17 Jan:  Trade possibilities and Trend Table outlook for FX, Commodities, Indices.

17 Jan: Trade possibilities and Trend Table outlook for FX, Commodities, Indices.

It has been another choppy sideways session on Thursday although the stock markets continue to grind ever higher, and from the look of the charts this may well continue to be the case. In particular, having now broken above 7000, the ASX appears t be very well underpinned.

The currency markets are non-directional, and further choppy sideways trade may lie ahead although keep an eye on the Aud$, which may be in the process of forming a head/shoulder top, which if this is the case, on a break below 0.6850 would have a measured target of around 0.6665. Elsewhere, EurUsd may be forming a small bearish flag, which could see a run towards 1.1085. On the other hand, Sterling looks a bit more positive today and the short term momentum indicators do suggest the chance of some Sterling gains against both the Euro and the Aud$.  US$Jpy is coming up against heavy resistance at 110.20/50 but a break of this area could see a stronger advance towards 112.40.

WTI may see some short term gains but nothing to get excited about and I still prefer to sell rallies towards 60.00.

EURUSD USDJPY GBPUSD USDCHF AUDUSD NZDUSD
1 Hour Turning Lower? Turning Higher Neutral – Turning Higher? Turning Higher Turning Lower? Turning Lower
4 Hour Turning Neutral Turning Neutral Neutral – Turning Higher? Bullish Divergence Neutral – Turning Lower? Turning Neutral
1 Day Turning Neutral Neutral – Turning Higher? Neutral – Turning Lower? Turning Neutral Neutral – Turning Lower? Turning Lower
1 Week Neutral Neutral Turning Neutral Neutral Neutral – Turning Higher? Neutral – Turning Higher?

 

DXY S+P ASX200 GOLD SILVER OIL_WTI
1 Hour Turning Higher Neutral – Turning Higher? Turning Higher Neutral Neutral Neutral
4 Hour Turning Neutral Turning Higher Up Neutral Neutral Turning Higher?
1 Day Turning Higher Turning Higher? Up Possible Topping Formation Turning Lower? Turning Lower
1 Week Neutral – Turning Lower? Up – Overbought Neutral – Turning Higher? Bearish Divergence Neutral – Turning Higher? Neutral

 

EURJPY EURGBP GBPAUD AUDJPY EURAUD AUDNZD
1 Hour Neutral Neutral – Turning Lower? Turning Higher Neutral Neutral Possible Basing Formation
4 Hour Turning Neutral Neutral – Turning Lower? Neutral – Turning Higher? Turning Neutral Neutral Turning Lower?
1 Day Neutral – Turning Higher? Neutral Neutral Neutral – Turning Higher? Neutral Turning Higher
1 Week Neutral Possible Basing Formation Turning Neutral Neutral Neutral Turning Lower?

 

 

 

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