Daily Key Short Term Technical Levels Tues 19 Sep 2017

FX – JPY remains weak

• EUR/USD – No change, 1.1917 remains the key short-term support for a potential push up towards the 1.2030 short-term resistance 2030 (upper boundary of minor ascending channel in place since  14 Sep 2017 low + Fibonacci cluster).
• GBP/USD – No change, 1.3430 remains the key short-term support for a potential push up towards the next short-term resistance at 1.3650/3700 (Fibonacci projection cluster).
• AUD/USD -  Failure to stage a bullish break above the 0.8035 resistance to validate a further up move. Now expect a potential range environment between 0.7960/50 and 0.8035.
• NZD/USD -  Drifted downwards after its initial push up to retest the 0.7330/7340 minor range resistance in place since 08 September 2017 but managed to hold above the predefined key short-term support at 0.7235. Now expect a potential range environment between 0.7235 and 0.7330/7340.
• USD/JPY – Rise in progress as expected. Tightened key short-term support to 111.00/110.90 (minor ascending channel support  in place since 08 September 2017 + yesterday’s gap) for a further potential push up to target the next short-term resistance at 112.10/45 (minor swing high area of 26/27 Jul 2017 + upper boundary of minor ascending channel).

 Commodities

• Gold -  Drop in progress as expected and met short-term support/target at 1305. No signs of short-term bearish exhaustion. Short-term downtrend from 15 September 2017 minor swing high remains intact below tightened key short-term resistance now at 1313 (steep descending trendline from 15 Sep 2017 high +  close to the 23.6% Fibonacci retracement of the on-going decline from 15 Sep 2017 high). Next short-term support coming in at 1300/1298.
• WTI Crude (Nov 2017) – No change, key short-term support at 49.60 for a further potential push up towards 50.80 follow by 51.25 (upper boundary of minor ascending channel from 31 Aug 2017 low + Fibonacci projection cluster).

• US SP 500 – Rise in progress as expected and printed a new all-time high of 2508 in yesterday’s U.S. session (18 Sep). No change, key short-term support remains at 2498/95 to maintain short-term up move in progress from last Fri, 15 September 2017 low. Next short-term resistance coming in at 2516 (Fibonacci projection cluster).
•  Japan 225 – Rise in progress in line with USD/JPY. Short-term uptrend from 08 September 2017 low remains intact. Tightened key short-term support to 20025 (minor ascending trendline from 08 Sep 2017 low + former minor swing high of 15 Sep 2017) with next short-term resistance coming in at 20300/340 (major range resistance in place since Jun 2017 + upper boundary of minor ascending channel from 08 Sep 2017 low).
• Hong Kong 50 -  Rise in progress as expected and almost met the short-term resistance/target of 28300 (printed a current intraday high of 28247 in today’s Asian session). No signs of short-term bullish exhaustion. Short-term uptrend remains intact with key short-term support remains at 27890 with next resistance coming in at 28570 (see latest weekly technical outlook for details).
• Australia 200 – No change, 5700 remains the key short-term support to maintain a bounce scenario towards 5780/90 (minor swing high areas of 23 Aug/13 Sep 2017) within a medium-term range configuration in place since June 2017.
• Germany 30 – Pushed up before a slight pull-backed in yesterday’s late European session. No change, short-term uptrend from  06 September 2017 low remains intact with key short-term support at 12540/500. 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

This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this email, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs. All queries regarding the contents of this material are to be directed to City Index, a trading name of GAIN Capital Singapore Pte Ltd.