After defying gravity for a day, JPY has come under pressure, following other defensive havens like gold downward. Even GBP and EUR, which have been struggling against a resurgent greenback have broken out against the falling Yen. Stock markets in the US, meanwhile, have paused to digest recent gains while MXN has started to tumble again.
Asia Pacific Indices
Australia 200 has levelled off just above 5,700 near the middle of an emerging 5,600 to 5,800 sideways range having bounced up off the bottom. RSI back above 50 following a test indicates underlying uptrend still boing.
Japan 225 continues its swing up off 19,000 advancing into the 19,490 to 19,570 area. RSI back above 50 and rising confirms momentum turning upward. Next potential resistance near 19,590 then 19,700.
Hong Kong 50 continues to climb, rallying into the 23,370 to 23,420 range building on its recent breakout over 23,000. Rising RSI confirms increasing upward momentum. Next potential resistance near 23,500 then 23,625 with next support near 23,215. .
North American and European Indices
US 30 rallied up toward 20,130 before running into resistance and has since drifted back toward 20,100 in normal backing and filling with next support near 20,080. The index remains above its 20,000 breakout point which could be retested. Next measured upside tests near 20,150 then 20,300.
US SPX 500 is testing 2,300 drifting downward within a 2,294 to 2,304 range. The recent 2,282 breakout point has become support confirming the breakout with next measured resistance near 2,312. RSI overbought and possibly forming an H&S right shoulder suggests momentum may be near a top.
US NDAQ 100 popped up toward 5,170 and has since dropped back under 5,160 to where it started the day setting up a potential shooting star candle. With RSI getting really overbought the recent rally may be getting overextended for now and a correction possible, perhaps back to retest the recent 5,100 breakout point or 5,070.
UK 100 remains stuck below 7,200 but the RSI holding 50 and a small ascending triangle base forming suggests the recent correction may be over for now. Initial resistance on a rebound possible near 7,262 with next downside support near 7,120 then 7,100
Germany 30 continues to climb, confirming its breakout over 10,700 with a rally up into the 11,820 to 11,890 area. Next measured resistance possible near 11,955 followed by the 12,000 round number. RSI getting overbought again and a negative divergence suggests upward momentum could be peaking.
Gold is breaking down again today, the price has plunged toward $1,188 after retesting $1,200 as new lower resistance. RSI falling toward 50 indicates a bearish trend change pending. Next potential support between $1,172 a Fibonacci level and $1,178 the 50-day average.
Crude Oil WTI is starting to turn upward within its $50.40 to $54.20 trading range, breaking out of a symmetrical triangle and advancing on $53.20 with next resistance possible near $53.50. RSI climbing up off 50 confirms momentum turning upward again. Support rises toward $52.20.
US Dollar Index has popped up from 99.90 toward 100.50 in what looks like a bullish engulfing day so far. RSI holding 40 and starting to turn up suggests the recent slide may be ending and the underlying uptrend resuming. Initial resistance possible near 100.75 then 101.20 with next support possible near 99.70.
EURUSD is starting to break down with both the pair and the RSI rolling over. The pair has dropped from near $1.0750 down through $1.0720 a Fibonacci level and on toward $1.0690 with next potential support near $1.0640.
GBPUSD is in retrenching mode after resistance held at $1.2686 a 23% retracement of its previous downtrend. The pair has dropped back toward $1.2600 with next support possible near $1.2570 then the $1.2500 round number. RSI peaking near 60 suggests broader downtrend could be reasserting itself, but this could also be a correction within an emerging uptrend.
NZDUSD is having a setback, dropping from near $0.7310 resistance back into the $0.7220 to $0.7250 zone. It&rsquo s So far its underlying uptrend remains intact with next support near $0.7155 and next resistance near $0.7300.
AUDUSD continues to bounce around between $0.7500 round number and moving average support and its recent high near $0.7610. It’s unclear whether this is a pause within an uptrend or a top forming.
USDSGD is on the rebound with a bullish engulfing day indicating renewed bullish interest. The pair has climbed up from near $1.4110 to retest $14285 Fibonacci resistance which has held so far. Support rises toward $1.4215. RSI still under 50 which it needs to retake to suggest this is more than just a trading bounce.
USDJPY continues to rebound within its 112.35 to 115.50 trading range, retaking 114.05 a Fibonacci level and advancing on 114.80 stopping short of the 115.00 round number before slipping back into the 114.30 to 114.60 area. RSI breaking a downtrend and testing 50 indicates an upturn in momentum pending.
GBPJPY is breaking out today, blasting up off of 142.25 Fibonacci and 50-day average support, taking out its previous high near 143.40 and rallying into the 144.00 to 144.40 area with next potential resistance near 145.00 then 146.25 a Fibonacci test. RSI above 50 and rising confirms upward momentum accelerating.
EURJPY continues to climb within its 121.00 to 124.00 trading channel, regaining 122.00 and advancing into the 112 30 to 112.50 area with next potential resistance near 123.00. RSI back above 50 indicates momentum turning back upward following a correction.
USDCAD has bounced up from $1.3080 toward $1.3130 in what looks like a normal upward correction of recent big declines. RSI finding support at a higher low near 40 suggests the bigger sideways trend may still be intact with next rebound resistance possible near $1.3155 then $1.3190.
USDMXN found initial support at its 50-day average near 20.75 and has bounced back up into the 21.10 to 21.30 area with next resistance possible near 21.60. RSI holding 50 suggests its underlying uptrend remains intact.
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.