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Daily Key Short Term Technical Levels Tues 05 Sep 2017

Article By: ,  Financial Analyst
September 5, 2017 1:00 AM

FX -  USD showing signs of medium-term (1-3weeks) potential recovery within a longer-term (mult-month) downtrend

  • EUR/USD – In the motion of retracting  the previous short-term decline from 1.2070 high printed on 29 August 2017 to 31 August 2017 low. Short-term downtrend remains intact as long as the key 1.1980 short-term resistance(close to 61.8% Fibonacci retracement of the previous drop from 29 Aug high to 31 Aug low) is not surpassed. Short-term support now rests at  1.1815/1780 (61.8% Fibonacci retracement of the previous up move from 17 Aug low to 29 Aug high + pull-back support for former descending range resistance from 03 Aug high).
  • GBP/USD – Last Fri, 01 Sep pushed up to an intraday high of 1.2995 has stalled right at the pull-back resistance of a former medium-term ascending trendline from 14 March 2017 low. Short-term range consolidation in progress with key short-term resistance at 1.2980 for a potential push down towards short-term range support at 1.2855/35.
  • AUD/USD – Short-term range consolidation in progress with key short-term resistance at 0.8000 for a potential push down towards 0.7870 short-term range support. A break below 0.7870 is likely to open up scope for a short-term downtrend to test the next support at 0.7805 (15 Aug 2017 minor swing low area).
  • NZD/USD – Short-term downtrend remains intact with key short-term resistance now at 0.7200 with next support at 0.7080/70 (lower boundary of a medium-term descending channel from 27 Jul 2017 high + Fibonacci projection cluster).
  • USD/JPY – The on-going slide from 31 August 2017 high of 110.67 is now hovering just above the 109.20 pull-back support of the former medium-term descending channel from 10 July 2017 high and the 61.8% Fibonacci retracement of the recent rally from 29 August 2017 low to 31 August 2017 high. The 4 hour Stochastic oscillator has flashed bullish divergence signal at its oversold region which indicates a slowdown in downside momentum of the current drop. Potential inflection point for the continuation of its prior short-term uptrend as long as key short-term support at 109.20 holds. Short-term resistance at 111.00/111.10 (congestion area of 04 Aug/16 Aug 2017).

Commos

  • Gold – 1333 short-term resistance has been met. Risk of a short-term decline within medium-term uptrend with bearish divergence signal seen in 4 hour Stochastic oscillator. Key short-term resistance at 1342 with short-term support at 1307/1302 (50% Fibonacci retracement of the previous rally from 15 Aug 2017 low to 04 Sep 2017 high + lower boundary of a short-term ascending channel in place since 08 Aug 2017 low).
  • WTI Crude (Oct 2017) – Broke above former short-term descending trendline resistance from 10 August 2017 high. Now showing risk of a corrective rebound to retracement the recent down move from 01 August 2017 high to 31 Aug 2017 low. Short-term support now at 47.15 (former minor swing high area of 31 Aug 2017 + short-term ascending channel support from 31 Aug 2017 low) with short-term resistance at 48.00 (former minor swing high area of 26 Aug 2017 + 50% Fibonacci retracement of the decline from 01 August 2017 high to 31 Aug 2017 low).

Stock Indices (CFD) – Mixed bag with uptrend remains intact for S&P 500 & Hong Kong 50

  • US SP 500 – Broke above 2462 on last Friday, 01 September 2017 has validated a potential medium-term uptrend. Short-term support now rests at 2460 with short-term resistance at the 2485/90 zone.
  • Japan 225 -  Sideways and coming close to its range support of 19270. Hourly Stochastic oscillator has reached an extreme level, thus the Index may see a short-term rebound within its range configuration with resistance at  19730/800.
  • Hong Kong 50 – Short-term uptrend remains intact 27600 key short-term support (former minor swing area of 16 Aug 2017 high + lower boundary of ascending channel from 05 Jul 2017 low) with short-term resistance at 28300 (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 – Back at significant rang support of 5680 with bullish divergence signal seen in hourly Stochastic oscillator at the oversold region. Potential rebound within range configuration as long as 5680 range support holds with short-term resistance at 5755/60 (minor swing high areas of 25 Aug/02 Sep 2017).
  • Germany 30 – Sideways between 12190and 12030.
*Levels are obtained from City Index Advantage TraderPro platform

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