It has been another big day for CAD, building on its breakout against USD. GBP has also been bouncing back today. In indices, the US 30 has broken out to a new all-time high while Japan 225 and Australia 200 have also been showing signs of life.
Asia Pacific Indices
Australia 200 is starting to swing back upward, rallying up from 5,700 through 5,740 a Fibonacci level and on toward 5,800. RSI regaining 50 signals momentum turning upward. Next potential resistance appears at the 50-day average near 5,830 followed by 5,900.
Japan 225 has settled into a trading range between 19,890 and 19,950, holding above 19,755 Fibonacci support but stuck below 20,000 round number resistance. RSI holding 50 indicates underlying upward momentum remains intact.
Hong Kong 50 has found some support near 25,730 bouncing back into the 25,890 to 25,930 but it really needs to retake 26,000 to signal an upswing with next potential resistance near 26,120. Next downside support possible near 25,495.
North American and European Indices
US 30 has broken out to a new all-time high today, clearing 21,270 and 21,300 in advancing on 21,325. Next measured resistance possible near 21,465. Rising RSI confirms upward momentum still increasing.
US SPX 500 is testing the top of a 2,417 to 2,438 trading range but has been unable to break out, making last week’s peek up toward 2,445 look like a head fake or a bull trap. Additional resistance possible near 2,450.
US NDAQ 100 held its 50-day average near 5,630 and has bounced back up toward 5,740. So far this looks like a common trading bounce with the index still below 5,765 where it broke a previous uptrend and with the RSI still under 50.
UK 100 continues to show signs of peaking with the index still carving out the right shoulder of a head and shoulders top near 7,550 and falling back toward 7,500. RSI peaking at a lower high and sliding toward 50 indicates upward momentum weakening and a downturn pending. Next potential support near 7,475 then 7,400.
Germany 30 continues to form an ascending triangle below 12,900 with support rising toward 12,700 and the index bouncing toward 12,780. RSI holding 50 indicates continuing accumulation. Initial resistance possible near 12,790 then 12,830 with next support near 12,625.
Gold has held two key support tests at the 50-day average near $1,260 and 50 on the RSI, keeping the underlying uptrend intact and indicating the recent pullback may be ending. Initial resistance appears near $1,282 with additional support near $1,256.
WTI crude oil is trading between $45.80 and $46.40 following a successful retest of $45.00 round number support. RSI flattening indicates downward pressure may have peaked for now. Next resistance near $46.45 then $47.50.
US Dollar Index is sitting on 97.00 as it swings up and down between 96.45 and 97.65. Current support and resistance near 96.70 and 97.30. RSI suggests a consolidation phase underway within an ongoing downtrend currently.
EURUSD is still hanging around $1.1200 trading back and forth in a sideways range between $1.1115 and $1.1190. Initial resistance possible near $1.1235 with initial support near $1.1165. RSI indicates momentum downshifting from upward to neutral.
GBPUSD held $1.2635 Fibonacci support and has started to rebound, regaining $1.2710 on its way toward $1.2755. RSI suggests downward pressure starting to ease a bit. The pair needs to clear $1.2765, however, to call off a head and shoulders top.
NZDUSD is still trending upward with support rising toward $0.7200 from $0.7160 and the pair trading near $0.78225. Next potential resistance appears near $0.78245 then a measured $0.7280. RSI near overbought suggests potential for a pause at some point.
AUDUSD is consolidating its recent breakout over $0.7500, trading between its 200-day average near $0.7530 and $0.7570. Next potential resistance on a breakout possible near $0.7590 and $0.7625.
USDSGD is still bouncing around between $1.3780 and $1.3850 With RSI steady near 40 it remains unclear if this is a base forming or a consolidation phase within an ongoing downtrend.
USDJPY is sitting on 110.00, pausing within a downtrend. Resistance remains in place near 110.60 with support near 109.55 then 109.00. RSI steady under 50 indicates continuing distribution.
GBPJPY successfully tested support at its 200-day average near 139.00 and has started to rebound, regaining 140.00 and advancing on 140.40 a Fibonacci level with next resistance possible near 141.85.
EURJPY continues to show signs of distribution with the RSI sliding under 50 to signal a downturn in momentum while the pair continues to form a bearish descending triangle of lower highs above 122.50. Recent resistance in place near 123.50.
USDCAD is breaking down today, taking out $1.3310 a Fibonacci level and its 200-day average to signal the start of a new downtrend. The pair has dropped to test $1.3230 with next potential support near $1.3180. Falling RSI confirms increasing downward pressure.
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