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Mixed signals from Japan, Hong Kong and India equities

Mixed signals from Japan, Hong Kong and India equities

Asia Pacific Index Chart Signals

Australia 200’s latest downdraft correction appears to have run its course with a doji candle signalling bulls and bears have come back into balance, confirmed by RSI holding 50. Currently trading near 5,215 with resistance possible near 5,245 then 5,265 with next support near 5,200 then 5,145. Japan 225 dipped below 18,700 briefly to complete a washout of weak hands and since then has resumed its underlying uptrend, climbing up through 18,905 a Fibonacci level rallying on toward 18,930 with next potential resistance near 19,000 then 19,125. RSI holding above 50 confirms upward momentum intact. Hong Kong 43 is sending mixed signals. It successfully retested 22,150 its 23% retracement level as new support and rallied up toward 22,560 with next potential resistance near 22,650. RSI however, has fallen under 50 to signal a downturn in momentum. India 50 has started to rebound following a bear trap washout that took the index under 8,000 toward 7,890 before turning back upward toward 8,050. It would need to retake 8,080 to call off the recent downtrend which could be difficult with RSI under 50 and pointing downward. Next support possible near 7,900 on a downturn.

North American and European Index Chart Signals

US 30 successfully retested support at its 200-day MA near 17,570 and has rallied back up above 17,700 with support moving up toward the 17,740-17.780 area. Next resistance at the recent high near 17,850 then the 18,000 round number. RSI suggests more digesting may still be needed. US NDAQ 100 is trying to breakout today, clearing 4,685 and trending toward a test of 4,700 round number resistance. RSI overbought but it also continues to attract strong underlying support in the 4,640 to 4,660 area. US SPX 500 is taking another run at 2,100 resistance having successfully seen support move up toward 2,070 from 2,060 a Fibonacci level. RSI overbought suggests potential overhang in the 2,100 to 2,135 area in the near term. Germany 30 is breaking out today, blasting through a Fibonacci cluster near 10,855 that had posed some resistance and driving on toward 10,960 with potential 11,000 round number resistance looming ahead followed by the 200-day average near 11,050. UK 100 has bounced up from 6,320 toward 6,380 range in the lower half of a 6,300 to 6,500 trading channel. RSI testing 50 which could confirm the current uptrend or signal a downturn.

Commodity Chart Signals

Gold remains under distribution with resistance falling from $1,150 toward $1,140 while RSI under 50 and falling confirms downward pressure increasing. Next potential support near $1,136 then $1,126 a Fibonacci level. Crude Oil WTI continues to struggle with $46.60 Fibonacci resistance but it also continues to hold on to most of last week’s breakout gains trading in the $45.50 to $46.00 area. RSI confirms current sideways momentum.

FX Chart Signals

US Dollar Index keeps drifting lower following a recent failure to clear 98.00 resistance. The index has fallen back under 97.00 with next support near 96.55 then 96.00. RSI falling back toward 50 indicates upward momentum fading. EURUSD has regained $1.1000 which may be becoming new support with the pair having bounced up off of $1.0900. RSI suggests downward pressure easing. Initial resistance near $1.1050 but really needs to clear $1.1110 to confirm a new upswing underway. NZDUSD has drifted back from $0.6770 toward $0.6730 in a normal trading correction within a $0.6620 to $0.6900 trading channel. RSI falling back toward 50 suggests momentum shifting from upward to neutral. AUDUSD is hanging around $0.7140 having successfully retested round number and trend support near $0.7060. Initial support near $0.7115 with even more support possible near $0.7000. Initial resistance near $0.7200 then $0.7260. USDJPY remains in the upper half of its 118.00 to 122.00 trading range having successfully tested 120.00 support. Initial resistance near 120.75 then 121.00. EURJPY is holding steady near 133.00 having completed a gear trip dip below 132.00 channel support. RSI suggests downward pressure easing. Initial upside resistance near 133/50 then 134.40 CADJPY is holding steady in the 92.00 to 92.30 area within a 90.50 to 93.50 trading range. RSI bouncing around 50 confirms sideways trend. USDSGD has dropped back toward $1.4000 having stalled near $1.4030 below its 50-day average near $1.4080. RSI stalling near 50 confirms broader downtrend intact. Initial support near $1.3890.


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