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Chart Signals - Thursday

CMC Markets

Asia Pacific indices

Australia 200 successfully retested 5,785 channel support and has bounced back up toward 5,810 but doesn’t appear to be out of the woods yet with a quadruple top in place near 6,000 and RSI sliding back under 50. Next support on a breakdown possible between 6,650 and 5,700 near a Fibonacci cluster with more resistance near 5,930.

Japan 225 successfully retested support at the lower boundary of its rising channel near 19,640 and has bounced back up above 19,800 with next resistance in place at the 20,000 round number. Although uptrend remains intact, RSI indicates upward momentum still weakening.

Hong Kong 43 ran into resistance near 28,500 and has slumped back toward 28,320 with a retest of the recent 28,230 breakout point looking possible. An overbought RSI and a negative divergence suggest the recent advance may be overextended, tiring and vulnerable to a correction.

Hong Kong China H has dropped back toward the middle of the 14,000 to 15,000 channel where it has been consolidating recent gains as upward momentum slows. Resistance has fallen from 14,880 toward 14,730 with more support near 14,465.

India 50 has stabilized in the 8,220 to 8,310 range bouncing around 8,280 a Fibonacci level while working off a slightly oversold RSI. So far this appears to be another pause within a broader downtrend with more resistance near 8,365 and next downside support near 8,080 then the 8,000 round number.

Singapore 30 is sitting just below 3,500 confirming yesterday’s breakdown with next support still in place near 3,465 a previous breakout point. RSI approaching 50 suggests a downturn in momentum pending.

North American Indices

US30 is bouncing around the 18,000 level again between 17,950 and 18,090 having run into resistance near 18,110. Next potential support near 17,885 a recent low then 17,730 a Fibonacci level.

SPX500 is retesting 2,100 support again having fallen back from another failed attempt to clear 2,120 that completed a triple top. Next potential support near 2,085 then 2,050 the 50-day average then a previous low.

NDAQ100 has dropped back from 4,515 back toward 4,480 where a retest of previous resistance has been successful so far, keeping its uptrend intact. RSI rolling over suggests a correction possible with next potential support near 4,400.


UK and European indices

UK 100 is starting to break down, slipping back under the 7,000 round number while RSI falling back under 50 confirms momentum turning downward. Next potential support near 6,900 a previous breakout point.

Germany 30 took a sharp dive downward after breaking 11,640 support falling toward 11,360 before mustering up some support and bouncing back toward 11,480. RSI diving decisively under 50 signals momentum turning downward.


Gold has paused in the $1,204 to $1,210 range to consolidate the big gains of the last two days, trading between $1.206 and $1.214. RSI stalling near 60 suggests $1,180 to $1,220 sideways channel remains intact with initial support near $1,200 then $1,190.

Crude Oil WTI is breaking out today, clearing $57.00 and trading up toward $58.10 before running into resistance and slipping back toward a retest of the breakout point which has held so far. Its primary uptrend remains intact but an overbought RSI failing to confirm the high suggests upward momentum may be starting to weaken.


US Dollar Index plunged down under 95.00 in early trading but has bounced back up toward 95.40 after successfully retesting prior lows near 94.80. It remains in a downtrend with RSI indicating downward pressure still increasing.

NZDUSD has turned downward again, plunging from $0.7710 toward $0.7610 after the RBNZ news. RSI falling toward 50 suggests a downturn pending. Next potential support near $0.7565 a Fibonacci level then $0.7400.

AUDUSD is breaking out again today, clearing $0.8000 and retesting it as new round number and Fibonacci support as it builds on yesterday’s rally. RSI getting overbought so it may need to pause but trend remains upward with next resistance possible near $0.8075 then $0.8140.

USDJPY held 118.60 support and has bounced back up toward 119.10 but it remains in a descending triangle unless it can break downtrend resistance near 120.35.

EURJPY is breaking out today, blasting off from 130.00 up through 131.70 a Fibonacci level which it has retested as new support. RSI indicates upward momentum accelerating, but resistance has emerged near 132.80.

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