Chart Signals: EUR and JPY bounce back, indices send mixed signals

EUR picked up Friday as banking fears eased, particularly against USD and JPY. The Yen appears to have put in a triple bottom against USD while GBP has put in a triple bottom against JPY. Stocks generally rebounded Friday but finished weak a bearish momentum sign but that could have been end of quarter position squaring.

EUR picked up Friday as banking fears eased, particularly against USD and JPY. The Yen appears to have put in a triple bottom against USD while GBP has put in a triple bottom against JPY. Stocks generally rebounded Friday but finished weak a bearish momentum sign but that could have been end of quarter position squaring. 


Asia Pacific indices

Australia 200 remains under accumulation trading back above its 50-day average near 4,455 as it bounces off a night low near 5,400 toward 5,470 with next potential resistance near 5,515 then 5,575. Rising RSI confirms upward momentum increasing. 

Hong Kong 50 continues to bounce around between 23,250 and 24,000. The index rallied Friday from near 23,410 Fibonacci support toward 23,580 but RSI falling toward 50 suggests upward momentum weakening and a downturn pending. 

Japan 225 is still stuck in a sideways trend between 16,325 Fibonacci support and 16,800 Fibonacci resistance. A recent rally up off 16,500 appears to have been contained by the 50 and 200-day averages near 16,650. 


North American and European Indices

US 30 is sending mixed signals as it trades within an 18,000 to 18,400 trading channel between a  round number and its 50-day average. The index took a run at 18,370 than staged a late slump back toward 18,290. Higher lows in the index suggest accumulation while RSI stuck under 50 suggests distribution. 

US NDAQ 100 is holding above 4,800 but trading below 4,890 resistance near 4,870. Although it remains in an uptrend, lower highs for the index and the RSI suggest upward momentum weakening. More support in place at the 50-day average near 4,785 with next resistance possible at the 5,000 round number. 

US SPX 500 continues to struggle with resistance at its 50-day average near 2,175 trading near 2,165 while holding above support near 2,140 then 2,105. RSI sitting on 50 indicates a sideways trend. 

UK 100 continues to bounce around between its 50-day average near 6,800 and quadruple top channel resistance near 6.925. RSI still holding 50 indicates underlying accumulation intact. Next resistance on a breakout possible near the 7,000 round number. 

Germany 30 staged a big rebound Friday rallying up from an early low near 10,175 back up above 10,500 toward 10,550 and its 50-day average with next resistance near 10,580 then 10,700. A higher low in the RSI and a breakout over 50 confirms momentum turning back upward. 

Commodities 

Gold is holding steady near $1,320 while it digests recent swings between $1,305 and $1,345. RSI swinging back and forth between 40 and 60 confirms gold’s momentum is stuck in neutral at the moment. 

Crude Oil WTI ran into resistance near $48.00 but remains in an uptrend having found support at a higher low near $46.60 before bouncing back toward $47.70. RSI above 50 and trending higher indicates upward momentum increasing. Next upside tests near $48.70 then $49.90. 


FX 

US Dollar Index tested 95.90 with next resistance possible near 96.30 but failed to get through and slumped back toward 95.30. Higher lows and RSI rising up off 50 indicate momentum turning upward. 


EURUSD staged a bullish head fake Friday dipping below $1.1200 but then up off its 200-day average near $1.1150 toward $1.1240 with next resistance possible near $1.1290. RSI holding 50 signals an upswing underway within a broader sideways trend. 

GBPUSD is holding steady in the $1.2940 to $1.3220 range above $1.28509 triple bottom support and just under the $1.3000 round number with next potential resistance near $1.3115 and the 50-day average. RSI stabilizing near 40 suggests downward pressure levelling off. 


NZDUSD is looking increasingly vulnerable having broken an uptrend line near $0.7300 which has become lower resistance with RSI sliding under 50 confirming momentum starting to turn downward. Next potential support at the 50-day average near $0.7240 then a Fibonacci test near $0.7195. 

AUDUSD continues to struggle with resistance near $0.7700 and 60 on the RSI suggesting its recent upswing may have peaked. The pair has been trading near $0.7665 with next support at the 50-day average near $0.7595 followed by $0.7530. 

USDSGD remains in an upswing, trading above $1.3600 with upside resistance possible near $13650 then the 200-day average near $1.3700. RSI back above 50 indicates momentum turning upward. 

USDJPY is rallying up off 100.00 and challenging 50-day average and long term falling channel resistance in the 101.40 to 102.00 area. RSI gaining on 50 suggests an upturn pending with next resistance possible near 103.00.  

GBPJPY continues to form a triple bottom base above 130.00 trading near 131.50 with upside resistance possible near 132.30 then 133.80 near the 50-day average. RSI climbing toward 50 suggests downward pressure easing. 

EURJPY is bumping up against 114.00 the top of a channel and 50 on the RSI where breakouts could signal the start of an uptrend with next resistance possible near 115.00 and a Fibonacci test then 116.00 where a measured move and prior highs converge. 

USDCAD has levelled off near $1.3130 as it trades in a channel between $1.3050 and $1.3230 bounded by its 50 and 200-day averages. RSI drifting toward 50 indicates upward momentum slowing but uptrend not over yet.