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

By | February 2, 2017
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The FOMC has left markets rather uninspired, although Cable has had another good day and I suspect that even higher levels lie ahead. Buying dips against the dollar or selling rallies in the cross, EURGBP, both seem to have some credence, with the BOE Meeting and Inflation report likely to inspire some volatility today. Elsewhere, the dollar does seem to have further downside in the days ahead although right now it looks set to stay choppy in the absence of any major data today, while waiting on tomorrow’s jobs data. I still think stock markets might head lower in the days/week’s ahead but the charts are not yet showing any clear pattern so caution is required.  Keep an eye on WTI. It is rangebound right now, doing nothing,  but the reverse head shoulder formation is valid and has a target of around 80.00. Sub 50.00 would invalidate the theory.

 

EURUSD

USDJPY

GBPUSD

USDCHF

AUDUSD

NZDUSD

1 Hour

Neutral

Neutral

Neutral

Neutral

Neutral

Turning higher

4 Hour

Turning lower?

Neutral

Up

Turning higher

Neutral

Turning lower

Day

Turning higher?

Neutral -Turning lower?

Up

Down

Neutral – Turning lower?

Up –Possible topping formation?

Week

Turning Higher

Turning lower

Up

Turning lower

Turning Higher

Neutral – Turning higher?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

S+P

DJI

ASX SPI

GOLD

SILVER

OIL-WTI

1 Hour

Neutral

Neutral

Turning lower

Neutral

Neutral

Up

4 Hour

Neutral

Neutral

Up

Neutral

Neutral

Neutral

Day

Neutral –Turning lower?

Neutral –Turning lower?

Down

 

Neutral

Turning higher

Neutral

Week

Up – Possible topping formation?

Up – Possible topping formation?

Possible Topping Formation.

Turning higher.

Neutral

Neutral

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EURJPY

EURGBP

GBPAUD

AUDJPY

EURAUD

AUDNZD

1 Hour

Neutral

 

 

Turning lower

Turning lower?

Turning higher

Turning lower

Overbought- turning lower?

4 Hour

Neutral

Turning higher

Turning higher

Turning higher?

Neutral

Turning higher

Day

Neutral

Neutral –Turning lower?

Neutral

Neutral

Neutral

Neutral

Week

Up – Turning Neutral?

 

Neutral – Turning lower?

Turning higher

Up – Possible topping formation.

Neutral

Neutral

 


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.