Daily key short term technical levels Wed 30 Aug 2017

FX – USD short-term downtrend remains intact except against the JPY

• EUR/USD – printed another new marginal higher high of 1.2070 in yesterday’s European session and met our short-term resistance/target of 1.2065. No clear signs of bullish exhaustion from short-term momentum indicators such as the 4hr & 1 hr  Stochastic/RSI oscillators. Short-term uptrend from 17 August 2017 low remains intact as long as the key short-term support at 1.1920/1905 holds with next short-term resistance coming in at 1.2150/65 (former major swing low area of Jul 2012 + upper boundary of a medium-term ascending channel in place since 17 Apr 2017 low + Fibonacci projection cluster).
• GBP/USD -  rise in progress, short-term uptrend remains intact above 1.2870 key short-term support.  Short-term resistance remains at 1.3020 (minor swing high areas of 09 Aug/12 Aug 2017 + 50% Fibonacci  retracement of the decline from 03 Aug 2017 high to 24 Aug 2017 low).
• AUD/USD – broke above 0.7960 upper neutrality zone, further potential up move validated. Short-term uptrend from 24 August  2017 minor swing low remains intact as long as 0.7940 short-term support holds. Short-term resistance stands at  0.8020 (1.00 Fibonacci projection of the up move from 15 Aug low to 17 Aug high projected from the 24 Aug minor swing low area of 0.7867 + upper boundary of minor ascending channel in place since 15 Aug 2017 low ).
• NZD/USD – rise in progress and met the first short-term resistance at 0.7280 (printed a high of 0.7298 before it retreated in yesterday’s U.S. session). Short-term uptrend remains intact as long as the 0.7220 key short-term support holds. Next short-term resistance stands at 0.7330 next (minor range top  area of  14 Aug/17 Aug/18 Aug/22 Aug 2017).
•  USD/JPY – pushed lower and printed a  low of 108.27 in yesterday’s European session which is closed to the lower limit of the short-term support zone/target of 108.30/15. Yesterday’s break of 109.10 key-short-term resistance has put the short-term downtrend in place since 16 August 2017 high in jeopardy. Turn neutral between 110.00 (minor range resistance in place since 19 Aug 2017) and  108.30.

Commos

• Gold - pull-backed as expected towards intermediate support at 1306. Short-term uptrend from 15 August 2017 remains intact as long as 1300 key short-term support holds. Short-term resistance remains at 1333 (1.618 Fibonacci projection from 15 Aug 2017 low).
• WTI Crude (Oct 2017) – drop in progress. Short-term downtrend remains intact below 47.28 key short-term resistance with next short-term support at 45.00 (lower boundary of a minor descending channel in place since 10 Aug 2017 high + 1.00 Fibonacci  projection from 01 Aug 2017 high).

Stock Indices (CFD) – risk of further corrective decline except in Japan 225 & Hong Kong 50

• US SP 500 – recovered from yesterday’s gapped down but there was no significant increase in volume as indicated in the cash market. Yesterday’s pushed up stalled right at the  minor range resistance of 2455 which is also the upper boundary of the short-term descending channel in place since 08 August 2017 all-time high. In addition, the hourly Stochastic oscillator has flashed a bearish divergence signal at its overbought region which indicates  yesterday’s upside momentum of price action has started to abate. Still showing risk of a short-term corrective decline with short-term support now at 2420. An hourly close below 2420 may see a further potential drop towards the next suoport at 2408.
• Japan 225 - broke above 19415 (yesterday’s gap resistance) but remained below the 19560 minor range resistance in place since 19 August 2017 high. Mix elements, turn neutral between 19560 and 19250 (yesterday’s minor swing low area).
• Hong Kong 50 - rebounded from 27600 key short-term support as expected and met the first short-term resistance of 28000. Short-term uptrend from 11 August 2017 remains intact with next short-term resistance coming in at 28300 next (1.618 Fibonacci  projection of the up move from 11 Aug low to 16 Aug high projected from 18 Aug low of 26977).
• Australia 200 – bearish breakdown from the former 5680 significant range support in place since June 2017.  In today’s earlier Asian session, it tested 5680 and staged a retreat from it. Short-term downtrend from 23 August 2017 high  remains intact as long as 5680/93 short-term resistance is not surpassed. Short-term support at 5625/15 (08 Jun 2017 minor swing low area).
• Germany 30 – dropped and hit short-term support at 11930. Short-term downtrend remains intact as long as 12045 is not surpassed (former minor swing low area of 21 Aug 2017 + minor descending trendline from 25 Aug 2017 high). The next short-term support rests at 11830/800.

*Levels are obtained from City Index Advantage TraderPro platform