 support which has been holding so far, forming a potential double bottom. RSI between 40 and 50 suggests sideways to slightly lower momentum. Next potential support near $1.3950 with initial resistance near $1.4085 both Fibonacci levels.
USDJPY is breaking down, taking out 113.00 and falling into the lower half of a 111.00 to 115.50 broad sideways channel. RSI bouncing around between 40 and 60 confirms a downswing underway within a sideways trend. Recently trading near 112.65 with next support possible near 112.35 then 111.60.
GBPJPY is trading between 139.10 and 139.70, still stuck below 140.00 and in a falling channel bounded by its 50 and 200-day averages near 138.00 and 140.55. RSI steady just under 50 suggests neutral to slightly downward momentum.
EURJPY is testing support at 121.00 on the pair a Fibonacci level and 50 on the RSI, trading between 120.80 and 121.40. Breakdowns would confirm a downswing with next potential support near 120.00 then 119.00. Upside tests on a bounce appear near 122.20 then 123.00.
USDCAD has paused near $1.3340 and is sending mixed signals. RSI holding 50 suggests its underlying uptrend remains intact but a symmetrical triangle forming between $1 3275 and $1.3355 suggests this could be a pause within a bigger downswing.