The bottom fell out from under the gold price today with selling pressure increasing after round number and Fibonacci support near $1,300 gave way. GBPUSD also broke down today, while AUD and NZD have been rolling over. EURJPY and USDJPY have staged major breakouts today.
Asia Pacific Indices
Australia 200 appears to be peaking with the index running into resistance near 5,500 and the RSI stalling out near 60. The index has dropped back to test its 50-day average near 5,450 with next potential support near 5,410 then 5,360.
Japan 225 is swinging upward within a 16,325 to 17,000 trading channel rallying up from its 200-day average near 16,600 into the 16,720 to 16,820 area near a Fibonacci test. RSI back above 50 confirms momentum turning upward.
Hong Kong 50 continues to settle into a 23,000 to 24,000 sideways range with the potential for large swings within it. More recently the index has been trading between 23,650 and 23,705 with next resistance near 23,900 and next support near 23,500 then 23,410 a Fibonacci level.
North American and European Indices
US 30 ran into resistance near 18,300 short of its 50-day average and has started to roll over, falling toward 18,140 with next potential support near 18,000 then 17,915 a Fibonacci level. RSI faltering near 50 and turning lower indicates downward momentum resuming.
US NDAQ 100 tested the top of its 4,800 to 4,900 trading range but failed to get through and has dropped back toward 4,850. RSI indicates recent correction has ended and uptrend steadily resuming. Next potential resistance on a breakout near the 5,000 round number.
US SPX 500 remains under accumulation although its trend of higher lows is starting to look shaky. Advances have been contained by the 50-day average near 2,170 and the index has slumped back toward 2,140 with next support near 2,145 then 2,130.
UK 100 is soaring again today, blasting through the 7,000 level and rallying toward 7,110 with next potential resistance near a measured 7,250. Support rises toward 7,040. RSI confirms the rally but getting overbought suggests potential for a correction at some point.
Germany 30 is trading back up above 10,500 and its 50-day average again consolidating near 10,540 having traded up toward 10,640 at one point. Next potential resistance near 10,675 a recent high. RSI back above 50 confirms momentum turning back upward.
Gold has been totally crushed today with downward pressure accelerating as it took out $1,300 then a Fibonacci cluster near $1,295 then another Fibonacci level near $1,282 on its way toward the $1,270 level. Next support possible in the $1,250 to $1,260 area near the 50-day average. RSI getting oversold suggests potential for a bounce at some point but so far it’s confirming downward momentum.
Crude Oil WTI is consolidating Monday’s breakout over $47.50 trading near $48.80 with upside resistance possible near $50.00. Rising RSI confirms upward momentum increasing and that this looks like a normal pause within an uptrend.
US Dollar Index is breaking out today, clearing 96.00 and trading near 96.15 with next potential resistance near 96.28 then a measured 97.20 on trend. Support rises toward 95.65. RSI confirms upturn in momentum.
EURUSD fell back under $1.1200, tested the support line of its symmetrical triangle near $1.1150 which held then rebounded toward $1.1200 again. RSI back under 50 signals momentum turning downward again with next potential support near $1.1110.
GBPUSD is breaking down today, taking out $1.2800 to signal a new downleg and causing a triple bottom to fail. Resistance falls toward 1.2770 with the pair near $1.2740. Next potential support appears near a measured $1.2600 then the $1.2500 round number.
NZDUSD is starting to break down, taking out its 50-day average near $0.7260 and falling toward $0.7195 a Fibonacci level. RSI clearly under 50 now indicates momentum turning downward with next potential support near $0.7100 then $0.7015.
AUDUSD continues to struggle with $0.7700 resistance and has dropped back toward $0.7620 to test its 50-day average. RSI rollover toward 50 indicates a downturn pending with next potential support near $0.7540 then $0.7500.
USDSGD appears poised for a breakout trading just above $1.3700 where it would complete an ascending triangle and testing its 200-day average looking for confirmation. RSI indicates upward momentum increasing. Next potential resistance near $1.3770 then $1.3840 on a breakout.
USDJPY is breaking out from a long-term downtrend today clearing its 50-day average a downtrend resistance line and 102.00, advancing on 103.00 with next resistance possible near 103.40. Support rises toward 102.60. RSI back above 50 confirms momentum turning upward.
GBPJPY continues to hold above 130.00 keeping a triple bottom in place while RSI rising toward 50 indicates downward pressure easing. Recently trading near 131.00 next resistance appears near 132.25 with next support near 128.60.
EURJPY is breaking out today, clearing its 50-day average near 113.90 and driving to test 115.00 round number and Fibonacci resistance with its next test possible near 116.10. RSI above 50 and rising indicates upward momentum increasing.
USDCAD is bouncing around between its 50 and 200-day averages near $1.3045 and $1.3215. RSI holding 50 indicates this as a pause within an ongoing uptrend. Next upside resistance possible near $1.3245 then $1.3310.
USDMXN has found some support near 19.20 with more possible near 19.10 a 23% Fibonacci retracement level. The pair has rebounded toward 19.34 with initial resistance possible near 19.52.
CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
CMC Markets Singapore may provide or make available research analysis or reports prepared or issued by entities within the CMC Markets group of companies, located and regulated under the laws in a foreign jurisdictions, in accordance with regulation 32C of the Financial Advisers Regulations. Where such information is issued or promulgated to a person who is not an accredited investor, expert investor or institutional investor, CMC Markets Singapore accepts legal responsibility for the contents of the analysis or report, to the extent required by law. Recipients of such information who are resident in Singapore may contact CMC Markets Singapore on 1800 559 6000 for any matters arising from or in connection with the information.