Chart Signals: Gold, JPY, and Dollars rally while USD, WTI and stocks crumble

Major indices remain under distribution with US markets clinging to round number support like 2,100 for the S&P by their fingernails and Dow 18,000 starting to give way. USD continues to roll over, taking the lid off of other currencies like AUD, NZD and SGD. JPY has a particularly significant turnaround underway as capital flows into defensive havens.

Major indices remain under distribution with US markets clinging to round number support like 2,100 for the S&P by their fingernails and Dow 18,000 starting to give way. USD continues to roll over, taking the lid off of other currencies like AUD, NZD and SGD. JPY has a particularly significant turnaround underway as capital flows into defensive havens. 

Asia Pacific Indices

Australia 200 continues its downswing with its 200-day moving average near 5,268 becoming resistance following a breakdown. The index has tumbled toward 5,200 with next potential support near 5,150 then 5,100. RSI confirms downward pressure increasing but nearing oversold levels. 

Japan 225 has key support tests underway near 17,000 on the index and 50 on the RSI where breakdowns would confirm a rollover and the start of a new downtrend. Next potential support in the 16,810 to 16,860 area near a Fibonacci test and the 50-day average. 

Hong Kong 50 remains under pressure with resistance falling toward 22,840 from 23,000 following a breakdown. Next potential support appears near 22,750 then 22,500. Falling RSI confirms downward momentum increasing. 


North American and European Indices

US 30 is still testing 18,000 where a breakdown would complete a bearish descending triangle having traded down toward 17,930 before bouncing a bit. RSI has already broken under 50 to signal a downturn in momentum. Next potential support near 17,915 a Fibonacci level and the 200-day average near 17,785. Initial bounce resistance near 18,200. 

US NDAQ 100 is still holding 4,740 support for now but has been crumbling and still looks vulnerable. Resistance has dropped toward 4,770 from 4,820. Next potential support appears near 4,700 then 4,660. 

US SPX 500 remains under distribution and is currently testing support near 2,100 with resistance falling toward 2,112. Falling RSI indicates downward pressure increasing. Next potential support appears at the 200-day average near 2,080 then 2,070. 

UK 100 is breaking down today, taking out its 50-day average near 6,900 and confirming the break under 6,925, falling into the 6,825 to 6,850 area. RSI under 50 and falling confirms momentum turning downward. Next potential support appears in the 6,770 to 6,800 area. 

Germany 30 is breaking down today, falling below 10,500, which had been channel support, to signal the start of a new downswing confirmed by the RSI momentum indicator falling below 50. Next potential support appears near 10,335 then 10,265. 


Commodities 

Gold is on fire again today, confirming its breakout over $1,282 and taking a run into the $1,295 to $1,305 zone where a round number, the 50-day average and a Fibonacci level converge, followed by $1,312. RSI above 50 and rising confirms momentum turning upward. 

Crude Oil WTI is breaking down again today, falling toward $45.00 the midpoint of a $40-$50 channel from $47.00 with next potential support near $44.00. RSI confirms downward momentum increasing. 


FX 

US Dollar Index continues to retreat, falling toward 97.30 from 97.75. Resistance drops toward 97.50 with next potential support near 96.90 then 96.30. Falling RSI confirms momentum turning downward. 

EURUSD continues to climb, building on its breakout over $1.1000 by taking a run at its 50-day average near $1.1120 with support rising toward $1.1070.  Next resistance possible at the 200-day average near $1.1180. RSI back above 50 confirms momentum turning upward. 

GBPUSD is starting to move upward again, rallying up from $1.2260 toward $1.2320 and advancing on $1.2350 resistance with its next test after that near $1.2500. RSI advancing on 50 confirms downward pressure fading and confirmation of an upturn pending. 


NZDUSD has an explosive breakout underway today having rallied up through $0.7195 a Fibonacci level then its 50-day average near $0.7240 and then on toward $0.7300 where a breakout would call off a head and shoulders top. RSI back above 50 confirms momentum turning increasingly upward. 

AUDUSD continues to form a bullish ascending triangle below $0.7730 trading near $0.7670 up from $0.7600 with support rising towards $0.7640 and next resistance near $0.7700. RSI back above 50 indicates neutral to upward momentum. 

USDSGD is breaking down today, taking out $1.3880 to signal the start of a new downswing. RSI falling toward 50 where a break would confirm the downturn. The pair has dropped into the $1.3820 to $1.3850 area with next potential support near $1.3800 then $1.3775. 

USDCNH continues to roll over as its correction to compensate for an overbought RSI deepens. The pair continues to fall away from 6.7930 down toward 6.7650 with next potential support near 6.7575 a 23% retracement of its previous uptrend. 

USDJPY is starting to really roll over now, with its fall away from 105.00 accelerating. Resistance falls from 104.00 toward 103.50 with the pair trading near 103.30 and next support near 102.80 and the 50-day average. RSI breaking under 50 confirms momentum turning downward. 

GBPJPY met resistance near 128.50 and has slipped back toward 126.95 in a normal trading pullback with more support possible near 126.00 then 125.00 and more resistance near 130.00. 

EURJPY is hanging around 114.60 just below the middle of a 114.00 to 116.00 trading ragne and just above its 50-day average.  

USDCAD has dropped back under $1.3400 toward $1.3380. RSI rollover suggests upward momentum peaking. Next potential support in a correction near $1.3310 a Fibonacci level and recent breakout point. 

USDMXN keeps screaming upward today driving up off 19.20 toward the 19.32 to 19.44 area with RSI confirming upward momentum increasing. Next potential resistance near 19.70 then 20.00. 

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