6-Dec-16: Trend table outlook for FX, Commodities,Indices

By | December 6, 2016

Trending Table:  Tuesday, December 6, 2016

Daily Outlook:

It was a busy Monday but the upshot appears to be that we are in for further near-term US$ weakness, with all the majors lining up in assorted time frames to place further pressure on the downside. Note that the Euro made a key day reversal to the topside against the dollar today. Sterling looks ok too, although the High Court Appeal currently going on against Brexit may cause some volatility. In the crosses, Eur/Jpy looks set to be choppy in the near term but the longer term trend remains higher, as does Aud/Jpy. Stocks and metals best look left alone, while WTI looks bid, although it is toying with the Head/Shoulders neckline at 51.30 so some caution is warranted at these levels.  

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.

 

 

EURUSD

USDJPY

GBPUSD

USDCHF

AUDUSD

NZDUSD

1 Hour

Up Becoming Overbought

Neutral

Neutral

Down

Up –Possible topping formation

Up

4 Hour

Up

Turning lower

Up –Possible topping formation

Neutral

Turning higher

Neutral –Turning higher

Day

Up

Overbought –Turning lower

Turning higher

Turning lower

Turning higher

Turning higher

Week

Turning lower

Up

Turning higher

Turning higher

Neutral – Turning lower?

Neutral – Turning lower?

 

 

 

 

 

 

 

 

 

S+P

DJI

ASX SPI

GOLD

SILVER

OIL-WTI

1 Hour

Possible topping formation – Turning lower?

Turning lower

Neutral

Neutral

Neutral

Turning lower

4 Hour

Turning higher

Neutral

Neutral

Turning higher? –

Neutral

Becoming Overbought –Turning lower

Day

Turning lower

Possible topping formation

Neutral

Down –Possible basing formation

Turning higher

Up

Week

Turning higher – Bearish Divergence?

Turning higher –Possible Bullish Divergence?

Turning higher

Turning lower

Neutral

Neutral

 

 

 

 

 

 

 

 

EURJPY

EURGBP

GBPAUD

AUDJPY

EURAUD

AUDNZD

1 Hour

Turning lower

Up

Neutral

Turning lower

Up

Turning lower

4 Hour

Turning higher -Bearish Divergence?

Turning higher

Neutral

Neutral

Neutral

 

Turning higher

Day

Up

Neutral –Turning higher?

Neutral -Turning higher ?

Up

Neutral

Neutral

Week

Up

 

Down

Turning higher

Turning higher

Neutral

Neutral