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Chart Signals – Fri, Sep 18

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Asia Pacific Indices

Australia 200 continues to trade in a channel between 5,000 and 5,250 but resistance falling toward 5,200 and the index dropping toward 5,120 along with RSI still stuck below 50 looks a bit discouraging at the moment. Japan 225 remains in an uptrend but has had a setback over the last few hours faltering near 18,635 and failing to hold 18,575 then dropping back into the 18,245 to 18,300 zone. 18,210 Fibonacci support has held for now but today’s action indicates more base building likely needed. Hong Kong 43 has been knocked back under 22,000 having run into resistance near 22,150 but it found some support near 21,700 and has shown resilience rebounding toward 21,830 while RSI holds 50 to confirm its recent breakout, and upshift in momentum. Hong Kong China H is consolidating near 10,000 with the RSI just below 50. An initial breakout attempt faltered near 10,180 but support has moved up toward 9,960 indicting continued underlying accumulation. India 50 has broken out of a base, clearing 7,900 but has been unable to carry up through 8,000 as of yet, stalling near 7,990 and slipping back towards 7,930. RSI nearing 50 indicates an upturn pending.

North American and European Indices

US 30 tried to break out over 16,835 and rallied up to 16,935 before failing and getting slammed back down toward 16,650. Similarly, RSI failed to hold above 50 suggesting todays move up may have been a head fake. Downside support near 16,585 then 16,475. US NDAQ 100 had a nasty bearish reversal breaking through its 200 and 50-day averages in running up from near 4,390 to 4.450 before turning south and giving it all back eventually dropping back toward 4,370 with nest support near 4,355. US SPX 500 staged a failed breakout over the 2,000 round number that looks like a bull trap the way it ran up toward 2,020 before diving back down toward 1,985 with next potential support near 1,975 then 1,940. Germany 30 continues to trend sideways although volatility has increased with its channel widening from 10,210 and 10,270 out to 10,140 to 10.325 all still within a 10,045 to 10,350 Fibonacci trading range. UK 100 ran into resistance at the top of its 6,000 to 6,250 trading range twice and has dropped back a bit but remains in the upper half with support coming in near 6,150 but resistance falling toward 6,200. RSI faltered at 50 which it needs to overcome to call off its recent downtrend.


Gold is breaking out today, rallying up from near $1,118 up through $1,126 a Fibonacci level that may become support and carrying on toward $1,132 with next resistance near $1,136 and $1,142. RSI back above 50 confirms momentum turning upward. Crude Oil WTI is consolidating yesterday’s big gains near the top of yesterday’s range trading near $46.60 a Fibonacci level with next resistance near $47.50 and $48.10 with support rising into the $46.30 to $46.50 area.


US Dollar Index is breaking down today, taking out 95.00 to signal the start of a new downleg with RSI falling away from 50 confirming downward pressure increasing. Next potential support near 94.00 then 93.60. NZDUSD has been on a roller coaster ride today rallying up from $0.6310 toward $0.6450 before doing most of a round trip back to $0.6350. It doesn’t appear to be ready for a sustainable rally so base building in the $0.6250 to $0.6400 range may continue for some time. AUDUSD may seem mixed on the surface having done a round trip from $0.7160 to $0.7280 and back but underlying technicals remain encouraging as it holds above $0.7140 where it has been retesting the point it broke out of a downtrend as new support while RSI holds 50 confirming an upturn. USDJPY is sitting on 120.00 a round number and the middle of a 119.00 to 121.00 range where a symmetrical triangle has been forming that suggests a consolidation phase within an emerging downtrend. RSI under 50 and rolling down confirms bears regaining the upper hand. EURJPY continues to steadily trend higher, moving up from near 136.70 on toward 137 30 with next potential resistance near 139.00. RSI holding above 50 indicates upwards momentum intact.


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