Indices have bounced back a bit today particularly the Dax which has regained the 12,000 level. The Yen continues to attract renewed interest, particularly against the Euro while gold consolidates the rally it staged earlier this week. GBP also continues to climb, regaining $1.2500 against the US Dollar while AUD and NZD continue to roll over.
Asia Pacific Indices
Australia 200 held 5,665 support and has bounced back above 5,730 but the index still under its 50-day average, RSI still under 50 and a triple top in place near 5,830 it still looks vulnerable. Initial resistance possible near 5,780 with next support in the 5,575 to 5,600 area.
Japan 225 is trying to attract support above 19,000 trading near 19,090 by a symmetrical triangle of lower highs and higher lows between 18,900 and 19,170 along the recent failure of an ascending triangle and RSI still under 50 suggests this may be a pause within an emerging downtrend. Next potential support near 18,600 on a breakdown.
Hong Kong 50 has bounced up from 24,330 toward 24,450 but it still appears to be rolling over with resistance falling toward 24,500 from 24,670 and a negative RSI divergence indicating slowing upward momentum.
North American and European Indices
US 30 is trying to stabilize near 20,720 but a lot of technical damage has already been done with the pair well under its 20,785 breakdown point and RSI under 50. Next potential support near 20,680 then 20,565 the recent low and 20,465 the 50-day average.
US SPX 500 has found support above its 50-day average near 2,340, trading near 2,350. RSI still under 50 suggests this could be just a trading bounce. Next potential support near 2,310 a Fibonacci level.
US NDAQ 100 has held 5,300 and 50 on the RSI for now to keep its underlying uptrend intact for now but it’s bounce appears to be running out of gas at a lower high near 2,370 short of 2,400 resistance. Next potential support on a breakdown near 5,245 then 50-day average.
UK 100 is testing 7,300 and 50 on the RSI where successful holds would keep its underlying uptrend intact but failures and breakdowns would signal the start of a new downtrend. Resistance falls toward 7,345 with next support possible near 7,277 then 7,230 the 50-day average then a Fibonacci level.
Germany 30 is trying to rebound, having found support near 11,855 above its 50-day average near 11,815. The index has rallied up from 11,900, regaining 12,000 but faltering near 12,045 as it retests former trend support as new resistance confirming its recent breakdown.
Gold has paused in the $1,242 to $1,250 range consolidating its recent rally up off of $1,230. RSI suggests we could be nearing the top of an upswing within a big sideways channel. Next resistance at the 200-day average near $1,260.
Crude Oil WTI appears to be base building between $47.00 and $48.00 following yesterday’s big bear trap washout and hammer candle that saw the price fall under $47.00, successfully test uptrend line support near $46.40 then rally back up toward $48.00. Oversold RSI indicates potential for a rebound with next potential resistance at the 200-day average near $48.25.
US Dollar Index has levelled off near 99.55 to digest its recent breakdown under 100.00. RSI steady under 50 indicates a pause within a bigger downtrend. Next potential support near 99.00 with next resistance near 100.20.
EURUSD continues to struggle with resistance at a Fibonacci cluster near $1.0830 slipping back under $1.0800 toward $1.0780 with next potential support near $1.0720 a Fibonacci level. RSI suggests upward momentum levelling off.
GBPUSD continues to climb, clearing $1.2500 as it trades up into the $1.2470 to $1.2530 range. Rising RSI confirms increasing upward momentum. Next potential resistance near $1.2565 then $1.2635 on trend.
NZDUSD continues to slide back from $0.7100 resistance trading between $0.7030 and $0.7050. RSI failing at 50 and rolling down again indicates its bigger downtrend may be resuming So far the pair is holding $0.7000 but if that fails, next support may appear near $0.6965.
AUDUSD continues to fall away from $0.7725, with resistance falling toward $0.7675. The pair is testing its 50-day average near $0.7615 while the RSI is testing 50 where breakdowns would signal the start of deeper downswings. Next potential support at the 200-day average near $0.7545 then $0.7500.
USDSGD is hovering near $1.4000 trading between $1.3950 and $1.4030. Today’s trading may give a better idea if a double bottom is forming or if this is a rest stop within a bigger downtrend.
USDJPY has paused to digest recent declines near 111.00 with initial resistance falling toward 111.25 a Fibonacci level from 111.60. Falling RSI confirms distribution. Next potential support near 110.70 the recent low then the 110.00 big round number.
GBPJPY has stabilized near 139.00 trading between 138.40 and 139.40. The pair continues to attract support above 138.10 a Fibonacci level but it also remains within and falling channel between its 50 and 200-day averages. Next resistance possible near the 140.00 round number.
EURJPY continues to swing downward breaking down through 120.00 and falling toward 119.60 with next potential support near 119.0-5 then 117.50 both Fibonacci levels, the latter near the 200-day average. RSI under 50 and falling signals downward pressure increasing.
USDCAD is bouncing around between $1.3320 and $1.3360 having dropped back from a lower high near $1.3400. RSI testing 50 where a breakdown would confirm momentum turning downward. Support in place near $1.3300 then a moving average cluster closer to $1.3200.
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