Asia Pacific Indices

Australia 200 is bouncing around 5,000 again in the 4,980 to 5,020 area having successfully tested 4,900 and set a higher low. Next upside tests appear near 5,070 then 5,125. Japan 225 continues to rally up out of a bear trap below 17,135 with the index bouncing up into the 17,260 to 17,460 range with next resistance near 17,550. A positive RSI divergence indicates downward momentum fading. Hong Kong 43 is hanging around 21,000 having bounced up from 20,250 after completing a triple bottom. It still faces a significant hurdle near 21,355, where the previous high and downtrend resistance converge, which needs to be overcome to signal an upturn. Hong Kong China H is hovering in the 9,450 to 9,500 area near the middle of an 8,940 to 10,130 channel where it has been base building and a double bottom has formed. RSI trending toward 50 indicates downward momentum easing and an upturn pending. India 50 has come under renewed accumulation, with support rising toward 7,870 and the index testing 7,950 with a challenge of 8,000 or even 8,080 looming. RSI bumping up against 50 where a breakout would confirm an upturn in momentum.

North American and European Indices

US 30 is having a nice lift up off of 16,000, climbing into the 16,150 to 16,280 range trading more recently near 16,230 although it still needs to break 16,400 to call off a trend of lower highs. RSI suggests downward momentum weakening. US NDAQ 100 has moved up from 4,080 into the 4,120 to 4,180 range with support coming in at higher lows and moving up toward 4,150 with next resistance near 4,195 a Fibonacci level. US SPX 500 has regained 1,900 having bounced up off its August closing low near 1,870 to complete a double bottom. Initial resistance possible near 1,910 followed by 1,940 on a rebound. Germany 30 is rallying for a second day up off of its August low, blasting through 9,560 on its way toward 9,720 before a successful retest and rebound toward 9,640. RSI suggests downward pressure starting to ease. UK 100 has regained 6,000 as it rallies up from 5,070 toward 6,065 before retesting 6,020 and bouncing toward 6,050 holding in the upper half of its 5,900 to 6,100 trading range.

Commodities

Gold has broken down through $1,126 a Fibonacci level and is retesting head and shoulders base support near $1,112 where success would carve out a right shoulder and hold trend support while failure would call off the pattern with next support near $1,100. Crude Oil WTI is holding steady near $45.00 trading between $44.60 and $45.20, with RSI sitting on 50 confirming sideways trend within a $43.00 to $46.60 Fibonacci trading channel.

FX

US Dollar Index has bounced off of higher support near 96.00 with RSI lifting up off 50 confirming upward momentum building. Next resistance possible near 96.80 then 97.40. NZDUSD is bumping up against $0.6400 where a breakout would complete a double bottom base while RSI is pushing up against 50 where a breakout would confirm an upturn. Support rises toward $0.6390 with next resistance near $0.6450 then $0.6520. AUDUSD is sitting on $0.7000 and consolidating above $0.6900 with higher lows in the pair and RSI suggesting downward pressure subsiding. Downtrend resistance near $0.7040 still needs to be overcome with next resistance near $0.7100 if successful. USDJPY is consolidating in a narrow range around 120.00 trading between 119.60 and 120.20 within a 119.00 to 121.00 channel. EURJPY keeps drifting lower after the pair faltered near 135.00 and the RSI faltered near 50 to signal its downtrend remains intact. Downside support possible near 133.60 then 133.00.



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