Unsettled and active markets head toward US and Canada employment reports

Major markets have been heading in opposite directions today. US indices broke big round numbers like 18,000 for the Dow and 2,100 for the S&P while JPY broke out and gold shrugged off a correction, confirming the increased flow of capital from risk markets to defensive havens. Meanwhile developments in the UK ignited a big breakout for GBP and a selloff for the FTSE. NZD continues to rally today.

Major markets have been heading in opposite directions today. US indices broke big round numbers like 18,000 for the Dow and 2,100 for the S&P while JPY broke out and gold shrugged off a correction, confirming the increased flow of capital from risk markets to defensive havens. Meanwhile developments in the UK ignited a big breakout for GBP and a selloff for the FTSE. NZD continues to rally today. 

Asia Pacific Indices

Australia 200 found some support near 5,160 and staged a trading bounce up toward 5,230 trying to resolve and oversold RSI but rang out of gas near 5,230 short of its 200-day average and appears to be retreating again. It may find a consolidation range in the short term. 

Japan 225 is breaking down today, taking 17,000 along the way from 17,100 toward 16,940 with next potential support at the 50-day average near 16,870 then 16,815 a Fibonacci level. RSI falling under 50 confirms the downturn. 

Hong Kong 50 continues to slide, falling from near 22,810 toward 22,750 with next potential support near 22,500 then 22,325 a Fibonacci level. RSI confirms increasing distribution. 


North American and European Indices

US 30 broke down below 18,000 decisively to complete a bearish descending triangle and signal the start of a new downtrend with next support possible near 17,910 then the 200-day average near 17,695. Resistance falls toward 17,950.

US NDAQ 100 sold off big time after confirming its recent 4,740 breakdown point as new resistance, nosediving toward 4,670 with next potential support near 4,630 then 4,595. Falling RSI confirms downward momentum accelerating. 

US SPX 500 is breaking down today, sliding under 2,100 to complete a descending triangle pattern and falling toward 2,087 and the 200-day average with next potential support on a breakdown near 2,075 then 2,020. RSI confirms downward momentum increasing but nearing oversold territory suggest potential for a pause or a retest of the breakdown point. 

UK 100 is breaking down again today, confirming the recent breaks under 6,925 and the 50-day near 6,900. Resistance falls toward 6,790 with the index approaching 6,750 and next potential support near 6,640. Falling RSI confirms downward momentum accelerating. 

Germany 30 remains under distribution, continuing to fall away from a triple top taking out its October low near 10,335 with resistance falling from 10,500 toward 10,400., RSI under 50 and falling confirms downward momentum increasing. Next potential support near 10,200 then the 200-day average near 10,085. 


Commodities 

Gold remains under accumulation, successfully testing support near $1,300 and a Fibonacci level near $1,298 in a normal trading correction after running into resistance near $1,308 and 60 on the RSI. Initial support appears near $1,282 a Fibonacci level with more possible at the 200-day average near $1,274. With next resistance possible near $1,315.

Crude Oil WTI remains under pressure, taking out $45.00 and the middle of a $40-$50 trading range and sliding toward $44.30. RSI suggests downward pressure also stabilizing but too early to say. More support in place near $43.55 and the 200-day average near $42.50 with initial resistance at the 50-day average near $47.00. 


FX 

US Dollar Index has found some support near 97.00 and 50 on the RSI to keep its uptrend intact for now but lower highs, most recently near 97.45 and 97.75 suggest continued distribution with next downside support possible near 96.30. 


EURUSD ran into resistance at its 50-day average near $1.1125 setting a lower high but has found renewed interest following a correction back toward $1.1060. RSI holding above 50 indicates underlying uptrend continues. 

GBPUSD is surging up to the upside, signalling the start of a new recovery trend by rallying up from near $1.2330 toward the $1.2500 round number recently trading near $1.2460. Next potential resistance near $1.2605 then $1.2690 a 23% retracement of the previous downtrend. RSI retaking 50 confirms momentum turning back upward. 


NZDUSD has cleared $0.7300 calling off a head and shoulders top and signalling the start of a new upswing with next potential resistance near $0.7375 on trend. RSI confirms upward momentum accelerating. 

AUDUSD continues to form an ascending triangle base advancing on $0.7690 with next resistance near $0.7725 then $0.7800 and support rising toward $0.7660 from $0.7600. RSI above 50 and rising confirms upward momentum increasing.

USDSGD is holding above $1.3800 support so far but also continues to roll over with resistance falling toward $1.3840 from $1.3880.RSI nearing 50 where a breakdown would confirm the downturn in momentum.  

USDJPY is breaking down today, taking out its 50-day average near 102.90 to confirm the start of a downturn with next potential support near 101.55 then 100.70. RSI back under 50 confirms momentum heading downward. Resistance falls toward 103.20.

GBPJPY continues to recover, rallying up from near 126.40 toward 128.30 with next potential resistance near 128.80 then 130.00  RSI gaining on 50 indicates downward pressure easing and an upturn starting. 

EURJPY has dropped back toward its 50-day average and 114.00 the middle of a 112.00 to 116.00 trading range recently trading between 114.20and 114.50

USDCAD has levelled off between $1.3340 and $1.3440 slipping back under $1.3400 as upward momentum appears to be running out of gas. Initial support possible in a downturn near $1.3310 then $1.3245. 

USDMXN has slipped back from near 19.50 toward 19.10 in what appears to be a normal trading correction within an uptrend resting after several days of strong advances. RSI confirms upward momentum sill increasing. Next resistance possible near 19.70 then 20.00.

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