Daily Key Short Term Technical Levels Mon 11 Sep 2017

FX – Retracement seen in recent USD down move but still below resistances

• EUR/USD – Pulled-backed from last Fri (08 Sep) high of 1.2092 but still holding above at  1.1975/1930 key short-term support. Short-term uptrend movement from 31 August 2017 low remains intact with short-term resistance coming in at  1.2150/65 (former major swing low area of Jul 2012 + Fibonacci projection cluster).
• GBP/USD –Hit short-term resistance/target at 1.3180/3200 but no clear signs of bullish exhaustion. Tightened key short-term support to 1.3150 (minor ascending trendline from 05 Sep 2017 low + 23.6% Fibonacci retracement of the recent rally from 05 Sep 2017 low to 08 Sep 2017 high) with next resistance coming in at 1.3230/3300 (03 Aug 2017 swing high + Fibonacci projection cluster).
•  AUD/USD – Pull-backed from 08 September 2017 high of 0.8125 and tested the 0.8040 short-term support (printed a current  intraday low of 0.8033 as seen on today,11 Sep Asian session) but the hourly Stochastic oscillator has dipped to an extreme oversold level and flashed a bullish divergence signal. These observations suggest a potential bullish reversal in price action. Short-term uptrend movement remains intact with key short-term support at 0.8040/8020 (excess) for a potential push up to retest 0.8125 before targeting the next resistance at 0.8170 (former major swing low area of May 2010 + Fibonacci projection cluster).
• NZD/USD - Pull-backed more than expected and broke below the short-term support now at 0.7260 but no conviction to see the start of a potential medium-term downtrend. Current price action is now hovering just above the medium-term support of 0.7210/0.7200 (pull-back support of the former descending channel from 27 Jul 2017 high + ascending trendline from 31 Aug 2017 low + 61.8% Fibonacci retracement of the recent rally from 31 Aug 2017 low + 08 Sep 2017 high). Medium-term uptrend remains intact as long as 0.7210/0.7200 support holds with short-term resistance at 0.7295 follow by 0.7337 (08 Sep 2017 high).
• USD/JPY -  Dropped  as expected and hit upper limit of support zone of 107.40/10 through the break of 108.15 (printed a low of 107.32 on 08 Sep 2017).  Mix elements at this juncture, turn neutral first between 108.90 (minor descending trendline from 31 Aug 2017 high) and 107.80 (today, 11Sep Asian session opening gap). An hourly close below 107.80 is likely to see the continuation of the downtrend to test the next supports at 107.10 follow by 106.85 (upper limit of major triangle range support from 16 Aug 2016 low).

Commodities

• Gold – Broke below tightened key support at 1342 where the steep short-term uptrend from 31 August 2017 low has been invalidated. Risk of a mean reversion corrective decline within a medium-term uptrend in place since 10 July 2017 low. Turn neutral in short-term first between 1330 and 1346 (today, 11Sep Asian session opening gap).
• WTI Crude (Oct 2017)  - Retreated right below 49.42 key medium-term descending trendline resistance in place since 23 Feb 2017 high as expected. Broke below the 48.50 lower limit of the short-term neutrality zone, thus validated a potential short-term down move with a complex range configuration in place since the start of 2017. Short-term resistance now at 48.90 (former minor swing low of 07 Sep 2017 + 61.8% Fibonacci retracement of the recent drop from 07 Sep 2017 high to last Fri, 08 Sep U.S session low of 47.29) for a further potential push down to retest the 46.70 support before 45.60 (31 Aug 2017 low).

 Stock Indices (CFD) –Rebounded from supports

• US SP 500 – Gapped up above 2467 upside trigger level in today (11 Sep) Asian opening session). Tightened the key short-term support to 2463 (today, 11Sep Asian session opening gap) and maintain the short-term uptrend movement view in place since last Wed, 06 Sep for a further potential push up to test its intermediate resistance zone of  2485/90 in the first step.
• Japan 225 – Despite a gapped up this morning from its 19270/260 key medium-term support, no conviction for a potential sustain recovery at this juncture due to mix elements seen in USD/JPY (still below 108.90 resistance). Maintain neutrality stance between 19700 (minor descending  trendline from 27 Jul 2017 high) and 19300 (today, 11Sep Asian session opening gap).
•  Hong Kong 50 – Broke above 27820 upside trigger level with an hourly close above it. Tightened key short-term support to 27610 (minor ascending trendline from 06 Sep 2017 low) to maintain the short-term uptrend movement for a further potential push up to target the next resistance at 28300.
• Australia 200 – Rebound in progress above 5680/660 key medium-term range support with a range configuration in place since June 2017. Key short-term support now at 5684 with short-term resistances at 5755/60 (minor swing high areas of 25 Aug/02 Sep 2017).
• Germany 30 – Broke above 12340 upside trigger level in today (11 Sep) Asia session. An hourly close later in the European session is likely to increase the conviction for  a further potential push up towards next resistance at 12550/670. Key short-term support remains at 12180/150 unless we see an hourly close above 12340 later in the European session to tightened it to 13000 (today, 11Sep Asian session opening gap).

*Levels are obtained from City Index Advantage TraderPro platform

Disclaimer