The recently might US Dollar continues to show signs of peaking, taking the lid off of other currencies. AUD, NZD, plus EUR and SGD have all started to rebound. CAD is also recovering but remains sensitive to swings in the oil price related to the OPEC meeting.
Asia Pacific Indices
Australia 200 has fond some support near 5,440 with more possible near 5,500 and appears to be shifting from an uptrend to consolidation at a higher level with initial resistance possible near 5,470 then 5,510.
Japan 225 has paused between 18,200 and 18,450 to work off an overbought RSI and digest recent big gains including a breakout over 18,000. Next upside tests possible near 18,500 then a measured 18,700.
Hong Kong 50 continues to climb with RSI over 50 and rising indicating increasing upward momentum. The index continues to form a saucer bottom between 22,000 and 23,000 recently clearing 22,800 in a rally up off of 22,730 support.
North American and European Indices
US 30 continues to struggle with 19,200 resistance and remains vulnerable to a correction with RSI still overbought. Recently trading between 19,090 and 19,140 a break of the 19,000 round number would signal a deeper correction has taken hold over the current pause.
US NDAQ 100 has taken another run at the top of a 4,740 to 4,900 trading channel ans once again appears unable to overcome resistance levelling off near 4,890 with next support near 4,870 then 4,850. A lower high for the RSI indicates upward momentum weakening.
US SPX 500 is slowly falling away from 2,215 where it met resistance and peaked a couple of trading days ago recently trading between 2,202 and 2,208. The 2,190 breakout point represents more significant support than the 2,200 round number at this point. RSI suggests upward momentum weakening.
UK 100 is still under distribution slipping under 6,800 which may become resistance into the 6,740 to 6,780 area with next potential support near 6,725 then 6,710. RSI stuck below 50 and falling again indicated downward pressure resuming.
Germany 30 has stabilized in the 10,580 to 10,625 range following Monday’s dive down from 10,700 to hold near its 50-day average and above 10,500 channel support.
Gold failed to retake $1,200 and has settled back into the $1,183 to $1,191 range above $1,172 Fibonacci support. RSI remains oversold so a bounce remains possible but the price just appears to be pausing for now.
Crude Oil WTI has been knocked back under $45.00 toward $44.60 from near $46.40 with initial resistance falling toward $45.20. Next downside support near $44.40 then the 200-day average near $44.00 while more upside resistance appears at the 50-day average near $47.00 RSI near 50 indicates traders indecisive over which way this market could go next.
US Dollar Index is still rolling over. Resistance has dropped toward 101.60 and even though the has been trading near 101.00, it dropped toward 100.70 at one point with next potential support near 100.00. RSI slipping under 70 from overbought signals a downward correction starting.
EURUSD is trying to rebound climbing from near $1.0600 support toward $1.0650 and approaching $1.0685 Fibonacci resistance. RSI back above 30 from oversold signals downward pressure starting to ease and a rebound getting going.
GBPUSD is once again testing resistance at its 50-day average just below the $1.2500 round number, having rallied up from $1.2400. RSI bouncing between 40 and 60 indicates current sideways trend still intact between $1.2350 and $1.2550 for now.
NZDUSD continues its recovery rally up off $0.7000 driving up from $0.7070 toward $0.7130. RSI testing 50 where a breakout would confirm an upturn in momentum. Next potential resistance near $0.7165 the 50-day average then $0.7195 a Fibonacci level.
AUDUSD continues to recover, advancing on $0.7500 round number resistance trading up from $0.7450 toward $0.7490. RSI nearing 50 form below wher a breakout would confirm an upswing underway. Next resistance on a breakout near $0.7520 then $0 7590 ghe 50 and 200-day moving averages.
USDSGD has completed an Evening Star candle top and is now starting to retreat with the pair falling from $1.4310 toward $1.4240 with next potential support near $1.4200 then $1.4130. RSI slipping under 70 from overbought confirms a downward correction starting.
USDJPY refuses to fall apart, bouncing off 111.60 and rebounding toward 113.10 before settling back into the 112.30 to 112.60 area. RSI remains overbought and resistance remains in place around 113.70 with next support in a downdraft possible near 111.30.
GBPJPY still looks toppy having once again encountered resistance near 141.40 and sliding back toward 140.40. RSI remains overbought keeping the potential for a correction high. A break of 140.00 would signal the start of a bigger pullback with next support possible near 138.10 a Fibonacci level.
EURJPY continues to encounter resistance at the 120.00 round number slipping back toward 119.60 with next support possible near 118.35 where the 50-day average and a Fibonacci test converge. RSI slipping under 70 from overbought indicates upward momentum cracking and a correction starting.
USDCAD remains in the lower half of a $1.3380 to $1.3570 trading range where it has been consolidating recent gains and showing signs of peaking recently dropping back from $1.3460 toward $1.3410. RSI sliding under 50 signals a downturn in momentum starting. Next resistance near $1 3500 and next support near $1.3390.
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