The US Dollar has been picking up a bit, which has put pressure on gold, sending the yellow metal back under $1,250. This drop, along with a 4% decline in copper today has ripped the rug out from under AUD and NZD sending the Aussie Dollar back under $0.7500. The Yen has been mixed, declining against USD but stabilizing and getting oversold against GBP and EUR with channel tests approaching or arriving.
Asia Pacific Indices
Australia 200 continues to form a double top falling away from 5,960 resistance back under 5,900 with next potential support near 5,835 a recent breakout point. RSI falling toward 50 indicates upward momentum fading and a downturn pending.
Japan 225 remains in an uptrend with support rising toward 19,470 and the index advancing on 19,550 with next potential resistance in the 19,660 to 19,700 zone. Rising RSI confirms upward momentum increasing but is approaching overbought territory.
Hong Kong 50 is still struggling with resistance near 24,765, and a double top appears to be forming. Should the index break out, the 25,000 round number could be probed. If not, support in the 24,465 to 24,500 area could be tested. RSI indicates upward momentum may be slowing.
North American and European Indices
US 30 continues to slip back from a double top near 21,130 trading under 21,000 near 20,945. Falling RSI indicates slowing upward momentum and a downturn pending. Next potential support at the 50-day average near 20,765.
US SPX 500 is trading near 2,385 still stuck below 2,400 resistance where a double top has formed. RSI rolling over indicates recent upswing has ended and a downturn possible. Next potential support at the 50-day average near 2,360.
US NDAQ 100 is really overbought on the RSI and with upward momentum starting to slow, could be vulnerable to a correction. Resistance has emerged near 5,645 and the index has dropped back toward 5,620. Initial support tests possible near 5,600 then 5,535.
UK 100 once again retested 7,260 neckline resistance and failed to get through, confirming the formation of a bearish double top. RSI still under 50 confirms downward momentum. The index appears to be resuming its downtrend falling toward 7,245 with next potential support near 7,200 then 7,085.
Germany 30 is sitting on 12,525 having encountered some resistance near 12,530. A negative RSI divergence indicates upward momentum slowing but so far this appears to be a rest stop within an ongoing uptrend with then index holding well above its 12,380 breakout point with initial support near 12,500.
Gold is breaking down today, falling under the $1,250 a round number and Fibonacci level a cluster of its 50 and 200-day averages in dropping toward $1,245. RSI under 50 and falling confirms increasing downward pressure. Next potential support near $1,238.
Crude Oil WTI is bouncing around between $47.00 and $48.00 as it consolidates recent losses at a lower level. RSI indicates continuing downward pressure. Next support possible near $46.45.
US Dollar Index has climbed back up above 99.00 continuing to trade between 98.55 and 99.25. RSI steady near 40 suggests a base forming but a symmetrical triangle suggests a consolidation phase within a downtrend. Next resistance on a rally near 99.60 with next measured support on a breakdown near 97.75.
EURUSD continues to consolidate its recent breakout rally trading in the $1.0820 to $1.0960 area below $1.1000 resistance, recently slipping back under $1.0900. RSI indicates upward momentum levelling off but an ascending triangle indicates underlying accumulation continues.
GBPUSD has dropped back under $1.2900 as it digests recent gains in the $1.2855 to $1.2965 zone below the $1.3000 round number. RSI rolling down from 70 suggests a correction starting.
NZDUSD has resumed its primary downtrend, plunging from $0.6970 back down toward $0.6890 in a bearish outside day. RSI falling from a lower high and under 50 indicates downward momentum accelerating. Next potential support near $0.6845 the recent low.
AUDUSD failed to retake its 200-day average near $0.7540 and has turned decisively downward diving back under $0.7500 on toward a Fibonacci cluster in the $0.7445 to $0.7455 area with next support after that possible near $0.7390. RSI unable to regain 50 and then falling indicates momentum turning increasingly downward.
USDSGD is still bouncing around between $1.3900 and $1.4000. the pair has regained $1.3950 advancing on $1.3970 but it needs to break out of the channel and for the RSI to regain 50 to signal an upturn with next resistance at the 50-day average near $1.4020.
USDJPY is breaking out today, building on a breakout over its 50-day average near 111.65 by blasting through 112.15 a Fibonacci level and carrying on toward 112.65. RSI continues to rise indicating increasing upward momentum. Next potential resistance near 113.35.
GBPJPY appears to be levelling off near 145.00 the top of a channel that has persisted through 2017 so far. RSI is getting quite overbought suggesting increasing potential for a pause or correction. Next resistance possible near 146.25 with downside tests possible near 143.80 then 143.00 a 23% retracement of the recent rally.
EURJPY is overbought on the RSI and approaching potential resistance tests near 122.90 then 124.00 a channel top. In a correction, initial support may appear near 122.00 then 120.95 a 23% retracement of the recent rally.
USDCAD is overbought on the RSI and appears to be levelling off near $1.3700 with upside resistance near $1.3755 then $1.3830 a Fibonacci level. Initial support in a correction possible near $1.3650 then $1.3570.
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