WTI is running for a second straight day following the OPEC meeting. USD, meanwhile is picking up against other majors on hawkish Fed comments and positive US economic data. Indices, meanwhile have been weakening as we continue to move through a seasonally weak period and traders adjust positions for quarter-end.
Asia Pacific Indices
Australia 200 has encountered some resistance near 5,470 and slipped back toward its 50-day average near 5,440 in what looks so far like a normal trading correction in an uptrend with support rising from 5,400 toward 5,430. Rising RSI indicates upward momentum still intact for now.
Japan 225 has resumed its downtrend having faltered at a lower high near 16,760 and dropped back under its 50 and 200-day averages near 16,675 on its way back toward 16,460. Next potential support appears near 16,330 a Fibonacci level. RSI failing to retake 50 confirms momentum turning downward.
Hong Kong 50 ran into resistance near 23,920 again keeping the high end of its 23,000-24,000 trading range intact. The index has dropped back toward 23,710 in a normal pullback with next support possible near 23,410. RSI holding 50 indicates underlying support intact through this correction.
North American and European Indices
US 30’s latest rally was contained by its 50-day average near 18,380 a lower high while RSI failing to retake 50 indicates continued distribution. The index has dropped back toward 18,100 with next potential support in the 17,915 to 18,000 zone.
US NDAQ 100 may be rolling over with lower highs in the RSI indicating upward momentum weakening while resistance slips to 4,480 from 4,500. The index has dropped back toward 4,820 but remains in an uptrend above 4,800 and the 50-day average near 4,790.
US SPX 500 ran into resistance at its 50-day average near 2,170 and is rolling over again with the index falling back toward 2,150 with next potential support in the 2,135 to 2,140 area.
UK 100 peeked above 6,925 briefly and then dropped back forming a quadruple top and dropped back toward 6,860 with next support possible closer to 6,800 and its 50-day average. A lower high for the RSI indicates upward momentum weakening.
Germany 30 failed to hold above its 50-day average near 10,500 while its RSI failed to retake 50 and has turned downward again, dropping under 10,300 with next potential support near 10,240 then 10,100.
Gold has stabilized near $1.320 bouncing from $1,318 toward $1,324 with initial rebound resistance at the 50-day average near $1,332 then $1,340 and $1,346. RSI levelling off just below 50 suggests recent pullback ending.
Crude Oil WTI continues its breakout from an ascending triangle, rallying to test $47.50 channel resistance trading between $46.60 and $47.80. Rising RSI indicates upward momentum increasing with next potential resistance near $48.75 and support rising toward $47.20.
US Dollar Index has started to trend upward again with the RSI rising up off 50 while the index advanced on 95.50 as support rises toward 95.25 tom 95.00. Next potential resistance tests near 95.65 then 96.00.
EURUSD slipped back from $1.1250 toward $1.1200 as it continues to essentially trend sideways with a symmetrical triangle forming and RSI sitting on 50. Initial support and resistance possible near $1.1150 and $1.1280 respectively.
GBPUSD has drifted back from near $1.3030 toward $1.2950 as base building continues above $1.2870 triple bottom support. RSI sending mixed momentum signals.
NZDUSD appears to be rolling over with lower highs in the pair and the RSI suggesting upward momentum easing. Resistance has dropped toward $0.7260 from $0.7300 with support in place at the 50-day average near $0.7240 then $0.7195 a Fibonacci level.
AUDUSD faltered at $0.7700 channel resistance once again and has started to drop back, testing $0.7630 with next potential support near $0.7600 and its 50-day average. RSI peaking at 60 and rolling over suggests another downdraft may be starting.
USDSGD continues to trend upward with the pair back up above $1.3600 and RSI back above 50 confirming upward momentum increasing. Next potential resistance near $1.3710 and the 50-ddya average.
USDJPY is starting to climb up off 100.00 confirming a triple bottom in place at that level, while RSI indicates downward momentum fading. Downtrend and 50-day average resistance in place near 102.000 followed by a prior high near 103.00 as support rises toward 101.10 from 100.80.
GBPJPY is holding steady near 131.10 up above 130.00 triple bottom support having encountered initial resistance near 132.10. RSI stabilizing near 40 indicates selling pressure may have peaked already.
EURJPY Regained 113.00 and advanced on 114.00 before settling back toward 113.30 with next resistance possible near 114.35 then 114.95. RSI gaining on 50 indicates downward pressure fading.
USDCAD held its 50-day average near $1.3045 and 50 on the RSI to keep its underlying uptrend intact which has resumed with the pair advancing on $1.3175.Upside resistance still in place near $1.3250 and the 200 day average with more support near the $1.3000 round number.
USDMXN continues to trend downward with a rebound attempt failing near 19.63 which confirmed 19.52 as lower support. The pair has dropped toward 19.36 with next potential support near 19.10 a 23% retracement of its previous uptrend.