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Chart Signals – Weds, Sep 9

Asia Pacific Indices

Australia 200 has rallied strongly up off of 5,000 with the pair driving up into the 5,120 to 5,160 area with next potential resistance near 5,200 then 5,240. RSI, however, still has to retake 50 to confirm an upturn in momentum. Japan 225 has bounced back above 18,000 having found support near 17,380 as it tries to stabilize in a very wide range. Net resistance possible near 18,210 then 18,575 both Fibonacci levels as support rises toward 17,900. RSI suggests downward pressure easing. Hong Kong 43 has turned sharply upward from 20,500, rallying up through 21,000 and on into the 21,450 to 21,600 zone with more support possible near 21,300. RSI breaking out of a downtrend signals a trend change underway. Next resistance possible near 22,000 then 22,150. Hong Kong China H has staged a strong bounce up off of 9,000 toward 9,670. A double bottom appears in place along with a positive RSI divergence to signal the recent downtrend looks exhausted and a rebound starting. Currently trading between 9,560 and 9,680 next upside resistance appears near 9,900 then the 10,000 round number. India 50 successfully retested the 7,500 round number and 7,515 Fibonacci support bouncing up through 7,590 and on toward the 7,670 to 7,720 area with support rising toward 7,630. Next potential resistance on trend near 7,830.

North American and European Indices

US 30 has moved up into the 16,330 to 16,450 range up off of 16,200 higher support with next potential resistance near 16,475 a Fibonacci level, then 16,560 a prior high. RSI indicates downward pressure fading. US NDAQ 100 is turning upward once again with gains in the index confirmed by the RSI. It has broken through a Fibonacci cluster near 4,235 and rallied toward 4,280 with support rising toward 4.250. Next resistance near 4,290 where it would clear a symmetrical triangle pattern. US SPX 500 continues to build support at higher lows, today rising from near 1,935 toward 1,965. Resistance is still looming though near 1,975 a Fibonacci level while it still needs to retake 2,000 to complete a channel base and signal a new uptrend. Germany 30 has rallied up off of 10,100 into the 10,260 to 10,360 area where it is testing Fibonacci and channel resistance. Next upside test in the 10,490 to 10,500 area. RSI climbing toward 50 indicates downward pressure easing and an upturn pending. UK 100 is climbing toward the top part of a 6,000 to 6,200 trading range with support rising toward 6,140 from 6,100 and next resistance possible near 6,345 then a measured 6,400. RSI indicates a positive change in momentum starting. Initial resistance near 6,170

Commodities

Gold is holding steady today well above $1,115 near $1,121 with more support possible near $1,100 but still below $1,126 a Fibonacci level with more resistance possible near $1,133. RSI hanging around 50 suggests sideways momentum. Crude Oil WTI continues to consolidate recent gains in the $43.00 to $46.50 range between 23% and 38% retracements of the recent downtrend. more recently it has been trading around $45.00 in a $44.30 to $45.70 zone.

FX

US Dollar Index is basically steady near 96.00 trading in a 95.70 to 96.60 zone with sideways trending confirmed by RSI sitting on 50. NZDUSD continues to stabilize and base build in the $0.6250 to $0.8400 range having rallied up from $0.6270 into the $0.6330 to $0.6350 area. A positive RSI divergence suggests the previous downtrend from April may be ending. AUDUSD has popped back up above the $0.7000 round number having established some support near $0.6880. RSI back up above 30 from oversold signals an upward correction underway that could run into resistance near $0.7200 a 23% retracement of the recent downtrend. USDJPY appears to be on the rebound, climbing back up toward 120.00 where a round number breakout would confirm the start of a new upswing with next potential resistance near 120.65 then 120.85. RSI flattening out suggests downward momentum easing back toward neutral. EURJPY has started to rebound a bit, climbing up through 134.00 from 133.00 support, but it really needs to break through the 135.00 to 135.15 zone near a round number and Fibonacci level to confirm an upturn.



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