Today’s wrap and technical outlook for indices, commodities and currencies from CMC’s head of analysis for North America, Colin Cieszynski
Asia Pacific indices
Australia 200 and its RSI have broken out of downtrends with the index clearing 5,000 which may become new support. Next upside resistance near 5,110 then 5,160.
Japan 225 is breaking out to a new high again today, rallying through 13,520 and driving toward 13,760. RSI has not confirmed and a negative divergence suggests upward mo may be slowing. Next measured resistance near 14,100 with initial support at the breakout point.
HongKong43 fell back under 22,000 resuming its downtrend. RSI remaining below 50 confirms that its downtrend remains intact with next support near 21,655 then 21,340.
India 50 is consolidating yesterday’s breakout in the 5,800 to 5,840 as old resistance becomes new support with its next upside test in the 5.950 top 5,970 area.
US and European indices
US30 remains in an uptrend, holding trend support near 14,520. Upside resistance remains in place near 14,775 and 14,900.
SPX500 remains in an uptrend, climbing back into its rising channel above 1,560. Falling RSI suggests upward momentum slowing so it could struggle with resistance near 1,572 or 1,600. More support near 1,535.
Germany30 is turning up today, breaking through 7,560 and charging through 7,600 with next resistance near 7,800 then 7,880. RSI needs to retake 50 to confirm an upturn in momentum.
Gold is consolidating above $1,400 in the upper part of a $1.325 to $1,445 emerging trading channel.
Silver successfully retested $22.50 in an early downdraft and has started to rebound but remains below $24.00.
Copper remains in a downtrend with resistance falling toward $3.12 and support still intact in the $3.00-$3.05 area.
UK crude has fallen back under $100.00 keeping its downtrend intact with next support near $99.20 then $97.00 and resistance near $101.00.
FX this morning
NZDUSD has been slipping back ahead of RBNZ. Currently testing $0.8400, next support appears near $0.8365 then $0.8300 and $0.8200 with resistance on a bounce in the $0.8460 to $0.8480 area.
AUDUSD remains under pressure with $1.0300 emerging as new lower resistance and next support near major potential support in the $1.0150 to $1.0200 area.
USDJPY has dropped back from another failed test of 100.00 which has completed a short-term double top. Initial support near 98.30 followed by the channel low near 96.75.
AUDJPY has dropped back from 103.00, confirming a lower high and a weakening of the current uptrend. 100.00 remains the key trend support test.
EURJPY has rolled back down from another failed attempt to clear 131.00 that instead completed a double top. Next support appears near 127.50 then 125.80.
USDSGD is up for a second straight day as it climbs within a $1.2360 to $1.2525 trading channel with initial resistance near $1.2460.