The big technical story today has been that indices continue to advance. Although many markets are showing signs of being overbought and vulnerable to a correction, they still appear to be under accumulation. On the other hand, GBP remains under distribution falling relative to both USD and JPY.
Asia Pacific Indices
Australia 200 continues to consolidate recent gains at a higher level trading near 5,555 above 5,485 Fibonacci support and below 5,600 resistance.
Japan 225 continues to bump up against 17,000 channel and round number resistance, trading near 16,900 with support rising toward 16,815 a Fibonacci level. Next resistance on a breakout possible at the 200-day average near 17,100.
Hong Kong 50 keeps climbing driving up from near 22,700 toward the 23,000 round number with next potential resistance near 23.410 a Fibonacci level. RSI overbought so a correction possible but also still confirms upward momentum intact.
North American and European Indices
US 30 is sitting just below 18,650 resistance which it needs to clear to call off a potential double top. Next resistance possible in the 19,000 to 19,040 area where a measured move and round number converge. RSI indicates momentum turning increasingly upward again as support rises toward 18,595.
US NDAQ 100 continues to advance, clearing 4,800 and moving toward 4,840 with next measured resistance possible near 4,880. RSI overbought suggesting risk of a correction growing with more support near 4,740 but
US SPX 500 is still stuck below 2,200 round number resistance which has contained the recent advance up through 2,185 which may become initial support followed by 2,165.
UK 100 keeps on climbing clearing 6,900 and advancing on 6,940 to bring the 7,000 round number into view as support rises toward 6,910. RSI getting really overbought suggests potential for a correction at some point increasing.
Germany 30 is on the move upward again, clearing 10,750 and advancing on 10,780 with next potential resistance on trend near 10,780 then the 11,000 round number. Overbought RSI suggests it may need to pause for a rest at some point but momentum remains intact for now.
Gold continues to bounce around in a sideways channel between $1,330 and $1,370 recently trading near $1,340 with initial resistance near $1,346. RSI sitting on 50 confirms sideways trend.
Crude Oil WTI has run into resistance near $44.85 a Fibonacci test near $45.00 round number, the middle of its $40-$50 channel and the 50-day average near $45.30. RSI clearing 50 however, signals momentum turning upward as support rises toward $44.20.
US Dollar Index is holding steady near 95.50 in the lower half of a 95.00 to 97.00 trading channel. RSI sitting just below 50 indicates neutral to slightly downward momentum.
EURUSD is holding steady just above its 50-day average near $1.1160 and initial resistance near $1.1220. RSI sitting near 50 indicates sideways momentum dominating.
GBPUSD keeps drifting lower with resistance falling from $1.3000 toward $1.2920 and support falling toward $1.2865. RSI indicating downward momentum increasing suggests a retest of the July low near $1.2785 remains possible on trend.
NZDUSD held support near $0.7195 a Fibonacci level and has bounced toward $0.7215 as a big ascending triangle continues to form below $0.7300. RSI holding 50 confirms underlying upward momentum remains intact.
AUDUSD is steady near $0.7680 as it continues to bounce around between $0.7600 and $0.7750 consolidating recent gains within a bigger sideways channel. RSI holding above 50 indicates a pause underway within a broader uptrend.
USDSGD is still base building between $1.3340 support and $1.3500 round number and 50-day average resistance recently trading near $1.3430. RSI also needs to clear 50 to signal an upturn. Next resistance possible near $1.3545 then $1.3630 if successful.
USDJPY is holding steady near 101.15 above 100.60 and 100.00 support and below resistance near 102.20 then 102.50. RSI suggests downward pressure levelling off.
GBPJPY remains under distribution falling to test the 130.00 round number which has held so far with next potential support near 128.55 the July low and initial resistance near 130.40 then 132.90. RSI under 50 and trending lower indicates downward pressure still increasing.
EURJPY is holding steady near 1113.20 above 112.20 higher support with resistance in place near 113.30 then 114.65. RSI indicates downward pressure levelling off.
CADJPY remains stuck in a range between 0.7700 and 0.7900 as is continues to base build while RSI gaining on 50 indicates downward pressure easing.
USDCAD continues to trend lower with recent breakdowns below $1.3000 and the 50-day average confirmed by momentum with RSI dropping under 50. Next potential support near $1.2920 then $1.2855.