Daily Key Short Term Technical Levels Thurs 07 Sep 2017

FX -  Mix bag with USD remains on support

• EUR/USD – No change, still in the In the motion of retracing the previous short-term decline from 1.2070 high printed on 29 August 2017 to 31 August 2017 low.  Key short-term resistance remains at 1.1980 (close to 61.8% Fibonacci retracement of the previous drop from 29 Aug high to 31 Aug low) and a break below 1.1880 (minor ascending trendline support from  31 Aug 2017 low) may reinforce  its short-term downtrend movement towards the next support at 1.1815/1780 (61.8% Fibonacci retracement of the previous up move from 17 Aug low to 29 Aug high + pull-back support for former descending range resistance from 03 Aug 2017 high).
• GBP/USD -  Tested the 1.3060/3080 (Fibonacci cluster) short-term resistance as per highlighted yesterday before it retreated. Short-term upside momentum of the recent push up in price action had started to wane as indicated by the bearish divergence signals seen from both the hourly Stochastic and RSI oscillators. A break below 1.2920 (minor swing low area of 05 Sep 2017 + close to the minor ascending trendline from 24 Aug 2017 low) is likely to reinstate a potential short-term downtrend movement towards the next support at 1.2790/70 in the first step.
• USD/JPY –Managed to hold above the 108.30/15 key medium-term support and tested the upper limit of the 109.30 short-term neutrality zone in yesterday’s U.S. session (printed a high of 109.40) before it retreated. A break above 109.40 is likely to reinstate a potential short-term uptrend movement within its medium-term range configuration with resistances at 110.00/110.25 (Mon, 04 Sep 2017 gap) follow by 111.00 (medium-term range resistance).
•  AUD/USD – Choppy movement continued below its 8065 key medium-term resistance. Remain neutral and only a break below 0.7905 (minor ascending trendline support from 15 Aug 2017 low) is likely to reinstate the potential short-term downtrend movement to target the next support at 0 .7805 (15 Aug 2017 minor swing low area).
• NZD/USD – Continued its retreat from the 0.7240 key medium-term resistance (also defined by the upper boundary of the descending channel from 27 Jul 2017 high) but managed to hold above the 0.7180 lower limit of the neutrality zone as per highlighted yesterday. Remain neutral and only a break below 0.7180 is likely to reinstate the potential short-term downtrend movement to target the next support at 0.7080/7050.

Commodities

• Gold – No change, 1330 remains the key short-term support to maintain the short-term uptrend movement in place since 25 August 2017 low with intermediate resistance at the 1356/58 zone (upper boundary of minor ascending channel from 25 Aug 2017 low + Fibonacci projection cluster).
• WTI Crude (Oct 2017) -  Pushed up and hit short-term resistance/target at 49.30 (printed a high of 49.42 in yesterday’s U.S. session). Cautious now for the bulls as it has reached the key medium-term descending trendline resistance in place since 23 Feb 2017 high coupled with bearish divergence signal seen in the hourly RSI oscillator. Turn neutral first between 49.42 and  48.50 (06 Sep 2017 minor swing low + 23.6% Fibonacci retracement of the recent up move from 31 Aug low to 07 Sep 2017 high).

 Stock Indices (CFD) – Still holding above key medium-term supports

• US SP 500 – Rebounded from 2453 key medium-term support and tested the predefined 2467 upside trigger level before it retreated in the late U.S. session. A break above 2467 is likely to reinstate the potential short-term uptrend movement to target the next resistance at 2485/90 zone.
•  Japan 225 –Broke above 19380, now further potential push up above 19270/260 key medium-term range support towards 19730/800 key medium-term range resistance.
•  Hong Kong 50 –  Mix elements , remain neutral between 27900 and 27400. Only a break above 27900 is likely to reinstate a potential short-term uptrend movement to target the next resistance at 28300.
• Australia 200 – Managed to stage a rebound from the 5680/660 key medium-term range support. Further potential bounce in progress towards  5755/60 (minor swing high areas of 25 Aug/02 Sep 2017).
• Germany 30 – Broke above 12212 upper limit of neutrality that validated a short-term up move towards the 12340 key medium-term range resistance. No clear sign of bullish exhaustion signals despite it is hovering just below 12340. Short-term support now at 12180/150 (former minor swing high area of 01 Sep 2017 + 61.8% Fibonacci retracement of the recent up move from 06 Sep low to 07 Sep 2017 high). A break above 12340 is likely to validate a further potential upleg towards the next resistance at 12550/670.

*Levels are obtained from City Index Advantage TraderPro platform

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