JPY appears to have peaked with USDJPY and GBPJPY both having completed triple bottom bases. WTI could be active Monday with the big Algeria oil conference getting started. Channels within channels suggests levels that could be tested over the course of this week with the potential for swings in both directions. After Comments from Saudi Arabia Friday dampened deal expectations and sent oil into a tailspin over the weekend reports have suggested the Saudis would be willing to cut back to January production levels.
Asia Pacific indices
Australia 200 continues to climb with support rising toward 5,400 from 5,365 and next resistance possible at the 50-day average near 5,460. RSI regaining 50 confirms momentum turning upward.
Hong Kong 50 has dropped back into the 23,630 to 23,710 area after failing to hood above 24,000 for a second time last week. A lower high in the RSI indicates upward momentum weakening with next support possible near 23,405 a Fibonacci level.
Japan 225 remains stuck below 17,000 with resistance falling toward 16,740. A lower high in the RSI indicates upward momentum fading. So far the 200-day average near 16,675 has held with next potential support on a downturn near 16,500 then 16,330.
North American and European Indices
US 30 has encountered resistance at its 50-day average near 18,435 and slipped back toward the 18,350 to 18,260 area as it starts to roll over with next potential support near 18,105.
US NDAQ 100 has met with resistance near 4,890 at the moment but remains in an uptrend with support rising from its recent 4,850 breakout point toward 4,860. Potential upside tests appear near a measured 4,950 then the 5,000 round number.
US SPX 500 is consolidating its recent rally above its 50-day average near 2,165 and below resistance near 2,178 then 2,194. RSI back above 50 indicates momentum turning upward.
UK 100 is holding steady near 6,900 just below a triple top and channel resistance near 6,925. Rising RSI and support climbing toward 6,880 indicate continued accumulation with its next potential big test on trend near the 7,000 round number.
Germany 30 has paused near 10,650 to consolidate Thursday’s gains trading between 10,600 and 10,680. It remains in an upswing within an 10,400 to 10,800 trading range with support rising toward 10,650.
Gold remains well supported consolidating a recent rally above its 50-day average near $1,334 with next resistance possible in the $1,345 to $1,350 area. RSI bouncing between 40 and 60 indicates its broader $1,290 to $1,375 sideways trend remains intact.
Crude Oil WTI dropped back under $45.00 a Fibonacci level and round number at the middle of two channels ($40-50 and $42.50-$47.50)late Friday falling toward the $43.70 to $44.40 area.. A third channel has emerged between $44.00 the 50-day average and a recent high near $46.00. RSI bouncing between 40 and 60 confirms sideways to slightly upward momentum.
US Dollar Index has stabilized near 95.30 within an emerging 94.30 to 96.30 trading range. Initial support near the 95.00 round number. RSI near but holding 50 indicates a consolidation phase underway.
EURUSD is holding steady near between $1.1200 and $1.1240 within a $1.1120 to $1.1290 range with RSI sitting on 50 confirming sideways momentum.
GBPUSD continues to bounce around between $1.2960 and its 50-day average near $1.3150. The pair slipping under $1.3000 and RSI under 50 suggest a downswing underway within this range.
NZDUSD is starting to break down with the RSI falling under 50 to signal a downturn in momentum while the pair has dropped from near $0.7300 to test its 50-day average near $0.7225 with next support near $0.7195 a Fibonacci level.
AUDUSD appears to have run out of gas short of $0.7700 resistance again while a lower high in the RSI suggests upward momentum fading and distribution starting. Pair has dropped back toward $0.7620 with next potential support at the 50-day average near $0.7580 then the $0.7500 round number.
USDSGD continues to rally up of its 50-day average near $1.3520 testing $1.3600 with next potential resistance near $1.3665 then $1.3700.
USDJPY continues to hold 100.00 round number support and appears to be putting a triple bottom into place. A higher low for the RSI indicates downward pressure easing. Initial rebound resistance possible near 101.20 then 102.00 and 103.00 as support rises toward 100.70.
GBPJPY held the 130.00 round number and appears to have completed a triple bottom with the pair rebounding toward 131.00 and next resistance possible near 133.50 then the 50-day average near 134.55.
EURJPY is on the rebound advancing on 113.60 having successfully retested 112.20 support. RSI suggests downward pressure easing. Next potential resistance in the 114.50 to 115.00 area near the 50-day average a Fibonacci test and a round number.
USDCAD held $1.3000 round number and Fibonacci support and 50 on the RSI last week keeping its uptrend intact and then bounced into the $1.3160 to $1.3180 area with next potential resistance near $1.3250 a previous high near the 200-day moving average.