Stocks remain under broad accumulation with the US 30 and US SPX 500 hitting new all-time highs while the UK 100, Germany 30, Australia 200 and Japan 225 all stage breakouts or strong advances. EUR has been hit really hard against both USD and GBP. AUD and JPY have been struggling but NZD and CAD has been attracting more interest.
Asia Pacific Indices
Australia 200 is breaking out today, clearing 5,520 and advancing on 5,570 with next potential resistance at its July high near 5,610 then a measured 5,640. Rising RSI confirms upward momentum increasing.
Japan 225 is soaring again, driving up off 18,500 and on through 18,900 with support rising toward 18,800 then 18,700. RSI overbought but so far is confirming increasing upward momentum. Next potential resistance at the 19,000 round number then 19,140.
Hong Kong 50 tried to break out over 23,000 and its 50-day average but failed to hold above there running into resistance near 23,140 and then diving back down toward 22,860 in a bearish reversal. RSI regaining 50 offsets this a bit but overall it looks like the 22,300 to 23,400 sideways trend remains intact with next support near 22,770.
North American and European Indices
US 30 has touched another new all-time high today, clearing 19,500 and advancing on 19,650. RSI remains extremely overbought so it may not take much to spark a correction back toward 19,260 its recent breakout point but for now upward momentum continues to increase. Next upside test possible near the 20,000 round number.
US SPX 500 is building on its recent breakout rally pausing in the 2,234 to 2,242 range then advancing on 2,250 with next potential resistance near a measured 2,260. RSI overbought again suggests potential need for a rest but for now accumulation continues.
US NDAQ 100 has paused near 4,860 above its 50-day average but still below 4,900 channel resistance. A trend of lower highs in the RSI indicates fading upward momentum. Initial downside support possible near 4,800 then 4,740.
UK 100 has turned back upward breaking out of a short term downtrend ending a correction and resuming its broader uptrend. The Index cleared 6,850 to signal the upturn and has advanced on 6,950 with next potential upside tests near 7,000 then 7,110. RSI confirms momentum turning increasingly upward again.
Germany 30 is soaring again today, driving up off the 11,000 round number toward 11,200 with support rising toward 11,150. Next potential resistance near 11,410 a late 2015 peak.
Gold continues to base build around $1,172 a Fibonacci level trading between $1,169 and $1,179. An oversold RSI and higher lows indicate recent selloff exhausted and the potential for a trading bounce increasing.
Crude Oil WTI is hanging around the $50.00 level trading between $49.60 and $51.00. RSI indicates a pause underway within a broader uptrend.
US Dollar Index has been volatile today on EUR swings diving down toward 99.50 then spiking back up toward 101.25 indicating the boundaries of a new trading channel. RSI holding 50 indicates underlying uptrend intact through the current consolidation/correction phase. Next resistance near 101.55 with initial support near 101.00 then 100.30.
EURUSD has a big bearish reversal underway today. The price spiked up from near $1.0700 toward $1.0885 Fibonacci resistance then was pounded down through $1.0685 a Fibonacci level toward $1.0600. RSI failing at 50 confirms broader downtrend resuming with next potential support near $1.0500.
GBPUSD has dropped back from $1.2700 Fibonacci resistance toward $1.2575 but remains in an uptrend above the $1.2500 round number with a bullish ascending triangle base still forming below $1.2800.
NZDUSD is breaking out today, clearing its 50-day average near $0.7150 with the RSI decisively clearing 50 to confirm an upturn in momentum. The pair has advanced on $0.7180 with next potential resistance near $0.7195 then $0.7225.
AUDUSD is still base building but needs to clear 50 on the RSI and $0.7500 on the index to signal the start of a new upswing with next resistance in the $0.7525 to $0.7555 area between the 200 and 50-day averages. Initial downside support in the $0.7400 to $0.7430 area.
USDSGD continues to consolidate recent advances in a higher range recently holding support at $1.4155 and 50 on the RSI to keep its underlying uptrend intact following a correction. Initial resistance appears near $1.4250 then $1.4350.
USDJPY is still trending sideways around 114.00 trading between 113.00 and 115.00. RSI remains overbought while lower highs indicate upward momentum slowing and a downward correction possible. Initial support in place near 113.70.
GBPJPY has levelled off in the 142.25 to 146.40 range between the 50% and 62% Fibonacci retracements of its previous downtrend, trading around its 200-day average near 143.60. RSI remains overbought and is rolling over indicating upward momentum fading and a correction possible.
EURJPY is rolling over with RSI falling back under 70 signalling the start of a trading correction. The pair touched a new high on trend near 123.33 before diving back toward 121.10, a classic bearish reversal. Currently testing the 50-day average, next potential support appears near the 120.00 round number.
USDCAD keeps trending downward with $1.3300 having become lower Fibonacci resistance and the pair sliding toward the bottom of the $1.3200 to $1.3250 area with next potential downside support near $1.3100. Falling RSI confirms downward momentum accelerating.
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