Chart Signals: More breakouts and rallies for indices

US indices are on the move upward again with both the Dow and the S&P reaching new highs along with the Nikkei. Improving metal prices has boosted Australian stocks while Hong Kong has also been gaining. Currency markets have seen mixed action today. AUD is up with metal prices while CAD started out strong but has slipped back along with WTI.

Asia Pacific Indices

Australia 200 has a new upswing underway clearing its 50-day average near 5,360 and rallying up into the 5,410 to 5,430 area. RSI breaking out over 50 confirms an upturn in momentum. Next potential resistance near 5,500 then 5,565 both previous highs. 

Japan 225 remains under accumulation advancing on the 18,160 to 18,240 area following a successful retest of 18,000 which has become higher round number support. Next upside test possible near 18,510. 

Hong Kong 50 is turning back upward out of a successful test of 22,000 support driving up from 22,300 toward the 22,600-22,700 area. RSI bumping up against 50 where a breakout would confirm an upturn with next potential resistance near 22,860 then the 23,000 round number. 


North American and European Indices

US 30 is breaking out to new all-time highs today, clearing the 19,000 round number and advancing on 19,040 with support rising toward 18,860. Next potential measured tests on trend appear near 19,200 then 19,275. 

US NDAQ 100 is under renewed accumulation climbing form near 4,800 toward the 4,860 to 4,880 area and testing the top of a 4,700 to 4,900 trading channel. RSI above 50 and rising confirms upward momentum accelerating. Next resistance possible near the 5,000 round number then a measured 5,100. 

US SPX 500 is breaking out again today, clearing 2,200 to trade at a new all-time high. Rising RSI confirms accumulation accelerating. Next potential measured resistance near 2,280 with support rising toward 2,190 from 2,180.  

UK 100 is starting to advance again rising from near 6,760 toward 6,850 channel resistance with its next test on a breakout possible near 6,925. RSI nearing 50 where a breakout would confirm an upturn in momentum. 

Germany 30 remains under accumulation holding above its 50-day average near 10.540 and also 50 on the RSI while advancing toward the 10,710 to 10,770 area with next potential resistance near 10,880 a channel top followed by the 11,000 round number on a breakout.


Commodities 

Gold continues to build a base trading in the $1,210 to $1,220 area above $1,200 support and around $1,211 a Fibonacci level. Oversold RSI indicates potential for a trading bounce with next resistance possible near $1,230.  

Crude Oil WTI traded up to $48.40 range then fell back toward its 50-day average near $46.70 which has held in a normal trading correction of recent gains. RSI back above 50 indicates momentum turning upward. Next resistance possible near the $50.00 round number with more support near $45.00. 

Copper continues to swing back upward clearing $2.54 a Fibonacci level with next upside tests near $2.58 then the $2.60 round number. RSI overbought but confirming upward momentum indicates trend intact for now but a correction back toward $2.50 still possible at some point. Initial support near $2.52.

FX 

US Dollar Index is starting to backslide, falling away from 101.50 into the 100.70 to 101.30 area with next potential downside support near the 100.00 round number. A huge double top in the RSI which is also really overbought indicates potential for a significant downward correction.  

EURUSD has stabilized in the $1.0590 to $1.0660 area above $1.0575 support and below $1.0740 Fibonacci resistance while working off an oversold RSI. 

GBPUSD is stuck in a congestion zone between $1.2300 and its 50-day average near $1.2525 recently sliding toward $1.2400. RSI bouncing around 50 suggests a consolidation phase underway following an initial rebound rally.  

 

NZDUSD continues to hold above $0.7000 a round number that converges with the 200-day average a Fibonacci level and the neckline of a head and shoulders top. a higher low for the RSI suggests downward momentum easing. Recently trading between $0.7030 and $0.7080, next resistance appears in the $0.7120 to $0.7140 area. 

AUDUSD has bounced up off $0.7300 support into the $0.7370 to $0.7410 area while RSI climbing up out of oversold territory confirms a trading bounce underway. Next potential rebound resistance near $0.7455 then $0.7500. 

USDSGD is starting to encounter resistance near $1.4300 trading between $1.4200 and $1.4280. Really overbought RSI suggests potential for a correction with next support closer to $1.4120 then $1.4100. Next resistance on a breakout near $1.4335 then $1.4410

USDJPY is forming a doji candle for a second straight day near 111.00 trading between 110.50 and 111.40. This action along with a really overbought RSI suggests that the recent rally is losing strength and it wouldn’t take much to spark a big correction. Next support near the 110.00 round number then 108.85. 

GBPJPY has paused in the 137.70 to 138.90 area where it could consolidate and work off an overbought RSI. Next resistance near the 140.00 round number with initial support in a correction possible near 136.00 then 134.90. 

EURJPY keeps on climbing, building on its breakout over 117.00 by clearing 118.00 and advancing on 118.35 a Fibonacci test with next potential resistance between its 200-day average near 118,80 and a measured 119.00. 

USDCAD is still showing signs of forming a top as it falls away from $1.3570 Fibonacci resistance dropping from near $1.3490 down toward $1.3380 before rebounding toward a lower high near $1.3470. Initial support possible near $1.3430. RSI testing 50 signals momentum posed to turn downward. 

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