Weekly Technical Analysis
Weekly Technical Analysis
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 | Price | Trend | Phase | VWAP (20) | Support | Resistance | RSI |
|---|---|---|---|---|---|---|---|
| Germany 40 | 17002 | Bullish | Impulsive | 16885 | 16664 | 17106 | 59 |
| UK 100 | 7565.8 | Neutral | Consolidation | 7603.7 | 7481.5 | 7725.8 | 44 |
| Wall Street | 38632 | Bullish | Impulsive | 38282 | 37654 | 38910 | 63 |
| Brent Crude | 81.35 | Neutral | Consolidation | 80.21 | 76.36 | 84.06 | 56 |
| Gold | 2020 | Neutral | Consolidation | 2030 | 2011 | 2049 | 44 |
| EUR/USD | 1.0772 | Bearish | Corrective | 1.0821 | 1.0729 | 1.0913 | 39 |
| GBP/USD | 1.2624 | Neutral | Consolidation | 1.2665 | 1.2561 | 1.2768 | 45 |
| USD/JPY | 149.14 | Bullish | Impulsive | 148.03 | 146.52 | 149.54 | 63 |
*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 currently in the impulsive phase of a bullish trend, with the price above its 20-period VWAP of 16,885. The index finds support at 16,664 and faces resistance near 17,106. The RSI stands at 59, indicating a positive momentum but not yet overbought.
UK 100 is in a neutral trend with its price drifting above and below the flat 20-period VWAP of 7,603.7. The index's support level is at 7,481.5, with resistance at 7,725.8. The RSI is at 44, suggesting a bearish momentum.
Wall Street is in the impulsive phase of a bullish trend, highlighted by its price well above the 20-period VWAP of 38,282. The support for this index is at 37,654, with resistance at 38,910. The RSI is at 63, pointing towards strong bullish momentum without reaching overbought territory.
Brent Crude continues to oscillate in a neutral trend, with its price moving below and now back above a flat 20-period VWAP of 80.21. The support level is at 76.36, with resistance near 84.06. The RSI is at 56, indicating bearish momentum with potential for further downside but not strongly bearish.
Gold is in the consolidation phase of a neutral trend, with its price below the 20-period VWAP of 2,030 but with no consistency having been above it 3 days ago. The support level is at 2,011, with resistance at 2,049. The RSI at 44 indicates a neutral to bearish momentum, suggesting the market is assessing direction.
EUR/USD is in the impulsive phase of a bearish trend, with the price below the down-sloping 20-period VWAP of 1.0821. The support is at 1.0729, with resistance at 1.0913. The RSI at 39 indicates a bearish bias, suggesting potential for further declines.
GBP/USD is consolidating in what has been a prolonged neutral trend. A break below 1.25 in a new impulsive leg lower would imply a new bearish trend, with the price below the 20-period VWAP of 1.2665. Support is found at 1.2561, with resistance at 1.2768. The RSI at 45 suggests a bearish outlook, with room for downward movement.
USD/JPY is in the impulsive phase of a bullish trend, with its price above the 20-period VWAP of 148.03. The support level is at 146.52, with resistance at 149.54. The RSI is at 63, indicating strong bullish momentum and potential for continued upward trend.
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