Crude oil, copper and gold all appear to be breaking out of rounded bottoms of varying degrees. Meanwhile, indices have been testing or breaking out to new highs including US SPX 500, US NDAQ 100, UK 100 and Hong Kong 50. On the other hand, JPY continues to weaken relative to USD, EUR and GBP.
Asia Pacific Indices
Australia 200 continues to hold above 5,800 support, trading near 5,850 but continues to struggle making headway with resistance falling toward 5,875 form 5,925. RSI slipping under 50 signals momentum starting to turn downward.
Japan 225 remains in an uptrend holding above its recent 19,695 breakout point, pausing between there and 19,965 while working off an overbought RSI. Next resistance on a breakout possible at the 20,000 round number with next support near 19,490.
Hong Kong 50 is breaking out to the upside again, clearing 25,250 and advancing on 25,500. RSI is overbought but so far is confirming increasing upward momentum. Next measured resistance on trend possible near 25,750. Support rises toward 25,440.
North American and European Indices
US 30 is holding steady bouncing around between 20,900 and 20,980 still below 21,000 as it continues to trend sideways between its 50-day average near 20,780 and a double top near 21,130. RSI still falling toward 50 indicates a pause within an uptrend underway.
US SPX 500 is holding steady near 2,400 where a double top remains in place, trading between 2,391 and 2,404. Next resistance near 2,405, then a measured 2,435 with next support near 2,382. Falling RSI indicates slowing upward momentum.
US NDAQ 100 is sitting on 5,700 to a new high as support rises toward 5,693 5,683 to 5,690 zone. It’s unclear at this point if this is a breakout or a bearish reversal but RSI remains really overbought leaving the index vulnerable to a correction.
UK 100 broke out today, clearing the top of a failed head and shoulders pattern near 7,440 then driving toward 7,465 having retested old resistance as new support. Rising RSI confirms increasing upward momentum. Next resistance near 4,500 with support rising toward 7,435 from 7,400.
Germany 30 continues to consolidate recent gains in a channel between 12,650 and 12,900, trading between 12.740 and 12,840. Overbought and falling RSI indicates upward momentum fading and a pause or correction possible.
Gold continues to rebound, and by regaining $1,230 appears to have completed a rounded bottom. Meanwhile the RSI rising toward 50 indicates downward pressure weakening and an upturn pending. Next potential resistance between $1,245 and $1,250 where the 50 and 200-day averages cluster.
Copper continues to turn back upward with support moving up toward $2.50 and the price testing a Fibonacci cluster between $2.53 and $2.55. A breakout would signal the start of a new upswing with next potential resistance at the 200-day average earn $2.58.
Crude Oil WTI has decisively turned back upward with the price driving up off of $47.70 a Fibonacci level up into the $49.00 to $49.50 zone to test its 50 and 200-day averages. Next resistance possible near $50.00. RSI regaining 50 confirms momentum turning upward.
US Dollar Index has turned back downward taking out 99.00 as it continues to fall away from 99.60. RSI failed to retake 50 indicating the recent rally was a trading bounce within a bigger downtrend that has now resumed. Initial support possible near 98.60 then 98.35.
EURUSD continues to rebound within its $1.0850 to $1.1000 consolidation range, rallying up from $1.0930 toward $1.0970. Next resistance on a breakout possible near $1.1025 then $1.1130. RSI holding 50 indicates recent trading as a normal pause within an uptrend.
GBPUSD successfully tested $1.2830 support to keep its uptrend intact and has rallied up into the $1.2880 area but is still struggling with resistance near $1.2940 then the $1.3000 round number. The 50-day average appears about to stage a golden cross of the 200-day.
NZDUSD tried to rebound but didn’t get very far, peaking at a lower high near $0.6915 that keeps its falling channel distribution trend intact. RSI still stuck below 50 confirms downward momentum. The pair has dropped back toward $0.6875 with next potential support near $0.6820.
AUDUSD is climbing out of a rounded bottom base, holding above $0.7390 Fibonacci support but struggling with $0.7445 Fibonacci resistance. RSI suggests downward pressure easing.
USDSGD is breaking down today, plunging from $1.4045 down through its 50 and 200 day averages plus the $1.4000 round number on its way toward $1.3975. RSI breaking under 50 confirms the downturn. Next potential support near $1.3948 a Fibonacci level then $1.3915.
USDJPY appears to be settling into a trading range between 113.30 and 114.60 two Fibonacci levels while working off an overbought RSI. A bounce up into the 113.60 to 113.80 area suggests the underlying uptrend remains intact. Next resistance possible near the 115.00 round number.
GBPJPY appears to be stabilizing between 146.00 and 146.80 where it has paused to work off an overbought RSI following a big rally. It remains well short of 147.95 resistance but also well above 145.10 Fibonacci support.
EURJPY is overbought on the RSI but still under accumulation, breaking out over 124.50 and advancing on 125.00. Next potential resistance near 126.40 with next support possible near 123.60.
USDCAD is breaking down today, taking out $1.3640 to complete a descending triangle top and then retesting the breakdown point as resistance after proving $1.3600. Next potential support near $1.3570 then the $1.3500 round number. RSI falling toward 50 indicates confirmation of a downturn pending.
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