Technical Analysis Weekly

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.

WEEK COMMENCING 3rd february 2025

Summary

*KEY

Trend is set by the slope of the VWAP over 50 periods

Phase is determined by the current price relative to the VWAP (20) level (above or below)

Support & Resistance are set by the StdDev #2 Lower and Upper respectively.

Momentum is determined by the RSI level (70 as overbought and under 30 as oversold).

Analysis

Germany 40

Germany 40 sustains its strong bullish momentum in an impulsive phase, currently trading at 21,294, well above its VWAP (20) of 21,041. Support is established at 20,089, while resistance is set at 21,994. With an RSI of 60, bullish sentiment remains intact, though price action suggests potential consolidation before further gains.

UK 100

The UK 100 remains in an aggressive bullish impulsive move but has sustained a sharp correction over the weekend. Price is at 8,557, surpassing its VWAP (20) of 8,463. The nearest support is located at 8,200, while resistance is defined at 8,726. An RSI reading of 59 confirms continued positive momentum, with upside potential still in play.

Wall Street

Wall Street continues to advance in its bullish impulsive trend, hovering at 43,928, just above its VWAP (20) of 43,920 but having dropped back from the record high. Support is firm at 42,121, with resistance looming at 45,531. The RSI at 51 indicates moderate momentum, suggesting that a fresh breakout or pullback may shape the next directional move.

Brent Crude

Brent Crude is undergoing a corrective phase within its broader bullish trend, currently trading at 7,664, below the VWAP (20) of 7,829. Support sits at 7,455, while resistance is at 8,203. With RSI at 47, momentum is neutral, indicating that the correction phase may continue before a potential resumption of the bullish trend.

Gold

Gold is in a strong bullish impulsive phase hitting a new record high last week, trading at 2,795, comfortably above its VWAP (20) of 2,735. Support is identified at 2,650, while resistance is at 2,821. With an RSI of 68, gold has pulled back from overbought conditions, signaling the potential for near-term profit-taking before another leg higher.

EUR/USD

EUR/USD is back in an impulsive phase of its downtrend, trading at 1.0238, below its VWAP (20) of 1.0352. Support is holding at 1.0186, while resistance is established at 1.0519. With RSI at 35, bearish pressure persists.

GBP/USD

GBP/USD is maintaining its bearish trajectory in a new impulsive phase, currently at 1.2303, just under its VWAP (20) of 1.2320. Support is seen at 1.2108, with resistance at 1.2524. RSI at 42 suggests ongoing stabilisation, with the pair potentially attempting a corrective move before resuming its downtrend.

USD/JPY

USD/JPY remains in a bullish corrective phase, trading at 155.08, slightly below its VWAP (20) of 155.91. Support is firm at 153.93, while resistance is positioned at 157.89. The RSI at 45 suggests bearish (but a push towards more bullish) sentiment, though price action via the break of the down trendline indicates a potential renewal of the uptrend.