The USD has gone into a nosedive following the Fed decision, lifting the lid off a number of other currencies including the resource dollars AUD, NZD and CAD plus gold, JPY, SGD, EUR and GBP. In addition to this, WTI crude oil continues to rally. US Indices are also trading upward with the US NDAQ breaking out to a new all-time high but the other indices still short of recent resistance.
Asia Pacific Indices
Australia 200 is advancing again, rallying from 5,740 toward 5,800 as it continues to form an ascending triangle below 5,835. RSI rising up off 50 confirms momentum turning upward once again. Next upside tests near 5,900 then 6,000.
Japan 225 remains stuck below 19,675 resistance trading between 19,510 and 19,590 but it remains in an uptrend above its 50-day average near 19,270.
Hong Kong 50 has been turning back upward, climbing toward 23,830 with next potential resistance near 24,000 while support rises toward 23,790. RSI holding 50 suggests the recent downdraft may be ending and its broader uptrend resuming.
North American and European Indices
US 30 is trying to resume its uptrend rallying up from 20,880 to 20,940, but it needs to retake 21,000 to call off the recent failure of an uptrend line. The index appears to have downshifted into a sideways trend above 20,800 with resistance near 21,000 or 21 155.
US SPX 500 has rallied up off of 2,370 support toward 2,382 but remains well short of 2,400 resistance and 70 on the RSI indicating it continues to digest previous advances.
US NDAQ 100 is breaking out today, clearing 5,395 and advancing on 5,410 with next measured resistance possible near 5,435 followed by the 5,500 level. RSI has started to swing upward again but remains overbought. Support rises toward 5,390 from 5,360.
UK 100 is sending mixed signals but a double top forming near 7,400 but a trend of higher lows above 7,330 indicating continued accumulation and an ascending triangle forming. Meanwhile a symmetrical triangle in the RSI suggests a period of consolidation underway.
Germany 30 is still hanging around 12,000 trading between 12,030 and 11,980. RSI has flattened out indicating a pause underway within an ongoing uptrend. More support in place near 11,920 with more resistance possible near 12,065.
Gold is turning back upward rallying from $1,200 support up into the $1,210 to $1.215 area with next resistance possible near $1,218 and the 50-day average. RSI climbing up off 40 suggests the recent correction has likely run its course and an upturn is starting as pressure eases.
Crude Oil WTI continues to climb up out of yesterday’s big bear trap reversal and hammer candle. RSI remains oversold so there is room for a bigger trading bounce. The price has regained its 200-day average near $48.30 with resistance near $48.85 then $49.35 and $50.00 having bounced up off of $47.00.
US Dollar Index has turned decidedly downward falling from a lower high near 101.55 toward the 100.70 to 101.00 area with next potential support near 100.30 then 100.00. RSI testing 50 where a break would confirm a downturn in momentum.
EURUSD has regained its 50-day average near $1.0640 advancing on $1.0675 but remains well short of the top of its $1.0500 to $1.0720 trading range. RSI climbing up off 50 indicates momentum turning upward. Support rises toward $1.0670 from $1.6030. Next resistance on a breakout possible near $1.0750.
GBPUSD continues to rebound, regaining $1.2200 and then rallying toward $1.2280 as it continues to carve out the right shoulder of a head and shoulders base. RSI indicates downward pressure easing. Next resistance near $1.2300 then $1.2355. RSI gaining on 50 confirms momentum swinging upward.
NZDUSD has bounced up toward $0.7000 which it needs to clear to signal the start ofa new upswing as it rallies off $0.6900 support. RSI gaining on 50 confirms downward pressure easing and an upturn pending. Next potential resistance near $0.7040 then $0.7070.
AUDUSD is soaring today, gaining over 1% as it drives up off of $0.7590 into the $0.7640 to $0.7670 zone with next potential resistance in the $0.7700 to $0.7725 area. RSI back above 50 and rising confirms momentum turning upward again.
USDSGD is turning downward again balling from a lower high near $1.4155 down through $1.4080 and on toward $1.4050 with next potential support closer to the $1.4000 round number. RSI falling away from a retest of 50 resistance confirms downward pressure increasing.
USDJPY is breaking down today. Its fall away from 115.00 has accelerated with the pair taking out 114.045 a Fibonacci level and diving toward 113.85 with next potential support near 113.55 then 113.00. RSI rollover confirms a downswing underway within a larger sideways trend.
GBPJPY is holding steady near 140.00 trading between 129.20 and 140.20. RSI sitting between 40 and 50 indicates a neutral to slightly downward trend within a 138.10 to 142.25 channel.
EURJPY failed to break through the top of a 119.00 to 123.00 trading channel and has been getting knocked back toward the middle with the pair sliding from 122.00 toward 121.20 before bouncing toward 121.60. Next support near 121.00 a Fibonacci level then the 120.00 round number.
USDCAD is decisively breaking down today. The pair has plunged down from near $1.3500 through $1.34009 and on toward $1.3375 with resistance falling toward $1.3310 and next support possible near $1.3300. RSI falling away from 70 indicates a downswing deepening.
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