20-Sep-17: Trend table outlook for FX, Commodities, Indices.

By | September 20, 2017

Ok, normal service is resumed today, and it generally looks a little mixed ahead of the FOMC decision due later in the session, when no change to policy is expected although the commencement of balance sheet reduction by the Fed is widely thought to be imminent, as has been regularly flagged over recent months.

From a technical perspective it looks likely to be a choppy day and there is little to go on although both the Aud and the Kiwi look as though they may have a bit of short term upside momentum. For the Kiwi we get the latest Current Account figures although the focus will be on the upcoming election so I would not expect too much movement there today. The Aud will look to the WBC Consumer Confidence figure and a speech by Luci Ellis, the Assistant RBA Governor (Economic) at the Australian Business Economists (ABE) Lunchtime Briefing.

Elsewhere, Cable appears to be in for a continuation of its medium term recovery, looking more positive against both the US$ and on the crosses (Eur & Aud).

Gold and Silver could also continue to squeeze a bit higher today although I prefer to use and short term strength to sell into, but with a relatively tight stop loss on each.

Overall I think the US$ may squeeze a bit higher given the likelihood of the Fed announcement of the reduction of the BOS, but it is probably prudent to be square heading into the decision, late NY time Wednesday.

————————————————————————————————————————–

 

EURUSD

USDJPY

GBPUSD

USDCHF

AUDUSD

NZDUSD

1 Hour

Neutral

Neutral

Neutral

Neutral

Turning higher

Turning higher

4 Hour

Up

Possible topping formation

Down

Neutral

Turning higher

Turning higher

Day

Neutral

Turning higher

Up

Neutral-Turning higher?

Neutral –Turning lower?

 

Turning higher

Week

Up – Possible topping formation

Neutral – Turning higher?

Turning higher

Neutral

Neutral

Neutral

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

S+P

DJI

ASX SPI

GOLD

SILVER

OIL-WTI

1 Hour

Neutral

Neutral

Neutral

Turning higher

Turning higher

Neutral

4 Hour

Bearish Divergence?

Becoming Overbought

Neutral

Turning higher

Turning higher

Turning lower

Day

Turning higher

Turning higher

Neutral

Turning lower

Turning lower

Turning higher

Week

Neutral -Bearish Divergence

Neutral -Bearish Divergence

Neutral

Neutral

Neutral

Neutral

 

 

 

 

 

 

 

 

EURJPY

EURGBP

GBPAUD

AUDJPY

EURAUD

AUDNZD

1 Hour

Neutral

Neutral

Neutral

Bearish Divergence

Neutral

Neutral

4 Hour

Possible topping formation.

Turning higher

Turning lower

Turning higher?

Neutral

Neutral

Day

Turning higher

Turning lower

Turning higher

Turning higher

Neutral

 

Turning lower

Week

Neutral –Turning higher?

Turning lower

Neutral –Turning higher?

Neutral

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), a medium term trend (4 hour/daily charts) or a longer term (daily/weekly) trend may be forming or underway

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 or the trading ideas 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.