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.

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

Germany 40 is pushing the upper boundary of its sideways trend, having broken out of a tight sideways consolidation, with the price increasing to 18,556.1, now above the VWAP of 18,229.9. Support and resistance levels have adjusted to 17,931.4 and 18,555.4, respectively. The RSI has increased to 59, indicating rising momentum.

UK 100 remains in a neutral sideways trend, with the price stuck in the middle of a tight range, just above the VWAP of 8202. Support has adjusted to 8,122.6, while resistance has increased to 8,283.1. The RSI is at 51.27, reflecting a lack of momentum in either direction.

Wall Street has entered a new bullish trend but remains below the May peak, with the price recently increasing to 39,390, now above the VWAP of 39,138.7. Support and resistance levels have adjusted to 38,759.4 and 39,388.0, respectively. The RSI has increased to 60.87, signalling a slight decrease in bullish momentum compared to the previous report.

Brent Crude remains in a bullish trend and continues in an impulsive phase albeit with a downturn in the last few days to just above the VWAP of 8,323. Support has adjusted higher to 8,323.28, while resistance has increased to 8,729.57. The RSI has turned lower to 55.70, indicating a lack of strong bullish momentum.

Gold remains in a sideways trend but has just broken the June peak, with the price recently increasing to 2,372, now around the previous VWAP of 2,338. Support has adjusted higher to 2,288.88, while resistance has increased to 2,389.04. The RSI has gotten stronger to 58.12, indicating the potential beginnings of a new period of higher momentum.

EUR/USD has broken out from its previous downtrend but the new uptrend needs to take out the June high to be sustainable. It is now well  above the VWAP of 1.0746. Support has adjusted higher to 1.06423, while resistance has increased to 1.08497. The RSI has increased to 60.67, indicating a reduction in bearish pressure.

GBP/USD remains officially in a neutral trend but the recent breakout suggests a new uptrend is emerging, with the price increasing to 1.28252, well above the VWAP of 1.27027. Support has adjusted upwards to 1.25666, and resistance has increased to 1.2825. The RSI has increased to 66.63, indicating fresh bullish momentum to sustain a possible new uptrend.

USD/JPY remains in a bullish trend and near multi-decade highs and remains within an impulsive phase above the VWAP, with the price near 160.930. Support has adjusted higher to 157.568, while resistance has increased to 162.476. The RSI has increased to 67.46, reflecting continually strong bullish momentum compared to the previous report.