Chart Signals: Resource Currencies Climb As WTI Tests $50; India 50 Catches Up Quickly

Resource dollars AUD, NZD and especially CAD are on the rebound today as rising commodity prices boost sentiment toward resource currencies. Action in WTI and Brent crude oil around the $50.00 round number may continue to attract attention. Indices have paused at higher levels to digest recent gains while India 50 which had been lagging catches up. It appears a recent golden cross in the UK 100 may be for real after all.

Asia Pacific Indices

Australia 200 is bumping up against 5,400 resistance where a breakout would signal the start of a new up leg with next potential resistance near 5,435 then 5,500. RSI turning up suggests a recent correction ending.

Japan 225 is retesting its 16,815 breakout point as new support while RSI holding above 50 confirms underlying upward momentum intact. Initial resistance has emerged near the 17,000 round number followed by 17,135 a Fibonacci level.

Hong Kong 50 is bouncing around between 20,380 and 20,450 within a 20,210 to 20,560 Fibonacci trading channel digesting recent breakout gains. RSI above 50 confirms the upturn in momentum.

India 50 is surging upward, retaking the 8,000 round number and driving on to test 8,0890 a Fibonacci level which could end in a double top or a breakout. RSI breakout from a downtrend signals upward momentum accelerating. Next upside test near 8,135.

North American and European Indices

US 30 continues to climb after breaking out of a downtrend, advancing into the 17,840 to 17,880 area with next resistance possible near 18,000 then the April high near 18,185. RSI back above 50 confirms an upswing underway. 

US NDAQ 100 is taking a run at 4,500 resistance where a round number and Fibonacci level converge. Next upside test appears near 4,600 the April high. RSI confirms upward momentum accelerating. Support rises toward 4,465. 

US SPX 500 is back above 2,090, trading above 2,084 where it caused a head and shoulders top to fail. The next upside resistance is near 2,110 then 2,112 its April high. Rising RSI confirms upward momentum accelerating. 

UK 100 keeps trending upward, advancing on 6,280 with support rising toward 6,260 and next resistance near 6,300 then 6,350. RSI above 50 confirms upward momentum. With the price back above the averages, further gains could confirm a golden cross that had been looking shaky.

Germany 30 continues to climb; building on yesterday’s breakout over is 200-day average by advancing into from 10,180 toward then 10,260 with next potential resistance near 10,330. RSI confirms upward momentum still increasing.

Commodities

Gold found support near $1,218 and bounced back toward $1,228 a Fibonacci level recently trading near $1,220. RSI under 50 and falling indicates downward pressure intact.

Crude Oil WTI continues to advance on the $50.00 big round number resistance barrier trading near $49.20 with support moving up toward $48.80 from $48.10 a Fibonacci level. RSI overbought indicates potential for a pause or correction in the near term.

FX

US Dollar Index is slipping back toward 95.00 from 95.60 with next support at its 50-day average near 94.60. RSI rollover signals a normal trading correction of a previous rally starting. 

EURUSD has stabilized between the 200-day average near $1.1111 and the $1.1200 level, recently trading near $1.1175.

GBPUSD ran into resistance near $1.4740 and has dropped back toward $1.4640 where it’s retesting a former downtrend resistance line as new support. Upside resistance appears near $1.4775 where a prior high and the 200-day average converge.

NZDUSD continues to attract support above $0.6700 with more possible at the 200-day average near $0.6650. RSI levelling off near 40 suggests downward pressure has peaked and a recovery possible. Upside resistance near $0.6780 then the 50-day average near $0.6840. 

AUDUSD continues to stabilize between $0.7140 and the 200-day average near $0.7255 recently trading near $0.7215. RSI levelling off near 30 suggests downward pressure peaking and a trading bounce possible with next resistance near $0.7330. .

USDCNH has slipped back under 6.5600 trading between 6.5540 and 6.5625. RSI falling below 70 from overbought suggests a correction starting that could potential test 6.5400 or 6.45285 support

USDSGD is rolling over, breaking $1.3770 and sliding toward $1.3735 with next potential support near $1.370. RSI rollover signals recent rally ending and a downturn pending.

USDJPY is trading near 109.75 just below the 110.00 round number while a trend of higher lows below 110.55 Fibonacci resistance forms an ascending triangle base. RSI steady just above 50 signals neutral to positive momentum.

EURJPY is still trading between 122.00 and 124.00 but lower highs forming a descending triangle and RSI stuck under 50 indicate this action as a pause within an ongoing downtrend. Next support on a breakdown possible near 120.00 where a round number and a measured move converge.

CADJPY is holding steady near 84.55 within an 82.50 to 85.50 trading channel. RSI testing 50 suggests an upturn pending.

USDCAD is breaking down today, dropping below $1.3000 a round number and Fibonacci level and falling to test its 50-day average near $1.2950 with next support possible near $1.2890. RSI falling back toward 50 signals broader downtrend resuming.