7-Feb-17: Trend table outlook for FX, Commodities, Indices

By | February 7, 2017
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Yesterday’s call for safe haven demand proved correct, with both the Yen and Gold being beneficiaries, and it looks like we could see more of the same in coming sessions which may turn into bad news for the stock markets, although at this stage they have yet to pick up any real downside momentum. I think they may be worth watching though. The ASX looks to have more downside ahead of it although the US markets look less certain but I prefer to sell rallies with a SL placed just above the all time highs in the S+P and the DJI. Elsewhere things look a little more cloudy, but trading the Yen from the long side, against both the US$ and the Euro (and Gbp +Aud) looks t be the plan. In the commodities, the metals seem set to remain underpinned, while WTI would appear to have further near-term downside potential.

 

EURUSD

USDJPY

GBPUSD

USDCHF

AUDUSD

NZDUSD

1 Hour

Turning higher

Down

Turning higher

Turning lower

Turning higher

Turning higher

4 Hour

Turning lower?

Turning lower

Turning lower

Neutral

Turning lower

Neutral

Day

Turning higher – Possible topping formation?

Down

Turning lower?

Down – Possible basing formation?

Up – Possible topping formation?

Up –Possible topping formation?

Week

Turning Higher

Turning lower

Up

Turning lower

Neutral -Turning Higher

Neutral – Turning higher?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

S+P

DJI

ASX SPI

GOLD

SILVER

OIL-WTI

1 Hour

Down.

Overbought.

Turning higher

Up –Becoming Overbought

Turning higher

Down

4 Hour

Turning lower

Turning higher

Turning lower

Up

Turning higher

Turning lower

Day

Neutral

Neutral

Turning lower

 

Turning higher

Turning higher

Neutral

Week

Up –Possible topping formation

Up –Possible topping formation

Possible Topping Formation.

Turning higher.

Neutral –Turning higher?

Neutral

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EURJPY

EURGBP

GBPAUD

AUDJPY

EURAUD

AUDNZD

1 Hour

Down – Becoming Oversold

 

 

Neutral

Neutral

Down

Neutral

Neutral

4 Hour

Down

Neutral

Turning higher?

Turning lower?

Neutral

Down

Day

Turning lower

Neutral

Neutral – Turning lower?

Neutral

Neutral –Turning lower?

Neutral –Turning higher?

 

Week

Turning lower?

 

Neutral – Turning lower?

Turning higher

Up – Possible topping formation.

Neutral

Neutral

 


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.