The Yen has rebounded from recent weakness to post gains against USD, EUR and GBP. Meanwhile, indices are looking vulnerable with Australia 200 retesting a breakout point, Japan 225 and UK 100 breaking under round numbers and Germany 30 staging what could be a buying climax.
Asia Pacific Indices
Australia 200 is retesting its 5,835 breakout point as is continues to fall away from 5,900 and RSI suggests upward momentum slowing. Next potential support on a failure appears near 5,800 then the 50-day average near 5,750.
Japan 225 continues to weaken with the index confirming the failure of an uptrend trading below 19,000 near 18,955. RSI still below 50 confirms distribution. Channel support in plane near 18,835 followed by 18,675.
Hong Kong 50 is sending mixed signals. The index recently reached a new high near 24,690 but has dropped back toward 24,210 since then with a retest of 24,000. It remains in an uptrend above the 50-day average near 23,875 possible. RSI falling toward 50 after a negative divergence indicates upward momentum weakening.
North American and European Indices
US 30 is still steadily declining, falling from near 20,700 toward the 20,530 to 20,610 area around its 50-day average near 20,550. Next potential support after that appears near 20,295 a 23% retracement of its previous uptrend. RSI falling away from 50 indicates momentum turning downward.
US SPX 500 appears to be coming under distribution with trends of lower highs emerging in both the index and its RSI. Resistance has dropped toward 2,366 as the index falls toward 2,352 with next potential support near 2,340 and the 50-day average then 2,322 the recent low.
US NDAQ 100 is hovering just below 5,445 resistance while holding above 5,400. RSI trending lower indicates upward momentum slowing with next potential support near 5,300 and the 50-day average. Next resistance on a rally possible near 5,490 then 5,585 based on measured moves.
UK 100 continues to form a head and shoulders top still sliding away from 7,400, breaking under 7,300 and falling toward a test of 7,290 the 50-day average with next potential support near 7,260 the pattern’s neckline. RSI under 50 indicates momentum turning downward.
Germany 30 may be peaking. The index shot up to 12,388 but has since slipped back toward 12,260 in a bearish key reversal day. A negative RSI divergence and overbought reading suggest upward momentum may be peaking and a correction possible.
Gold is still trading near $1,250 in a sideways trading range between $1,240 and $1,260 below its 200-day average and above its 50-day average near $1,230. RSI indicates a pause within an uptrend.
Crude Oil WTI ran into resistance near $50.35 with more resistance possible at its 50-day average near $51.30. The RSI has stalled near 50 while the price has been knocked back under $50.00 toward $49.80 with next potential correction support near $48.75.
US Dollar Index is holding above 100.00 having completed a rounded bottom and is trading near 100.40 with next resistance possible near 101.00. RSI sitting on 50 indicates neutral momentum.
EURUSD is digesting recent losses in the $1.0620 to $1.0680 range. RSI levelling off just below 50 suggests a pause within a downswing. With next potential support near $1.0580 and next resistance near $1.0720.
GBPUSD is trading between $1.2470 and $1.2560 around the $1.2500 round number. RSI suggests upward momentum pausing while a big head and shoulders base continues to form. Additional support in place at the 50-day average near $1.2430.
NZDUSD is still clinging to $0.7000 support but looks vulnerable with both the pair and the RSI trending downward and the RSI under 50 indicating downward pressure growing. Next potential support in place near $0.6970 then $0.6890 with bounce resistance near $0.7050.
AUDUSD is sitting on $0.7600 trading between $0.7590 and $0.7620. It appears to be rolling over within a $0.7500 to $0.7750 range with initial support at the 200-day average near $0.7540. RSI diving under 50 signals momentum turning downward.
USDSGD remains in a consolidation phase within a three month downtrend trading between its 200-day average near $1.3920 and the $1.4000 round number. next support near $1.3880 with next resistance near $1.4025.
USDJPY appears to be resuming its downtrend dropping back under 111.25 a Fibonacci level after running into resistance near 111.60 and falling toward 110.90 with next support near the 110.00 round number then a Fibonacci cluster near 109.20. RSI under 50 and falling confirms continuing distribution.
GBPJPY is still struggling with resistance as it falls away from failed attempts to retake 140.00 for the pair and 50 for the RSI. The pair has dropped back toward 138.40 with next potential support near 138.00 then the 200-day average near 137.25.
EURJPY’s selloff is accelerating with the pair falling from 119.00 toward 118.20 with next potential support near 117.60 and the 200-day average then 116.30. RSI under 50 and falling confirms downward momentum increasing.
USDCAD continues to trade between $1.3300 and $1.3400. The pair has climbed within this range today while RSI holding 50 suggests its underlying uptrend remains intact. Next potential resistance near $1.3440 then $1.3500 with initial support near $1.3370 then $1.3340.