Daily Key Short Term Technical Levels Mon 18 Sep 2017

Blue avatar for FOREX.com guest contributors
By :  ,  Financial Analyst

FX – USD weakness except in JPY

  • EUR/USD – Almost hit short-term support/target at 1.1830 (printed a low of 1.1837 on 14 Sep) and reversed up to broke the 1.1930 on last Fri, 15 September. The short-term corrective decline from 08 September 2017 high of 1.2092 is likely to have ended, potential continuation of the bullish impulsive upleg with key short-term support now at   1.1917 (minor swing low of 18 Sep 2017 + lower boundary of minor ascending channel in place since  14 Sep 2017 low. Short-term resistance stands at 1.2030 (upper boundary of minor ascending channel in place since  14 Sep 2017 low + Fibonacci cluster).
  • GBP/USD – Hit short-term  support/target at 1.3160 as expected (printed a low of 1.3152 on 14 Sep 2017) before it rallied post BoE and surpassed the near-term resistance of 1.3445 on last Fri, 15 September. Medium-term uptrend in place since 24 August 2017 low remains intact. Key short-term support now at 1.3430 (former range resistance of 14 Jul/06 Sep 2016 + 23.6% Fibonacci retracement of the on-going up move from 23 Aug 2017 low) with short-term resistance coming in at 1.3650/3700 (Fibonacci projection cluster).
  • AUD/USD -  Continued to trade above the 0.7960 predefined support level on last Thurs/Fri with potential short-term bullish basing formation sighted. Neckline resistance of the aforementioned basing formation stands at  0.8035 and an hourly close above it is likely to increase the conviction for the start of another potential bullish impulsive upleg. Next short-term resistance coming in at 0.8120 (minor swing high area of 08 Sep 2017 + exit potential of basing formation + 1.618 Fibonacci projection from 14 Sep 2017 minor swing low).
  • NZD/USD – Attempting to break above 0.7303 (minor descending trendline in place since 08 Sep 2017 high) in today (18 Sep) Asian session. An hourly close above 0.7303 is likely to increase the conviction for the start of another potential bullish impulsive upleg. Next short-term resistance coming in 0.7370 (swing high area of 08/10 Aug 2017 + upper boundary of ascending channel in place since  31 Aug 2017 low  + Fibonacci projection). Short-term support now rests at 0.7235 (former minor swing high area of 15 Sep 2017 + minor ascending trendline from 14 Sep 2017 low). Do expect a higher volatility trading environment in the coming days as New Zealand National Election is on this Sat, 23 Sep where current opinion polls suggest a neck to neck race between the two main parties (National & opposition Labour).
  • USD/JPY -  Clear break above the 110.50/111.00 former descending range resistance in place since 04 August 2017) that validated a further medium-term corrective rebound from 08 September 2017 low.  Key short-term support now at 110.70/40 with short-term resistance coming in at 112.10 (minor swing high area of 26/27 Jul 2017 + upper boundary of ascending channel).

 Commodities

  • Gold – No change, drop in progress with key short-term resistance remains at 1335 for a further potential push down towards the 1310 intermediate support in the first step before 1305 next (lower boundary of minor descending channel support in place since 08 Sep 2017).
  • WTI Crude (Crude (Oct 2017) -  Broke above 49.40 upper neutrality zone that validated a further potential up move within a long-term complex range configuration in place since May 2016. Key short-term support now rests at 49.30 (former descending range resistance from 20 Feb 2017) with short-term resistance coming in 50.80 (upper boundary of minor ascending channel from 31 Aug 2017 low + Fibonacci projection cluster).

 Stock Indices (CFD) – Further potential up move in progress with S&P 500 eyeing another new all-time high

  • US SP 500 – Rise in progress with 2504/2506 short-term resistance/target met as expected (printed a current intraday high of 2505 in today, 18 Sep  Asian session).  No signs of bullish exhaustion and bullish impulsive upleg from 08 September 2017 minor swing low  continues to extend. Key short-term support now tightened to 2498/95 (former minor range resistance of 13/14 Sep 2017 + lower boundary of minor ascending channel from 08 Sep 2017 low) with next short-term resistance coming in at 2516 (upper boundary of minor ascending channel from 08 Sep 2017 low + Fibonacci projection cluster).
  • Japan 225 – Broke above 20000 upper neutrality zone that validated a further potential up move in line with a bullish USD/JPY.  Key short-term support now at 19900 (former minor range resistance of 13/14 Sep 2017 + lower boundary of minor ascending channel from 08 Sep 2017 low) with short-term resistance coming in at 20300 (major range resistance in place since Jun 2017 + upper boundary of minor ascending channel from 08 Sep 2017 low).
  • Hong Kong 50 – Hourly close above 28000 in today (18 Sep) Asian session had increased the conviction for a further potential push up towards the next resistances at 28160 and 28300. Key short-term support now rests at 27890/850 (today’s opening session gap + former minor swing high of 15 Sep 2017).
  • Australia 200 –  Dropped and tested the 5680 key medium-term range support as expected. Now potential rebound in progress within medium-term range configuration in place since June 2017. Key short-term support now at 5700 (minor ascending trendline from 15 Sep 2017 low) with short-term resistance coming in at 5780/90 (minor swing high areas of 23 Aug/13 Sep 2017).
  • Germany 30 – No conviction of a minor pull-back scenario below 12570 short-term range resistance as the rest of the  major stock indices are evolving in a bullish dynamic configuration. Right now, the Index may see a bullish breakout above 12570 as its hourly RSI oscillator has already broke above its corresponding resistance at the 54% level, a bullish presignal that indicates a revival of short-term upside momentum of price action. Key short-term support now at 12500/470 (minor range support from 13 Sep 2017 low) with next short-term resistance coming in at 12670/700 (Fibonacci projection cluster + minor range resistance of 13/17 Jul 2017).

*Levels are obtained from City Index Advantage TraderPro platform  

Disclaimer

The material provided herein is general in nature and does not take into account your objectives, financial situation or needs. While every care has been taken in preparing this material, we do not provide any representation or warranty (express or implied) with respect to its completeness or accuracy. This is not an invitation or an offer to invest nor is it a recommendation to buy or sell investments. City Index recommends you to seek independent financial and legal advice before making any financial investment decision. Trading CFDs and FX on margin carries a higher level of risk, and may not be suitable for all investors. The possibility exists that you could lose more than your initial investment further CFD investors do not own or have any rights to the underlying assets. It is important you consider our Financial Services Guide and Product Disclosure Statement (PDS) available at www.cityindex.com.au, before deciding to acquire or hold our products. As a part of our market risk management, we may take the opposite side of your trade. GAIN Capital Australia Pty Ltd (ACN 141 774 727, AFSL 345646) is the CFD issuer and our products are traded off exchange.


Related tags: Commodities Forex Indices

Open an account today

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.
Economic Calendar