Daily Key Short Term Technical Levels Mon 27 Nov 2017

FX – Short to medium-term USD weakness remains intact with a potential revival in JPY strength

• EUR/USD – Rise in progress as expected and hit the first short-term upside target/resistance at 1.1880. Maintain bullish bias above tightened key short-term support now at 1.1850 (former medium-term congestion range resistance from 11/19/26 Oct 2017 +  38.2% Fibonacci retracement of the recent rally from 21 Nov to last Fri, 24 Nov 2017 high) for further potential push up to target the next intermediate resistance at 1.2000 and even 1.2090 next (medium-term swing high area of 08 Sep 2017).
• GBP/USD – Continued to inch higher as expected and printed a new minor higher high of 1.3357 on last Fri (24 Nov) U.S. session. No change, maintain bullish bias above tightened 1.3280 key short-term support (last Fri, 24 Nov low + minor ascending trendline from 13 Nov 2017 low) 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 -  Challenged the 0.7604 tightened key short-term support (printed a current intraday low of 0.7593 in today, 27 Nov Asian session). Overall, the short-term uptrend from 21 Nov 2017 low is still intact, thus tolerate the excess to 0.7585 support (former minor swing high area of 21 Nov 2017 + 61.8% Fibonacci retracement of the recent rally from 22 Nov low to 23 Nov 2017 high) for another round of potential upleg 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 -  Challenged the 0.6866 tightened key short-term support (printed a current intraday low of 0.6853 in today, 27 Nov Asian session). Overall, the short-term uptrend from 17 Nov 2017 low is still intact, thus tolerate the excess to 0.6845 support (former minor swing high of 22 Nov 2017 + Fibonacci cluster) for another round of potential upleg to target the 0.6940/6950 intermediate resistance (Fibonacci projection cluster + descending trendline from 22 Sep 2017 high).
• USD/JPY – Recall that we have turned neutral since last Thurs, 23 Nov 2017 due to the risk of a minor corrective rebound/consolidation above 111.00. Indeed, it has shaped the minor rebound within our expectation and printed a minor higher high of 111.69 in today (27) Asian session. Based on Elliot Wave/fractal analysis coupled with the exit of the 4 hour Stochastic oscillator from its overbought zone, it is likely that the minor corrective rebound has ended or coming close to its tail end. Flip back to bearish bias below 111.90 key short-term resistance (former minor swing low area of 20 Nov 2017 + Fibonacci cluster) for the potential start of another bearish impulsive wave sequence to retest the recent low of 111.06 before targeting the next intermediate support at 110.60/50 (lower boundary of the minor ascending channel from 14 Nov 2017 high + former medium-term range resistance of 16/31 Aug 2017 + Fibonacci projection cluster).

Commodities – WTI uptrend remains intact

• WTI Crude (Jan 2018) – Inched higher as expected and hit the short-term resistance zone/target of 59.00/59.10 (printed a high of 59.03 on last Fri, 24 Nov U.S. session). Maintain bullish bias above tightened key short-term support now at 57.96 (former minor swing high area of 22 Nov 2017) for further potential push up towards the next intermediate resistance at 59.65/59.70 (Fibonacci projection cluster).
• 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 prevails

• US SP 500 – Broke above 2601 and printed a new all-time high of 2604 coupled with a persistent strong outperformance in the Technology sector. Turn bullish from neutrality stance above 2591 key short-term support (minor swing low of 23 Nov 2017 + lower boundary of the minor ascending channel from 15 Nov 2017 low) for the start of a potential intermediate term bullish impulsive wave sequence to target the next intermediate resistance at 2615 in the first step (Fibonacci projection cluster + upper boundary of a minor ascending channel from 15 Nov 2017 low).
• Japan 225 – Whipsawed at the 22530 key short-term resistance (printed a high of 22695 in today, 27 Nov Asian session) before it retreated back below 22530. Interestingly, the push up in price action since last Fri (24 Nov) has stall at the former minor ascending trendline support from 15 Nov 2017 low coupled with a bearish divergence signal seen in the hourly Stochastic oscillator which indicates that the recent upside momentum of price action has started to abate. Tolerate the excess and maintain bearish below 22800 short-term range resistance in place since 17 Nov 2017 minor swing high with 22320 as downside trigger level. An hourly close below 22320 shall increase the bearish conviction to trigger another round of potential dowleg to retest the 21840 minor swing low area of 15 Nov 2017.
• Hong Kong 50 – Erased last Fri (24 Nov) gains and staged a push down to retest the 29800/29580 key short-term support. Mix elements now and  based on Elliot Wave/fractal analysis, there is a risk of a further minor decline to retest the medium-term support at 29270. Prefer to turn neutral now between 30010 & 29800/29580. Only an hourly close above 30010 shall reinstate the bullish tone towards the next intermediate resistance at 30780.
• Australia 200 – Tested and retreated from 5990 key medium-term resistance.  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 – Challenged the 13120 key short-term resistance on last Fri (24 Nov) and printed a high of 13164 before it retreated. No change, tolerate the excess and maintain bearish bias below 13120/164 key short-term resistance for a 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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