A big day for trading is underway with the US30 reaching a new all-time high and WTI reaching a new 15 month high breaking out of an ascending triangle. USD is starting to break down enabling EUR, AUD, CAD, NZD and other currencies to rally while gold shows signs of bottoming out.
Asia Pacific Indices
Australia 200 successfully tested its 50-day average near 5,400 and has rebounded toward 5,440 with next resistance near 5,500 and next support at the 200-day average near 5,330. RSI rolling over suggests momentum downshifting from upward to neutral.
Japan 225 is consolidating recent gains at a higher level trading between 18,200 and 19,750 recently sliding from near 18,560 toward 18,380. RSI rolling under 70 indicates a downward correction starting.
Hong Kong 50 is sending mixed signals. RSI falling under 50 indicates momentum turning downward but the index held 22,300 support and has rallied back up into the 22,610 to 22,640 range. More support in place near 22.560 with next resistance near 22,800 then 23,000.
North American and EUROpean Indices
US 30 is breaking out to a new all-time high today, clearing 19,200 to signal the start of a new upleg. The index rallied from near 19,120 toward 19,300 before running into resistance and dropping back to retest its breakout point as new support. Next measured resistance possible near 19,400
US SPX 500 has regained the 2,200 level but remains below 2,215 resistance near its recent high. Support moves up toward 2,192 from 2,182. Next measured resistance on a breakout possible near the 2,250 level.
US NDAQ 100 successfully tested channel support near 4,700 and is on the rebound having already cleared 4,740, advancing on the 4,760 to 4,780 area. Next potential resistance at the 50-day average near 4,825.
UK 100 confirms support near 6,700 remains intact and is on the rebound trading in the 6,730 to 6,750 area with next resistance near 6,800 then 6,850. RSI holding 40 indicates an emerging uptrend.
Germany 30 is turning back upward within a continuing sideways trend rally up from near 10,400 through 10,500 its 50-day average near 10,600 and on into the 10,660 to 10,710 zone. RSI back above 50 confirms momentum upturn. Next resistance in the 10,850 to 10,880 area.
Gold has a real battle underway today as it tries to build a base. The metal price traded up toward $1,188 then was pounded back down toward $1,163 and has since bounced up off a higher low there toward $1,170 near $1,172 a Fibonacci level. RSI remains oversold so additional bounces possible. Candles suggest gold trying to hammer out a base between $1,155 and $1 175.
Crude Oil WTI is breaking out of an ascending triangle base today, clearing $51.60 to confirm the start of a new uptrend and probing toward $52.00. Rising RSI confirms upward momentum increasing. Next potential resistance near $54.00 a previous peak with more support possible near $51.390 then $50.60.
US Dollar Index continues to crumble. An early rally attempt faltered short of 102.00 and the index has since plunged back down under 101.00 and on toward the 100.00 round number with next potential support after that near 99.00 a Fibonacci cluster and previous breakout point. RSI falling toward 50 indicates correction deepening and a downturn pending.
EURUSD is turning seriously upward today. The pair has rallied strongly up out of a successful test of $1.0500 first into the $1.0680 to $1.0720 area around $1.0685 a Fibonacci level then on toward a Fibonacci cluster between $1.0760 and $1.0800. RSI retaking 50 signals momentum turning upward again. Support rises toward $1.0630 with next resistance near $1.0880.
GBPUSD is breaking out again, clearing $1.2700 a 23% Fibonacci retracement of its previous downtrend and advancing on $1.2740 with next potential resistance near $1.2800. Rising RSI confirms upward momentum accelerating. Support rises toward $1.2670.
NZDUSD continues its rebound trend with support rising toward $0.7070 and the pair rallying to test its 50-day average near $0.7160 with next potential resistance near $0.7195 a Fibonacci level then $0.7270. RSI peeking above 50 confirms momentum turning upward.
AUDUSD continues its rebound with the pair taking a run at $0.7500 round number resistance as support rises toward $0.7470 from $0.7430. RSI indicates momentum poised to turn upward. Next potential resistance near $0.7530 then $0.7565 the 200 and 50-day averages.
USDSGD is breaking down today taking out $1.4200 to complete a double top formation. RSI under 70 and falling indicates correction deepening and a downturn pending. The pair has dropped from near $1.4250 toward $1.4180 with next potential support in the $1.4100 to $1.4125 area.
USDJPY stubbornly refuses to fall apart even though it’s still really overbought and vulnerable. The pair is having an outside day dipping toward 112.80 then rallying toward 114.50 short of 115.00 resistance before sliding back into the 113.20 to 113.80 area. Lower highs in the RSI suggest pair could be peaking.
GBPJPY remains in an uptrend trading between 142.25 and 146.45 two Fibonacci levels around its 200-day average near 143.45. RSI remains really overbought and a negative divergence indicates upward momentum fading as the pair drops back into the 144.10 to 145.40 area.
EURJPY is trading all over the place and could be peaking having tested its 200-day average near 118.00 for support, screaming up toward 123.15 then faltering and slipping back toward the 122.10 to 122.60 area. Overbought RSI indicates potential for a correction. Initial support near 121.10 then 120.00.
USDCAD is still trending downward with a normal trading correction bounce faltering at a lower high near $1.3340 and the pair dropping toward the $1.3240 to $1.3280 range. The pair remains under distribution with RSI under 50 and a lower high near $1.3330 with next support near $1.3225 then $1.3100.