Asia Pacific indices

Australia 200 remains in an upswing, climbing within its 5,300 to 5,500 trading channel. RSI above 50 and increasing indicates momentum remains positive currently.

Japan 225 is breaking out today, retaking the 15,000 round number level. RSI above 50 and heading higher indicates upward momentum growing with next potential resistance tests appearing near 15,130 then 15,275.

HongKong 43 continues to climb up out of a big double bottom, building on yesterday’s breakout over 22,360, a Fibonacci level that has become new support. RSI indicates upward momentum still building with technical room to run. Next potential resistance appears near 22,850 then 23,000.

Singapore 30 has been knocked back under 3,200 after faltering short of 3,235 Fibonacci resistance. RSI was nearing overbought and suggests a normal trading correction may be getting underway with initial support possible near 3,150.

US Indices

US30 has paused in the 16,520 to 16,560 range, taking a breather after yesterday’s breakout rally. RSI momentum remains positive with the all-time high and channel boundary coming into view near 16,610.

SPX500 touched a new high overnight rallying toward 1,890 with next round number resistance near 1,900. It has dropped back to retest 1,885 as new support as upward momentum pauses for now. Next support in a downdraft appears near 1,870.

UK and European indices

UK 100 keeps advancing with the index clearing 6,660 while RSI breaking through 50 confirms an upturn in momentum. Next potential resistance appears in the 6,700 to 6,725 area followed by 6,775 then 6,815. Support rises toward 6,640.

Germany 30 traded toward 9,650 before backsliding a bit toward 9,630 in normal backing and filling. RSI above 50 and rising indicates momentum remains positive. Next resistance possible near 9,695 then 9,780 as support rises toward 9,600.

Commodities

Gold bounced up off of 1,275 but remains below $1,300 in what appears to be an emerging base building range. RSI has started to climb again suggesting selling pressure easing.

US Crude is under pressure again, falling back under $100.00 but holding $99.50 Fibonacci support so far. RSI dropping under 50 indicates momentum turning downward with next support near $97.50 on a breakdown. Resistance falls toward $100.50.

Copper is breaking out today, clearing $3.08 and testing $3.10 to signal the start of an upswing with next resistance possible near $3.14 then $3.20. RSI moving back above 50 confirms momentum has turned positive. Support rises toward $3.06.

 

FX

NZDUSD was pounded for a penny falling to test $0.8540 and completing a 23% retracement of its previous advance. RSI falling back toward 50 suggests correction accelerating. Next potential support appears near $0.8500 then $0.8455 with resistance near $0.8635.

AUDUSD continues to consolidate recent gains in the $0.9200 to $0.9340 range between two Fibonacci levels. RSI retreat from near 70 suggests upward momentum fading as a pause within a broader uptrend gets underway.

AUDSGD has levelled off in the $1.1600 to $1.1760 range in what appears to be a common consolidation after a breakout rally.

USDJPY is breaking out today, clearing 103.60 to complete an ascending triangle, and then retesting it as new support. RSI indicates upward momentum still increasing. Next potential resistance tests appear near 104.00, 104.90 and 105.35.

EURJPY stalled short of 143.80 resistance while RSI topped out at a lower high suggesting upward momentum may be weakening and its trading channel intact. Initial support appears near 142.40 then 141.00 and 140.30. Next resistance on a breakout possible near 145.00.

USDCNH stalled near 6.2090, a Fibonacci level and has started to drop back, trading near 6.2050 with next potential support near 6.2030 then 6.1925. A negative RSI divergence suggests the recent advance may be overextended while RSI falling under 70 suggests a correction may be getting underway.


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