Chart Signals: Round number tests underway for oil and stocks; AUD and NZD keep climbing

Crude oil and indices continues to attract interest with WTI trading up at $50/bbl while the US SPX 500 breaks out to a new high for 2016 and the US 30 tests 18,000. Japan 225 and Hong Kong 50 also continue to advance. In currency markets, AUD and NZD continue to swing upward following yesterday’s neutral RBA decision and statement.

Crude oil and indices continues to attract interest with WTI trading up at $50/bbl while the US SPX 500 breaks out to a new high for 2016 and the US 30 tests 18,000. Japan 225 and Hong Kong 50 also continue to advance. In currency markets, AUD and NZD continue to swing upward following yesterday’s neutral RBA decision and statement.

Asia Pacific Indices

Australia 200 has paused in the 5,265 to 5,435 range to consolidate recent gains. RSI bouncing around 50 confirms an emerging neutral trend. Next resistance near 5,485. 

Japan 225 is testing the top of a 16,275 to 16,825 Fibonacci trading channel having rallies up off its 50-day average near 16,532. RSI bouncing between 40 and 60 sitting on 50 suggests a wide sideways trend with next resistance possible near 17,000 then 17,275. 

Hong Kong 50 is still rallying even though and overbought RSI suggests potential for a trading correction. Support has moved up toward 21,180 from 21,000 with next resistance possible near 21,560.

India 50 is bumping up against 8,280 Fibonacci resistance while an overbought RSI suggests it may need to digest recent gains through a pause or correction. Next potential resistance near 8,440 with support rising toward 8,200.

North American and European Indices

US 30 is testing the 18,000 round number with net potential resistance at its April high near 18,190. RSI above 50 and rising confirms upward momentum increasing. Support rises toward 17,975.

US NDAQ 100 keeps steadily advancing, trading up toward 4,530 from 4,500 with next potential support near 4,545 then 4,600. RSI near overbought suggests it may need to pause to digest previous gains.

US SPX 500 is breaking out today, clearing 2,112 to reach its highest level so far in 2016. RSI breaking out of a downtrend confirms momentum turning upward.  Currently testing the Nov high near 2,118 with next potential resistance near 2,125 then 2,140 around summer 2015 highs.  

UK 100 remains in an upswing breaking through 6,300 and testing 6,320 before settling back toward 6,280. It continues to swing upward within a 6,050 to 6,450 trading channel. RSI holding 50 then climbing indicates upward momentum accelerating.

Germany 30 is advancing again, rallying up off a higher low near 10,160 toward 10,300 with next potential resistance near 10,385 then 10,485.  RSI bouncing off 50 confirms underlying uptrend intact. Moving averages nearing a golden cross.

Commodities

Gold continues to pause near $1,243 a Fibonacci level and 50 on the RSI digesting last Friday’s big pop just below its 50-day average. Next support possible near $1,234 with next resistance near $1,250. 

Crude Oil WTI is testing $50.00 with next resistance possible at the October high near $50.85.Support rises toward $49.60 from $49.30. RSI still near overbought but also still confirming upward momentum intact. 

FX

US Dollar Index has slipped below 94.00 but a second doji candle in a row plus RSI levelling off suggests bulls and bears coming back into balance. Next support possible near 93.75 then 93.65 with initial rebound resistance near 94.25 then the 50-day average near 94.50.

EURUSD ran into resistance near $1.1400 and has slumped back toward $1.1340 in what looks like a normal trading correction following a rally that has been contained by the 50-day average near $1.1315 so far. 

GBPUSD continues to advance within an big symmetrical triangle, rallying up from near $1.4460 toward $1.4580 with next resistance near $1.4610 then $1.4660. RSI regaining 50 signals momentum turning upward. 

NZDUSD keeps on climbing with support moving up through $0.6870 on toward $0.6800 and the pair advancing on $0.6980 with resistance looming near the $0.7000 round number then $0.7055. RSI above 50 and rising confirms upward momentum accelerating.

AUDUSD has completed a rounded bottom and embarked on a recovery trend breaking out over $0.7390 which may become support. RSI back above 50 confirms the upturn in momentum. Next potential resistance tests in the $0.7480 to $0.7500 area between the 50-day average and a big round number.

USDSGD continues to slide, with $1.3600 emerging as new lower resistance and the pair falling into the $1.3520 to $1.3550 area with next potential support near $1.3500 then $1.3460.

USDJPY’s latest rebound attempt didn’t get very far, running into resistance near 107.90 with the pair slumping back toward 107.20. A double bottom appears to be forming while a higher low in the RSI suggests downward pressure easing but a lot more work needs to be done to complete a base. 

GBPJPY popped up out of a bullish hammer candle reversal that bottomed near 153.00 driving toward 158.00 and the 50-day average before running into resistance and sliding back toward 156.20 in what looks like normal backing and filling as a base forms.

EURJPY ran into resistance short of 123.00 and appears to be resuming its long-term downtrend with RSI still under 50 confirming downward momentum. Resistance has dropped from 122.80 toward 122.00 with next support near 121.70 then 120.60.

CADJPY has levelled off near 84.00 having rallied up off 82.55 Fibonacci support but encountering resistance at its 50-day average with more possible near 84.55.