17-Feb-17: Trend table outlook for FX, Commodities, Indices

By | February 17, 2017

Further short term US$ weakness seems to lie ahead although in the absence of any data it may end up being a choppy session without doing too much. As we thought yesterday, although the Aud did make new trend highs, it has since been unable to carry on and now looks a little heavy ahead of the Friday session. Stocks may be in for some near term consolidation within the longer term uptrend while the metals may be ready to take further advantage of the dollar’s current soft tone.

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*Trade of the day: 2/17/2017 8:27 AM (AET)

EurUsd: Looks as though it could be a range trade, using parameters of 1.0640/1.0700.Use that as a guide, with a 20 point SL on either side.

*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.

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EURUSD

USDJPY

GBPUSD

USDCHF

AUDUSD

NZDUSD

1 Hour

Up – Becoming Overbought

Down – Becoming Oversold

Neutral

Down – Becoming Oversold

Down

Neutral

4 Hour

Up

Down

Turning higher

Down

Neutral –Turning lower?

Neutral –Turning higher?

Day

Down –Turning Neutral?

Turning higher

Neutral

Turning higher

Neutral

Down

Week

Neutral

Turning lower

Up

Turning lower

Neutral -Turning Higher?

Neutral – Turning higher?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

S+P

DJI

ASX SPI

GOLD

SILVER

OIL-WTI

1 Hour

Neutral

Neutral

Neutral

Turning lower

Neutral

Neutral

4 Hour

Turning lower

Turning lower

Turning lower

Up

Turning higher

Turning higher

Day

Up

Up

Up

Neutral

Turning higher

Neutral

Week

Up –Overbought.

Up –Overbought.

Turning higher?

Turning higher.

Neutral –Turning higher?

Neutral

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EURJPY

EURGBP

GBPAUD

AUDJPY

EURAUD

AUDNZD

1 Hour

Neutral

Up

Neutral

Down –Becoming Oversold?

Up

Neutral

4 Hour

Neutral

Turning higher

 

Turning higher

Down

Up

Down

Day

Neutral

Neutral

Neutral

Turning higher?

Turning lower

Up

Week

Turning lower?

 

Neutral – Turning lower?

Neutral

Up – Possible topping formation.

Neutral –Turning lower

Neutral –Turning higher?

 


Green = Possible Buy Opportunity.

Red = Possible Sell Opportunity.

The products marked in red/green suggest either a short term (1hour/4 hour charts) or a longer term trend, where the dailies are aligned or seem to be aligning with the weekly indicators.

The shorter term (1+4 hour)) momentum indicators may also be aligned with the longer term charts, but equally likely, they may be pointing in the opposite direction and may suggest a buy or sell level on a pullback, in which case they may show a short term bias that differs from the longer term trend. In order to work out the short term trades, or to look for levels at which to enter the market hoping to take advantage of the longer term trend, this table should be used in conjunction with the daily outlook on www.fxcharts.net using the buy/sell support/resistance levels mentioned in the individual currency pairs, commodities or indices as a guide.

The trend tables are based on the direction of the oscillators for the various time frames, using a combination of MACDs, RSIs and Slow Stochastics.