Daily Key Short Term Technical Levels Thurs 21 Sep 2017

FX – Mix with JPY remains the weakest

• EUR/USD – Broke below 1.1950 tightened short-term support that invalidated the short-term uptrend from 14 September 2017 low but not the medium-term uptrend in place since April 2017 low. Now expect sideways churning between 1.1860 and 1.1930 (former minor swing low areas of 18/19 Sep 2017 + 38.2% Fibonacci retracement of yesterday’s post FOMC decline from 1.2034 high).
• GBP/USD – Hit 1.3650/3700 short-term resistance/target as expected (printed a high of 1.3657 before it staged a slide post FOMC). Shorter-term (4 hour) Stochastic oscillator has flashed a bearish divergence signal which indicates a slowdown in the recent upside momentum of price action. Risk of a short-term corrective decline within a medium-term uptrend that is in place since 24 August 2017 low. Key short-term resistance now at 1.3570 (close to 61.8% Fibonacci retracement of yesterday’s post FOMC decline from 1.3657 high) with short-term supports coming in at 1.3412 follow by 1.3330/3315 (38.2% Fibonacci retracement of the up move from 24 Aug 2017 low to yesterday’s U.S. session high + former minor swing high area of 13 Sep 2017).
• AUD/USD -  Hit 0.8100/8125 resistance as expected before it staged a slide post FOMC (printed a high of 0.8103). Now expect sideways churning between 0.8060 (close to 61.8% Fibonacci retracement of yesterday’s post FOMC decline from 0.8103 high) and 0.7985.
• NZD/USD – Hit 0.7390/0.7400 resistance as expected before it staged a slide post FOMC (printed a high of 0.7435). Now expect sideways churning between 0.7390 (close to 61.8% Fibonacci retracement of yesterday’s post FOMC decline from 0.7435 high) and 0.7305.
• USD/JPY – Tested the 111.20/111.00 key short-term support before it staged a rebound and hit the 112.10/45 short-term resistance/target as expected (printed a high of 112.53 post FOMC in yesterday’s U.S. session).  Short-term  uptrend from 08 September 2017 low remains intact with tightened key short-term support now at 111.80 (lower boundary of the ascending channel in place since 08 Sep 2017 low + former minor swing high areas of 19/20 Sep 2017) with next resistance coming in at 113.30/50 (Fibonacci projection cluster + upper boundary of the ascending channel in place since 08 Sep 2017 low).

Commodities

• Gold -  Reacted from the tightened 1313/1315 (excess) key short-term resistance and declined towards the 1300/1298 support/target as expected. Mix elements at this juncture, turn neutral between 1295 and 1311.
• WTI Crude (Nov 2017) – Hit 50.80 first short-term resistance/target as expected (printed a high of 51.11 in yesterday’s U.S. session). Tightened key short-term support to 50.36 (minor ascending trendline from  20 Sep 2017 low) for a further potential push up towards the next short-term resistance at by 51.25 (upper boundary of minor ascending channel from 31 Aug 2017 low + Fibonacci projection cluster).

Stock Indices (CFD) – Still holding firm above supports except Australia 200

• US SP 500 – Tested the 2498/95 key short-term support before it rebounded post FOMC (printed a low of 2496). No change, short-term uptrend  from 15 September 2017 low remains intact with next short-term resistance coming in at 2516 (Fibonacci projection cluster).
• Japan 225 – Hit first short-term resistance of 20450 as expected(printed a current intraday high of 20510 in today’s Asian session). No signs of bullish exhaustion yet, tightened key short-term support to 20320 (lower boundary of the ascending channel from 08 Sep 2017 low + former minor swing high areas of 19/20 Sep 2017) for a further potential push up towards the next short-term resistance at 20610 (1.236 Fibonacci projection from 08 Sep 2017 low + upper boundary of the ascending channel from 08 Sep 2017 low.
• Hong Kong 50 – No change, short-term uptrend remains intact with key short-term support at 27890 with next resistance coming in at 28570 (see latest weekly technical outlook for details).
• Australia 200 – Short-term rebound invalidated at this juncture as it is now testing the 5680/660 key medium-term range support in place since June 2017. Only a daily  close below 5680/660 validates a potential bearish exit from the multi-month range configuration. Turn neutral first now between 5636 (current intraday low)  and 5682 (former minor swing low areas of 15/20 Sep 2017)
• Germany 30 – Pushed up and coming close to the 12670/700 short-term resistance(Fibonacci projection cluster + minor range resistance of 13/17 Jul 2017). Mix elements, may see sideways churning between 12700 and 12520 (minor range support from 19/20 Sep 2017)

*Levels are obtained from City Index Advantage TraderPro platform