Daily Key Short Term Technical Levels Wed 11 Oct 2017

FX – Further potential USD weakness

• EUR/USD – Rise in progress as expected. Almost hit first short-term resistance of 1.1830 (printed a current intraday high of 1.1827 in today, 11 Oct Asian session). Tightened key short-term support to 1.1780 (lower boundary of minor ascending channel from 06 Oct 2017 low + former minor swing high of 04 Oct 2017) with next short-term resistance remains at  by 1.1875 (former minor swing low areas of 14/21 Sep 2017 + descending trendline from 08 Sep 2017 high).
• GBPUSD – Bullish exit from 1.3180 as expected (the former descending trendline from 21 Sep 2017). Potential recovery at least in the short-term validated. Maintain bullish bias above 1.3180 key short-term support towards the intermediate resistances of 1.3280 (minor swing high areas of 03/4 Oct 2017 + close to 38.2% Fibonacci retracement of the decline from 21 Sep 2017 high to 06 Oct 2017 low) follow by 1.3350 next (former minor swing low of 28 Sep 2017 + 50% Fibonacci retracement of the decline from 21 Sep 2017 high to 06 Oct 2017).
• AUD/USD -  Continued to inch higher and printed a new marginal higher high of 0.7809 in today’s early Asian session. Short-term uptrend from 06 Oct 2017 low remains intact with tightened key short-term support at 0.7775 (former minor swing high area of 09 Oct 2017 + pull-back of former descending trendline resistance from 21 Sep 2017 high) with intermediate resistance coming in at 0.7830.
• NZD/USD -  Maintain bullish bias above 0.7060 tightened key short-term support for a potential short-term rebound towards the 0.7140 intermediate resistance (7140 (upper boundary of short-term descending channel from 21 Sep 2017 high + former minor swing low area of 31 Aug 2017).
• USD/JPY – Recall that we turn neutral yesterday due to USD weakness seen on the other majors, thus reduced the probability for a final push up towards 113.50/60. In yesterday (10 Oct) U.S. session, the pair shaped a bearish breakdown from the  lower boundary of the minor bearish “Ascending Wedge” configuration from 26 Sep 2017 low. Further potential short-term down move has been validated below key short-term resistance at 112.70 (pull-back resistance of the former Ascending Wedge support) with intermediate supports coming in at 111.70 follow by 111.50 (minor swing low area of 26 Sep 2017).

Commodities –Further potential upside in Gold

• Gold – Rise in progress as expected. Tightened key short-term support to 1283 for a potential push up towards the next short-term resistances at 1297 (38.2% Fibonacci retracement of the decline from 08 Sep 2017 high to 06 Oct 2017 low) follow by 1304/1309 next (upper boundary of a short-term ascending channel from 06 Oct 2017 low + Fibonacci cluster).
• WTI Crude (Nov 2017) – Broke above 50.00 key short-term resistance that invalidated the short-term decline scenario within a long-term complex range configuration in place since Jun 2016.  Yesterday’s rally had led it to hover below an intermediate resistance of 51.42 (pull-back of the former minor ascending trendline from 31 Aug 2017 low + former minor swing low areas of 29 Sep 2017 + 61.8% Fibonacci retracement of the recent decline from 28 Sep 2017 high to 09 Oct 2017 low). Prefer to turn neutral between 51.42 & 49.95.

Stock Indices (CFD) – Uptrend remains intact in U.S, Japan, Hong Kong & Germany

• US SP 500 – Printed another fresh all-time high of 2555 in yesterday (10 Oct) U.S. session before it traded sideways. No change, short-term bullish impulsive upleg from 25 Sep 2017 minor swing low remains intact and tightened key short-term support to 2544 (yesterday’s low + lower boundary of minor ascending channel from 25 Sep 2017 low). Next short-term resistance remains at 2565/70 (upper boundary of ascending channel from 25 Sep 2017 low + Fibonacci projection cluster).
• Japan 225 – Hourly close above 20875 (yesterday’s upper limit of neutrality zone) has validated a further potential push up towards the next resistance at 21000 (upper boundary of the minor ascending channel from 29 Sep 2017 low + Fibonacci projection cluster). Key short-term support now at 20810 (pull-back support of former minor range resistance from 10 Oct 2017).
• Hong Kong 50 – No change, 28300 remains the key short-term support and an hourly close above 28575 is required to reinforce the bullish bias for a further potential up move towards the next resistance at 29100 (Fibonacci projection cluster) in the first step.
• Australia 200 – Inched higher in today (11 Oct) Asian session it is coming close to the significant medium-term range resistance of 5800 that has capped previous up move since Jun 2017. Turn bearish below 5800 for a potential minor drop to retest 5717 intermediate support within a range configuration.
• Germany 30 – No change, short-term bullish impulsive upleg in place since 26 Sep 2017 minor swing low remains intact with key support remains at  12890 (04 Oct 2017 low + 23.6% Fibonacci retracement of the on-going rally from 26 Sep 2017 low + ascending channel support from 29 Aug 2017 low) Next intermediate resistance stands at 13080 (1.618 Fibonacci projection from 04 Oct 2017 minor swing low) follow by 13150 (Fibonacci projection cluster).

 *Levels are obtained from City Index Advantage TraderPro platform  

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