Daily Key Short Term Technical Levels Wed 06 Sep 2017

FX -  JPY rallied but USD/JPY is still holding above key medium-term 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 -  Broke above 1.2980 short-term resistance, in the motion of retracing the previous decline from 1.3267 high of 03 August 2017 to 1.2774 low of 24 August 2017. The next short-term resistance for the current corrective rebound stands at 1.3060/3080 (Fibonacci cluster) and short-term supports now rest at  1.2975 follow by  1.2940 (minor ascending trendline from 24 Aug 2017 low). Turn neutral.
• USD/JPY – Broke below 109.20 short-term support but still holding above the 108.30/15 key medium-term support with bullish divergence signals seen in both the hourly Stochastic and RSI oscillators. Turn neutral between 108.30/15 and 109.30 (minor descending trendline resistance in place since 01 Sep 2017 high-post NFP). Only a break above 109.30 is likely to revive the potential short-term bullish tone towards the 111.00 medium-term range resistance.
• AUD/USD – Broke above 0.8000 short-term support in yesterday’s U.S. session but rally did not surpass the 0.8065 key medium-term resistance. In today’s Asian session, it reintegrated back below 0.8000 after Q2 AU GDP met expectations (1.8% y/y). Considered yesterday’s movement as a whipsaw and the 4 hour Stochastic oscillator has flashed a bearish divergence signal. Turn neutral first between 0.8065 and 0.7905 (minor ascending trendline support from 15 Aug 2017 low). A break below 0.7905 is likely to revive the short-term downtrend movement to target the next support at 0 .7805 (15 Aug 2017 minor swing low area).
• NZD/USD -  Broke above the 0.7200 short-term resistance but it did not have a clear bullish break above the 0.7240 key medium-term resistance (also defined by the upper boundary of the descending channel from 27 Jul 2017 high). Turn neutral first between 0.7240/64 and 0.7180. Only a break below 0.7180 is likely to revive the short-term downtrend movement to target the next support at 0.7080/50 lower boundary of the descending channel from 27 Jul 2017 high + Fibonacci projection cluster).

Commodities

• Gold – broke above 1341 short-term resistance, the short-term corrective decline scenario has been invalidated. Short-term uptrend movement in place since 25 August 2017 low remains resilient. Key short-term support now rests at 1330 (minor swing low of 05 Sep 2017 + lower boundary of minor ascending channel from 25 Aug 2017 low) with short-term resistance at  1356/58 (upper boundary of minor ascending channel from 25 Aug 2017 low + Fibonacci projection cluster).
• WTI Crude (Oct 2017) – Short-term corrective rebound in progress with short-term resistance/target met at 48.00 (printed a high of 48.98). No signs of bullish exhaustion as seen from its hourly momentum indicators (Stochastic & RSI). Short-term support now at 48.44 (former minor swing high area of  24 Aug 2017) with next short-term resistance at 49.30 (76.4% of Fibonacci retracement of the drop from 01 Aug high to  31 Aug 2017 low + medium-term descending trendline from 23 Feb 2017 high).

Stock Indices (CFD) –S&P 500 managed to hold above 2453 key  medium-term support

• US SP 500 – Broke below 2460 but managed to test and stage a rebound from its 2453 key medium-term support. In addition, the 4 hour Stochastic oscillator has flashed a bullish divergence signal. A break above 2467 (minor descending trendline from 02 Sep 2017 high) is likely to revive the short-term uptrend movement towards the next short-term resistance at the 2485/90 zone.
•  Japan 225 - Sideways above 19270 key medium-term range support with short-term resistance now at 19380 (minor descending trendline from 02 Sep 2017 high).
• Hong Kong 50 –  Broke below 27600 short-term support but still above 27000 key medium-term support. Mix elements, turn neutral between 27000 and 27900 (minor descending trendline from 30 Aug 2017 high).
• Australia 200 – Pushed down and tested 5680 key medium-term range support in place since June 2017 but no daily close below it. Hourly Stochastic oscillator has flashed a bullish divergence signal, thus the Index may see a short-term rebound above 5680/5660 support towards short-term resistances at 5728 follow by 5755/60 (minor swing high areas of 25 Aug/02 Sep 2017).
• Germany 30 – Pushed up and tested the short-term range resistance of 12190 (printed a high of 12212) before it retreated in the yesterday’s U.S. session. Turn neutral first and only a break above 12212 is likely to trigger a short-term uptrend  movement towards the 12340 key medium-term resistance.

*Levels are obtained from City Index Advantage TraderPro platform

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