Reports of an OPEC production cut agreement sent WTI breaking out of the doldrums to the upside, carrying CAD and MXN along for the ride. Meanwhile, climbing copper appears to have brought support in behind AUD with both markets testing channel resistance.
Asia Pacific Indices
Australia 200 continues to climb, rallying up off higher support near 5,400 toward 5,440 with next potential interest at its 50-day average near 5,455 then the 5,500 level. RSI above 50 and rising indicates upward momentum increasing.
Japan 225 is still attracting support above 16,325 trading near 16,500 with upside resistance in place near 16,675 where the 50 and 200-day averages converge then the 17.000 round number. RSI bouncing around between 40 and 60 indicates sideways momentum.
Hong Kong 50 has encountered some resistance near 23,725 and dropped back toward 23,500 where support held with more possible near 23,410. RSI holding 50 also indicates underlying uptrend remains intact.
North American and European Indices
US 30 is climbing within am 18,000 to 18,400 trading range between a round number and the 50-day average with next potential resistance near 18,550. RSI advancing on 50 where a breakout would confirm an upturn underway.
US NDAQ 100 continues to climb up off a successful retest of 4,800 driving toward 4,875 with next potential resistance near 4,900 then the 5,000 round number.
US SPX 500 has started to advance again climbing from near 2,152 toward 2,170 to test its 50-day average with next upside test possible near 2,180 and 2,195.
UK 100 held its 50-day average near 6,800 and 50 on the RSI confirming its underlying uptrend remains intact. The index has rebounded toward the 6,860 to 6,900 range with next resistance possible near 6,925 a triple top followed by the 7,000 round number.
Germany 30 continues to rebound with support rising from near 10,375 toward 10,430. The index is bumping up against its 50-day average near 10,500 plus 50 on its RSI indicator both of which it needs to clear to confirm the start of an upswing. Next potential resistance near 10,575 if successful.
Gold is drifting down again following yesterday’s drop down from near $1,340 by sliding into the $1,319 to $1,324 area with next potential support near $1,308 then $1,300. RSI suggests a sideways trend with a $1,290 to $1,340 channel emerging.
Crude Oil WTI took off late Wednesday breaking through $45.00 and soaring toward $47.00 before meeting some resistance and slipping back toward $46.30. RSI broke through 50 to the upside to confirm the upturn in momentum.
Copper is trading back above $2.19 and bumping up against $2.20 channel resistance where a breakout would complete a base and signal the start of a new uptrend with next potential resistance near $2.26.
US Dollar Index continues to trade near 95.30 holding 95.00 with more support in place near 94.70 and resistance in place near 95.60 then 96.00.
EURUSD has bounced up from $1.1200 to $1.1225 as it continues to trade within a $1.1140 to $1.1280 channel with RSI sitting on 50 confirming sideways momentum.
GBPUSD is sitting on $1.3000 coming up off a triple bottom retest of $1.2870 support. RSI stabilizing near 40 indicates an emerging uptrend and the recent downdraft ending. Initial resistance on a bounce possible near $1.3130 and the 50-day average.
NZDUSD is sending mixed signals. It continues to hold above its 50-day average trading between $0.7230 and $0.7300 but loser highs in the price and the RSI starting to slip under 50 suggest distribution with next support possible near $0.7195 a Fibonacci level.
AUDUSD is bumping up against $0.7700 channel resistance with support rising toward $0.7680 and its next test on trend near $0.7755. RSI above 50 and rising confirms upward momentum accelerating.
USDSGD is holding steady near $1.3600 as it trades in a $1.3500 to $1.3700 range. RSI sitting on 50 confirms sideways channel trend.
USDJPY continues to hold above 100.00 where a triple bottom appears to be forming. RSI suggests downward pressure flattening out as well. Initial resistance near 100.75 then 101.25.
GBPJPY is firming up off 130.00 with a triple bottom looking increasingly established. The pair has advanced into the 130.70 to 131.30 area with next potential resistance near 132.40. RSI rising toward 50 suggests downward pressure easing.
EURJPY continues to bounce around between 112.00 and 114.30 near the 50-day average recently trading near 113.00. RSI back above 40 suggests recent downtrend may be nearing an end.
USDCAD turned back downward decisively diving from above $1.3250 back under $1.3100 with resistance falling toward $1.3130 and next support possible near $1.3055 the 50-day average then $1.3000. RSI testing 50 where a breakdown would confirm a downturn in momentum.
USDMXN continues to fall away from a double top near 20.00 Tuesday, taking out 19.52 a previous breakout point that may become new resistance and falling toward 19.34. Next potential support near 19.10 a 23% retracement of the recent uptrend.