21-Dec: Trend table outlook for FX, Commodities,Indices

By | December 21, 2016

After a session of general consolidation, as we head towards the Christmas break, the theme still seems to be one of an expectation of medium term dollar strength. This applies particularly to the trends seen against the Euro, Chf, Aud and Nzd. However in the short term, the charts do hint that we could see a possible squeeze higher for the Aud and the Nzd today, in which case selling into rallies would seem to the the plan. Otherwise there is not a lot to go on, although while WTI holds on above the 51.00 major neckline of the reverse head/shoulder formation further gains seem possible, where as we have said before, the H/S objective is at 82.00. Any decent gains here though will be dependent on the production cuts being adhered to by all members of the recent OPEC agreement to do so. If long of WTI, keep stops tight under 51.00 as the first signs of a crack in the OPEC deal would see WTI head quickly lower. In the meantime, further gains look possible.

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

Neutral

Turning higher

Neutral

Up

Up

4 Hour

Neutral –Turning higher?

Neutral – Turning lower?

Neutral

Neutral

 

Turning higher

               

Turning higher

               

Day

Down

Overbought 

Turning lower

Turning higher

Turning lower

Turning lower

Week

Down

Up

Turning higher

Up

Neutral –Turning lower?

Neutral – Turning lower

 

 

 

 

 

 

 

S+P

DJI

ASX SPI

GOLD

SILVER

OIL-WTI

1 Hour

Neutral

Neutral

Neutral

Turning higher

Up

Neutral

4 Hour

Neutral

Neutral

Turning higher

Neutral

Turning higher

Turning higher

Day

Neutral

Neutral

Neutral

Possible basing formation

Turning lower

Turning higher

Week

Up

Up

Turning higher

Down

Neutral -Turning lower?

Turning higher?

 

 

 

 

 

 

 

 

EURJPY

EURGBP

GBPAUD

AUDJPY

EURAUD

AUDNZD

1 Hour

Neutral

Neutral

Neutral

Neutral

Neutral

Neutral

4 Hour

Neutral

Neutral

Neutral

Turning higher

Turning lower

Turning higher

Day

Possible topping formation –Turning lower?

Neutral – Turning higher?

Neutral

Possible topping formation

Neutral

Neutral

Week

Up

 

Down

Turning higher

Up

Neutral

Neutral