Apple is breaking down today. A gap on the open completed an island top and the price has accelerated to the downside through the day falling from $158.25 through its 50-day average near $156.85 and on toward $155.10. RSI breaking under 50 confirms downward pressure increasing. Next potential support near $150.30 a 23% retracement of its previous uptrend then the $150.00 round number.
Asia Pacific Indices
Australia 200 continues to struggle with its 50 and 200-day averages as resistance falls toward 5,730 from 5,800. The index has dropped back to test 5,700 while RSI falling under 50 signals momentum turning downward. Next potential support near 5,650 the bottom of a trading channel. .
Japan 225 is breaking out today. The index keeps screaming upward, building on a recent breakout over 20,000 by soaring up from 20,280 through 20,240 to a new high near 20,400. Next potential resistance near the 20,500 round number. RSI getting overbought but confirms increasing upward momentum.
Hong Kong 50 is sending mixed signals. The index continues to struggle with 28,190 resistance and a double top appears to be forming, but at the same time, the index continues to hold above 28,000 and 50 on the RSI indicating continued accumulation. Next support on a breakdown possible near 27,740 with next resistance on a breakout near a measured 28,380.
North American and European Indices
US 30 has levelled off between 22,320 and 22,400 and may need to pause or correct to work off an overbought RSI situation that has developed. A negative RSI divergence indicates upward momentum slowing. Initial correction support possible near 22,200 then 22,000.
US SPX 500 has paused just above 2,500 trading near 2,505. Next measured upside resistance near 2,585 with initial support near 2,485 then the 50-day average near 2,465. Rising RSI indicates increasing upward momentum.
US NDAQ 100 is still struggling with 6,000 resistance, failing to breakout then plunging back toward 5,930 as resistance falls toward 5,970. RSI testing 50 indicates a downturn pending. The index remains in an uptrend above its 50-day average near 5,920 with next measured resistance possible near 6,100.
UK 100 has retested its 7,300 breakdown point as resistance, confirming the current downtrend. Next support possible near 7,250 then 7,200 and 7,155 a 23% retracement of its previous uptrend. RSI under 50 confirms increasing downward momentum.
Germany 30 is starting to pick up again, climbing toward 12,610 from 12,550 to test the top of a 12,500 to 12,610 range. This could be a midway consolidation of a Flag pattern that started with a spike up from 12,200. Next potential resistance near 12,675.
Gold tried to rally but then plunged from near $1.315 back toward a test of $1,300 round number and Fibonacci support. A bearish engulfing candle, combined with the RSI breaking down below 50 indicates downward pressure increasing. Next potential support at the 50-day average near $1,286.
WTI crude oil is holding steady near $50.00 having bounced up off of its 200-day average near $49.40. Initial resistance appears near $50.70 then a measured $51.60 on a breakout. RSI indicates steady upward momentum.
US Dollar Index has turned upward, rallying up from 91.30, retaking 92.00 and advancing on 92.40 with next potential resistance near 93.20. RSI rising toward 50 indicates an upturn confirmation pending.
EURUSD has turned decisively downward, having been slammed down from an intraday high near $1.2020 through $1.1980 and on into the $1.1860 to $1.1900 area. Next support possible near $1.1865 then its 50-day average near $1.1800.
GBPUSD suffered a setback in getting knocked back from a higher high near $1.3660 back under $1.3500 and on toward $1.3470 with next support possible near $1.3440 and $1.3370. RSI slipping back under 70 from overbought territory signals a correction may be starting.
NZDUSD continues to advance. The pair broke out over $0.7330 soaring up toward $0.7430 before getting knocked back down toward $0.7350. The RSI remains above 50 and rising indicating that the underlying trend remains positive through today’s volatility.
AUDUSD suffered a setback after running into resistance near $0.8100 once again but the pair continued to hold above $0.8000 and 50 on the RSI indicating that its underlying uptrend remains intact above its 50-day average near $0.7925.
USDSGD appears to be turning back upward, popping up from $1.3400 toward $1.3520. Initial support rises toward $1.3480 with next resistance possible near $1.3540.
USDJPY is breaking out today, having blasted through a Fibonacci cluster in the 111.65 to 111.95 zone and clearing its 200-day average on the way toward 112.45. Next potential resistance near 113.00. RSI rally confirms upward momentum accelerating. RSI rolling over confirms upward momentum has peaked for now.
GBPJPY is breaking out today, clearing the top of a 150.00 to 151.50 trading range to signal the start of a second rally phase within a flag pattern. Next resistance possible near 152.10 then a measured 153.00. RSI is getting really overbought so a pause or correction remains possible at some point but for now the RSI indicates upward momentum still increasing.
EURJPY is showing signs of topping out with the pair running into resistance near 134.00 then dropping back toward 133.50. A negative RSI divergence indicates slowing upward momentum. Initial support possible in a pullback near 132.25 then 131.85 a previous breakout point.
USDCAD has staged big swings in both directions between $1.2200 and $1.2400 today, more recently breaking through $1.2260 and popping up toward $1.2380 in a bullish engulfing day. Next upside resistance possible between $1.2480 and $1.2500.
Disclaimer: CMC Markets is an order execution-only service. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.