Crude oil faltered near $45.00 and turned downward once again. Major indices continue to struggle with the exception of Australia 200 which fell first and has become very oversold. Currency markets have been mixed with JPY, NZD and GBP all shrugging off recent weakness and rebounding.
Asia Pacific Indices
Australia 200 appears to be finding some support above 5,185 with more possible near 5,145. A deeply oversold RSI suggests potential for a trading bounce. Recently trading between 5,210 and 5,240, next potential resistance appears near 5,300.
Japan 225 is breaking down today, taking out its 50-day average near 16,570 and then 16,500 and falling toward 16,440 with next potential support at a Fibonacci level near 16,325. RSI falling under 50 confirms momentum turning downward.
Hong Kong 50 continues to attract support above 23,000 trading near 23,290 but with resistance falling toward 23,390 from 23,630. RSI failing to retake 50 suggests a downtrend emerging with next potential support near 22,795.
North American and European Indices
US 30 appears to be settling in to an 18,000 to 18,360 trading range recently trading between 18,080 and 18,140. RSI under 50 indicates downward momentum growing with next potential support near 17,900 then 17,725.
US NDAQ 100 is sitting on its 50-day average near 4,740 as it continues to fall away from 4,800. Resistance has fallen toward 4,750 with next potential support near 4,670 then 4,625. RSI unable to retake 50 confirms a downturn underway.
US SPX 500 has stabilized in the 2,120 to 2,160 area recently trading near 2,130 with RSI suggesting downward pressure easing for now but not over. Additional support possible near 2,105 a Fibonacci level.
UK 100 has drifted under 6,700 toward 6,660 and remains in a downtrend below its 50-day average and below 50 on the RSI with next potential support near 6,635 then 6,610.
Germany 30 is bouncing around between its 50-day average near 10,370 and the 10,500 level recently drifting back toward 10,380 from 10,440. A symmetrical triangle combined with RSI under 50 and falling indicating increased downward pressure suggest this as a pause within a downtrend. Next potential support near 10,200 on a breakdown.
Gold has stabilized in the $1,320 to $1,326 area. Mixed signals emerge with support moving up toward $1,313 from $1,300 but a trend of lower highs below its 50-day average near $1,338 and the RSI still below 50.
Crude Oil WTI failed to retake $45.00 a round number at the midpoint of a $40-$50 trading range near a Fibonacci level, and has turned downward again, breaking below its 50-day average near $44.40 and falling toward $43.40 with next potential support near $42.70. RSI breaking under 50 confirms momentum turning downward.
US Dollar Index keeps trending higher as it advances up off 95.00 toward 95.50 with next resistance at the 50-day average near 95.75 followed by 96.20.
USDMXN continues to trade above 19.00, confirming its recent breakout. RSI above 50 and climbing indicates upward momentum increasing with next resistance near the June 19.50 high then 20.00 where a measured move and round number cluster.
EURUSD continues to attract support above $1.1200 trading near $1.1240 with RSI holding 50 to keep its current upswing going. Initial resistance appears near $1.1260 then $1.1325.
GBPUSD successfully tested support at its 50-day average near $1.3135 setting a higher low and has bounced back toward $1.3230 as its uptrend resumes with next potential resistance near $1.3315 a 23% retracement of the Brexit plunge.
NZDUSD remains in an uptrend with the pair holding above its 50-day average near $0.7200 and the RSI holding above 50. The pair has rebounded toward the $0.7280 to $0.7310 area with next potential resistance near $0.7355 then $0.7480.
AUDUSD has found some support near $0.7435 holding well above its 50-day average near $0.7390 while RSI stabilizing near previous lows suggest a bounce possible. It needs to retake $0.7500 to signal an upturn with next resistance at the 50-day average near $0.7590.
USDSGD encountered resistance near $1.3675 and has slumped back toward $1.3620 in what looks like a normal trading correction within an uptrend above $1.3600.
USDJPY remains in a downtrend, slumping back toward 102.30 having failed to hold above its 50-day average near 102.00 and peaking at a lower high near 103.30 keeping its long-term downtrend resistance line intact. Next support possible near 101.25.
GBPJPY held support at its 50-day average and the 135.00 round number and has started to bounce back trading near 135.50 with resistance in place near 135.95 a Fibonacci level then 137.00. RSI holding 50 confirms underlying upward momentum intact for the moment.
EURJPY has regained 115.00 and retested it as new higher support with RSI holding 50 confirming underlying accumulation continues. A move through 116.15 would complete a base and signal a new upleg which could challenge 116.90 or even 118.35.
CADJPY remains under pressure stuck below its 50-day average near 78.65 falling toward 77.50 with next potential support near 76.75. RSI under 50 and falling confirms downward momentum increasing.
USDCAD continues to climb but upward momentum has slowed with resistance emerging in the $1.3170 to $1.3200 area short of its 200-day average but still above $1.3160 initial support.