Daily Key Short Term Technical Levels Thurs 05 Oct 2017

FX – USD remains on support & watch 0.7810 on the AUD/USD

• EUR/USD – Inched lower after better than expected U.S. ADP job data for Sep (135K vs 125K). No change, 1.1830 key short-term resistance to maintain short-term downtrend from 21 Sep 2017 high with next supports coming in at 1.1680 follow by 1.1620.
• GBP/USD – Inched lower to test 03 Oct low of 1.3222. No change, short-term downtrend remains intact below 1.3300 key short-term resistance with next supports coming in at 1.3170 follow by 1.3015 (lower boundary of the medium-term ascending channel from 14 Mar 2017 low + 38.2% Fibonacci retracement of the up move from  15 Jan 2017 low to 20 Sep 2017 high).
• AUD/USD – Declined by 0.6% so far in today’s Asian session from 0.7870 minor swing high of 05 Oct 2017 triggered by a weaker than expected AU retail sales for Sep ( -0.6% m/m vs 0.3% m/m). No change, 0.7810 remains the downside trigger to reinstate bearish tone for a further potential push down towards the 0.7750/30 major support zone (former major range resistance from Apr 2016).
• NZD/USD -  Inched lower and formed a new marginal lower high. No change, short-term downtrend from 29 Sep 2017 high remains intact below a tightened key short-term resistance now at 0.7210 (minor swing high areas of 02/04 Oct 2017 + minor descending trendline from 29 Sep 2017 high) with next  support coming in at 0.7080 (21 Mar 2017 former swing high area + lower boundary of short-term descending channel from 21 Sep 2017 high + 0.618 Fibonacci projection from 21 Sep 2017 high).
• USD/JPY -  Tested the 112.40 key short-term support in yesterday’s European session but no clear break below it. Tolerate the excess to 112.30 and maintain bullish bias for another round of potential up move towards the next resistances at  113.30 follow by 113.50/60.

 Commodities

• Gold – Tested the 1277 key short-term resistance but no clear break above it (printed a high of 1282 in yesterday’s early U.S. session). Tolerate the excess to 1282 and bearish bias for a further potential decline towards the next supports coming in at 1260 follow by  1255 (lower boundary of medium-term descending channel from 08 Sep 2017 high + Fibonacci projection cluster).
• WTI Crude (Nov 2017) – Short-term rebound scenario invalidated through the bearish break of the 50.08/50.00 key short-term support. Short-term downtrend from 28 Sep 2017 extends for a further potential push down towards the next support at 49.00 (lower boundary of a minor descending channel from 28 Sep 2017 high + Fibonacci cluster). Key short-term resistance to maintain bearish bias will be at 50.70 (minor swing high of 03/04 Oct 2017)

Stock Indices (CFD) – Further potential push up from supports

• US SP 500 – Rise in progress as expected and printed another fresh new all-time high of 2540. No change, short-term bullish impulsive upleg from 28 Sep 2017 minor swing low remains intact with a tightened key short-term support now at 2531 with short-term resistance remains at 2543/45(Fibonacci projection cluster).
• Japan 225 –Managed to hold above yesterday’s predefined key short-term support at 20580 (printed a low of 20596 in yesterday’s European session). No change, short-term bullish impulsive upleg in place since 29 Sep 2017 minor swing low remains intact with short-term resistance coming in at 20790.
• Hong Kong 50 – Close today for a public holiday in Hong Kong
•  Australia 200 – Tested again the 5660 medium-term range configuration support in place since Jun 2017 with no daily close below it.  Turn bullish in short-term for a potential minor rebound above 5644 key short-term support (yesterday’s low) towards the 5710 minor swing high area of 04 Oct 2017 (also the 61.8% Fibonacci retracement of the decline from 02 Oct 2017 high to yesterday’s low).
• Germany 30 – Rise in progress as expected and printed a fresh new all-time high of 12984. No change, short-term bullish impulsive upleg in place since 26 Sep 2017 minor swing low remains intact with key short-term support at 12850. Next short-term resistance remains at 13150 (upper boundary of ascending channel from 29 Aug 2017 low + Fibonacci projection cluster).

*Levels are obtained from City Index Advantage TraderPro platform 

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