Chart Signals: WTI and JPY under pressure while USD and Japanese stocks rall

USD continues to climb, putting many currencies under pressure. All the resource dollars (AUD, CAD, NZD) have been falling with SGD and JPY taking even stronger hits. JPY has been falling against GBP, EUR and CAD as well, igniting a rebound in Japanese stocks. WTI crude oil has taken another tumble following another rise in API inventories. Meanwhile, Germany 30 is also starting to accelerate upward.

USD continues to climb, putting many currencies under pressure. All the resource dollars (AUD, CAD, NZD) have been falling with SGD and JPY taking even stronger hits. JPY has been falling against GBP, EUR and CAD as well, igniting a rebound in Japanese stocks. WTI crude oil has taken another tumble following another rise in API inventories. Meanwhile, Germany 30 is also starting to accelerate upward.  

Asia Pacific Indices

Australia 200 is still rolling over, taking out 5,.485 a Fibonacci level and dropping toward 5,470 with next potential support near 5,420 then 5,385. RSI under 50 and falling confirms downward pressure increasing. 

Japan 225 is climbing again with the index rallying up off 16,675 Fibonacci support and the RSI rallying up off 50 to confirm upward momentum increasing with next potential resistance at the 200-day average near 16,920 followed by the 17,000 round number. 

Hong Kong 50 continues to consolidate recent gains trading above 23,000 in the 22,725 to 23,225 zone with initial resistance near 23,070 then 23,110 and more support near 22,900. 


North American and European Indices

US 30 is steady near 18,450 as it bounces around in a channel above its 50-day average near 18,360 and below 18,650 with lower highs indicating some distribution. RSI bouncing around 50 indicates a sideways trend. 

US NDAQ 100 is holding steady just below 4,800 with initial support near 4,760 then 4,740. RSI falling back toward 50 indicates a shift in momentum from upward to neutral. 

US SPX 500 continues to consolidate near 2,180 with resistance near 2,195 and support near 2,160 and more near the 50-day average. RSI holding 50 indicates underlying uptrend remains intact. 

UK 100 is on the rise again following a successful retest of 6,785 a former resistance level as higher support. The index has bounced back toward 6,840 with upside resistance in place near 6,900 then the recent high near 6,955. 

Germany 30 is breaking out of a short term downswing today, bringing a recent trading correction to an end. RSI confirms momentum turning back upward. The index has regained 10,600 advancing on 10,650 with next potential resistance near 10,730 then 10,800 the August high.  


Commodities 

Gold continues to retreat, failing to hold near $1.320 and dropping toward $1.310 with next support at a Fibonacci cluster just below the $1,300 round number. Falling RSI under 50 indicates downward pressure increasing. 

Crude Oil WTI has turned downward again after another rally attempt failed near $47.00, slumping back toward $45.90 with next potential support in the $44.80 to $45.20 range which includes a Fibonacci level, a round number and the 50-day average. 


FX 

US Dollar Index’s is breaking out again, clearing its 50-day average near 95.80 then 96.00 the top of a channel with next resistance possible near 96.50. Support rises toward 95.50 from the 95.00 breakout point. RSI above 50 and rising indicates momentum turning increasingly upward.   

EURUSD has found support around its 50 and 200-day averages for now trading near $1.1135 just below the middle of a $1.1100 to $1.1400 trading channel. RSI falling under 50 suggests it remains vulnerable with momentum turning downward.

GBPUSD successfully retested support near $1.3060 and has bounced back toward $1.3120 suggesting its recent trading correction may be ending and its rebound resuming. Initial resistance possible near $1.3200 then $1.3280.  


NZDUSD has stabilized in the $0.7195 to $0.7225 area above Fibonacci support after getting knocked down from $0.7350 resistance. Next support possible at the 50-day average near $0.7170 then $0.7125. RSI testing 50 where a break would signal a downturn. 

AUDUSD retested its former trend support line near $0.7575 as new resistance confirming the breakdown and has dropped back toward the $0.7500 round number with next potential support near $0.7420. RSI under 50 and falling confirms downward pressure increasing.  

USDSGD keeps on climbing as its recovery trend accelerates, clearing $1.3600 and advancing on $1.3650 channel resistance with the next potential test on a breakout near $1.3725 then the 200-day average near $1.3765.  

USDJPY is breaking out again today, clearing its 50-day average near 102.60 and advancing on 103.10 with next potential resistance near 103.50 then 105.00. RSI back above 50 confirms momentum turning upward. 

GBPJPY is trending increasingly upward with RSI breaking out over 50 sending a bullish technical signal. Recently trading near 134.65, next potential resistance appears a the 135.00 round number then 135.95 where a 23% retracement level converges with the 50-day average.   

EURJPY is breaking out of a base today and through its 50-day average advancing on the 114,70 to 114.90 area to test 115.00 round number resistance followed by 116.20. RSI also breaking out over 50 confirms momentum turning decisively upward. 

CADJPY continues to recover, advancing up into the 78.50 to 78.90 area with next potential resistance at the 50-day average near 79.00 followed by the 80.00 round number. RSI back above 50 signals momentum turning upward.  

USDCAD’s rally up off $1.3000 is accelerating with the pair driving toward $1.3100 with next potential resistance near $1.3130 the $1.3185. RSI confirms upward momentum increasing.