3-Jul-17: Trend table outlook for FX, Commodities, Indices

By | July 3, 2017

While the short term momentum indicators for the US$ against the major pairs are mixed and recovering after having become overstretched the longer term outlook suggests that further dollar weakness lies ahead. While we are up against important support/resistance levels on almost all fronts (see weekly currency charts).which may hold for now, a break would suggest that further directional dollar weakness may not be too far away. Selling into any short term US$ strength seems to be the plan at the start of the week.

Elsewhere, WTI still looks good for further gains, while in the crosses, the Yen appears set to remain under pressure on all fronts.

 

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*Trade of the day: 7/3/2017 7:43 AM (AET)

Buy EurUsd @ 1.1380. SL @ 1.1280, TP @ 1.1600

Buy EurJpy @ 127.50. SL @ 126.50, TP @ 130.40 (200 DMA)

*This is a personal opinion only, based on the look of the table below, and carries no guarantee of success.

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EURUSD

USDJPY

GBPUSD

USDCHF

AUDUSD

NZDUSD

1 Hour

Neutral

Turning lower

Neutral

Neutral

Neutral

Neutral

4 Hour

Turning lower

Neutral

Turning lower

Turning higher

Turning lower

Neutral

Day

Turning higher

Turning higher

Turning higher

Turning lower – Bullish Divergence?

Up

 

Up – Turning Neutral

Week

Up

Neutral

Turning higher

Turning lower

Turning higher

Turning higher

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

S+P

DJI

ASX SPI

GOLD

SILVER

OIL-WTI

1 Hour

Neutral

Neutral

Turning higher

Neutral

Neutral

Up

4 Hour

Neutral

Neutral

Turning lower

Neutral – Turning lower?

Neutral

Up

Day

Turning lower

Turning lower

Turning higher

Neutral – Turning lower?

Neutral

Turning higher

Week

Bearish Divergence

Bearish Divergence

Turning lower

Neutral

Neutral

Neutral –Turning lower?

 

 

 

 

 

 

 

 

EURJPY

EURGBP

GBPAUD

AUDJPY

EURAUD

AUDNZD

1 Hour

Neutral

Neutral

Neutral

Neutral

Neutral

Neutral

4 Hour

Turning lower

Turning lower

Neutral

Turning lower?

Turning lower

Turning lower

Day

Turning higher

Neutral

Neutral

Turning higher

Neutral

Turning higher

Week

Turning higher

Turning higher

Neutral

Neutral

Neutral

Turning lower


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 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.