Asia Pacific Indices

Australia 200 remains well supported above 5,000 bouncing around in a channel between 5,030 and 5,090 around 5.070 a Fibonacci level. Hong Kong 43 has bounced back above 21,000 while a bear trap dip down toward 20,780 appears to have completed the right shoulder of a head and shoulders base. RSI climbing toward 50 from a positive divergence indicates downward momentum fading fast. Next resistance near 21,350 then 21,600. Hong Kong China H has found support at a higher low near 9,250 and appears to be carving out the right shoulder of a head and shoulders base following on from a positive RSI divergence to suggest the worst appears to be behind it and that base building seems to have started. India 50 continues to form a head and shoulders back, climbing up off a right shoulder near 7,700 toward 7,900 with neckline resistance up near 8,080 also a Fibonacci level. RSI nearing 50 where a breakout would confirm a new uptrend. Japan 225 is on the upswing again rallying up from near 17,500 up toward 18,140 before running out of gas and slipping back under 18,000 into the 17,750 to 17,900 zone. It appears to have completed a double bottom but the base building process could be bumpy.

North American and European Indices

US 30 is on the rebound, having successfully retested 16,030 support, and has rallied to test 16,475 a Fibonacci level it needs to clear along with RSI 50 to confirm an upturn with next resistance near 16,560 and 16,700. Support rises toward 16,350. US NDAQ 100 is rallying up from a higher low near 4,200, clearing a Fibonacci cluster near 4,230 and rising on toward the 4,300 to 4,315 area with next resistance near 4,355. RSI still needs to clear 50 to confirm an upturn. US SPX 500 has dropped back toward a retest of 1,940 having run into resistance near 1,960 with more possible near 1,975. RSI stabilizing near 40 suggests recent downtrend may be ending and a basing or reversal starting. Germany 30 continues to climb up out of what looks like a double bottom driving back up through 9,500 and on into the 9,640 to 9,750 range. A higher low in the RSI suggests the recent downtrend may be starting to weaken. UK 100 is still consolidating around 6,100 in the 6,090 to 6,130 range within a 5,800 to 6,250 trading channel. RSI testing 50 where a breakout would signal an upturn in momentum.

Commodities

Gold dropped back from $1,160 toward a successful retest of $1,142 in a common trading correction after a big move. It has bounced up off of $1,141 toward $1,148 to keep its uptrend intact, with RSI confirming rising upward momentum. Crude Oil WTI continues to swing upward within its broad $43.00 to $47.50 trading channel, regaining $45.00 and carrying on toward $45.75 with next resistance near $46.50.

FX

US Dollar Index remains in an uptrend with support rising toward 96.50 although some resistance has emerged near 97.00 with the next upside test after that near 98.00. RSI holding 50 building on a breakout confirms momentum turning upward. NZDUSD continues to build a base between $0.6250 and $0.6400 rallying toward the top of that range after completing a double bottom. RSI gaining on 50 as it climbs out of a positive divergence indicates downward pressure weakening. AUDUSD is back above $0.7000 having successfully retested $0.6900 support and completing a double bottom. It still needs to retake $0.7100, however to call off a 5-month downtrend. USDJPY tested the top of its 119.00 to 121.00 trading channel but failed to hold its gains while RSI remaining stuck below 50 signals momentum still not turning upward and sideways channel remains intact with initial support near 120.50 then 120.00. EURJPY is holding steady near 135.00 bouncing around between 134.80 and 1340 with next resistance near 136.00 and next support near 134.00. USDSGD found some initial support near $1.4200 but in faltering short of $1.4300 once again, appears to have completed a double top. A recently overbought RSI combined with a negative divergence suggests the recent uptrend may be over down and a significant correction possible that could retest the 50-day average near the $1.4000 round number initially.



IMPORTANT NOTE AND DISCLAIMERS

Market Opinions
Any opinion(s), news, research, analyses, prices, or other information contained on this website / document is provided as general market commentary and are from publicly available resources or otherwise obtained, and does not constitute investment advice nor does it seek to market, endorse, recommend or promote any investment or financial product. CMC Markets Singapore Pte Ltd. (Reg No./UEN: 200605050E) (“CMC Markets”) will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Accuracy of Information
The content is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. CMC Markets has taken reasonable measures to ensure the accuracy of the information, however, does not guarantee its accuracy, and will not accept liability for any loss or damage. CMC offers no financial advisory services in any of the content or vouch for the veracity of any information.

Distribution
The content of this publication is not intended for distribution, or use by, any person in any country where such distribution or use would be contrary to local law or regulation. None of the services or products referred to or mentioned are available to persons residing in any country where the provision of such services or investments would be contrary to local law or regulation. It is the responsibility of the reader to ascertain the terms of and comply with any local law or regulation to which they are subject.

Third Parties
CMC Markets may provide you with opportunities to link to, or otherwise use, sites and services offered through or by third-party(ies). Your use of these third-party services is subject to such terms as posted by these third-party(ies). We have no control over any third-party site or service and we are not responsible for any changes to any third-party service or for the contents thereof, including, without limitation, any links that may be contained in or accessible through such third-party service. These links are provided solely as a convenience to you. You will need to make your own independent judgment regarding your interaction with these third-party sites or services. Our inclusion of advertisements for, or links to, a third-party site or service does not constitute an endorsement of any of the representations, products or services listed therein.

Important Note
Each reader/recipient agrees and acknowledges that: (a) no express undertaking is given and none can be implied as to the accuracy or completeness of this document; (b) this document does not constitute in any way a solicitation nor incentive to sell or buy any Shares, Stock Options and Contracts For Difference (CFDs) and similar and assimilated products; (c) each reader/recipient of this document acknowledges and agrees to the fact that, by its very nature, any investment in Shares, Stock Options, CFDs and similar and assimilated products is characterised by a certain degree of uncertainty; that consequently, any investment of this nature involves risks for which the reader/recipient is solely responsible and liable. It is to be noted that past performance is not necessarily indicative of future results. In this respect, past performance of a financial product do not guarantee any and are not an indication as to future performance; (d) the use and interpretation of this document require financial skill and judgement. Any utilisation whatsoever by the reader/recipient, relating to this document, as well as any decision which the reader/recipient may take regarding a possible purchase or sale of Shares, Stock Options, CFDs and similar and assimilated products, are the sole responsibility and liability of the reader/recipient who acknowledges and agrees to this as a condition precedent to and prior to any access to this document; (e) as a result of the above, all legal liability directly or indirectly arising whatsoever.