Chart Signals: Indices, oil and gold rally as momentum turns bullish

Major indices around the world are starting to swing back upward with a number of RSI indicators regaining 50 to confirm the upturns and accelerating upward momentum. Gold and oil are also turning increasingly upward clearing resistance hurdles.

Major indices around the world are starting to swing back upward with a number of RSI indicators regaining 50 to confirm the upturns and accelerating upward momentum. Gold and oil are also turning increasingly upward clearing resistance hurdles. 

Asia Pacific Indices

Australia 200 continues its upswing with RSI clearing 50 confirming the upturn in momentum. Back above 5,400 with support rising toward 5,355, next support appears possible at the 50-day average near 5,460. 

Japan 225 is breaking out today, clearing its 50 and 200-day averages near 16,675 and blasting through 16,800 on its way toward 16,950 with next potential resistance near the 17,000 round number then 17,135. RSI back above 50 confirms momentum upswing. 

Hong Kong 50 is bumping up against 24,000 with support rising toward 23,910 and next potential resistance at the recent high near 24,355. Rising RSI indicates upward momentum increasing. 


North American and European Indices

US 30 continues to rebound, clearing 18,300 which may become higher support and advancing on 18,450 and the 50-day average near 18,420 followed by 18,655. RSI regains 50 to signal momentum turning upward. 

US NDAQ 100 is breaking out today, clearing 4,850 channel resistance, calling off a quadruple top and signalling the start of a new upleg with rising RSI confirming increased upward momentum. Next resistance possible near 4,900 then a measured 4,950 and the 5,000 round number. 

US SPX 500 continues its upswing with RSI regaining 50 confirming the upturn. The index has regained its 50-day average near 2,170 trading near 2,180 with next resistance near 2,195 with support rising toward 2,160. 

UK 100 has rallied from near 6,870 to test 6,925 channel resistance which could end in a big breakout or a triple top. Although resistance has held so far, rising RSI momentum favours Option 1 with next potential resistance near the 7,000 round number then 7,110.   

Germany 30 is rallying up out of a base today, with support moving up toward its 50-day average near 10,500 and the index advancing on 10,670 with next potential resistance near 10,710 then 10,790. RSI back above 50 signals momentum turning upward. 


Commodities 

Gold is picking up again, clearing its 50-day average near $1,334 after consolidating Wednesday’s rally up from $1,315 and then taking a run at $1,345 with next potential resistance near $1,352. 

Crude Oil WTI remains in rally mode, breaking out over $45.00 where a channel midpoint, round number, Fibonacci level and the 50-day average converge to signal an upswing confirmed by RSI retaking 50 and advancing on $45.90 with next potential resistance appears near $47.45. 

FX 

US Dollar Index continues to roll over with resistance falling toward 95.50 from 96.30 and the index testing the 95.00 round number with next support possible near 94.70 before rebounding toward 95.30. RSI near 50 indicates a downturn in momentum pending. 

EURUSD is starting to rebound with the pair back at $1.1200 and the RSI back at 50. Initial upswing resistance appears near $1.1295 then $1.1330. 

GBPUSD continues to rebound with the pair back above $1.3000 and advancing on $1.3080 with next potential resistance near $1.3170 and the 50-day average. RSI holding 40 confirms the recent downdraft was a correction within a bigger recovery trend. 


NZDUSD has slipped back under $0.7300 but remains in an uptrend with RSI still above 50 and the pair still above its 50-day average near $0.7210. Next resistance on a bounce possible near $0.7375. 

AUDUSD has run into resistance near $0.7700 and has dropped back toward $0.7630 indicating its $0.7400 to $0.7700 sideways trading channel remains intact for now. RSI bouncing between 40 and 60 confirms sideways momentum. 

USDSGD successfully tested its 50-day average near $1.3520 establishing a higher low on trend while RSI holding 50 confirmed underlying upward momentum intact.  Next potential resistance on a bounce near $1.3600. 

USDJPY successfully retested 100.00 round number support for now and has bounced back toward 100.80 but it remains in a downtrend with next resistance possible near 101.55 and next support near 99.35. 

GBPJPY held 130.00 higher support essentially completing a triple bottom and has bounced back up into the 131.70 to 132.30 zone with next potential resistance near 133.50 then 134.75. 

EURJPY has bounced back up into the 113.00 to 113.50 area having successfully tested channel support near 112.00. RSI suggests downward pressure starting to ease. Next rebound resistance closer to 115.00 and a Fibonacci level.   

USDCAD is turning increasingly downward, taking out its 50-day average near $1.3030 and testing 
$1.3000 where a round number and Fibonacci level cluster.  RSI back under 50 confirms momentum turning downward with next support near $1.2900 then $1.2830.