Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

US 30 And SPX Break Out To New Highs

Published 03/10/2017, 09:50 am
Updated 04/08/2021, 01:15 am

Originally published by CMC Markets

Asia Pacific Indices

The S&P/ASX 200 has broken out of a short term downtrend, clearing 5,710 to call off a descending triangle pattern. The pair has rallied toward 5,750 but faces channel resistance near 5,810. RSI back above 50 confirms an upswing in momentum underway.

The Nikkei 225 has moved up from 20,390 toward 20,470 within sight of the top of its current20,200- to 20,500 trading channel. RSI still suggests upward momentum slowing so resistance could hold. On a breakout, however, next resistance may not appear until between 20,750 and a measured 20,800.

The Hang Seng is closed for a holiday.

North American and European Indices

The Nasdaq 100 remains stuck below 6,000 still failing to confirm breakouts by its peers. RSI remains in a downtrend of lower highs indicating slowing upward momentum. Should it manage to break out, next measured resistance may appear near 6,100 then 6,170. Trading near 5,975, downside support appears near 5,900 then 5,830.

The FTSE 100 is breaking out over 7,400 and its 50-day average, advancing on 7,430 with the RSI regaining 50 to confirm an upturn is underway. Support rises toward 7,305 with next potential resistance near 7,440 then 7,510.

The DAX spiked up toward 12,910 within striking distance of its June high near 12,950 and has slumped back toward 12,860. With the RSI getting really overbought and a bearish Gravestone Doji forming, the index could be vulnerable to a correction. Initial support possible near 12,750 then 12,695.

Commodities

Gold is breaking down again today, taking out $1,280 to signal the start of a new downleg and falling toward $1,274 with next potential support near $1,264 a 62% retracement of its previous uptrend, then the 200-day average near $1.250. RSI under 50 and falling confirms accelerating downward momentum.

WTI crude oil has been pounded down from a lower high near $51.30 toward $50.30 to start the week. RSI falling away from 70 indicates upward momentum slowing and a correction deepening. Initial support looks possible near $50.00 then $49.30 near the 200-day average.

FX

The US Dollar Index is breaking out of a base today, lifting up off of 93.00 support and advancing on 93.45. Next potential measured resistance near 93.80. RSI holding 50 and rising confirms momentum turning increasingly upward.

EUR/USD failed to get even close to its 50-day average or the neckline of a head and shoulders top and has turned back downward from $1.1800 resistance, falling toward $1.1745. Next potential support near $1.1680 a 23% retracement level. RSI confirms continuing distribution.

GBP/USD is breaking down today, taking out $1.3340 and diving toward $1.3270 with next potential support near $1.3145 where a Fibonacci level and the 50-day average converge. RSI slipping under 50 confirms momentum turning downward.

NZD/USD remains under distribution with resistance falling toward $0.7225 and the pair testing $0.7200 with next potential support in the $0.7150 to $0.7160 area just above the 200-day average. RSI confirms a continuing downtrend.

AUD/USD remains under pressure with the RSI under 50 and falling indicating increasing downward momentum. Resistance has dropped toward $0.7850 from $0.7885, with the pair trading near $0.7835 and next potential support near $0.7770 then $0.7745.

USD/SGD is holding above 1.3540, where it broke out of an ascending triangle base, and its 50-day average, trading near $1.3610. Rising RSI indicates accelerating accumulation. Next potential resistance appears near $1.3650 then $1.3695.

USD/JPY continues to trade sideways between 111.95 and 113.00 two Fibonacci levels, consolidating a September rally. Flat RSI above 50 confirms a pause within an uptrend. Next potential resistance near 113.40 then 114.00 with next support near 111.65.

GBP/JPY is breaking down today, falling under 150.00 to complete a descending triangle while RSI falling away from 70 confirms a deepening correction. Net potential support near 148.00 a recent breakout point.

EUR/JPY remains in an uptrend above 131.85 but is starting to struggle, running into resistance at a lower high near 133.00. A lower high in the RSI also suggests upward momentum may be slowing.

USD/CAD is breaking out today, clearing its 50-day average near $1.2470 then the $1.2500 round number. Rising RSI confirms increasing upward momentum. Next potential resistance near $1.2525 then $1.2620.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.