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Clone of US Open Technicals: Indices, Commodities, FX
00:00, 06 January 2014
North American Indices US30 has regained 16,500 as it bounces around in an emerging channel between 16,400 and 16,625. RSI still near overbought suggests it remains vulnerable with next potential support on a breakdown near 16,300. SPX500 continues to drift in the 1,825 to 1,840 range. A lower high has been offset by RSI stabilizing above 50 to indicate its underlying trend remains intact. Next potential resistance near 1,845 aned 1,854 with next support near 1,815. NDAQ100 continues to backslide drifting toward 3,525 after running into resistance near 3,600 last week and selling off Friday. RSI dropping back toward 50 suggests upward momentum fading. US SmallCap 2000 remains in consolidation mode bouncing around between 1,145 and 1,170. Canada 60 (Toronto60) has been weakening, with 782 emerging as new resistance following a breakdown and initial support possible clower to 770. Commodities Gold continues to build on last week’s trend breakout climbing toward the high end of its $1,175 to $1,260 base building range. RSI had cleared 50 to indicate momentum turning positive with next potential resistance tests near $1,300 then $1,322 a Fibonacci level. Silver continues to form a base between $19.20 and $20.60, currently trading above $20.00. RSI holding above 50 suggests upward momentum building. Copper is starting to roll over dragged down by soft China data. It has broken under $3.40 and a trend support line while RSI rollover suggests upward momentum faltering Initial support in a correction appears near $3.34 then $3.30. US Crude has stabilized near $94.00 following last week’s selloff while RSI levelling off suggests selling pressure easing for now. It’s too soon to call this a base or a pause in a bigger selloff. Next downside support near $92.60 with initial resistance near $95.40. UK crude has bounced up off of $106.80, successfully testing a Fibonacci level and suggesting the recent selloff may be subsiding. Initial resistance appears near $107.75 then $109.00. Gasoline has stabilized near $2.68 a higher low near a Fibonacci level with RSI holding near 40 similar to its previous low. Next upside resistance appears near $2.77 then $2.84 with support near $2.62. Natural Gas’s rally last week peaked at a lower high and the price has fallen back despite the deep freeze across much of North America. If it can’t crack $4.40 now when may it? RSI falling toward 50 suggests upward mo weakening. Next support near $4.25 then $4.07, both Fibonacci levels. FX USDCAD has bounced up off of $1.0600 and continues to form an ascending triangle below $1.0740. This along with RSI holding above 50 suggests a consolidation period within a continuing underlying uptrend. Next measured resistance on a breakout appears near $1.0920. EURUSD is having an inside day, stabilizing near $1.3600 after a big drop from $1.3800 over last week. RSI under 50 suggests downward momentum increasing through with next potential support tests near $1.3520 then $1.3400. GBPUSD has successfully tested $1.6320 for the pair and 50 for the RSI keeping its uptrend intact for now. Back up near $1.6400, next upside resistance appears near $1.6480 then $1.6600 with next downside support near $1.6200. USDCHF continues to climb today, clearing $0.9050 while RSI above 50 and rising indicates upward momentum still accelerating. Net potential upside tests appear near $0.9115 then $0.9190.