Daily Key Short Term Technical Levels Thurs 14 Sep 2017

FX – Mix bag again as EUR/USD & GBP/USD broke below short-term supports

• EUR/USD – Broke below 1.1930 short-term support, short-term uptrend invalidated. Now at risk of undergoing a corrective decline to retrace the medium-term uptrend from 11 April 2017 low.  Key short-term resistance at 1.1930 (former support) with next support coming in at 1.1830 (former minor range resistance from 22/24 Aug 2017 + Fibonacci cluster) follow by  1.1800 (ascending channel support from 11 Apr 2017 low).
• GBP/USD – Broke below 1.3230/3220 tightened key short-term support, short-term uptrend from 05 September 2017 low invalidated. Key short-term resistance now at  1.3230 for a potential push down to test next intermediate support at 1.3160 (minor swing low areas of 11/12 Sep 2017 + Fibonacci cluster) within an on-going medium-term uptrend in place since 24 August 2017 low.
• AUD/USD – No change, choppy movement within neutrality range of 0.7960 and 0.8060 (former minor swing high of 11 Sep 2017 + 50% Fibonacci retracement of current pull-back from 08 Sep 2017 high + pull-back resistance of former minor ascending trendline support from 31 Aug 2017).
• NZD/USD – Still above key medium-term support of 0.7210/0.7200. It needs to break above 0.7303 (minor descending trendline in place since 08 Sep 2017 high) to increase the bullish conviction for a potential upleg towards the next resistance at 0.7370 (swing high area of 08/10 Aug 2017 + upper boundary of ascending channel in place since  31 Aug 2017 low  + Fibonacci projection).
• USD/JPY – Whipsawed around the 110.50 resistance (printed an intraday high of 110.73 in today’s Asian session). Tolerate the excess and the risk of a corrective pull-back to retrace the recent swift rally from 08 Sep 2017 low remains intact.  A break below 109.90 (minor swing low of 13 Sep 2017 + 23.6% Fibonacci retracement of the current up move from 08 Sep 2017 low) is likely to open up scope for a potential corrective decline towards the next support at 108.80/45 (former congestion zone + 50%/61.8% Fibonacci retracement of the current rally from 08 Sep 2017 low).

 Commodities

• Gold – Short-term corrective decline in progress as expected. Tightened key short-term resistance to 1335 (minor swing high of 13 Sep 2017) for a further potential push down towards the 1310 intermediate support in the first step.
• WTI Crude (Oct 2017) – Broke above 48.90 short-term resistance which invalidated the short-term corrective decline scenario. But no clear bullish break above the medium-term descending trendline in place since 23 February 2017 high now acting as a resistance at 49.40. Mix elements, turn neutral first between 49.40 and 48.80.

Stock Indices (CFD) – Mix bag with S&P 500 broke above 2495 resistance

• US SP 500 – Yesterday’s U.S. session daily close above 2495 short-term resistance has invalidated the short-term corrective decline scenario. An extension of the current bullish impulsive upleg in place since 08 September 2017 with key short-term support now at  2488 (close to the minor swing low of 12 Sep 2017 + 23.6% Fibonacci retracement of the current rally from 08 Sep 2017 low) and the next resistance coming in at 2504/2506 (Fibonacci projection cluster).
• Japan 225 – No change, remain neutral between 20000 (descending trendline from 20 Jun 2017 high) and 19750.
• Hong Kong 50 -  No change, still holding above 27760 key short-term support and now it needs to break above 28000 (intermediate minor descending trendline from 30 Aug 2017 high) to increase the conviction for a further potential push up towards the next resistances at 28160 and 28300.
•  Australia 200 – Dropped in progress within range configuration  and met the short-term support/target zone at 5724/17 as expected. Tightened key short-term resistance to 5750 (38.2% Fibonacci retracement of the current decline from 13 Sep 2017 high + minor range top of 13/14 Sep 2017) for a further potential push down to retest the 5680 medium-term range support.
• Germany 30 – No change, still below the 12570 key short-term resistance/risk level for a potential minor pull-back towards the 12360/340 short-term support zone.

*Levels are obtained from City Index Advantage TraderPro platform

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