Asia Pacific Indices

Australia 200 remains stuck just short of a channel top near 5,245, but it’s also trading well above 5,070 where it recently broke out of a downtrend, in the 5,180 to 5,200 range. RSI above 50 confirms momentum still turning upward. Japan 225 has been having an inside consolidation day, trading between 18,035 and 18,355 more recently in the 18,150 to 18,230 area around 18,210 a Fibonacci level as it consolidates its recent breakout from a downtrend. Hong Kong 43 slipped back a bit after faltering near 22,150 a Fibonacci level, but support has come in at a higher low near 21.760 and the index has been taking another run at 22,000 indicating continued underlying accumulation. Hong Kong China H continues to bump up against 10,000 round number resistance with its next potential upside tests near 10,215 then 10,390. RSI just above 50 confirms momentum starting to turn upward. India 50 successfully retested 8,080 as new higher support following a breakout and has rallied back up toward 8,150 with net potential resistance near 8,280 a Fibonacci level. RSI above 50 and rising indicates upward momentum increasing.

North American and European Indices

US 30 took a run at 16,835 but fell back after peeking briefly above 16,850. Support has come in at a higher level near 16,730 with more possible near 16,695. RSI breaking out over 50 indicates momentum turning upward US NDAQ 100 has an inside day, consolidating in the 4,290 to 4,340 range around 4,310 a Fibonacci level as the biotech sector came under fire again. RSI near 50 confirms sideways momentum still intact. US SPX 500 encountered some resistance short of its 50-day average near 1,995 and the 2,000 round number test but has found support at a higher level near 1,970 just below 1,.976 a Fibonacci level. Germany 30 has leveled off in the 9,850 to 9,950 area just below Fibonacci resistance consolidating a move up from 9,725. Next resistance appears near the 10,000 round number then 10,045. RSI approaching 50 where a breakout would confirm an upturn in momentum. UK 100 slumped back under 6,310 where it had recently broken out back toward 6,280 after running into resistance near 6,340. It remains in an upswing above 6,200.

Commodities

Gold is on the move higher once again, clearing $1,142 and testing a downtrend resistance line near $1,150. RSI above 50 and rising indicates upward momentum increasing. Next potential resistance on a breakout near $1,160. Crude Oil WTI has a major breakout underway, clearing the top of a $43.00 to $46.60 trading channel base and driving on toward $49.00, approaching $49.50 a 50% retracement of the downswing that started in June with $50.00 looming. RSI confirms upward momentum accelerating.

FX

US Dollar Index has dropped back into the lower half of its 95.00 to 97.00 trading range while RSI rolling back down under 50 confirms momentum turning downward. NZDUSD continues to break out of a downtrend and a double bottom base, rallying up through $0.6500 and carrying in toward the $0.6540 to $0.6550 zone with next potential resistance near $0.6655. AUDUSD is testing downtrend resistance near $0.7175 with next potential resistance on a breakout possible in the $0.7280 to $0.7300 range near its previous high. Support rises toward $0.7155. RSI above 50 and rising indicates upward momentum increasing. USDJPY keeps trending sideways, trading just above 120.00 within a 118.60 to 121.40 sideways trading range. EURJPY has an upswing underway having cleared 135.00 and moved on up toward 135.50. RSI regaining 50 encouraging but it really needs to clear its 50-day average near 135.90 and its prior high near 137.35 to call off its broader downtrend. USDSGD continues to fall back from a recent peak near $1.4380, currently testing $1.4200 with next potential support near $1.4065 the 50-day average. RSI drifting back toward 50 indicates upward momentum fading and a downturn pending.



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