Australia markets are in focus today, climbing into the RBA interest rate decision and statement. Indices in the US continue to advance while commodities and some currencies take advantage of the falling dollar like EUR, GBP and CAD. JPY is falling relative to other majors including USD, CAD, GBP and EUR as capital comes out of defensive havens
Asia Pacific Indices
Australia 200 is climbing within a 5,265 to 5,425 trading channel advancing from near 5,300 through 5,335 and on toward 5.375. RSI back above 50 confirms an upswing underway.
Japan 225 continues to rebound with the index rallying toward 16,690 and support moving up toward 16,400 from 16,275. Next resistance possible near 16,770 a Fibonacci level then the 18,000 round number. RSI bouncing between 40 and 60 indicates an upswing underway within a sideways trend.
Hong Kong 50 keeps on rallying breaking through 21,00 which may become higher support and advancing on 21,200 with next potential resistance near 21,260 then 21,375. RSI getting overbought suggests potential for a correction but confirming upward momentum for now.
India 50 is bumping up against 8,280 resistance and with RSI still overbought, a consolidation or correction remains possible with initial support near 8,175 then 8,080.
North American and European Indices
US 30 spent part of Monday consolidating between 17,700 and 17,930 then broke out in the afternoon advancing on 17.950 with next potential resistance looming near 18,000 then 18,155. RSI holding 50 then rising confirms upward momentum increasing.
US NDAQ 100 continues to attract support above 4,500 a round number and Fibonacci level while consolidating recent gains. Upside resistance in place near 4,535 then 4,600.
US SPX 500 held 2,100 again and popped in the afternoon toward a test of 2,112 resistance with its next potential upside test near 2,130 then 2,138 its 2015 high. RSI sending mixed signals testing a downtrend resistance line (bearish) near 60 (bullish).
UK 100 is moving higher once again advancing on 6,280 with next potential resistance near 6,300 then 6,455. RSI climbing up off 50 confirms upward momentum increasing. Support rises toward 6,260.
Germany 30 is sitting steady on its 200-day average trading between 10,100 and 10,150 after successfully testing support at 10,000 and its 50-day average on Friday. RSI holding 50 confirms upward momentum intact with next resistance near 10,290
Gold has paused near its 50-day average, $1,243 a Fibonacci level and 50 on the RSI all suggesting that Friday’s pop may have been too much too quick and some resistance has emerged. Support rises toward $1.240 with next resistance near $1,260.
Crude Oil WTI continues to consolidate in the $48.00 to $50.00 range while pausing to work off an overbought RSI trading above $48.10 Fibonacci support and below round number resistance in a $48.80 to $49.60 range.
Copper keeps turning upward, confirming Friday’s rally over $2.10 and testing its 200-day average near $2.14 with next resistance near $2.17 around a Fibonacci level and its 50-day average. RSI retaking 50 signals momentum turning upward.
US Dollar Index held 94.00 after a big takedown on Friday from 95.65 but so far the bounce has been feeble only back toward 94.20. Resistance falls from 95.00 toward the 50-day average near 94.55 with next potential support near 93.70.
EURUSD continues to climb, advancing on $1.1390 with support moving up toward $1.1350 from the 50-day average near $1.1330. RSI back above 50 suggests underling momentum turning upward.
GBPUSD is swinging back and forth between $1.4355 and $1.4500 around its 50-day average near $1.4400 while holding trend support. After some initial turbulence, pair has rallied from $1.4360 toward $1.4480. Underlying uptrend support holding and RSI bouncing between 40 and 60 indicate choppy trading within a sideways range.
NZDUSD encountered resistance near $0.6955 short of the $0.7000 round number but remains in an uptrend through the current correction holding above $0.6900. RSI at levels similar to previous short-term peaks.
AUDUSD continues to advance with support rising toward $0.7340 from its $0.7290 breakout point and the pair advancing into the $0.7360 to $0.7380 area with next resistance possible near $0.7390 then the 50-day average near $0.7470. RSI back above 590 confirms momentum turning upward.
USDSGD remains under pressure, falling down through its 50-day average near $1.3600 and on toward $1.3550 with falling RSI confirming increasing downward pressure. Next potential support near the $1.3500 round number then $1.3420.
USDJPY found support near 106.25 and has bounced back up toward 107.40. RSI bottoming at a higher low indicates recent downward pressure fading and a recovery possible. Initial resistance near 108.00 then the 50-day average near 109.20.
GBPJPY has a bear trap reversal underway, falling down through 154.00 then rebounding toward 155.20. A hammer candle also suggests bears may be exhausted and bulls coming back to live. Next upside resistance possible near 157.05 then the 50-day average near 157.70.
EURJPY has started to bounce back, rallying up off 120.80 back up toward 122.00 which could end in confirmation of a breakdown or signalling of a new upswing with next resistance near 122/60 then then 50-day average near 123.75.