We’re coming off a choppy day for trading that has seen markets move in different directions. US and Asia Pacific indices picked up following the US debate but European indices have struggles. Similarly, gold and crude oil went in opposite directions. MXN has been top dog in currency markets on the day while CAD staged a positive reversal along with WTI.
Asia Pacific Indices
Australia 200 continues to level off near 5,400 trading above 5,365 support and below its 50-day average near 5,440. RSI levelling off near 50 confirms a pause underway.
Japan 225 is trading near its 50 and 200-day averages around 16,600 having successfully retested 16,300 channel and Fibonacci support. Next resistance possible near 16,675 then 17,000. RSI confirms the recent downdraft appears to be ending.
Hong Kong 50 has bounced back up toward 23,500 trading in the 23,470 to 232,590 area with next resistance possible closer to 24,000. RSI holding 50 confirms its underlying uptrend remains intact.
North American and European Indices
US 30 continues to hold 18,000 round number support rebounding toward the 18, 190 to 18,230 area. Next resistance possible near 18,310. The index has already dropped back toward the 18,110 to 18,150 zone while RSI still under 50 indicates downward pressure intact.
US NDAQ 100 rallied up off of 4,800 support through 4,850 and on toward 4,870 with next potential resistance possible near 4,890.
US SPX 500 is sending mixed signals trading near 2,160 with higher lows and lower highs suggesting an impasse between bulls and bears in a 2,120 to 2,180 range. RSI bouncing around 50 confirms neutral momentum for now.
UK 100 continues to fall away from a triple top, dropping to test its 50-day average near 6,800 from 6,860 with next potential support near 6,765 then 6,700. RSI testing 50 where a break would confirm a downturn.
Germany 30 is breaking down again, taking out 10,400 and retesting it as lower resistance after falling toward 10,300 with next potential support near 10,230 then the 10,000-10,025 area at a round number and the 50-day average.
Gold is starting to roll over again, taking out its 50-day average near $1,332 and dropping into the $1.325 to $1,328 area from $1,340. RSI topping out at another lower high and falling back under 50 suggests upward momentum fading with next support possible in a pullback near $1,320.
Crude Oil WTI continues to bounce around $45.00 the midpoint of several channels, a round number and Fibonacci test, having dropped back from near $45.40 toward $44.10 then rebounding toward $44.50. Next support and resistance near $44.00 and $46.00 then $42.50 and $47.50.
US Dollar Index is still clinging to 95.00 round number support for now with more possible near 94.760 and initial resistance possible near 95.50. RSI holding 50 indicates uptrend intact for now but a downturn possible.
EURUSD saw another rebound falter near $1.1250 and has dropped back toward $1.1220 as it bounces around in a channel between $1.1150 and $1.1280. RSI bouncing around 50 confirms sideways momentum.
GBPUSD is starting to rebound up off $1.2870 where it appears to have completed a triple bottom and has regained $1.3000 where a breakout has signalled an upturn with next potential resistance at the 50-day average near $1.3125.
NZDUSD continues to trend upward bouncing back up toward $0.7300 from its 50-day average near $0.7230. Next potential resistance near $0.7370 then $0.7500 on trend.
AUDUSD is testing the top of a trading channel near $0.7700 climbing up from near $0.7600 toward $0.7670. RSI above 50 and rising indicates momentum turning upward with next potential resistance near $0.7750.
USDSGD is still hanging around $1.3600 as it consolidates above a higher low and its 50-day average near $1.3525 and below its 50-day average near
$1.3710. RSI near 50 indicates neutral momentum.
USDJPY continues to hold above the 100.00 round number with a triple bottom looking increasingly established. RSI continues to indicate downward pressure easing. Initial resistance possible near 101.00 then 102.15 near the 50-day average and downtrend resistance.
GBPJPY continues to attract support near 130.00 with the current retest completing a triple bottom. RSI levelling off above 30 suggests downward pressure may have peaked. Initial resistance on a bounce possible near 132.40.
EURJPY remains stuck in the 112.30 to 112.70 area. RSI under 50 and falling and the pair trading below a broken support line and its 50-day average suggest this as a pause within a downtrend with next potential support near 112.00 and 110.65 with resistance near 114.25.
USDCAD tried to break out over $1.3250 and its 200-day average but faltered near $1.3300 and dropped back toward $1.3200. RSI peaking near 60 again suggests the recent upswing may be ending for now. Next potential support in a correction near $1.3140.
USDMXN is breaking down taking out 19.52 its recent breakout point to confirm a double top in place near 20.00. The pair has dropped toward 19.38 with next potential support near 19.10 a 23% retracement of the recent advance. RSI rolling back under 70 from overbought territory indicates a trading correction underway.