Chart Signals: New interest for AUD and NZD as gold bounces back

AUD and NZD appear to be attracting increased interest as they start to bottom out. Gold also is picking up today rallying up off $1,200 while Crude oil continues to bump up against $50. GBP has dropped back while JPY appears to be rebounding a bit. Indices are mixed with Japan 225 and Hong Kong 50 still strong but Australia 200 and US SPX 5000 looking ready for potential corrections.

AUD and NZD appear to be attracting increased interest as they start to bottom out. Gold also is picking up today rallying up off $1,200 while Crude oil continues to bump up against $50. GBP has dropped back while JPY appears to be rebounding a bit. Indices are mixed with Japan 225 and Hong Kong 50 still strong but Australia 200 and US SPX 5000 looking ready for potential corrections.

Asia Pacific Indices

Australia 200 appears to have completed a double top near 5,435 with the index falling back toward 5,350. RSI falling toward 50 indicates upward momentum weakening and a downturn pending with next potential support near 5,335 then 5,300. 

Japan 225 is retesting the 17,000 round number after a rally ran out of gas for now near 17,275. Initial resistance near 17,135 a Fibonacci test. RSI above 50 and rising indicates underlying support still growing through this trading correction.

Hong Kong 50 has dropped back into the 20,720 to 20,820 range to digest recent gains after running into resistance at the 21,000 round number. Rising RSI indicates underlying upward momentum still increasing. 

India 50 continues to struggle with resistance near 8,200 with more possible near 8,280. RSI near overbought suggests a trading correction possible. Initial support has emerged near 8,150 with more possible near 8,080 a recent breakout point.

North American and European Indices

US 30 is rolling over again, dropping back toward 17,750 and a test of the 50-day average after faltering short of 17,930 resistance. RSI stalling near 60 suggests we could be shifting into a sideways trend. Next potential support on a break near 17,565. 

US NDAQ 100 ran into resistance near 4,530 and has slipped back toward 4,510 in what looks like a normal trading correction above 4,500 a round number, Fibonacci test and recent breakout point.

US SPX 500 has slipped back under 2,100 after encountering resistance in the 2,012 to 2,018 area. A lower high in the RSI suggests upward momentum fading and a correction possible perhaps back toward 2,090 or 2,078. A double top may be forming.  

UK 100 was unable to overcome 6,300 resistance and has dropped back toward 6,210 holding above its 50-day average. RSI rolling over suggests a sideways trend emerging as the recent rally fades.

Germany 30 encountered some resistance near 10,370 and has dropped back into the 10,230 to 10,270 area in what looks like a normal trading correction after a rally. Next support near 10,130. 50 and 200-day averages are now less than 100 points away from a potential golden cross. 

Commodities

Gold is trading back up into the $1,214 to $1,218 range after a bounce off $1,200 support, a near-oversold RSI and a hammer candle suggest the recent selloff may be tiring and a trading bounce starting. Next resistance near $1,228 a Fibonacci level.

Crude Oil WTI has dropped back toward $48.70 from $49.70 after it once again faltered short of resistance at the $50.00 round number. A trading correction remains possible as it works off an overbought RSI. More support near $48.10 a Fibonacci level.

FX

US Dollar Index remains well supported just below 96.00 near 95.80 well above 95.00 support. Next resistance near 96.40. RSI levelling off suggests a sideways trading range emerging.

EURUSD continues to find support at its 200-day average near $1.1111 bouncing back up toward $1.1140. RSI stabilizing also suggests recent selloff ending and a bounce possible with initial resistance near $1.1200 then $1.1240.

NZDUSD popped a penny from near $0.6675 toward $0.6775 but it needs to retake its 50-day average near $0.6835 and 50 on the RSI to signal the start of a new upswing. RSI suggests downward pressure starting to weaken.

AUDUSD appears to be forming a saucer bottom above $0.7145 trading near $0.7220 with a breakout over the 200-day average near #$0.7260 needed to signal the start of a recovery trend with next resistance near $0.7380. RSI suggests downward pressure passing its peak.

USDSGD has slipped back under $1.3800 as it continues to trend sideways between $1.3725 and $1.3850.

USDJPY is retesting 111.55 a Fibonacci level as support following a breakout with upside resistance near 111.25 and downside support near the 110.00 round number. RAI above 50 indicates momentum still turning upward.

GBPJPY was knocked back toward a retest of trend support near 160.00 after faltering near 164.30 resistance where a breakout would have completed an ascending triangle base.  RSI faltering near 60 suggests it may continue to trend sideways in the near term above 157.45 channel support. 

EURJPY has resumed its downtrend falling back toward 123.20 after failing to break through its 50-day average near 124.00. RSI also faltering near 50 confirms downtrend reasserting itself. Channel support in place near 122.00. 

CADJPY continues to bounce around 84.55 a Fibonacci level sliding back from 85.60 toward 84.90 with more support possible near 83.83.90 then 83.00.