AUD and NZD continue to show signs of accumulation on what has been otherwise been a consolidation day for many markets. Symmetrical triangles, RSI’s near 50 and channels all indicate sideways markets that appear to be coiling up like a spring waiting for a catalyst for action.
Asia Pacific Indices
Australia 200 continues to struggle with resistance at a lower high near 5,300 and also at 50 on the RSI suggesting that its downtrend may be reasserting itself after an upward bounce. The index has dropped back toward 5,250 with next potential support near 5,215.
Japan 225 is having an inside day drifting back from 16,170 resistance under 16,055 a Fibonacci level and on toward a retest of the 16,000 round number with next potential support near 15,825. RSI faltering short of 50 suggests broader downtrend may not be over yet.
Hong Kong 50 ran into resistance near 20,920, short of the 21,000 round number and slumped back towards 20,820 with more possible near 20,780. Rising RSI suggests this could be a trading correction within a larger upswing.
North American and European Indices
US 30 is holding steady just above the middle of its 17,500 to 18,000 channel trading between 17,790 and 17,930 just above its 50-day average. RSI near 50 confirms sideways trend.
US NDAQ 100 is trending sideways between 4,400 and 4,440 having tested Fibonacci support and established a higher low near 4,345. Next resistance possible near 4,500.
US SPX 500 is trading between 2,085 and 2,095 sitting just below resistance near 2,100 then 2,112 with more support at the 50-day average near 2,080. RSI sitting on 50 confirms current consolidation.
UK 100 continues its advance on 6,300 trading up into the 6,260 to 6,320 range from 6,220. RSI nearing 60 similar to levels where it has previously encountered resistance.
Germany 30 continues to bounce around between 10,000 and 10,140 finding some congestion around its 50 and 200-day averages Next potential resistance near 10,200 on trend. RSI back above 50 confirms momentum turning upward.
Gold keeps drifting downward with resistance falling from near $1,282 toward $1,270 and support dropping toward $1,263 followed by the 50-day average near $1,255. RSI falling toward 50 indicates a downturn pending but a hammer candle suggests that the recent selloff may be nearing an end.
Crude Oil WTI touched $50.00 but failed to clear round number and channel boundary resistance. It has dropped back toward $49.40 in a normal trading correction and then fell on toward a retest of its channel bottom near $47.90 before bouncing back toward $48.70.
US Dollar Index is having an inside day trading near 94.00 while consolidating yesterday’s Yellen bounce up from 93.60. Support moves up toward 93.80 with next resistance near 94.25 then 94.45.
EURUSD held support at a higher low near $1.1230 and has bounced back up toward $1.1300 the 50-day average and centre of a $1.1200 to $1.1400 trading range. RSI sitting on 50 indicates a sideways trend.
GBPUSD has settled back into the $1.4640 to $1.4720 area after running into channel and downtrend resistance near $1.4800 yesterday. RSI levelling off near 60 confirms broader sideways channel intact with the potential for significant swings within it. Next support near $1.4525 in a pullback.
NZDUSD remains under accumulation advancing into the $0.7160 to $0.7180 zone from $0.7120. RSI is getting overbought so it could encounter resistance near $0.7195.
AUDUSD remains under accumulation and is having a bullish outside day rallying up off its 50-day average near $0.7435 up toward $0.7525 before settling around the $0.7500 round number. Next potential resistance near $0.7600 on trend. Rising RSI signals upward momentum increasing.
USDSGD keeps trending downward sliding from the $1.3440 toward $1.3370 with next potential resistance in the April low near $1.3340. Falling RSI indicates downward momentum increasing.
USDJPY continues to consolidate in a range between 103.50 and 105.00 working off an oversold RSI but it remains unclear if this is the start of a base forming or a pause within a larger ongoing downtrend.
GBPJPY peeked up above 154.00 and then slipped back toward the 152.80 to 153.60 area. RSI levelling off below 50 suggests a recent trading bounce may be running out of gas. Next support near 150.90 with next resistance at the 50-day average near 156.65.
EURJPY continues to bounce around in a channel between 117.00 and 119.00 while digesting an oversold RSI. A symmetrical triangle of higher lows and lower highs has been forming suggesting a consolidation phase within a larger downtrend.
CADJPY remains in a downtrend stalling short of 82.00 and dropping from near 81.70 toward 81.30 with next potential support near 81.00. RSI peaking at a lower high confirms downward momentum intact.