A number of indices have been rolling over lately but the Australia 200 has been the first to really give way and break down with others teetering on the brink. JPY remains broadly under pressure especially relative to USD and GBP. WTI broke under 50 to confirm the start of a downturn. Speaking of which, RSI is testing or has broken 50 across a number of markets to signal changes in momentum.
Asia Pacific Indices
Australia 200 has stabilized above 5,385, a former resistance level after being pounded down from near 5,500. RSI has become oversold so a trading bounce possible with initial resistance near 5,445. Next potential support near 5,340 a Fibonacci level.
Japan 225 continues to climb with 16,815 emerging as new higher support but so far the advance remains contained by the 200-day average near 16,900 with next resistance after that near the 17,000 round number. RSI indicates upward momentum increasing but nearing a key resistance test near 60.
Hong Kong 50 continues to roll over, unable to hold above 23,000 and dropping toward 22,910 with next potential support near 22,715 the bottom of the current sideways channel. RSI dropping toward 50 indicates upward momentum fading and a downturn possible.
North American and European Indices
US 30 continues to steadily decline, falling from near 18,440 toward a test of its 50-day average near 18,360 as it falls away from double top resistance near 18,650. Lower highs suggest some distribution underway while RSI testing 50 suggests a downturn possible. Next downside support possible near 18,150 a previous resistance level.
US NDAQ 100 continues to quietly retreat leaving a double top in its wake trading near 4,770 with lower resistance in place near 4,780 and next support near 4,740 then 4,680. RSI confirms upward momentum weakening.
US SPX 500 is coming under pressure, falling away from 2,175 toward 2,160 while RSI breaking down below 50 confirms momentum turning downward. Next potential support near 2,150 and the 50-day average.
UK 100 continues to drift back toward a potential retest of 6,750 support after failing to hold above 6,800 as it keeps dropping away from a peak above 6,900 earlier this month. RSI falling under 50 indicates momentum turning downward.
Germany 30 is digesting Tuesday’s breakout from a downswing trading above the 10,550 breakout point near 10,650 but short of resistance near 10,700 then 10,800.
Gold has stabilized near $1,310 for now but it remains in a downtrend of lower highs with resistance falling toward $1,316 from $1,326 and RSI confirming downward pressure increasing. Next potential support in the $1,290 to $1,300 zone near a round number and Fibonacci cluster.
Crude Oil WTI is breaking down today, taking out key support in the $44.80 to $45.00 area where a Fibonacci test, round number and the 50-day average converge. This area has become resistance with the price falling into the $44.10 to $44.40 area with next potential support near $44.05 then $43.05. RSI breaking under 50 confirms a downturn underway.
US Dollar Index remains in an upswing with former channel resistance near 96.00 emerging as new support with its next upside test near 96.50 and more support near 95.50.
EURUSD is sitting on its 50-day average near $1.1135 with more support possible at its 200-day average near $1.1100 then the $1.1000 round number. $1.1200 has emerged as lower resistance. RSI under 50 indicates growing distribution.
GBPUSD is starting to climb again rallying up off a higher low near $1.3090 into the $1.3130 to $1.3160 area with next potential resistance at the 50-day average near $1.3175 then a Fibonacci test near $1.3315. RSI probing 50 where a breakout would confirm an upturn in momentum.
NZDUSD remains in an uptrend with RSI holding 50 and the pair holding $0.7195 Fibonacci support. Recently trading near $0.7250, resistance remains in place near $0.7300 and $0.7375.
AUDUSD has stabilized near $0.7500 for now in the $0.7490 to $0.7530 area. RSI under 50 and falling indicates downward pressure increasing with net support near $0.7480 then $0.7390 near the 200-day average.
USDSGD has retrenched a bit falling back toward $1.3620 after running into resistance near $1.3660 but it remains in an uptrend with support rising toward $1.3600. Next potential resistance near $1.3750 on trend.
USDJPY continues to climb, building on Tuesday’s breakout over its 50-day average to confirm the start of a new upswing. 103.00 emerges as higher support with the pair near 103.30 and next resistance possible near 104.30 then 105.00 on trend. RSI confirms upward momentum increasing.
GBPJPY is accelerating to the upside clearing the 135.00 round number, the 50-day average near 135.25 and testing the 23% retracement level near 135.95 with next potential resistance near 138.15. RSI back above 50 and rising indicates upward momentum increasing.
EURJPY is breaking out today, decisively clearing 115.00 and advancing on 115.35 with next potential resistance near 116.75 a support/resistance level. RSI above 50 and rising indicates upward momentum increasing.
CADJPY is testing resistance near 79.00 but a breakout remains possible with RSI back above 50 indicating upward pressure growing. Next potential resistance in the 80.00 to 80.20 area where a round number and 23% Fibonacci retracement level converge.
USDCAD’s continues to advance, heading toward $1.3140 with next potential resistance near $1.3190 then $1.3325. Rising RSI indicates upward momentum increasing. Support rises toward $1.3110 from $1.3080.