With the focus on the UK election, GBP pairs have the potential to be active on today’s results. Meanwhile, USD has been bouncing back after Comey testimony, knocking gold and JPY back while EUR has been sliding after the ECB meeting.
Asia Pacific Indices
Australia 200 is retesting its recent 5,675 breakdown point as new resistance with could either confirm or reject the completion of a head and shoulders top. Next resistance on a bounce possible near 5,700. Next downside tests appear between 5,600 and 5,620 near a Fibonacci level and the 200-day average.
Japan 225 is hanging around the 20,000 round number trading between 19,990 and 20,080. A negative RSI divergence indicates slowing upward momentum. Next resistance near 20,240 with next support near 19,900.
Hong Kong 50 is retesting 26,000 support having encountered some resistance near 26,120. Overbought RSI suggests potential for a correction with initial support possible near 25,835.
North American and European Indices
US 30 is still consolidating recent gains trading between 21,100 and 21,230, holding above its recent breakout point. RSI steady near 60 suggests a pause underway within an ongoing uptrend. Next potential resistance near a measured 21,360 with next support near 21,060 a 23% Fibonacci retracement.
US SPX 500 is sitting just below 2,438 its recent high, trying to decide whether to break out, or stage a double top. RSI steady near 70 suggests recent trading has been a normal pause within a continuing uptrend. Initial support near 2,424 then 2,417 with next measured resistance on trend possible near 2,452.
US NDAQ 100 staged a bearish reversal today, breaking out over 5,884 to a new all-time, advancing on 5,900 and then dropping back toward 5,874. Next potential resistance on trend near a measured 5,938 then the 6,000 round number. An overbought RSI and negative divergence indicate upward momentum peaking and a correction possible with next support near 5,846.
UK 100 continues to roll over with the index dropping from 7,490 lower resistance, approaching 7,450 its recent breakout point and the RSI approaching 50. If these levels are breached, it would signal the start of a new downtrend with next potential support between 7,400 and the 50-day average near 7,375.
Germany 30 is sending mixed signals. A double top near 12,900 suggests the uptrend has peaked for now. Continued trading in the 12,670 to 12,740 area well above 12,475 channel and 50-day average support, plus an ascending triangle and RSI holding 50 all suggest, however, that this could be a pause within an ongoing uptrend.
Commodities
Gold was unable to hold above $1,290 and has dropped back toward $1,280 having potentially completed a double top near $1,295. RSI backsliding suggests a trading correction underway. Next potential support near $1,270 a recent breakout point.
WTI crude oil remains in a downswing with resistance dropping toward $46.00 and the price falling toward $45.455 with next potential support near $45.00 then $44.45. RSI under 50 and falling confirms downward pressure increasing.
FX
US Dollar Index continues to base build, climbing to test 97.00 initial resistance from 96.60 initial support. RSI creeping up toward 50 indicates downward pressure easing. Next resistance on a breakout possible near 97.25 then 97.70.
EURUSD has been rolling over, falling away from $1.1290 resistance toward $1.1210. RSI confirms upward momentum weakening and a downturn pending. Next potential support appears near $1.1200 then $1.1120 a 23% retracement of a recent uptrend.
EURGBP is starting to break down, slipping under 0.8700 toward 0.8660 as both the pair and the RSI roll over. Additional resistance in place near 0.8775 with next support possible near 0.8600 then 0.8540 the 200 then the 50-day average.
GBPUSD remains in an uptrend of higher lows but has paused between $1.2930 and $1.2990. Next upside resistance possible near $1.3000, $1.3140 and $1.3040 and $1.3150. On a downturn, support could appear near $1.2860 then $1.2790 where channel support, the 50-day average and a Fibonacci level converge.
NZDUSD is breaking out again today, clearing $0.7200 which has become support up from $0.7160. The pair has advanced on $0.7215 with next potential resistance near $0.7245 and $0.7375. RSI confirms increasing upward momentum but is approaching overbought territory.
AUDUSD is consolidating yesterday’s breakout over $0.7500 trading near $0.7454. Next resistance tests appear near $0.7590 then $0.7625 both Fibonacci levels. RSI above 50 suggests a brief pause underway within an ongoing uptrend.
USDSGD is still hanging around $1.3810 a Fibonacci level. It’s still unclear if this is a base forming or a pause within an ongoing downtrend. Next resistance possible near $1.3865 with next support possible near $1.3750.
USDJPY has bounced up off of 109.30, regaining 110.00 but not getting much farther, with the rally contained by the 200-day average and a Fibonacci level between 110.40 and 110.60. RSI suggests this to be a normal trading bounce within an ongoing downtrend.
GBPJPY continues to rebound, regaining 142.00 retaking its 50-day average and a Fibonacci level. RSI suggests downward momentum has slowed but needs to regain 50 to signal an upturn. Next potential resistance in place near 143.30 then 144.10. additional support in place near 140.75.
EURJPY continues to roll over with 124.00 emerging as new lower resistance down from 125.00. RSI breaking under 50 confirms momentum turning downward with next potential support near 122.50.
USDCAD is sitting on $1.3500 and its 50-day average having bounced up off of $1.3440 but still trading below $1.3550 resistance. RSI testing 50 which could confirm the current downtrend or signal an upward reversal.
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