WTI continues to rally, testing the top of its $40-$50 trading channel. NZD has come under pressure breaking down to signal the start of a new downtrend. JPY continues to fall off a cliff as well enabling USD, GBP and EUR to stage major breakouts and bottoms against it.
Asia Pacific Indices
Australia 200 ran into resistance at 5,500 but remains in an uptrend continuing to hold above its 50-day average near 5,440. RSI confirms upward momentum intact with next resistance near 5,520 then 5,580. Initial downside resistance possible near 4,415.
Japan 225 is taking another run at 17,000 round number and channel resistance having rallied up off 16,815 a Fibonacci level. Support rises toward 16,920. Rising RSI above 50 confirms upward momentum increasing.
Hong Kong 50 is climbing within its 23,000 to 24,000 trading range recently advancing from near 23,710 toward 23,870. RSI holding 50 and rebounding suggests upward momentum resuming following a trading correction.
North American and European Indices
US 30 continues to bounce around in a channel between 18,000 and its 50-day average near 18,400, recently rallying up from near 18,140 toward the 18,280 to 18,300 area. RSI still stuck under 50 indicates index still struggling to make much headway.
US NDAQ 100 picked up from near 4,860 toward 4,885 but essentially still remains stuck in a 4,800 to 4,900 trading range. Flat RSI above 50 indicates a pause within an uptrend.
US SPX 500 has started to pick up off of 2,150 but remains range bound in a channel between 2,140 and 2,180 below its 50-day average. RSI on 50 confirms sideways momentum.
UK 100 is having an inside day consolidating recent gains above the 7,000 round number it cleared earlier this week and below 7,120 where resistance has emerged, trading between 7,040 and 7,080.
Germany 30 remains under accumulation with 10,500 where a round number and the 50-day average cluster emerging as new support. The index has advanced into the 10,580 to 10,620 zone with next potential resistance near 10,710.
Gold has stabilized in the $1,260 to $1,275 range digesting yesterday’s plunge and an oversold RSI. Initial rebound resistance possible near $1,282 with next support in the $1,250 to $1,255 area near a Fibonacci test, round number and the 200-day average.
Crude Oil WTI continues to rally, driving up off $48.80 to test the $50.00 round number and channel resistance level with its next upside test near $51.30. Rising RSI confirms upward momentum increasing.
US Dollar Index is sitting on 96.00 just below 96.30 where it continues to encounter resistance. Support rises toward 95.70 from 95.40.
EURUSD is holding above $1.1200 and its 50-day average for now but hasn’t been able to get much farther with resistance falling to a lower high near $1.1235. RSI on 50 indicates sideways trend and its $1.1150 to $1.1250 trading range and symmetrical triangle intact. In other words, a recent upswing already appears to be running out of steam.
GBPUSD remains under pressure but the pace of losses appears to be slowing with the pair trying to stabilize in the $1.2720 to $1.2770 range. RSI momentum still trending downward so test of $1.2600 still possible Pair needs to retake $1.2800 to call off the recent breakdown.
NZDUSD is breaking down today, taking out $0.7195 a Fibonacci level to signal a downturn confirmed by RSI breaking down under 50. Next potential support possible near $0.7075 then $0.7015 a Fibonacci level.
AUDUSD is trading near its 50-day average and the middle of a $0.7500 to $0.7725 trading range. RSI starting to roll over suggests recent upswing may be ending. Recently trading near $0.7630 with initial support near $0.7590 and resistance near $0.7650.
USDSGD continues to climb, advancing to test its 50-day average near $1.3705. RSI indicates upward momentum increasing. A breakout from here would signal the start of a new uptrend with next potential resistance near $1.3775 and next support near $1.3665.
USDJPY continues its breakout rally, climbing from 102.90 toward 103.60 as it builds on its recent breakout from a downtrend and over its 50-day average that occurred near 101.80. RSI still rising but nearing a previous top. Next upside test possible in the 104.50 to 105.25 area near a round number and 23% Fibonacci retracement level.
GBPJPY is starting to advance again, climbing from near 130.80 toward 132.00 following completion of a triple bottom. RSI gaining on 50 indicates downward pressure easing and an upturn pending. Next potential resistance near 133.30 and the 50-day average.
EURJPY continues its breakout, successfully testing 115.00 as new support and advancing on 116.10 with next potential tests near 116.30 then 117.00. RSI confirms upward momentum accelerating.
USDCAD is sending mixed signals. RSI holding above 50 indicates upward momentum intact but the index has run into resistance at its 200-day average near $1.3220 with more possible near $1.3310 a Fibonacci level. Pair has pulled back toward $1.3160 with next potential support near $1.3055 the 50-day average.
USDMXN continues to bounce around between 19.10 Fibonacci support near 19.32 current resistance. RSI nearing 50 where a break would confirm a downturn in momentum.