Asia Pacific indices

Australia 200 continues to find support above 5,285, but it has been unable to muster up much enthusiasm either, stuck in a downtrend below 5,340 to 5,360 resistance. RSI retesting 50 as resistance level and then falling confirms downward momentum still building.

Japan 225 continues to consolidate in the 14,140 to 14,565 zone between two Fibonacci levels as it tries to build a base after a big selloff earlier this month. RSI under 50 and falling suggests downward momentum intact. Next support appears near 14,000 then 13,850 with next resistance near 14,830.

HongKong 43 rallied up through 21,240 driving toward 21,675 on Friday, confirming a successful test of 22,000 and completing a double bottom. RSI climbing up out of a positive divergence indicates downward momentum weakening. Next resistance tests appear near 21,800 (Fibonacci) then 22,000 (big round number)

China A50 is starting to recover. RSI broke through 50, signalling an upturn in momentum as the index charged up from the bottom to the top of its 6,350 to 6,630 trading channel. Next resistance on a breakout appears near a measured 6,810 then 6,860.

India 50 continues to hang around 6,500 trading in a 6,480 to 6,560 channel. RSI falling from overbought suggests a correction remains possible with next support in place near 6,345.

Singapore 30 held 3,040, confirming the right shoulder of a H&S base and has bounced back toward 3,090 a Fibonacci level with neckline resistance in place near 3,150.

US Indices

US30 peeked above 16,400 briefly on Friday but stalled at another lower high near 16,450 short of a downtrend resistance line before backsliding.  RSI still in a downtrend and hanging around 50 suggests momentum downshifting into neutral. It faces channel resistance near 16,500 with channel support near 16,130.

SPX500 tested the high end of its 1,825 to 1,890 trading channel Friday but failed to break through, confirming channel resistance and possibly completing a double top. RSI has gone sideways near 60 suggesting momentum levelling off for now. If it does manage to break out, next measured resistance would appear near 1,955.

 

UK and European indices

UK 100 has found some support near 6,485, a Fibonacci level but remains in a downtrend with RSI under 50 and falling and the index trading well short of 6,600 its initial resistance level. Next potential support on a breakdown near 6,410 then 6,360.

Germany 30 tried to break out over 9,290 on Friday but was unable to hold its gains and fell back under, confirming that Fibonacci level as new resistance. RSI remains below 50 also indicating underlying downward momentum remains intact.

France 40 was unable to retake 4,350, confirming resistance at that level and has fallen back toward 4,300 with next support near 4,200. RSI stalling near 50 suggests momentum still turning downward.

Spain 35 appears to be moving into a trading channel between 9,875 and 10,200, around the 10,000 big number. RSI sitting on 50 suggests momentum neutral currently.

Commodities

Gold has bounced up off $1,322, a Fibonacci level while RSI held 50 both indicating that its upward momentum remains intact and overbought conditions have eased. Initial resistance on a rebound possible in the $1,350 to $1.355 area.

US Crude has stabilized near $100.00 with $99.50 Fibonacci support holding. RSI back up to 50 suggests downward pressure easing. Initial upside resistance appears near $102.00.

Natural Gas remains under pressure with winter nearing an end, breaking down through $4.50 today while RSI indicates downward momentum still building. Next potential support appears in the $4.15 to $4.20 zone.

 

FX

NZDUSD has bounced back above $0.8540, confirming a successful test of $0.8500 support with resistance in place in the $0.8600 to $0.8640 area. It may need to continue consolidating in this range to work off an overbought RSI that developed recently.

AUDUSD rallied Friday to confirm a successful test of $0.9000 and keep its ascending triangle and H&S bases growing. RSI holding above 50 indicates upward momentum intact. Neckline resistance appears near $0.9130 with next tests on a breakout possible near $0.9165 then $0.9245.

AUDSGD has retested $1.1545 as new support confirming its breakout from an ascending triangle with next potential resistance near $1.1600 then $1.1760 on trend.

USDJPY remains stuck in neutral, bouncing around in a channel between 101.00 and 103.75 with RSI sitting on 50 to indicate neutral momentum.

EURJPY is testing an uptrend support line near 140.40 where a breakdown would signal the start of a new downtrend with next Fibonacci support near 138.55 then 136.85. RSI drifting toward 50 suggests upward momentum weakening as resistance falls toward 141.25.

USDCNH ran into resistance near 6.2090, having completed a 50% retracement of a previous downtrend, and has dropped back under 6,2000 with next potential support near 6.1815. An overbought RSI and a negative divergence suggest the current rally may be overextended and due for a correction.


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