23 Nov: Trend table outlook for FX, Commodities, Indices.

By | November 23, 2017

The action was all around the US$ today and having been sold off sharply, the momentum indicators seem to point to further weakness in the days ahead although today being  a US holiday it may be a rangebound session for most products.

The dollar does look heavy though and this has allowed Gold to rally sharply, which again looks as though it may be in for a near term test of 1300. The longer term charts are not giving us any real conviction of any new trend though, and further choppy trade within the recent range may be the ongoing outcome.

The Aud and kiwi both look as though they may want to test higher ground, although I still suspect that we need to look to sell into strength for the longer term move lower.

WTI still looks good to me for a test of 60.00, and having today made a 2 year high (58.12), a break of the 200 WMA at 58.75 would see a pretty quick run higher I suspect.

In the absence of the US today, I think it will be mostly rangebound, so no trade ideas for Thursday.