Asia Pacific Indices

Australia 200 continues its upswing within a 4,900 to 5,250 trading channel having regained 5,000 and challenging 5,070 a Fibonacci level with next resistance near 5,090. Japan 225 continues to climb up out of a bear trap bottom, rallying from 17,360 higher support toward 17,610 before running into resistance. Initial support rises toward 17,570. RSI suggests downward pressure leveling off. Hong Kong 43 is hanging around 21,000 having bounced up from 20,250 after completing a triple bottom. It still faces a significant hurdle near 21,355, where the previous high and downtrend resistance converge, which needs to be overcome to signal an upturn. Hong Kong China H is hovering in the 9,450 to 9,500 area near the middle of an 8,940 toe 10,130 channel where it has been base-building and a double bottom has formed. RSI trending toward 50 indicates downward momentum easing and an upturn pending. India 50 has dropped back into the 7,930 to 7,970 range after faltering short of 8,000-8,080 resistance but RSI bumping up against 50 suggests an upturn still possible as base-building continues.

North American and European Indices

US 30 almost completed a round trip from the bottom to the top and back of its 16,030 to 16,475 trading range between two Fibonacci levels. It has bounced up off of 16,090 toward 16,200 with next potential resistance near 16,300 and 16,390. RSI nearing 50 suggests momentum poised for an upturn. US NDAQ 100 dropped under 4,195 and fell toward 4,130 after a spike up toward 4,235 but finished strong with a rally back up toward 4,170. It remains in an upswing having rallied up off of 4,080 a Fibonacci level. US SPX 500 is holding above 1,900 a higher low that keeps its current upswing intact, but it has encountered some resistance near 1,940 with more possible near 1,960. RSI indicates downward pressure easing. Germany 30 dropped back under 9,500 briefly after running into resistance near 9,775, but it regained its footing and has bounced back up toward 9,525 with next resistance near 9,590. UK 100 continues to bounce around the middle of its 5,900 to 6,250 trading channel, currently trading between 6,040 and 6,140. RSI suggests an upturn in momentum pending.

Commodities

Gold found support near $1,110 and has bounced back up toward $1,115 in what appears to be a successful test of uptrend support lines for both the metal price and the RSI. Resistance looms at the 50-day average near $1,118 then $1,126 a Fibonacci level. Crude Oil WTI tested the top of its $43.00 to $46.60 trading channel but failed to deliver a decisive breakout and slumped back down under $45.00 falling toward $44.50 with next support possible near $44.00.

FX

US Dollar Index is sitting near 96.50 above 96.00 support but below potential resistance near 97.00 and 98.00. RSI indicates sideways momentum intact. NZDUSD continues to work its way higher and appears poised for a breakout from the base it has been forming. It’s back up at $0.6400 on the pair and 50 on the RSI to indicate renewed accumulation. A break through the 50-day average near $0.6450 would confirm a new uptrend. AUDUSD is starting to turn upward again, rising up off the $0.7000 round number toward $0.7035 with next resistance possible near $0.7080 then $0.7200. RSI indicates downward pressure easing and an upturn pending. USDJPY remains stuck in neutral sitting just below 120.00 in a 119.00 to 121.00 trading channel. RSI still under 50 suggests this could be a pause within an emerging downtrend. EURJPY keeps drifting down from 135.00 on the pair while RSI falling away from 50 confirms USDSGD remains in an uptrend above $1.4200 an has rallied up from $1.4270 toward $1.4310 but faces resistance near $1.4350. A growing negative RSI divergence suggests the recent uptrend may be close to exhaustion.



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