Asia Pacific Indices
Australia 200 has regained 5,700 but continues to struggle, still trading below 5,740 Fibonacci resistance let alone the 50-day average and right shoulder resistance near 5,800. RSI still under 50 also indicates downward momentum. Downside support in place near 5,630 the 200-day average then 5,605.
Japan 225 is sending mixed signals. A recent peek above but failure to hold 20,240 looks like a buying climax, particularly with a growing negative RSI divergence indicating slowing upward momentum. The index remains in an uptrend, however, above 20,000 round number support.
Hong Kong 50 held 25,500 support and has bounced back up into the 25,710 to 25,790 area but remains well short of 26,000 resistance. RSI holding 50 indicates underlying accumulation intact but a failure would signal a downturn.
North American and European Indices
US 30 has dropped back into the 21,390 to 21,440 area after completing a bearish Evening Star candle pattern earlier this week. RSI back under 70 from overbought confirms a trading correction starting with next support near 21,300 then 21,195.
US SPX 500 is still in an uptrend but appears to be starting to run out of steam, falling back into the 2,428 to 2,440 area after failing to break decisively through 2,450. RSI drifting back toward 50 indicates upward momentum slowing.
US NDAQ 100 is on the rebound, bumping up against 5,800 the extension of a broken uptrend line and round number. RSI has regained 50 already and a breakout by the index would confirm an upturn with next resistance possible near 5,900 then 6,000. Initial support in a downturn possible near 5,715 then 5,670 the 50-day average.
UK 100 continues to form a head and shoulders top, recently testing the neckline near 7,705 with next support possible near 7,380. Resistance drops toward 7,460 from 7,500 while RSI under 50 indicates momentum turning increasingly downward.
Germany 30 is still sending mixed signals. The index remains in an uptrend holding trend support above 12,700 but still stuck below 12,805 resistance. An ascending triangle continues to form but RSI trending toward 50 indicates a downturn possible. Next support near 12,560 the 50-day average with next resistance near 12,950.
Gold is on the rebound trading near between $1,247 and $1,252 having held its 200-day average and establishing support at a higher low near $1,240. RSI bouncing off of 40 suggests downward pressure starting to ease. Next resistance possible near $1,258 and the 50-day average.
WTI crude oil found support near $42.00 and has bounced back into the $42.40 to $42.70 area. An oversold RSI and positive divergence suggest potential for a trading bounce with initial resistance possible near $43.60 a recent breakdown point.
US Dollar Index is still sitting just above 97.00 in the upper half of a 96.20 to 97.50 trading range. RSI bouncing around 50 confirms sideways momentum.
EURUSD is still showing signs of topping. A descending triangle continues to form above $1.1118 with resistance falling from $1.1220 toward $1.1180. RSI trending toward 50 indicates a downturn in momentum pending. Next potential support near $1.1050 the 50-day average.
GBPUSD continues to stabilize above $1.2600 support, trading near $1.2670 while RSI suggests downward pressure flattening out. Initial resistance appears near $1.2715 on a rebound then $1.2790 the neckline of a completed head and shoulders top.
NZDUSD continues to establish a higher floor near $0.7200 while consolidating between there and $0.7300. RSI between 60 and 70 suggests this is a pause to work off a previously overbought RSI within an ongoing uptrend. Next upside resistance possible near $0.7480.
AUDUSD has a big support test underway near $0.7535 a Fibonacci level. The pair has been dropping back form $0.7625 with resistance falling toward $0.7590. RSI falling toward 50 suggests a downturn pending but a sideways trend could be emerging too. Additional support in place near $0.7500 just above the 50-day average.
USDSGD keeps creeping back upward with support moving up toward $1.3880. The pair has been testing its 50-day average near $1.3920 where a breakout would confirm the upswing in momentum recently signalled by the RSI. Next upside resistance near $1.3950 a Fibonacci level.
USDJPY has paused in the 110.00 to 111.70 range above its 200-day average, consolidating an initial breakout rally. RSI holding just above 50 suggests a rest within an emerging uptrend. Next support possible near 110.60 with next resistance near 112.10.
GBPJPY appears to be settling into a sideways range between 140.40 and 141.85 two Fibonacci levels. RSI suggests downward pressure easing but needs to crack the 50 barrier to signal an upturn in momentum. Next resistance possible near 142.85 the 50-day average with additional support possible near 140.00.
EURJPY is hanging around 124.00 near the middle of a 122.50 to 125.80 trading range. RSI bouncing around 50 confirms sideways trend.
USDCAD ran into resistance at a lower high and its 200-day average near 1.3340 and has dropped back under $1.3300 falling toward $1.3240. RSI still under 50 and a lower high indicate the recent rally was an upward correction within a bigger downtrend that appears to be resuming. Next potential support near $1.3200 then $1.3165.
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