NZD spiked for a penny after the RBNZ held interest rates steady after lingering hopes for a cut were dashed, AUD has been moving up in tandem. Crude oil and gold have been on fire today with WTI decisively breaking out over $50.00.
Asia Pacific Indices
Australia 200 is bouncing around between 5,270 and 5,430 consolidating recent advances although a double top may have formed. RSI near 50 suggests momentum may be downshifting from upward to sideways.
Japan 225 is climbing within a 16,265 to 17,265 broad trading range testing 16,815 a Fibonacci level with next resistance near 17,000 and support at the 50-day average near 16,535. RSI back above 50 confirms an upswing underway within a sideways trend.
Hong Kong 50 has paused in the 21,360 to 21,420 area, with RSI really overbought it may need to level off for a bit to digest its recent rally. Next support in a correction possible near the 21,000 round number.
India 50 continues to encounter resistance near 8,280 a Fibonacci leel struggling to advance further due to an overbought RSI but at the same time, the market remains well supported above 8,250 then 8,200 keeping its underlying uptrend intact.
North American and European Indices
US 30 continues to climb, advancing on 18,000 again from a higher low near 17,930. Next potential resistance on a breakout near 18,085 then 18,175. RSI confirms upward momentum accelerating.
US NDAQ 100 is holding steady between 4,500 and 4,550. RSI slipping back from 70 indicates upward momentum slowing but so far we’ve seen more of a sideways consolidation than a downward correction.
US SPX 500 successfully retested its 2,112 breakout point as support and rallied toward a test of resistance near 2,120 with more possible near 2,140. RSI breaking out of a downtrend indicates accumulation picking up again.
UK 100 has resumed its advance on 6,300 with support climbing toward 6,265. Next upside resistance in the 6,325 to 6,350 area. RSI above 50 and rising indicates upward momentum increasing.
Germany 30 had an inside consolidation day trading between 10,220 and 10,240 within an emerging 10,000 to 10,400 sideways range. Index holding above its moving averages (with a golden cross pending) and RSI holding 50 confirm underlying uptrend intact.
Gold resumed its upswing again today, clearing the $1,240-$1.250 congestion zone where a round number, 50-day average and Fibonacci level converged Gold then ralline into the $1.259 to $1.263 area with next potential resistance near $1,282. RSI rising up off 50 confirms upward momentum strengthening.
Crude Oil WTI broke out today, driving up off $50.00 with the former round number barrier becoming higher support and then through its October high near $50.80 and on toward $51.30. Next resistance possible near $53.95 a resistance level dating back to last July. RSI overbought but continues to confirm increasing upward momentum for now.
US Dollar Index remains under pressure falling away 94.00 where it had paused for a rest and sliding toward 93.55 with next potential support near 93.00. RSI under 50 and falling confirms downward pressure increasing.
EURUSD continues to build on recent gains holding above its 50-day average near $1.1320 and advancing on $1.1400 with next resistance near $1.1455 then $1.1500. RSI confirms upward momentum increasing.
GBPUSD remains well supported within its $1.4330 to $1.4770 trading channel coming off an inside day that saw support move up toward $1.4500 and resistance emerge near $1.4580. with more possible at the 200-day average near $1.4725. RSI back above 50 confirms an upswing underway.
NZDUSD is breaking out today, driving up off $0.7000, gapping through $0.7606 resistance and spiking toward $0.7100 with next potential resistance near $0.7245. RSI getting overbought suggests it may need to pause to digest these gains.
AUDUSD is breaking out today, clearing its 50-day average near $0.7470 which may become higher support. The pair is testing the $0.7500 round number with next potential resistance after that near $0.7600. RSI suggests upward momentum may be moderating a bit.
USDSGD remains under pressure breaking down through $1.3500 and falling toward $1.3460 with next potential support near $1.3400. RSI under 50 and falling confirms downward pressure increasing.
USDJPY continues to find support at a higher low near 106.60 with the pair bouncing up toward 107.00. it needs to clear 108.90 to signal an upturn with next resistance at the 50-day average near 109.00. Next support near 105.65. A higher low in the RSI suggests downward pressure easing with each bearish pulse weaker.
GBPJPY is holding steady near 154.80 after popping up off 153.00 support. RSI levelling off near 40 suggests recent selloff ending as support comes in . Initial resistance near 156.40 then 157.95 close to the 50-day average.
EURJPY is sitting on 122.00. RSI just below 50 seems to be trying to stabilize but it remains in a falling channel below its 50-day average near 123.40. Support moves up to 121.40 from 120.80 suggesting base building may be starting.
CADJPY has stabilized just below its 50-day average and a Fibonacci test near 84.55 while support moves up toward 83.90. RSI sitting on 50 suggests a sideways trend emerging.
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.