Asia Pacific indices

Australia 200 was unable to break through 5,500 once again and appears to have completed a double top. RSI falling away from 70 indicates upward momentum weakening. Initial support tests appear near5,400 then 5,285 the low end of the current trading channel.

Japan 225 is breaking down today, taking out a trend support line near 14,330 then a Fibonacci level near 14,140. Next potential support appears near the 14,000 round number then 13,850 a Fibonacci test and then 13,710. RSI under 50 and falling indicates downward pressure increasing.

HongKong 43 has been soaring lately recently testing 23,375 but with other indices falling and RSI overbought, it could be vulnerable here with the potential that the 23,050 breakout point or 23,000 round number could be retested in the near term.

China A50 broke out over 7,025 and took a run at 7,130 to signal the start of a new uptrend. With RSI overbought though, it may need to do some backing and filling with a retest of 7,000 or the 6,860 breakout point a possibility.

Singapore 30 continues to consolidate near 3,200 with resistance in place near 3,235 but RSI falling indicates upward momentum weakening and a retest of the 3,150 breakout point remains possible.

US Indices

US30 faltered near 16,460, short of 16,500 and been slammed back under 16,300 toward 16,260 with next support near 16.130 then 16,000. RSI falling from another lower high indicates upward momentum weakening and distribution increasing.

SPX500 ran into resistance near 1,875, and has been pounded back under 1,850 into the lower half of its 1,835 to 1,885 trading channel. RSI back under 50 indicates downward momentum growing again. Next downside support on a breakdown in the 1,800-1,810 area.

 

UK and European indices

UK 100 continues to struggle with resistance that has fallen from near 6,700 toward 6,660. Although RSI neutral, a downtrend of lower highs continues to emerge with downside support tests possible near 6,580 then 6,480.

Germany 30 is turning downward again with the index dropping within a 9,380 to 9,600 range and RSI falling back under 50 confirming a downturn in momentum. Next potential support appears near 9,280 a Fibonacci level then 9,190 and 9,070.

Commodities

Gold is climbing again today while RSI has regained 50 to confirm an upturn in momentum Initial resistance appears near $1,322, a Fibonacci level, followed by $1,340 then $1.365 on a breakout. Support rises toward $1,300.

US Crude has run into resistance at the high end of a $102.25 to $104.35 Fibonacci trading channel and dropped back a bit in normal backing and filling following yesterday’s rally. RSI remains above 50 confirming underlying upward momentum intact through this rest period.

 

FX

NZDUSD met resistance near $0.8740 and has fallen back to retest its $0.8700 breakout point as new support. A growing negative RSI divergence suggests upward momentum fading and the risk of a correction growing, perhaps back to retest $0.8645 or $0.8600 initially. A measured move from the previous channel suggests $0.8875 could be tested should it turn around and rally.

AUDUSD took a run at $0.9500 where is has started to encounter some resistance. RSI is getting overbought which suggests a pause or correction appears possible in the near term that could retest the $0.9400 level or even the $0.9340 recent breakout point.

AUDSGD is breaking out today, clearing $1.1760 to signal the start of a new uptrend with next resistance possible in the $1.1970 (measured) to $1.2000 (round number) area.

USDJPY is breaking down again, taking out a trend support line near 101.60 after testing 102.00 as new lower resistance. RSI under 50 and falling indicates downward momentum growing. Next potential support tests near 101.00 then 100.00 the big round number and Fibonacci test.

EURJPY is trading in the lower half of a 140.30 to 143.60 trading range with an old support line near 141.70 becoming new resistance. RSI holding under 50 indicates momentum turning downward. On a breakdown, next Fibonacci tests may appear near 138.55 then 136.85.


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