Trend table outlook for FX, Commodities, StockIndices: 28-Nov-16

By | November 28, 2016

Trending Table:  Monday, November 28, 2016

Weekly outlook:

While the long US$ medium trade seems to be intact at the start of the week, some caution is warranted as some of the major pairs (Eur, Chf, Aud) may be showing early signs of basing in the daily charts, which if correct could at least mean some consolidation and possibly a dip in the dollar and a squeeze to the topside for those 3 majors. If so, any selloff in the US$ would appear to present a decent medium term buying opportunity as I suspect that heading into 2017, the current trend is going to continue. The short term Yen pairs seem to be over extended, and EurJpy and ChfJpy in particular, appear to have some near-term downside potential although, as with last week, the longer term uptrend for both remains firmly intact.

The other interesting short-term trade seems to be in WTI, where the 1 and 4 hourlies are aligning lower although the longer term charts remain flat, so any major selloff seems unlikely unless this week’s OPEC gathering completely falls apart.

Stocks appear to be set to continue to grind slowly higher, although I remain very suspicious and do not really care to become involved at the US indices all-time highs. The ASX SPI, which is rapidly picking up momentum in the longer term picture, does appear slightly overbought in the short term and contrarian traders may want to take a look at the 1 and 4 hour charts which hint at the chance of some downside momentum today. Having said that, the longer term outlook for the ASX seems set to remain positive, in line with the US indices.

 

Green = Possible Buy Opportunity.

Red = Possible Sell Opportunity.

The products marked in red/green mark suggest ether a short term (1 hour/4 hour charts) or a longer term trend, where the dailies are aligned (or seem to be aligning with) with the weekly indicators.

The shorter term (1+4 hours) momentum indicators may also be aligned with the longer-term charts, but equally likely may be pointing in the opposite direction and may suggest a buy or sell level on a pull back, in which case a particular product may show a short term bias that differs from the longer term bias. In order to work out shorter 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 www.fxcharts.net daily outlook, using the buy/sell support and 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; MACDs, RSIs, Slow Stochastics

 

 

EURUSD

USDJPY

GBPUSD

USDCHF

AUDUSD

NZDUSD

1 Hour

Neutral –

Neutral

Neutral

Neutral

Turning lower

Neutral

4 Hour

Up

Turning lower

Neutral

Turning lower

Neutral – Turning higher

Turning higher

Day

Becoming Oversold – Possible basing formation

Up –Becoming Overbought

Neutral

Up –Possible topping formation

Down – Possible basing formation

Down

Week

Turning lower

Up

Oversold- turning higher

Turning higher

Turning lower

Down

 

 

 

 

 

 

 

 

S+P

DJI

ASX SPI

GOLD

SILVER

OIL-WTI

1 Hour

Neutral

Neutral

Neutral – Turning lower?

Neutral

Neutral

Down

4 Hour

Neutral

Neutral

Overbought – Turning lower

Turning higher

Turning higher

Down

Day

Up

Up

Up

Down

Down

Neutral

Week

Turning higher

Turning higher

Turning higher

Turning lower

Neutral

Neutral

 

 

 

 

 

 

 

 

EURJPY

EURGBP

GBPAUD

AUDJPY

EURAUD

AUDNZD

1 Hour

Down

Turning lower

Neutral

Neutral

Neutral

Neutral

4 Hour

Becoming Overbought – Turning lower

Neutral

Neutral

Becoming Overbought – Turning lower  

Neutral

 

Turning lower

Day

Up-

Down

Neutral -Turning higher?

Up

Neutral

Neutral

Week

Up

 

Down

Turning higher

Turning higher

Neutral

Neutral

 

 

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