Asia Pacific Indices
Australia 200 continues to advance with support rising toward 5,535 and the index advancing on 5,580. Next resistance appears in the 5,600 to 5,620 area.
Japan 225 remains under accumulation bouncing off of 19,000 confirming round number support and rallying back up toward 19,330. RSI overbought but confirming upward momentum for now. Next potential resistance near the 19,500 round number with 20,000 in the distance.
Hong Kong 50 is on the rebound having set higher lows in the RSI and in the index near 22,280. The index has bounced back up toward the 22,500 to 22,560 area with next potential resistance at the 50-day average near 22,955.
North American and European Indices
US 30 still appears to be getting drawn toward the 20,000 round number driving up off 19,780 through 19,900 and on toward 19,950 bringing the big round number within striking distance. RSI remains really overbought and the index could be vulnerable in a correction following a test with initial support near 19,740 then 19,600.
US SPX 500 is overbought on the RSI but continues to rally to new all-time highs, this time trading up toward 2,275 with next potential resistance near a measured 2,315. Initial support in a correction possible near 2,245 then 2,230.
US NDAQ 100 is breaking out of a channel today to the upside clearing 4,920 and advancing on 4,960. The index looks like it’s being drawn toward 5,000 round number. Next measured resistance appears near 5,290.
UK 100 has stabilized above a higher low near 6,865. With RSI still above 50, it appears Monday’s decline was a normal trading correction within an uptrend that has resumed. The index has rallied back up toward 6,975 with next resistance near the 7,000 round number then 7,065.
Germany 30 has shrugged off Monday’s retreat as a trading correction. Support has come in at a higher low near 11,145 up from 11,000 and the pair has rallied back up toward 11,300 with support rising toward 11,270. Next potential resistance near 11,340 then 11,445.
Gold is building on yesterday’s hammer bullish reversal candle trading above $1,152 with support rising toward $1,155, and the price trading up toward $1,164 before settling back toward $1,157. Next resistance possible near $1,165 then $1,172. Oversold RSI indicates potential for a rebound.
Crude Oil WTI is consolidating its recent breakout rally. Following a successful retest of the $52.00 breakout point, the price has rallied from $52.30 toward $53.20 with support rising toward $52.00 and next resistance in place near $54.00 then $56.00 on trend. Rising RSI indicates upward momentum still increasing.
US Dollar Index has stabilized near 101.00 for now with resistance falling toward 101.20 from 101.75. RSI holding 50 suggests so far this looks like a pause within an ongoing uptrend. Next downside tests in a correction possible near 100.30, 100.00 and 99.75 two Fibonacci levels and a round number.
EURUSD has encountered some resistance near $1.0640 with more possible near $1.0685 a Fibonacci retracement level. Signals are mixed with a lower high in the RSI suggesting distribution but a higher low for the pair near $1.0600 up from $1.0500 suggests accumulation.
GBPUSD remains under accumulation advancing on $1.2700 a Fibonacci level with rising RSI confirming upward momentum is increasing. Next potential resistance near $1.2800 the top of a big ascending triangle base.
NZDUSD is breaking out of a rounded bottom today clearing $0.7195 to signal the start of a new upswing. RSI above 50 and rising confirms upward momentum increasing. Initial resistance near $0.7265 then $0.7375.
AUDUSD is testing $0.7500 resistance once again with more possible near $0.7540 where the 50 and 200-day averages appear to be converging. RSI has regained 50 indicating momentum turning upward. Next potential resistance on a breakout appears near $0.7575 then $0.7625.
USDSGD continues to trend sideways in a channel between $1.4155 and $1.4355 recently near $1.4240 and the middle of the range. RSI indicates momentum has shifted from upward to sideways. It’s hard to tell if this is a top forming or a pause in an ongoing uptrend.
USDJPY may be forming an evening star trading near the low end of Monday’s bearish shooting star candle. These formations combined with a negative RSI divergence suggest upward momentum may have peaked. The pair looks increasingly vulnerable to a correction trading near 115.20 down from a peak near 116.20 with next support near 114.70 then 113.90.
GBPJPY is testing 146.40 a 62% Fibonacci retracement of its Brexit selloff. Currently trading in the 145.50 to 146.70 range, on a breakout, the 150.00 round number could be tested. RSI is really overbought, however, and a correction back to the 200-day average near 143.40 or the 50% retracement level near 142.25 also looks possible.
EURJPY has paused its uptrend in the 121.00 to 123.40 range to digest recent gains and work off an overbought RSI. Higher lows above the 50-day average indicate continued underlying accumulation. Next potential resistance on a breakout near 125.00 with next support possible near 120.00.
USDCAD is having an inside day, pausing to consolidate recent declines and work off an oversold RSI. The pair has levelled off in the $1.3100 to $1.3160 area with next rebound resistance near $1.3215 and next downside support near $1.3050.
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