Weekly Technical Analysis

Week commencing 8th JANUARY 2024

Start your week by identifying the key price levels and trends.

The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.

NOTE: These charts use the ‘Pro Trading Tools’ available on the SpreadEx trading platform. To use them, log in to your SpreadEx Financials Account and click ‘Technical’ from the menu on any chart.

Summary

Germany 40

The trend is currently neutral with the price oscillating around the 20-period VWAP of 16,711. The index has support at 16,548 and resistance at 16,871. The RSI at 48 indicates a market that is neither overbought nor oversold, suggesting a potential for either direction in the near term.

UK 100

The index is showing a bullish trend with price consolidating around the 20-period VWAP of 7,676. Support lies at 7,571, and resistance is at 7,781. The RSI is at 49, hinting at a balanced market with potential for continued upward movement if buying pressure increases.

Wall Street

Exhibiting a bullish trend with the current price have dipped below the 20-period VWAP of 37,346 for the first time since November. It has support at 37,230 and resistance at 37,795. With an RSI of 55, the index is showing moderate bullish momentum but looks susceptible to rolling over.

Brent Crude Oil

In a bearish phase but the price is back above the 20-period VWAP of 77.76. The commodity finds support at 74.40 and resistance at 81.14. The RSI of 47 suggests the market is neither overbought nor oversold, but the bearish trend could continue if the price falls back below the VWAP.

Gold

The commodity is bullish, but in a retracement with the price trading below the 20-period VWAP of 2,037. Support is found at 1,980, with resistance at 2,095. An RSI of 61 shows a healthy bullish trend without immediate overbought concerns, suggesting the potential for continued upward movement.

EUR/USD

The currency pair is in a bullish trend, but with the current price below the 20-period VWAP of 1.0943. Support is present at 1.0727, and resistance at 1.1159. The RSI at 59 indicates a moderate bullish momentum, with room for upward movement before hitting overbought conditions.

GBP/USD

Demonstrating a bullish trend above its 20-period VWAP of 1.2673. The pair has support at 1.2521 and faces resistance at 1.2825. The RSI stands at 59, suggesting that there is still some upward momentum before the market becomes overbought.

USD/JPY

The pair shows a bearish trend with its price below the 20-period VWAP of 142.83. It has established support at 139.88 and resistance at 145.77. The RSI at 34 is leaning towards oversold territory, which could potentially lead to a bounce back if bullish pressure emerges.