Weekly Technical Analysis

WEEK COMMENCING 8th april 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

*KEY

Trend direction is set by the slope of the VWAP

Trend phase is determined by the current price relative to the VWAP (20) level and Elliot waves

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

Here's the updated text based on the new data from the table:

Germany 40 has shifted to a corrective phase within its bullish trend, with the price at 18,184, now positioned just below its slightly upward-sloping 20-period VWAP of 18,185. The index has established new support at 17,825 and is encountering resistance near 18,594. The RSI has decreased significantly to 53, suggesting a reduction in positive momentum.

UK 100 continues in a bullish trend, and remains in an impulsive phase, with its price slightly decreased to 7,909, but still just above the slightly upward-sloping 20-period VWAP of 7,867. The index's support level has been adjusted up to 7,689, with resistance identified at 8,045. The RSI has decreased to 58, indicating a shift toward a less bullish sentiment compared to previously.

Wall Street remains in a bullish trend but has entered a corrective phase, with a notable decrease in price to 38,876, now below the upward-sloping 20-period VWAP of 39,233. The index's support is adjusted to 38,422, with resistance determined at 40,043. The RSI has decreased to 45, flipping from bullish to bearish momentum.

Brent Crude has continued its bullish trend in the impulsive phase, with its price increasing to 89.26, above the up-sloping 20-period VWAP of 86.88. The support level is now at 82.84, with resistance closely set at 90.92. The RSI has decreased slightly to 65, indicating a slight reduction in bullish momentum.

Gold continues in a very bullish trend and is still easily in the impulsive phase, with the price increasing significantly to 2,333, well above the 20-period VWAP of 2,218. The support level has been revised down to 2,092, with resistance now at 2,344. The RSI has increased to 77, reflecting an intensified bullish sentiment and a very overbought reading.

EUR/USD has shifted to the corrective phase of its bearish trend in, with its price increasing to 1.0832, now slightly above its downward-sloping 20-period VWAP of 1.0831. The support has been adjusted up to 1.0741, with resistance at 1.0918. The RSI at 49 indicates a significant reduction in negative momentum compared to previously.

GBP/USD continues in a bearish trend within its impulsive phase, with its price increasing towards correction territory at 1.2626, slightly below the 20-period VWAP of 1.2646. The support has been adjusted to 1.2528, with resistance at 1.2763. The RSI at 46 suggests a reduction in bearish sentiment.

USD/JPY has maintained its bullish trend, tracking sideways while still in the  impulsive phase, with its price slightly increased to 151.81, above the 20-period VWAP of 150.11. The support has been adjusted up to 149.57, with resistance at 152.64. The RSI at 64 indicates a slight decrease in bullish momentum compared to the previous reading.