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 has shifted from a neutral trend to a bullish one and moved into an impulsive phase, with the price increasing to 18,789, now well above the previous VWAP of 18,157. Support and resistance levels have adjusted to 17,493 and 18,790, respectively. The RSI has significantly increased to 72, indicating a strengthening of bullish sentiment.

UK 100 remains in a bullish trend and continues in an impulsive phase, with the price rising to 8,426, now above the previous VWAP of 8,181. Support has increased to 7,888, while resistance has risen to 8,475. The RSI has escalated to 81, reflecting a continued strong build-up of bullish sentiment.

Wall Street has shifted from a neutral to a bullish trend and remains in an impulsive phase, with the price rising notably to 39,529, which is well above the previous VWAP of 38,448. The support and resistance levels have adjusted to 37,371 and 39,529, respectively. The RSI has risen to 68, signalling an increase in bullish momentum.

Brent Crude remains in a bearish trend but has transitioned back to an impulsive phase, with the price decreasing slightly to 82.47, now below the previous VWAP of 84.95. Support has adjusted lower to 80.61, while resistance has decreased to 89.29. The RSI has remained nearly stable at 34, indicating continued bearish momentum.

Gold has shifted from a positive to a neutral trend and continues to consolidate, albeit with an upwards bias, with the price increasing slightly to 2,351, now above the previous VWAP of 2,329. Support has adjusted slightly higher to 2,282, while resistance has decreased to 2,376. The RSI has increased to 57, indicating a cooling in sentiment.

EUR/USD has shifted from a bearish to a bullish trend and moved into an impulsive phase, with the price increasing to 1.0774, now above the previous down-sloping VWAP of 1.0724. Support has adjusted higher to 1.0642, while resistance has risen to 1.0806. The RSI has increased slightly to 55, indicating a build-up of bullish pressure.

GBP/USD has shifted from a bearish to more of a sideways neutral trend and is consolidating ahead of a potential shift to a bullish trend, with the price at 1.2533, holding above the VWAP of 1.2494. Support has adjusted to 1.2381, and resistance has increased to 1.2608. The RSI remains stable at 51, reflecting a balance in sentiment.

USD/JPY remains in a bullish trend and continues in an impulsive phase, with the price increasing notably to 155.82, now above the previous VWAP of 155.25. Support has adjusted higher to 152.33, while resistance has increased slightly to 158.16. The RSI has increased to 57, indicating a moderation of bullish sentiment.