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Chart Signals – Wed, Sep 16

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Asia Pacific Indices

Australia 200 successfully retested 5,000 round number support with a bear trip bounce off of 4,990 which has carried on toward 5,070, a Fibonacci test with next potential resistance near 5,130. Japan 225 has a big battle underway between bulls and bears, swinging back and forth between 17,800 and 18,300 with more resistance possible near 18,375. RSI suggests downward pressure weakening. Hong Kong 43 held 21,300 support with more possible near 21,000 and has rallied up toward 21,600 with next resistance possible near 21,780 then 22,150. RSI nearing 50 indicates and upturn pending. Hong Kong China H are holding steady in the 9,600 to 9,800 range as base building continues between 9,540 and 10,020. RSI gaining on 50 indicates downward pressure fading. India 50 ran into some resistance near 7,875 and has slipped back toward 7,790 but remains in an upswing above 7,750.

North American and European Indices

US 30 is picking up today, climbing up from 16,310 up through resistance in the 16,475 to 16,500 area near a Fibonacci test and round number and on toward 16,600 with next resistance near 16,700 the top of an ascending triangle. US NDAQ 100 has moved up from near 4,290 toward 4,360 to test the top of an ascending triangle pattern. Next resistance on a breakout possible near 4,400 then 4,435. RSI clearing 50 signals an upturn underway. US SPX 500 continues to form an ascending triangle of higher lows below 2,000. A rally up from 1,955 into the 1,975 to 1,980 zone near Fibonacci resistance and RSI clearing 50 signal renewed interest and an upturn in momentum. Germany 30 continues to attract support above the 10,000 round number and 10,045 a Fibonacci level, trading in the 10,090 to 10,250 range with next resistance near 10,260 than 10,360. UK 100 remains supported above 6,000 and appears to be on the rebound, rallying up through 6,100 a Fibonacci test and climbing on toward 6,160 with next potential tests near 6,200 then 6,255.


Gold continues to trade back and forth in the $1,100 to $1,110 range, although RSI under 50 and falling indicates broader downtrend intact. Next potential support near $1,090 then $1,070 with next resistance near $1,115. Crude Oil WTI has established support at a higher low near $44.20 but rebounds have been contained by $45.00. The formation of a descending triangle of lower highs above $43.00 and RSI barely clinging to 50 is a contrary signal leading to a sideways trend overall.


US Dollar Index continues to hold above a higher low near 95.00 trading up from 95.30 toward 95.85 with next potential resistance near 96.40. RSI needs to regain 50 to confirm an upturn NZDUSD is still stabilizing in the $0.6250 to 40.6400 range trading recently between $0.6290 and $0.6340. AUDUSD has encountered downtrend resistance near $0.7160, dropping back toward $0.7090 before rebounding up toward $0.7120. It remains in an upswing above $0.7000. USDJPY continues to form a symmetrical triangle of higher lows and lower highs between 118.20 and 121.70. Recently it has been bouncing around between 119.50 and 120.50 near the middle. Signals mixed with the triangle suggesting a pause in a downtrend and RSI suggesting downward pressure easing. EURJPY is trying to rebound from earlier weakness having bounced up off of 135.00 but it faces significant resistance near 135.80, 136.40 and 137.00.


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