Asia Pacific IndicesAustralia 200 is drifting downward but remains in an uptrend above 5,145 with initial resistance near 5,200 then 5,245. RSI testing 50 where a breakdown would confirm a downturn. Japan 225 continues to bump up against resistance in the 19,900 to 20,000 zone. RSI rollover suggests upward momentum weakening for now. Currently trading in the 19,740 to 19,800 area with a retest of 19,500 or 19,380 Fibonacci support possible in a correction. Hong Kong 43 has regained 22,000 having successfully retested 21,825 support. Initial resistance near 22,380 then 22,555 with more support near 21,600. India 50 continues an upswing rallying up off of 7,900 higher support toward 7,940 with the 8,000 round number and 8,080 Fibonacci test looming ahead. RSI climbing back above 50 signals momentum turning upward once again.
North American and European IndicesUS 30 has bounced up from near 17,740 toward 17,840 to start the week but essentially continues to consolidate recent gains in the 17,720 to 17,920 zone with flat RSI indicating a normal pause within an ongoing uptrend. US NDAQ 100 is getting a lift up off 4,655 support toward 4,695 but continues to struggle with resistance in the 4,700 to 4,735 zone. RSI indicates a sideways phase underway within an ongoing upward trend. US SPX 500 is holding steady above 2,080 support and below resistance in the 2,100 to 2,115 area. Germany 30 continues to steadily advance, rallying to test 11,435 Fibonacci resistance with next potential tests near 11,500 then 11,630 a prior high. RSI nearing overbought again so consolidation in the 11,215 to 11,435 range appears possible too with recent trading in the 11.340 to 11,410 area. UK 100 is backing and filling between 6,350 and 6,380 having encountered some resistance near 6,400 with more possible near 6,460. RSI holding 50 indicates upward momentum still building.
CommoditiesGold has bounced up off of $1,050 to retest $1,070 its recent breakdown point where it completed a symmetrical triangle, as new resistance. A breakout could test $1.086 a Fibonacci level while a failure could lead to a retest of the $1,000 big round number. Crude Oil WTI is trading in the $40.60 to $41.40 area within a $40.00 to $42.00 sideways trading channel. RSI under 50 but rising indicates downwards pressure easing.
FXUS Dollar Index is breaking out today, clearing the 100.00 round number, but a negative RSI divergence has me wondering if this is a throwover or bull trap. Next measured resistance possible near 101.25 with support rising toward 99.75. EURUSD keeps trending lower, breaking $1.0600 and sinking toward the $1.0560 to $1.0580 area with next potential support in the $1.0475 to $1.0500 range between a previous low and a round number. NZDUSD continues to advance with RSI peeking up above 50 signalling momentum turning upward. Support has moved up toward $0.6500 with resistance near $0.6615 then $0.6730. AUDUSD has held support at a higher low near $0.7165 and 50 on the RSI to indicate its emerging uptrend remains intact. The pair has bounced toward $0.7240 with next resistance in the $0.7290-$0.7300 area followed by the October high near $0.7400. USDJPY is still bouncing around in a channel between 122.25 and 123.75 trying to decide whether to embark on a new upleg or to roll over and start a new downtrend. RSI suggests a pause underway within an ongoing uptrend. EURJPY is testing 130.00 which could hold in the short term with RSI oversold and a bounce toward 130.30 possible. Still, distribution appears relentless and a breakdown would signal a new downleg that could potentially retest 128.35 or 126.95 prior lows. CADJPY is still stuck in neutral with the pair bouncing around between 91.50 and 93.50 and the RSI sitting on 50. USDSGD continues to roll over falling back from another lower high near $1.4140 raving already completed the right shoulder of a head and shoulders top. Initial support appears near $1.4090 then $1.4000.
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