Today’s wrap and technical outlook for indices, commodities and currencies

Asia Pacific indices

Australia 200 is breaking out again, driving through 5,120 and rallying toward 5,180. Next potential resistance appears at its May high near 5,250.

Japan 225 has bounced up off of 13,700, a Fibonacci levels and taken a run at 14,000 once again. RSI needs to clear 50 though to confirm momentum turning upward again. Next Fibonacci resistance appears near 14,140 on trend.

China A50 continues to build upward momentum with both the index and RSI climbing. Currently near 7,220, next resistance appears near 7,400 with support climbing toward 7,140.

Hong Kong 43 broke out yesterday, driving through 22,380, which may emerge as new support, to signal the start of a new up leg. Potential upside resistance tests appear near 22,600 then 23,000.

India 50 has rallied up toward 5,700, breaking out of a downtrend and confirming the start of a new upswing. Next potential resistance may appear near 5,740 then 5,900 in a rebound situation.

US Indices

US30 has bounced up off of 15,350 toward 15,450 but was unable to overcome resistance near 15,500 for now. RSI has held 50 to keep the uptrend intact for now. Key resistance remains in place near 15,650. Next support on a breakdown near 16,250.

SPX500 is sending mixed signals today. It continues to consolidate between 1,675 and 1,715 with more support possible near 1,660. RSI has successfully tested 50 keeping its upward momentum intact for now, but it was unable to retake 1,700, possibly setting a lower high. 

 

UK and European indices

UK 100 has moved back above 6,600 into the upper half of an emerging 6,500 to 6,700 trading channel. Climbing RSI suggests upward momentum building again. Next potential resistance on a breakout appears near 6,800 then 6,875.

Germany30 is climbing toward a test of the high end of its 8,220 to 8,470 trading range. RSI remains above 50, indicating that upward momentum remains intact. Next potential resistance on a breakout appears near 8,540.

France 40 has driven through 4,100 to its highest level in two years. Next potential resistance looms near 4,170 while support rises toward 4,080, its breakout point.

Italy 40 continues to rally even with RSI overbought, clearing 17,400 with next potential resistance on trend near 17,650 and support rising toward 17,220.

Spain 35 continues to trade above its 8,700 breakout point even though RSI remains overbought, indicating strong underlying support. Next potential upside test appears near the 9,000 big number.

 

Commodities

Gold has dropped back a bit in normal trading toward the middle of its current $1.300-$1,345 trading range. RSI still above 50 indicating upward momentum remains intact. Next resistance on a breakout appears in the $1.390 to $1,400 area.

Silver is breaking out of a base and through a downtrend line today, trading above $21.40. RSI indicates upward momentum continues to build. Next significant resistance appears near $22.60 then $23.00.

Copper is consolidating its recent breakout rally, trading in the $3.30 to $3.34 area with more support possible near $3.27 and measured resistance near $3.40.

US crude has climbed into the upper half of a $103.00 to $109.00 trading channel.

UK crude is testing the high end of its $106.00 to $110.00 trading range. RSI bounce off of 50 suggests upward momentum building again. Next upside resistance appears near $113.00 then a measured $114.00 on a breakout.

FX

NZDUSD slipped back under $0.8000 but RSI has held 50 and the pair has found support at a higher low near $0.7930, suggesting an uptrend continues to emerge.

AUDUSD has been knocked back again from a lower high as it continues to trade in the $0.9000 to $0.9300 area.

USDJPY is breaking out today, driving up through 97.50 to signal a new upswing. RSI is testing 50 and a breakout would confirm an upward shift in momentum. Next potential resistance appears near 98.60 then 100.00.

AUDJPY is breaking out of a base today, driving up through 89.00. A breakout by RSI through 50 would confirm the start of an upswing. Initial potential resistance appears near 91.75 followed by a measured 93.00.

EURJPY has climbed back up above 130.00 while RSI has retaken 50 to signal that momentum has turned upward again. Next resistance appears near 131.25 then 134.00 with support in place near 128.00.