It’s been another big day for trading. GBPUSD ran out of gas at the top of a channel and fell back but UK100 and Germany 30 kept on climbing. USD bounced back sending gold and EUR lower. USDJPY is retesting 105.00. WTI is moving upward again, testing $50.00.
Asia Pacific Indices
Australia 200 continues to climb, with support rising toward 5,260 and the index advancing on 5,300 with next potential resistance near 5,330, a Fibonacci level. RSI regaining 50 confirms momentum turning back upward.
Japan 225 continues to build on its breakout over 16,000 rallying up through 16,255 a Fibonacci level. RSI nearing 50 where a breakout would confirm the start of a recovery trend. Net resistance possible near 16,300 then the 50-day average near 16,595.
Hong Kong 50 has levelled off in the 20,570 to 20,710 range between two Fibonacci levels. RSI moving back above 50 suggests momentum turning upward so this may be a pause within an uptrend with next resistance near the 21,000 round number.
North American and European Indices
US 30’s rally ran out of gas well short of the 18,000 round number with the index levelling off in the 17,800 to 17,890 range. Index remains above its 50-day average with the RSI above 50 indicating upward momentum still increasing.
US NDAQ 100 is still stabilizing near 4,400 in the 4,345 to 4,445 range. RSI rising toward 50 indicates the recent downdraft has ended with downwards pressure easing.
US SPX 500 continues to struggle with 2,100 round number resistance with more possible near 2,112.Support has moved up toward 2,085 from the 50-day average near 2,080.
UK 100 remains under accumulation with support moving up to its 200-day average near 6,150 and the index advancing on the 6,240 to 6,280 range with next potential resistance near 6,335. RSI back above 50 confirms momentum turning upward.
Germany 30 broke out over 10,000 today, rallying up through congestion in the 10,040 to 10,100 area where the 50 and 200-day averages cluster and on toward 10,120 with support moving up toward 10,080 and next resistance possible near 10,220 with a golden cross still pending.
Gold is rolling over again, dropping from near $1,294 down through $1,282 a Fibonacci level under recent lows near $1,276 and on toward $1,265 with next potential support near the $1,250 round number. RSI falling toward 50 confirms upward momentum fading and a downturn pending.
Crude Oil WTI spent the morning consolidating near $48.50 then came under renewed accumulation in the afternoon driving up toward $49.80 and a test of $50.00 resistance followed by $51.55. RSI back above 50 confirms momentum turning upward again.
US Dollar Index is coming out of a bullish engulfing outside day that saw it find support in the 93.40 to 93.70 area then rally back up through 94.00 and on toward 94.20 with next potential resistance near 94.30 then 94.70.
EURUSD turned downward again falling from a lower high near $1.1350 through its 50-day average near $1.1300 and on toward $1.1245 with next potential support near $1.1200 or $1.1135. RSI sitting on 50 within a 40-60 range indicates a sideways trend.
GBPUSD is coming off a bearish reversal day that saw it spike up through its 200-day average near $1.4690, rally to test channel and downtrend resistance near $1.4800 where the advance was rejected sending the pair diving back down toward $1.4620 with next potential support near $1.4550 then $1.4500.
NZDUSD keeps on climbing with support moving up toward $0.7100 and the pair advancing on the $0.7130 to $0.7170 area with next potential resistance near $0.7195 a Fibonacci level. RSI near overbought suggests it may need to pause for a rest sometime soon.
AUDUSD is testing the top of a cup with handle base at $0.7500 having broken out over its 50-day average near $0.7430. Rising RSI confirms upward momentum increasing. Next potential resistance near $0.7600 on a breakout.
USDSGD is retesting $1.3400 with resistance falling toward $1.3435 and next potential support near $1.3355 the April low. RSI under 50 and falling confirms downward momentum increasing.
USDJPY is still bouncing around between 103.50 and 105.00 working off an oversold RSI rallying from 104.50 toward 105.10 then dropping back toward 104.70.
GBPJPY continues to recover retesting its 151.50 breakout point as support then driving on toward the 1153.40 to 154.40 area with next resistance possible near 155.00 then its 50-day average near 157.00.
EURJPY continues to stabilize in the 117.00 to 119.00 range recently trading between 117.60 and 118.20 while working off an oversold RSI. It’s still unclear if this is a base forming or a pause within an ongoing downtrend.
CADJPY ran into resistance at 82.00 capping its rebound for now short of 82.55 a Fibonacci level while support rises toward 81.50. RSI indicates momentum shifting from downward to neutral.