Traders continue to position themselves for the big central bank decisions due over the next 24 hours. JPY and NZD have been creeping higher along with AUD while USD has been mixed and GBP has turned back downward. WTI crude oil has been on the rebound following a successful retest of $42.50 channel support.
Asia Pacific Indices
Australia 200 has regained 5,300 as its upswing continues. RSI rising toward 50 indicates downward pressure easing and an upturn pending. Next potential resistance near 5,350 then 5,450.
Japan 225 continues to climb up off 16,330 Fibonacci support but so far the rally has been contained near 16,675 a Fibonacci level and its 50-day average with the index recently trading between 16,450 and 16,530. RSI holding 40 indicates recent correction appears to have run its course.
Hong Kong 50 is hanging around 23,500 near the middle of a 23,000 to 24,000 trading range. RSI holding 50 and the index holding 23,410 Fibonacci support indicates underlying uptrend remains intact through the current consolidation phase.
North American and European Indices
US 30 is holding steady in the 18,130 to 18,200 range trending up off the 18,000 round number while RSI indicates momentum has stabilized. Initial resistance possible near 18,275 then 18,450.
US NDAQ 100 continues to attract support above 4,800 with more possible near 4,740. Resistance remains near 4,840 with a quadruple top now in place. Lower highs in the RSI suggest upward momentum fading.
US SPX 500 is still bouncing around between 2,815 and 2,855 holding above 2,100 Fibonacci support but trading below its 50-day average near 2,165.
UK 100 gained for a fourth straight day, advancing on 6,820 with next resistance possible near 6,875 then the recent double top near 6,925 with support rising toward 6,800. Rising RSI confirms upward momentum increasing.
Germany 30 is starting to turn back upward, probing its its 50-day average near 10,415 and trading near 10,450 with next potential resistance near 10,495before settling back toward 10,400 while support rises toward 10,380. RSI bouncing off 40 suggests recent correction ending and underlying uptrend intact.
Gold has stabilized near $1,315 holding above round number and Fibonacci support in the $1,290 to $1,310 zone. A higher low in the RSI indicates downward pressure starting to weaken. Initial resistance at the 50-day average near $1,335.
Crude Oil WTI successfully retested he bottom of its $42.50 to $47.50 trading channel then bounced back up into the $43.00 to $43.80 area with next resistance at the 50-day average near $44.15. RSI holding 40 suggests the recent slide may have run its course and underlying support re-emerges.
US Dollar Index is sitting just below 96.00 initial resistance with more possible near 96.30 waiting on the FOMC decision tomorrow. Support has moved up toward 95.50 from 95.00.
EURUSD continues to attract support above its 50-day average near $1.1160 with more possible at the 200-day average near $1.1140. Initial resistance possible near $1.1220. RSI bouncing around between 40 and 60 indicates sideways momentum.
GBPUSD is breaking down again, falling from near $1.3040 through $1.3000 and on toward $1.2950 with next potential support near $1.2865. Recent trading near $1.2980 confirms the $1.3000 breakdown point as new resistance. RSI under 50 and falling confirms downward pressure increasing again.
NZDUSD continues to advance, with support rising toward $0.7285 from $0.7245 and the pair trading near $0.7325 with next resistance possible near $0.7365 then $0.7405 and $0.7480. RSI holding 50 confirms underlying upward momentum remains intact.
AUDUSD is holding above $0.7500 trading near $0.7545 to keep its current upswing going. RSI nearing 50 where a breakout would confirm an upturn in momentum. Next potential resistance near $0.7580 then $0.7670.
USDSGD continues to hold above $1.3600 digesting recent gains with more support possible at its 50-day average near $1.3515. upside resistance possible near $1.3690 then the 200-day average near $1.3735.
USDJPY is drifting between 101.50 and 102.00 awaiting the Bank of Japan. 50-day average and downtrend resistance appear near 102.60 followed by 103.40 with downside support near 101.10 then the 100.00 big round number.
GBPJPY remains in a downswing with falling RSI confirming increased downward pressure even though the pair has staged a trading bounce from 131.70 toward 132.20 over the last few hours. Next resistance near 133.70 and 134.75 with next support near the 130.00 round number.
EURJPY has a big test of an uptrend support line underway near 113.50 with next potential support on a breakdown near 112.25 and initial rebound resistance near 114.95 a Fibonacci level. RSI has already broken 50 and a prior uptrend line to signal momentum turning downward.
CADJPY keeps drifting downward with the pair sliding toward 77.00 and a falling RSI confirming downward momentum. Next potential support near 76.10 with initial resistance near 77.75.
USDCAD is still bumping up against resistance near $1.3250 and its 200-day average while RSI suggests upward momentum flattening out. Back near $1.3210, next support in a pullback appears near $1.3130 then the 50-day average near $1.3015.