FX – Short-term USD weakness remains intact except against the JPY
- EUR/USD – Continued to inch higher to print another new minor high at 1.1856 in yesterday (22 Nov) European session. No change, short-term uptrend from 21 Nov 2017 low remains intact in any dips above tightened key short-term support now at 1.1795 (previous minor range top of 18/20 Nov 2017 + 50% Fibonacci retracement of the on-going up move from 22 Nov to yesterday’s high) for a further potential push up to target the next intermediate resistance of 1.1880 in the first step before 1.2000 next.
- GBP/USD – No change, maintain bullish bias above 1.3255 key short-term support for a further potential to target the next intermediate resistance at 1.3420/3455 (congestion area of 21/28 Sep 2017 + Fibonacci cluster.
- AUD/USD – Rise in progress as expected and printed a new minor high of 0.7638 in yesterday(23 Nov) European session. No change, maintain bullish bias above tightened key short-term support now at 0.76040 (minor swing low of 23 Nov 2017 + 38.2% Fibonacci retracement of the on-going up move from 22 Nov minor swing low to yesterday’s high) for a further potential push up to target the next intermediate resistance at 0.7660/7670 (the medium-term descending channel resistance from 08 Sep 2017 high + the 23.6% Fibonacci retracement of the decline from 08 Sep 2017 high to 21 Nov 2017 low).
- NZD/USD – Rise in progress and almost hit the short-term resistance/target of 0.6910/6920 as expected (printed high of 0.6905 in yesterday European session). No change, maintain bullish bias above tightened key short-term support now at 0.6866 (minor swing low of 23 Nov 2017 + lower boundary of the minor ascending channel from 21 Nov 2017 low + 38.2% Fibonacci retracement of the on-going up move from 22 Nov minor swing low to yesterday’s high) for a further potential push up towards 0.6940/6950 next intermediate resistance (Fibonacci projection cluster + descending trendline from 22 Sep 2017 high).
- USD/JPY – No change, still showing risk of a minor corrective rebound/consolidation to retrace the recent steep decline from 21 Nov 2017 high (refer to yesterday’s report). Maintain neutrality stance between 111.00 & 112.20 (upper boundary of the minor descending channel from 14 Nov 2017 + 38.2% Fibonacci retracement of the decline from 14 Nov 2017 high to current intraday low of 23 Nov 2017).
Commodities – WTI breaking above long-term range configuration
- WTI Crude (Jan 2018) – Broke above 58.14 and the upper limit of the long-term complex range configuration in place since Jun 2016. Bearish setback scenario has been invalidated. Turn bullish now above 57.76 (yesterday low) for further potential push up towards the next intermediate resistance at 59.00/59.10 (Fibonacci projection cluster + upper boundary of the minor ascending channel from 20 Nov 2017 low).
- Gold - No change, maintain bullish bias above 1282 (former minor swing high area of 22 Nov 2017 + minor ascending trendline from 21 Nov 2017 low) for a further potential push up to target the next intermediate resistance at 1306/1310 (minor swing high area of 16 Oct 2017 + 50% Fibonacci retracement of the recent decline from 08 Sep 2017 high to 06 Oct 2017 low).
Stock Indices (CFD) – Mix bag; Hong Kong at support for potential recovery while Japan & Germany remain below resistances
- US SP 500 – Maintain neutrality stance between 2601 & 2587. A break above 2601 (hourly close above in the U.S. session) shall validate the start of another potential intermediate term bullish impulsive wave sequence to target the next intermediate resistance at 2615 (Fibonacci projection cluster + upper boundary of a minor ascending channel from 15 Nov 2017 low)
- Japan 225 – No change, maintain bearish bias below 22530 key short-term resistance (former minor swing low of 22 Nov 2017 + pull-back resistance of the former minor ascending trendline support from 15 Nov 2017 low) for a further potential push down towards to retest the 21840 minor swing low area of 15 Nov 2017.
- Hong Kong 50 – Declined by 1.8% in the second half of yesterday’s HK cash trading session where it recorded its highest intraday decline seen in the past three weeks. Yesterday’s plunge was triggered by the China stock market where concerns started to resurface on the negative impact from the Chinese government’s deleveraging polices. Interestingly, the Index has challenged the predefined 29800 tightened key short-term support (printed a low of 29598) and managed to stage a recovery back above 29800. Overall the uptrend remains intact, maintain bullish bias above 29800/2958 for a potential recovery to retest the recent high of 30240 before targeting next intermediate resistance at 30780 (minor degree bullish impulsive wave 3 potential target in place since Mon, 20 Nov low based on Elliot Wave/fractal analysis + Fibonacci projection cluster).
- Australia 200 – Testing the 5970 lower neutrality limit. No change, maintain neutrality stance between 5970 & 5990. Only another hourly close below 5970 shall validate a potential push down to retest 5919/15 (minor swing low areas of 15/20 Nov 2017) in the first step.
- Germany 30 – No change, maintain bearish bias below 13120 key short-term resistance for a further potential push down to retest the recent 15 Nov swing low of 12850. A break below 12850 opens up scope for a further potential decline towards the next intermediate support at 12720/700.
*Levels are obtained from City Index Advantage TraderPro platform
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