Weekly Technical Analysis
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
| Instrument | Trend | VWAP (20) | Support (StdDev #2) | Resistance (StdDev #2) | RSI |
|---|---|---|---|---|---|
| Germany 40 | Neutral | 16711 | 16548 | 16871 | 48 |
| UK 100 | Bullish | 7676 | 7571 | 7781 | 49 |
| Wall Street | Bullish | 37346 | 37230 | 37795 | 55 |
| Brent Crude | Bearish | 77.76 | 74.40 | 81.14 | 47 |
| Gold | Bullish | 2047 | 2014 | 2081 | 46 |
| EUR/USD | Bullish | 1.098 | 1.086 | 1.110 | 48 |
| GBP/USD | Neutral | 1.2704 | 1.2615 | 1.2788 | 51 |
| USD/JPY | Neutral | 142.68 | 140.25 | 145.11 | 53 |
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.
It's easy to open an account
- Fill in our simple online application form
- Fund your account
- Start trading the global markets instantly!
SEARCH FOR AN ARTICLE:
Enter a keyword and search for all relevant articlesMARKET ANALYSIS
RECENT POSTS
DISCLAIMER
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. For professional clients, spread betting and CFD trading can also result in losses larger than your initial stake or deposit.
Spreadex Ltd is authorised and regulated by the Financial Conduct Authority, provides an execution only service and does not provide advice in any way. Nothing within this update should be deemed to constitute the provision of investment advice, recommendations, any other professional advice in any way, or a record of our trading prices. This update does not constitute or form part of an offer of, or solicitation for a transaction in any financial instrument, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Any persons placing trades based on their interpretation of the comments or information within this update does so entirely at their own risk.
No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained within this update by Spreadex Ltd or any of its employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained within this update.
The information contained within this update is the intellectual property of Spreadex Ltd and is protected by UK and International copyright laws. All rights reserved. Users may however freely download, distribute and reproduce extracts of the contents, subject always to accrediting Spreadex Ltd as the source and providing a hyperlink to www.spreadex.com.
