19-Dec-16: Trend table outlook for FX, Commodities,Indices

By | December 19, 2016

Markets look a bit mixed on Monday although the medium term US$ strength looks set to continue in the days/weeks ahead. The shorter term indicators though do suggest some consolidation and the chance of a minor bounce in the counterpart currencies, in which case this might prove to be a new US$ buying opportunity. The Aud and the Kiwi both look weak, with today’s MYEFO unlikely to help the Aud$ out at all. Staying short of both these currencies seems to be the medium term theme. Equities look a little choppy and the metals are finding some support so while I suspect both are going lower in the medium term, today may be one of moving sideways, with the metals looking as though they could squeeze a little higher through the coming session. As the week wears on, liquidity will become thinner so some exaggerated moves are possible and position squaring ahead of Friday looks like dominating the price action.

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.

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EURUSD

USDJPY

GBPUSD

USDCHF

AUDUSD

NZDUSD

1 Hour

Neutral

Down

Turning higher

Down

Becoming Oversold –Bearish Divergence

Becoming Oversold –Bearish Divergence

4 Hour

Becoming Oversold – Turning higher

Turning lower

Turning higher

Turning lower

 

Down

               

Down

               

Day

Turning lower

Overbought 

Turning lower

Turning higher

Turning lower

Turning lower

Week

Turning lower

Up

Turning higher

Turning higher

Neutral –Turning lower?

Neutral – Turning lower

 

 

 

 

 

 

 

S+P

DJI

ASX SPI

GOLD

SILVER

OIL-WTI

1 Hour

Neutral

Neutral

Neutral

Neutral

Up

Up

4 Hour

Down

Down

Neutral

Turning higher

Turning higher

Turning higher

Day

Possible topping formation

Possible topping formation

Possible topping formation

Possible basing formation

Turning lower

Possible topping formation

Week

Up – Bearish Divergence?

Up

Turning higher

Down

Neutral -Turning lower?

Neutral

 

 

 

 

 

 

 

 

EURJPY

EURGBP

GBPAUD

AUDJPY

EURAUD

AUDNZD

1 Hour

Neutral

Neutral

Up –Overbought- Possible topping formation?

Down –Becoming Oversold

Up – Becoming Overbought

Neutral

4 Hour

Neutral

Neutral

Turning higher

Down

Turning higher

Turning higher

Day

Possible topping formation

Neutral

Neutral

Up –Possible topping formation

Neutral

Neutral

Week

Up

 

Down

Turning higher

Up

Neutral

Neutral