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Chart Signals - Monday, April 7

CMC Markets

Asia Pacific indices

Australia 200 was knocked back unto the lower half of a 5,300 to 5,500 trading channel but a R&S top forming in the RSI looks ominous. Downside potential Fibonacci tests in a correction appear possible near 5,285 (23%) then 5,155 (38%).

Japan 225 failed to get through 15,130 and has been slammed back under 15,000 toward 14,875. Initial Fibonacci support levels appear near 14,830 then 14,565.

HongKong 43 has been consolidating in the 22,440 to 22,770 zone but looks vulnerable in a global market shakedown. RSI closer to overbought at a lower high a technically bearish sign. Initial support in a downturn possible near 22,360 then 22,000 and 21,800.

Singapore 30 is struggling with 3,235 resistance near a Fibonacci level while RSI near overbought suggests upward momentum faltering. Initial support appears near 3,200 but a retest of 3,150 appears possible in a market correction.

US Indices

US30 was crushed on Friday in a bearish key reversal day that completed a big double top. A negative RSI divergence indicates upward momentum faltering. In a correction, initial support may appear near 16,300 then 16,130 and 16,000.

SPX500 had a big bearish key reversal on Friday faltering short of 1,890 and getting slammed back under 1,870. RSI falling back toward 50 from a negative divergence suggests a correction may be getting started with initial support tests near 1,835 then 1,810.


UK and European indices

UK 100 has faltered near 6,700, short of 6,725 resistance. Initial support in a downturn may appear near 6,600 then the 6,480-6,500 area near the 23% retracement level.

Germany 30 has been knocked back after failing to overcome 9,725 resistance. RSI peaking at levels similar to previous highs suggests recent rally running out of gas. Initial support tests appear near 9,600 then 9,450.


Gold has broken through $1,300, completing a rounded bottom base in the $1,275 to $1,300 zone with next resistance possible in the $1,322 to $1325 area where a Fibonacci level and measured move converge. RSI climbing toward 50 indicates downward momentum easing.

US Crude is testing the high end of a $99.50 to $102.00 trading range between two Fibonacci levels. RSI back above 50 indicates momentum turning upward again. Next potential resistance near $103.10 then $104.35 with support rising toward $101.00.



NZDUSD has successfully retested support near $0.8550 having completed a common 23% retracement of its previous uptrend. RSI near 50 suggests overbought conditions have eased and it may be moving into a sideways trading range with resistance near $0.8600 then $0.8640 and $0.8700.

AUDUSD continues to consolidate recent gains in the $0.9215 to $0.9300 zone. RSI suggests upward momentum stalling at the moment. Next resistance appears near $0.9304 with next support possible near $0.9140 then $0.9090.

AUDSGD remains supported above $1.1600 as it continues to consolidate recent gains between there and $1.1765 with next resistance near $1.1850.

USDJPY ran into resistance near 104.00 and has turned downward once again, testing 103.30, a Fibonacci level with next potential support near 102.90 and 102.00. RSI suggests upward momentum weakening as a correction takes hold.

EURJPY failed to break through 143.75, establishing the high end of a new trading channel and has fallen back under 142.40 toward 141.50 with channel support in place near 140.30.

USDCNH failed to clear resistance near 6.2200 but is holding above 6.2090, a Fibonacci level. It appears to be moving into a 6.1980 to 6.2200 consolidation range as it works off an overbought RSI. A negative divergence suggests upward momentum weakening.

Time Zone Conversion

Comments in this post are based on Australian Eastern Time (GMT + 10). Conversions to other popular time zones include:

City                  Time Zone         Difference from AEDT

Hours                Days                 Example

Auckland           NZST                 +2                    same                2:00 pm Tuesday

Sydney             AEST                same                same                12:00 pm Tuesday

Melbourne         AEST                same                same                12:00 pm Tuesday

Perth                AWST               -2                     same                10:00 am Tuesday

Singapore          SST                   -2                     same                10:00 am Tuesday

London              BST                  -9                     same                3:00 am Tuesday

Toronto             EDT                  +10                   -1                     10:00 pm Monday

Vancouver         PDT                  +7                    -1                     7:00 pm Monday

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