Morning Technical Notes – Apr 26

Asia Pacific indices

Australia 200 continues to climb as RSI indicates upward momentum building with room to rally. It could encounter resistance at its March high near 5,160 but if it is able to break through it could call off a double top and drive toward a measured 5,290.

Japan 225 remains under accumulation but is bumping up against a key psychological barrier near 14,000 and with a negative RSI divergence indicating momentum slowing, it could be getting due for a pause or correction.

HongKong43 is breaking out, decisively clearing 22,250 and driving toward 22,400 while RSI breakout over 50 indicates upward momentum accelerating. Next resistance appears near 22,500 then 22,835.

India 50 is consolidating its recent breakout rally near 5,900 with next potential resistance near 5,975 and 6,100. The bottom of a recent breakaway gap near 5,850 may emerge as new support.

Singapore30 is breaking out today, clearing 3,335 which may become new support. Next measured resistance on trend appears near 3,435.

US and European indices

US30 remains in an uptrend despite falling RSI holding above 14,700 with next key resistance near 14,740 and 14,900 and key trend support near 14,640.

SPX500 continues to creep toward the high end of its 1,535 to 1,600 trading channel currently holding near 1,585.

Germany30 is breaking out of a month-long downtrend today while RSI clears 50, a bullish technical momentum signal. Testing 7,800, next key upside resistance appears near 7,890 then 7,950 with support rising toward the 7,750 breakout point.

Commodities today

Gold is breaking out today, driving through $1,445, a key Fibonacci retracement levels. Next potential resistance appears in the $1,485-$1,500 area as support moves up toward $1,440.

Silver is breaking out of a $22.00-$24.00 base today. RSI back above 30 suggests that upward momentum is starting to build. A move through $24.40, a key Fibonacci level would confirm a new uptrend with its next test near $26.15.

Platinum is breaking out of a base today, clearing $1,450 which support moves up toward $1,440. Next test appears near $1,465, the bottom of an old gap.

Copper is breaking out today, blasting through $3.20 and driving higher. Next potential upside resistance appears in the $2.30-$2.32 area.

US crude is consolidating yesterday’s big rally but remains well supported, holding above the $91.00 level. Next key resistance appears near $93.40.

UK crude continues to rally, building on yesterday’s breakout and retaking $102.00 as support moves up toward the $101.00 breakout point. Key downtrend resistance looms near $103.60.

FX this morning

NZDUSD has resumed its uptrend breaking out over $0.8500 which may become new support with next upside resistance near $0.8590 and $0.8640. RSI holding 50 keeps primary uptrend intact.

AUDUSD has bounced up off of $1.0220 and up through $1.0300 with next potential resistance near $1.0350, $1.0400 and $1.0490.

USDJPY continues to bump up against 100.00 with RSI suggesting upward mo slowing and a pause or correction due.. A failure would complete a double top with next support near 98.40 then 96.00. Measured resistance on a breakout near 104.00.

AUDJPY continues to form a bullish ascending triangle between 100.00 and 103.00 with RSI holding 50 keeping upward momentum going. Next resistance on a breakout near 105.40.

EURJPY continues to form a bullish ascending triangle below 131.00 even as RSI suggests momentum slowing. Initial support near 127.30 then 124.50.

About Colin Cieszynski

Colin Cieszynski, has been a Senior Market Analyst with CMC Markets Canadian office since 2007. Colin has provided trading insights to individual and institutional clients for over twenty years both as an analyst/strategist and investment advisor, with additional experience in investment banking and syndication. Colin tracks economic and market trends for Global indices, North American stocks, commodities and currencies utilizing both fundamental and technical analysis techniques. He has completed both the Chartered Financial Analyst and Chartered Market Technician programs.
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