Daily Key Short Term Technical Levels Wed 15 Nov 2017

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By :  ,  Financial Analyst

FX –  Further potential JPY strength against USD

  • EUR/USD – Rallied as expected through the bullish breakout of the predefined 1.1690/1712 (medium-term upside trigger). Current price action is coming close to the short-term resistance/target of 1.1825/1840 (printed a high of 1.1805 in yesterday, 14 Nov U.S. session). At risk of a minor pull-back as the 4 hour Stochastic oscillator has reached an extreme overbought level at the 95%. Prefer to turn neutral now between 1.1840/1880 (2.00 Fibonacci projection of the current up move from 07 Nov 2017 low + medium-term swing high area of 12 Oct 2017) & 1.1745 (yesterday, 14 Nov U.S. session low + 23.6% Fibonacci retracement of the current up move from 07 Nov 2017 low).
  • GBP/USD -  No change, maintain bullish bias above 1.3030 range support of the sideways configuration in place since 06 Oct 2017 low for a potential push up to retest 13 Nov 2017 high of 1.3230 and the aforementioned sideways configuration range upper limit/resistance of 1.3300/3325.
  • AUD/USD -  Dropped as expected right below the predefined 0.7646 key short-term resistance and hit the short-term support/target of 0.7580 (printed a current intraday low of 0.7576 in today, 15 Nov Asian session reinforced by a weaker AU wage growth for Q3, 0.3% versus consensus of 0.7%). A risk of a minor corrective rebound/consolidation, prefer to turn neutral now between 0.7560 & 0.7625 (former minor range support from 27 Oct 2017 low).
  • NZD/USD – Continued to inch down as expected. Maintain bearish bias below tightened key resistance now at 0.6905 (minor descending trendline from 09 Nov 2017 high + 50% Fibonacci retracement of the on-going decline from 09 Nov 2017 high to yesterday’s low) for a further potential push down to retest the 27 Oct 2017 swing low area of 0.6820 before targeting the next intermediate support of  0.6745/6720 (lower boundary of a minor descending channel from 17 Oct 2017 high + Fibonacci projection cluster).
  • USD/JPY – Drop in progress. Maintain bearish bias below tightened key short-term resistance at 113.90 for a further push down towards the 113.00 downside trigger level (neckline of a minor “Toppish” configuration in place since 27 Oct 2017 high as seen in the 1 hour chart) & a break below 113.00 is likely to see a potential downside acceleration towards the next intermediate support at 112.50/30 (minor swing low area of 19 Oct 2017 + 1.00 Fibonacci projection of the down move from 06 Nov 2017 high to 10 Nov 2017 low projected to yesterday, 14 Nov high).

Commodities – Further potential corrective decline in WTI

  • Gold –  No change, still evolving within a range configuration, thus maintain neutrality stance between 1290 & 1265.
  • WTI Crude (Dec 2017) – Declined as expected from the predefined 57.53 key short-term resistance and hit the first short-term support/target of 55.60 (printed a low of 54.82 in yesterday, 14 Nov U.S. session). Maintain bearish bias with a tightened key short-term resistance now at 56.68 (former minor swing low areas of 09/14 Nov 2017) for a further potential push down towards the next intermediate supports at 54.00 follow by 52.82/70 next (61.8% Fibonacci retracement of the recent up move from 06 Oct 2017 low to 09 Nov 2017 high).

 Stock Indices (CFD) – Further potential downside with SP 500 vulnerable for a bearish breakdown

  • US SP 500 – Dropped as expected right below the 2588/89 predefine key short-term resistance towards the short-term support/target of 2565 (printed a low of 2566 in yesterday, 14 Nov U.S. session before it staged a rebound to close at 2579). No change, maintain bearish bias below 2588/89 key short-term resistance and a break below 2565 support (medium-term downside trigger level + minor “Head & Shoulders” neckline support) is likely to see a potential downside acceleration towards the next intermediate support at 2544 (see latest weekly technical outlook). Also, the key short-term resistance will be tightened to 2580 (minor descending trendline from 09 Nov 2017 high) if 2565 breaks down in the U.S. session.
  •  Japan 225 – Drop in progress as expected. Maintain bearish bias below tightened key short-term resistance now at 22550 (minor swing high of 14 Nov 2017 +  minor descending trendline from 10 Nov 2017 high) for a further potential push down towards 22000 follow by the next intermediate support of 21650/600 (minor swing low areas of 24/26 Oct 2017 + 1.00 Fibonacci projection of the down move from 09 Nov 2017 high).
  • Hong Kong 50 –  Dropped as expected right below the predefined key resistance of 29300/315 and hit the short-term support zone/target of 28970/28890 (printed a current intraday low of 28949 in today, 15 Nov Asian session). Maintain bearish bias with a tightened key short-term resistance now at 29110/130 (today’s gapped down) for a further potential push down to test the next intermediate support at 28670/560 (former minor swing high area of 30 Oct/06 Nov 2017).
  • Australia 200 – Continued to inch lower as expected through the bearish break of 5970 (lower limit of the neutrality range as per highlighted in our latest weekly technical outlook). Further potential weakness has been validated in the medium-term (1-3 weeks). Maintain bearish bias in the short-term (1-3 days) below tightened key short-term resistance now at 5970 for a further potential push down towards the next intermediate support at 5905/5900 in the first step (minor swing low area of 31 Oct 2017 + 38.2% Fibonacci retracement of recent up move from 04 Oct 2017 to 09 Nov 2017 high).
  • Germany 30 – Drop in progress as expected. Maintain bearish bias with a tightened key short-term resistance now at 13140 (yesterday, 14 Nov high + upper boundary of the minor descending channel from 07 Nov 2017 high) for a further potential decline to test 12900 intermediate support and a break below is likely to open up scope for a downside acceleration towards 12720/700 next (1.236 Fibonacci projection of the on-going down move from 07 Nov 2017 high + 50% Fibonacci retracement of the previous up move from 29 Aug 2017 low to 07 Nov 2017 high). 

*Levels are obtained from City Index Advantage TraderPro platform  

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Related tags: Commodities Forex Indices

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