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 10th 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 maintains its bullish momentum, currently trading at 21,740, well above its VWAP (20) of 21,399. The trend remains positive, with support at 20,825 and resistance at 21,974. An RSI reading of 66 signals sustained strength, though a third bearish RSI divergence is a sign a larger correction to the trend could be coming.

UK 100
The UK 100 continues its bullish surge, currently positioned at 8,688, still holding above its VWAP (20) of 8,569. Immediate support is noted at 8,417, while resistance stands at 8,722. With an RSI of 65, momentum remains strong but bearish RSI divergence - like in Ger 40 - suggests a bigger pullback on the way.

Wall Street
Wall Street has entered a corrective phase within its broader bullish trend, trading at 44,304, slightly above its VWAP (20) of 43,920 and having made a small double top at 45,000, matching the December record high. Key support is identified at 43,513, while resistance is set at 45,274. RSI at 53 suggests moderate momentum.

Brent Crude
Brent Crude has entered a new volatile consolidation, trading at 7,448, back below its VWAP (20) of 7,692 and under the key 75 level. Support is forming at 7,330, while resistance is overhead at 8,053. The RSI at 38 signals neutral momentum, with potential for either a breakout or further consolidation.

Gold
Gold remains in a very strong impulsive bullish phase, currently priced at 2,862, sitting comfortably above its VWAP (20) of 2,778 and close to a record high. Support is established at 2,670, while resistance is near 2,887. The RSI at 74 suggests overbought conditions, hinting at a possible pullback or consolidation before the next rally.

EUR/USD
EUR/USD has entered a neutral stance, trading at 1.0331 in the middle of a 1.02 to 1.05 range, slightly below its VWAP (20) of 1.0378. The pair is consolidating with support at 1.0247 and resistance at 1.0509. RSI at 45 indicates a lack of clear directional momentum for now.

GBP/USD
GBP/USD has also turned into a more neutral phase, trading at 1.2411, marginally above its VWAP (20) of 1.2379. Key support is found at 1.2109, while resistance stands at 1.2567. With RSI at 50, there is little momentum for a move either way.

USD/JPY
With the break of a long term trendline, USD/JPY has flipped into a bearish impulsive phase, currently at 151.30, well below its VWAP (20) of 154.75. Support is firm at 151.30, while resistance extends to 158.19. The RSI at 29 signals oversold conditions, confirming the new bearish trend in price.