It’s been a day of mixed trading. The US 30 and US SPX reached new highs but several other indices are showing signs of exhaustion including the US NDAQ 100, UK 100 and Australia 200. Currencies have been all over the map. The US Dollar index broke out of a base but the reaction by other markets has been mixed with gold and other majors staging significant swings in both directions.
Asia Pacific Indices
Australia 200 has encountered resistance near 5,800. At first it looked like a potential double top but after a correction support came in at a higher low near 5,750 and the index has rebounded toward 5,780. Rising RSI indicates continuing accumulation. Next up side tests near 5,825 then a measured 6,000.
Japan 225 ran into resistance near 15,560 potentially completing a quadruple top but at the same time, it remains in an uptrend bouncing up off its 50-day average near 19,180 back up toward 19,500. Next potential resistance near 19,685 with next potential support near 19,000.
Hong Kong 50 has levelled off in the 23,550 to 23,750 zone pausing to work off an overbought RSI and consolidate recent gains.
North American and European Indices
US 30 has reached another new all-time high near 20,480 with next resistance possible near the 20,500 round number. RSI overbought again but continues to confirm upward momentum so far Initial downside test in a pullback possible near 20,390.
US SPX 500 has touched another new all-time high, climbing up off 2,325 and peeking up through 2,332 on its way toward 2,336 Next measured resistance possible closer to 2,350. An overbought RSI suggests the index could be due for a pause or a correction with next potential support near 2,316.
US NDAQ 100 has met resistance near 5,270 just below 5,285 measured resistance and has dropped back toward 5,255 in normal backing and filling. An overbought RSI and a double top suggest upward momentum may be peaking with next potential support in a correction possible near 5,200.
UK 100 is encountering resistance near 7,300 having completed a measured move out of a recent range. A top here would set lower highs in both the index and the RSI, a sign the recent uptrend has peaked. Initial potential support near 7,200 then 7,100.
Germany 30 has run into resistance at a lower high near 11,810 down from 11,900, and has dropped back into the 11,750 to 11,790 area. Lower highs in the RSI indicate upward momentum weakening and distribution starting.
Gold has regained $1,230 and remains under accumulation, advancing in a step pattern of rallies followed by consolidation at higher levels. This time, support has come in above $1,225 with the pair advancing toward $1,235 with next potential resistance near $1,238 then $1,245 and a Fibonacci cluster in the $1,250-$1,255 range.
Crude Oil WTI has stabilized near $53.00 after failing to break through $53.85 channel resistance but also holding support at a higher low near $52.65 with more possible near $52.25 and the 50-day average. RSI near 50 confirms sideways trend intact.
US Dollar Index is breaking out today, clearing 101.00 to complete a saucer bottom while RSI breaking out over 50 confirms momentum turning upward. The index is testing 100.30 with next potential resistance near 101.75. Initial support rises toward 100.90.
EURUSD remains in a downtrend unable to retake $1.0640 then diving under $1.0600 toward $1.0560. With RSI under 50 confirming distribution, it looks like another typical trading bounce within a downtrend failed to get anywhere. Next potential support near the $1.0500 round number.
GBPUSD has slipped back under $1.2500 but with RSI sitting on 50 this essentially still looks like normal consolidation within a $1.2410 to $1.2580 trading range.
NZDUSD remains under pressure with the pair falling under $0.7200 toward $0.7160 with next potential support in the $0.7100 to $0.7125 area where its 50 and 200-day averages cluster. RSI under 50 and falling indicates momentum is turning increasingly downward.
AUDUSD is still bouncing around between $0.7620 and $0.7700 with more resistnace enar $0.7725 and more support near $0.7600. The pair appears to be forming a top just below the top of a broader channel while RSI rolling over suggests upward momentum peaking and a downturn possible.
USDSGD remains in a downtrend, faltering near $1.4260 a Fibonacci level and remaining below 50 on the RSI . The pair has dropped back toward $1.4155 with next potential support near $1.4085.
USDJPY is breaking out today with the pair clearing 114.05 a Fibonacci level to signal an upturn underway confirmed by the RSI clearing 50. Next potential resistance near 115.00 and the 50-day average, then 115.50 the next Fibonacci test. Initial support rises toward 113.75.
GBPJPY is hanging around 142.25 a Fibonacci level trading between 140.95 support and tis 50-day average near 142.75. RSI bouncing around between 40 and 60 indicates a sideways trend.
EURJPY has resumed its downtrend slipping back toward 120.70 after an attempt to retake 121.00 failed. Next support possible near 120.25 then 120.00.
USDCAD continues to trend downward with RSI under 50 and falling confirming increasing distribution. The pair has been bouncing around between $1.3025 and $1.3100 recently trading near $1.3070, next support appears in the $1.2975 to $1.3000 area between a Fibonacci test and a round number.
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