Weekly Technical Analysis
Weekly Technical Analysis
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 13th JANUARY 2025
Summary
| Instrument | Trend | Phase | Price | VWAP (20) | Support | Resistance | RSI |
|---|---|---|---|---|---|---|---|
| Germany 40 | Bullish | Correction | 20061 | 20100 | 19751 | 20427 | 50 |
| UK 100 | Neutral | Consolidation | 8214 | 8190 | 8083 | 8322 | 50 |
| Wall Street | Bullish | Correction | 41,817 | 42,658 | 41,810 | 43,496 | 28 |
| Brent Crude | Bullish | Impulsive | 8049 | 7533 | 7031 | 8040 | 76 |
| Gold | Neutral | Consolidation | 2686 | 2640 | 2586 | 2690 | 60 |
| EUR/USD | Bearish | Impulsive | 1.0218 | 1.0352 | 1.0210 | 1.0489 | 31 |
| GBP/USD | Bearish | Impulsive | 1.0213 | 1.2453 | 1.218 | 1.2726 | 30 |
| USD/JPY | Bullish | Impulsive | 157.36 | 157.40 | 156.58 | 158.27 | 56 |
*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 continues its bullish correction phase, currently trading at 20,061, just below the VWAP (20) level of 20,100. Key support lies at 19,751, while resistance is identified at 20,427. The RSI at 50 suggests neutral momentum, matching the pause in market direction.
UK 100
The UK 100 remains neutral within its consolidation phase, trading at 8,214, slightly above the VWAP (20) of 8,190. With support at 8,083 and resistance at 8,322, the RSI at 50 reflects balanced momentum, maintaining a range-bound outlook.
Wall Street
Wall Street is on the cusp of a bearish reversal but for now we are assuming it is just a correction within the broader bull market. The index is priced at 41,817, below the VWAP (20) of 42,658. Support is positioned at 41,810, and resistance is at 43,496. The RSI at 28 indicates oversold conditions, which could mark the end of the correction.
Brent Crude
Brent Crude has made a swift transition into a bullish impulsive phase, trading strongly at 8049, well above the VWAP (20) of 7533. Support is set at 7031, and resistance is at 8040. The RSI at 76 points to overbought momentum, adding confirmation to the bullish trend.
Gold
Gold is looking more bullish but holds a neutral stance for now, trading at 2,686, pushing above the VWAP (20) of 2,640 and into the upper band. Support and resistance are at 2,586 and 2,690, respectively. An RSI of 60 highlights the slightly bullish momentum, in line with the price action.
EUR/USD
EUR/USD persists in its bearish impulsive trend, trading at 1.0218, below the VWAP (20) of 1.0352 - a fresh multi year low. Support is around current levels, and resistance is identified at 1.0489. The RSI at 31 suggests near oversold conditions, signaling little evidence of any bullish turnaround.
GBP/USD
GBP/USD is falling like a rock - continuing its bearish impulsive move, trading at 1.2130, significantly below the VWAP (20) of 1.2453. Support stands at 1.2180, while resistance is found at 1.2726. The RSI at 30 reflects oversold momentum, aligning with continued bearish sentiment.
USD/JPY
USD/JPY is trading in a tight correction within its bullish trend, trading at 157.36, aligned with the VWAP (20) of 157.40. Support is noted at 156.58, and resistance is at 158.27. The RSI at 56 indicates flat momentum.
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