SGD is starting to attract interest breaking out over $1.3500 ahead of today’s consumer price numbers. It increasingly looks like WTI crude oil’s big run is ending with an Evening Star candle formation near completion. A weaker oil price appears to be dragging on CAD again as well Major indices continue to drift sideways to lower.
Asia Pacific Indices
Australia 200 is holding steady near 5,520 as it continues to consolidate recent gains in the 5,485 to 5,610 range. RSI holding 50 indicates underlying uptrend intact through this pause.
Japan 225 is bouncing around between 16,500 and 16,570 with next resistance near 16,675 then 16,800 and more support near 16,425 a higher low.
Hong Kong 50 has dipped back under 23,000 into the 22,850 o 22,950 zone with next potential support near 22,765. A head and shoulders top in the RSI suggests upward momentum has peaked and the index may be starting to roll over.
North American and European Indices
US 30 is drifting sideways between 18,500 and 18,580 with RSI confirming neutral momentum as the index pauses in the 18,360 to 18,700 area.
US NDAQ 100 is still hanging around 4,800 where it has paused to consolidate previous gains. RSI under 70 and falling indicates upward momentum fading with next potential support near 5,740 a previous breakout point.
US SPX 500 is holding steady near 2,180 trading between 2,175 and 2,190. RSI drifting toward 50 indicates momentum shifting into neutral from upward. Next support near 2,135 a previous breakout point and the 50-day average.
UK 100 continues its trading correction falling away from 6,900 toward 6,810 but holding above previous resistance near 6,775 to keep its underlying uptrend intact. RSI indicates upward momentum slowing.
Germany 30 continues to slip backward, trading around 10,500 in a 10,400 to 10,600 range amid mixed signals. A golden cross of the 50 and 200-day averages a bullish sign offset by RSI breaking an uptrend and falling toward 50.
Gold appears to be starting to break down, taking out an uptrend line near $1,340. Gold has dropped to test its 50-day average near $1,335 with sideways channel support in place near $1.310. RSI falling toward 50 suggests a downturn in momentum pending.
Crude Oil WTI has rolled back under $47.30 and appears to be on the third breakdown day of an Evening Star candlestick formation. Initial support tests possible near $46.80 then $46.30 and the 50-day average near $45.20.
US Dollar Index popped up toward 95.00 where resistance has held keeping the index in the lower half of its 94.00 to 96.00 trading range, recently trading near 94.55.
EURUSD has paused near $1.1320 to consolidate its recent upswing with initial resistance near $1.1365 and initial support rising toward $1.1270.
GBPUSD continues to establish $1.3000 as higher round number support following a double bottom with RSI bumping up against 50 indicating an upturn in momentum pending. Initial resistance possible in the $1.3175 to $1.3200 area as the pair trades near $1.3130.
NZDUSD continues to form an ascending triangle tracking above its 50-day average and trading just below $0.7300 resistance in the $0.7260 to $0.7290 area. RSI back above 50 indicates momentum turning upward.
AUDUSD found support near $0.7585 and has bounced toward $0.7625 but with both the pair and the RSI rolling over a retest of the 50-day average near $0.7540 remains possible.
USDSGD is breaking out today over $1.3500 and its 50-day average to signal the start of an upswing confirmed by RSI breaking out over 50. Next potential resistance in the $1.3600 to $1.3640 zone.
USDJPY is trading back above 100.00 in the 100.30 to 100.80 area with next resistance near 101.50. A double bottom increasingly looks in place with the RSI indicating downward pressure weakening.
GBPJPY continues to steadily rebound up out of a double bottom base recently trading in the 131.60 to 131.90 area with next potential resistance near 132.70 then 134.00. A saucer bottom in the RSI indicates downward pressure weakening.
EURJPY is steady near 113.50 as it bounces around between 112.00 and 114.00. It really needs to clear its 50-day average near 115.00 and 50 on the RSI to call off its current downtrend.
CADJPY is rolling over again with the pair back under 78.00 signalling a new downleg appears to be underway from a lower high near 78.50. Next potential support near 76.85 as falling RSI confirms downward momentum accelerating again.
USDCAD has popped back above $1.2900 trading near $1.2960 as support rises toward $1.2930. It faces a significant resistance hurdle near $1.3000 where a round number and Fibonacci retracement level converge followed by $1.3080.