Chart Signals: JPY and stocks rally, USD and NZD slide following central bank meetings

JPY is taking off today against USD, EUR and GBP where it has staged significant breakouts and big reversals. Stocks also have been picking up after the FOMC with the US NDAQ 100 breaking out of a channel. USD has been weakening along with NZD to a lesser extent following neutral to dovish central bank statements.

JPY is taking off today against USD, EUR and GBP where it has staged significant breakouts and big reversals. Stocks also have been picking up after the FOMC with the US NDAQ 100 breaking out of a channel. USD has been weakening along with NZD to a lesser extent following neutral to dovish central bank statements. 

Asia Pacific Indices

Australia 200’s recovery bounce continues to accelerate, with support climbing toward 5,300, the index trading near 5,365 and next resistance possible near 5,400 then the 50-day average near 5,455. RSI advancing on 50 indicates confirmation of an upturn pending.  

Japan 225 has turned back upward after confirming 16,3330 Fibonacci support, driving up toward 16,870 before settling back toward 16,630 near a Fibonacci level plus its 50 and 200-day averages. RSI rising up off 40 toward 50 confirms sideways trend. 

Hong Kong 50 continues to climb within a 23,000 to 24,000 trading channel. With support still in place near 23,400 the index has advanced toward the 23,620 to 23,680 area. RSI indicates momentum turning upward once again. 


North American and European Indices

US 30 finished strong, rallying up off 18,140 following the Fed decision toward 18,300 with RSI approaching 50 where a breakout wold confirm an upturn in momentum. Next potential resistance near 18,355 then the 50-day average near 18,455. 

US NDAQ 100 is breaking out of a channel today, clearing 4,850 to signal the start of a new upleg and call off a quadruple top. Rising RSI indicates momentum turning increasingly upward. Next resistance on a breakout possible near a measured 4,950 then the 5,000 round number. 

US SPX 500 stopped sending mixed signals and turned upward, clearing 2,150 and advancing to test its 50-day average near 2,165 with next potential resistance at a channel top near 2,195. RSI regaining 50 confirms momentum turning back upward.  

UK 100 continues to advance with support moving up from 6,800 toward 6,850 and the index trading near 6,870 with next resistance in place at a double top near 6,925 then the 7,000 round number. RSI above 50 confirms upward momentum increasing.   

Germany 30 has turned upward once again, clearing 10,500 with next potential resistance near 10,660. RSI testing 50 where a breakout would confirm the upswing. Support rises toward the 50-day average near 10,450.  


Commodities 

Gold is picking up this morning, advancing from near $1,320 toward $1,334 where it’s testing its 50-day average. RSI regaining 50 signals an upturn in momentum. Support rises toward $1,326 with next resistance in the $1,345 to $1,350 area. 

Crude Oil WTI took another run at $45.00 resistance which has held so far with more possible near $46.00. WTI remains in an upswing with support moving up toward $44.40 from $43.00 and $42.50 channel support. RSI climbing back above 50 indicates recent downdraft has ended and a recovery underway. 


FX 

US Dollar Index continued to struggle with resistance near 96.00 through the day then support gave way following the FOMC meetings sending it back toward a test of 95.50 with next potential support near 95.00. 


EURUSD staged a bear trap fake out breaking down early, taking out its 50 and 200-day averages plus and uptrend support line all near $1.1150, then bouncing up off $1.1130 back towwad $1.1200 with next resistance near $1.1220 then $1.1240. 

GBPUSD is starting to rebound, regaining the $1.3000 level having established support at a higher low near $1.2945. RSI indicates downward pressure levelling off. Initial resistance possible near $1.3060 then the 50-day average near $1.3155. 

NZDUSD’s steady march higher has stalled today with the pair bouncing around between $0.7320 and $0.7370. A downward correction appears to be starting but It remains in an uptrend as long as RSI remains above 50 and the pair remains above initial support near $0.7270 then $0.7235.   

AUDUSD continues to trend upward, advancing from near $0.7570 toward $0.7640 with next potential resistance near $0.7700. RSI confirms momentum turning increasingly upward. 

USDSGD is breaking down today, taking out $1.3600 and falling to test its 50-day average near $1.3530 with next potential support near $1.3500 then $1.3440. RSI back under 50 confirms momentum turning back downward. 

USDJPY staged a big bearish reversal taking a run at downtrend and 50-day average resistance near 103.00, failing to get through and turning decisively downward diving toward 100.30 in an outside day with next support near 100.00 then 98.80. RSI falling away from 50 confirms downward momentum increasing. 

GBPJPY continues to retreat, falling into the 130.40 to 131.40 area from 133.80 with next potential support near 130.00 then 128.60. RSI under 50 and falling confirms downward momentum accelerating.  

EURJPY is breaking down today, taking out a trend support line near 113.60 and diving down toward 112.10 with next potential support near the 110.00 round number. Falling RSI confirms momentum turning increasingly downward. 

CADJPY has been choppy holding 76.10 support and rebounding toward 76.70 but still in a downtrend below 77.30 while RSI suggests downtrend intact for now. 

USDCAD is rolling over, falling away from its 200-day average near $1.3250 toward $1.3100. Resistance falls toward $1.3140 with next support at the 50-day average near $1.3030. RSI rollover confirms upward momentum weakening.