Originally published by CMC Markets
Asia Pacific Indices
The S&P/ASX 200 has dropped back under its 50-day average as it swings lower within its 5,655 to 5,800 trading range. Recently trading near 5,720, next potential support appears at the 200-day average near 5,700.
The Nikkei 225 is still hanging around 20,000 and its 50-day average. RSI near 50 confirms a sideways trend with initial support and resistance near 19,880 and 20,140.
The Hang Seng has bounced back up into the 27,560 to 27,630 area from 27,375 initial support. It remains below 27,700 resistance and may be peaking. With RSI overbought, correction remains possible with next support near 27,105 as 23% retracement of its previous uptrend.
North American and European Indices
The S&P 500 is still sitting just above 22,000, but short of 22,045 resistance. RSI overbought and rolling over indicates the recent rally may be overdone, leaving the index vulnerable to a potential correction back toward 21,920 initial support.
The Nasdaq 100 is still stuck below 6,000 trading between 5,845 and 5,945 recently near the 5,900 level. RSI suggests a normal pause to work off an overbought RSI underway within an ongoing uptrend
The FTSE 100 continues to steadily climb toward the top of its 7,300 to 7,500 trading range. The index has rallied up off of 7,400 toward 7,460, while RSI rising up off of 50 confirms momentum turning upward again. Next potential resistance on a breakout near 7,555 then 7,600.
The DAX remains under distribution trading in the 12,120 to 12,180 area while falling RSI indicates increasing downward pressure. Next potential support on trend appears near 12,090 then the 12,000 round number.
Commodities
Gold is sending mixed signals. The metal price continues to struggle with resistance at a lower high near $1,274, but is holding above $1,260 recently bouncing up toward $1,268. RSI suggests upward momentum leveling off.
WTI crude oil challenged Fibonacci and round number resistance in the $49.75 to $50.00 range. After again failing to get through, it has turned back downward, falling back under $49.00 and its 200-day average toward $48.80. Next support possible near $48.20 a Fibonacci level. RSI indicates momentum rolling over.
FX
The US Dollar Index is still trading between 92.35 and 93.00, pausing to digest recent losses and work off an oversold RSI. It remains to be seen if this is a consolidation phase within a bigger downtrend or a base forming.
EUR/USD continues to climb but at a slower pace. A really overbought RSI suggests potential for a pause or correction in the near term. The pair encountered resistance near $1.1910 and has dropped back toward $1.1865 but it remains in an uptrend with support rising toward $1.1830 from $1.1780.
GBP/USD has a bearish key reversal day underway today. The pair rallied to a new high on trend near $1.3260 earlier on then took a sharp turn downward, tumbling back under $1.3150 and on toward $1.3125. Next potential support near $1.3060 then the $1.3030 round number.
NZD/USDheld $0.7400 support and has stabilized near $0.7435. Resistance drops toward $0.7445 from $0.7475. RSI rollover indicates upward momentum slowing.
AUD/USD continues to roll over, falling away from $0.8000 toward $0.7940 with next potential support near $0.7880 then $0.7820. RSI falling toward 50 indicates weakening upward momentum and a deepening correction.
USD/SGD continues to rebound up off of $1.3540 support, bumping up against $1.3600 with next potential resistance near $1.3645. RSI back above 30 indicates downward pressure easing and a trading bounce underway.
USD/JPY is still bouncing around 110.60 a Fibonacci level, trading between 110.00 and 111.00. It remains unclear if this is a pause within a downtrend or a base forming at a higher low. RSI suggests continuing distribution, next support on a breakdown possible near 109.60 then 109.00.
GBP/JPY has turned sharply downward, diving from 146.55 down through 145.00 and on toward 144.65. Next potential support near 143.85 the 50-day average then 143.30 a Fibonacci level. RSI falling back under 50 confirms momentum turning downward.
EUR/JPY is testing 130.85 resistance where a breakout would complete an ascending triangle. The pair peeked up toward 131.30 before dropping back. RSI suggests upward momentum slowing so it could continue to consolidate above 129.00. Next measured resistance on a breakout near 132.70.
USD/CAD continues to rebound. RSI climbing toward 50 indicates downward pressure fading and an upturn in momentum pending. Support climbs toward $1.2580 from $1.2565 with the pair nearing $1.2600. Next potential resistance near $1.2640 a common 23% retracement of the recent downtrend.