Indices continue to roll over with SPX 500 breaking down and many others including Australia 200 and Germany 30 showing signs of exhaustion. GBP, meanwhile has started to bounce back as recent selling pressure that drove it into oversold territory starts to ease.
Asia Pacific Indices
Australia 200 is stuck between a lower high near 5,500 and its 50-day average near 5,425. RSI testing 50 which could end in confirmation of an uptrend or signalling a downturn. Next potential downside support near 5,380.
Japan 225 is starting to creep back upward having bounced up off 16,815 and advancing into the 16,950 to 17,000 area with next potential resistance near 17,145. RSI confirms upward momentum increasing.
Hong Kong 50 is hanging around 23,410 a Fibonacci level having fallen back form near 23,480 resistance with next potential support near 23,300 then 23,000. RSI under 50 and trending lower indicates downward pressure increasing.
North American and European Indices
US 30 is still struggling in a zone between 18,000 and its 50-day average near 18,360, having recently dropped back toward 18,130 from 18,210. RSI still under 50 indicates momentum turning 2,130 uptrend support followed by 2,105 a 23% retracement level.
US NDAQ 100 is starting to turn downward with the p\index having completed a double top near 4,900 and testing its 50-day average near 4,800. RSI breaking under 50 signals momentum turning downward. Next potential support near 4,740 then 4,700.
US SPX 500 is retesting 2,140 where a break of a rising neckline completed a head and shoulders top as new resistance, trading between 2,138 and 2,146. RSI under 50 and falling indicates momentum turning downward. Next potential support near
UK 100 is still holding the 7,000 round number for now but with a double top in place near 7,130, a negative RSI divergence indicating upward momentum may have peaked and resistance dropping toward 7,080, a correction appears to be starting with next support possible near 6,925.
Germany 30 is bouncing around sideways between 10,500 and 10,700 recently trading near 10,560 and its 50-day average between 10,510 and 10,600. Lower highs following a double top and RSI rolling over suggest recent uptrend has ended and a correction underway with next potential support near 10,455 then 10,300.
Gold appears to be attracting support in the $1,250 to $1,260 range above a Fibonacci level and round number but below the 200-day average ti need to retake to call off its current downtrend. more support in lace near $1,240. RSI still oversold but creeping upward indicates downward pressure easing and a trading bounce possible with next resistance near $1,266.
Crude Oil WTI continues to consolidate recent gains in the $50.00 to $51.30 range with next measured resistance possible near $52.60 and next support possible near $49.00. RSI rolling over suggests upward momentum starting to weaken.
US Dollar Index continues to trend upward peeking briefly above 98.00 with support rising toward 97.70. RSI getting overbought indicates potential for a trading correction growing.
EURUSD remains in full retreat with downward momentum accelerating after the pair completed a symmetrical triangle Resistance drops toward $1.1060 while the pair tests $1.1000 with next potential support near $1.0945.
GBPUSD is on the rebound having picked up support at a higher low near $1.2060 and bouncing back into the $1.2210 to $1.3210 area recently trading near $1.2250. Oversold RSI and an upturn suggest recent selloff may be ending and a rebound starting. Next upside resistance possible near $1.2440.
NZDUSD is starting to stabilize after finding support at a higher low near $0.7035 and bouncing back toward $0.7090. Initial rebound resistance possible near $0.71325 then $0.7195 a Fibonacci level and breakdown point. RSI suggests downward pressure may have peaked for now.
AUDUSD continues to swing back and forth between $0.7430 and $0.7730 recently setting a higher low near $0.7520 and bouncing toward $0.7580 with resistance at its 50-day average near $0.7600. RSI confirms generally sideways trend.
USDSGD is still screaming higher clearing $1.3800 and advancing on $1.3880 trading between $1.3820 and $1.3860. RSI is getting overbought suggesting increased potential for a trading correction.
USDJPY remains under accumulation rallying up into the 104.10 to 104.50 range following a successful test of 102.50. Rising RSI confirms upward momentum increasing. Next potential resistance between 105.00 and 105.20 where a round number and Fibonacci test converge.
GBPJPY is climbing up off a successful retest of 125.00 support with RSI back above 30 confirming a trading bounce underway. The index has rallies up toward 127.70 from 126.50 with next potential resistance near 128.55 then 130.00.
EURJPY is sitting on 114.90 a Fibonacci test near the 115.00 round number. An uptrend continues to emerge with the pair holding above its 50-day average near 114.00 and 50 on the RSI with next resistance near 115.20 then 115.70 and 116.25.
USDCAD continues to form an ascending triangle of lower highs below $1.3310 a Fibonacci level but for the moment appears to be levelling off between $1.3220 and $1.3290 near its 50-day average with more support possible near $1.3140.
USDMXN has stabilized near 18.90 and its 50-day average following a plunge down from 19.10 a Fibonacci level with initial resistance near 19.00. Falling RSI indicates downward momentum still increasing with next potential support near 18.75 then 18.55.