Asia Pacific indices

Australia 200 continues to  bounce around between 5,790 Fibonacci support and 6,000 round number and double top resistance. Currently index trading in the 5,850 to 5,880 zone.

Japan 225 was knocked back from 19,600 resistance toward 19,100 before rebounding back up toward 19,275. RSI falling toward 50 indicates momentum downshifting from upward to sideways.

HongKong 43 has stormed up from 24,880 but continues to struggle with 25,000 round number resistance. RSI getting overbought so it may need to digest recent gains near here or upside resistance near 25,190 then 25,400.

India 50’s rebound has levelled off near 8,500 with resistance emerging near 8,550. Downward pressure has eased for now but the index needs to clear 8,600 to call off its current downtrend. Next downside support if it resumes possible near 8,440 a Fibonacci level.

Singapore 30 was unable to hold above 3,465 which has re-emerged as resistance following a false breakout. Initial support in place near 3,440 then 3,400 in a pullback. On a confirmed breakout, the 3,500-3,505 range could be tested.

North American Indices

US30 has been dropping back after failing to overcome 18,000 round number resistance again. Its currently trading in the 17,840 to 17,940 range with next potential support near 17,730 a 23% Fibonacci retracement level.

SPX500 is sitting just below the middle of a 2,050 to 2,100 trading range between a Fibonacci level and a round number. RSI sitting on 50 confirms sideways momentum intact.

NDAQ100 held 4,350 support overnight and continues to trade just below the middle of its 4,300 to 4,500 sideways trading channel. Initial resistance near 4,372.

UK and European indices

UK 100 broke down through 6,845 to signal the start of a new downleg and dropped toward 6,760 before finding some support. Resistance has since dropped toward 6,810 with next potential downside support near 6,690. RSI turning under 50 again signals downward momentum resuming.

Germany 30 has dropped back under 12,000 after faltering near 12,020. Initial support possible near 11,920 followed by 11,810. RSI back under 70 and drifting toward 50 indicates a correction getting underway.

Commodities

Gold popped in early trading but after running into resistance at a lower high near $1,190 it has been drifting back into the low $1,280s with support in place near $1,179.

Crude Oil WTI continues to drift lower with resistance falling from $50.00 toward $47.20. Initial support possible near $46.40 followed by $45.00 and $43.00. RSI slipping back under 50 signals momentum turning downward again.

FX

NZDUSD has slumped back under $0.7500 having already taken out $0.7565 a Fibonacci level. RSI back under 50 indicates momentum turning downward within a $0.7175 to $0.7800 trading channel. Next support near $0.7400.

AUDUSD is back under $0.7700 and with RSI indicating downward momentum accelerating, a retest of $0.7550 appears possible which could end in a breakdown or a double bottom. Pair currently trading between $0.7615 and $0.7645 with more support near $0.7595.

USDJPY is sitting just below 120.00 having run into resistance in the 120.10-120.20 area over the last few hours. Next upside test near 121.00 with downside support near 119.80 then 119.00. RSI sitting on 50 indicates sideways momentum prevailing.

EURJPY is holding steady in the 128.60 to 129.00 range for now with next resistance near 130.00 and next support near 127.60 then 126.90. RSI falling away from 50 again indicates downward pressure increasing