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 24th 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 continues to exhibit a bullish sentiment, with its current price at 22,464 standing still above the 20-day VWAP of 22,124 even after a pullback. The index’s impulsive phase indicates strong upward pressure, further validated by an RSI of 63, suggesting healthy (but not extreme) momentum. Support is located at 21,229,  while initial upside targets remain near the 23,018 resistance level.

UK 100
Despite entering a corrective phase, the UK 100 uptrend remains intact. The price is hovering at 8,684, just under the 20-day VWAP of 8,700, reflecting a short-term dip within an overall bullish framework. Support at 8,549 should provide a floor if the pullback deepens, whereas overhead resistance awaits at 8,839. An RSI reading of 54 points to moderate momentum, leaving room for renewed buying once the correction subsides.

Wall Street
Wall Street’s price of 43,718 currently sits below its 20-day VWAP of 44,383, confirming a neutral bias and a consolidation phase following the double top at the record high. The RSI at 42 aligns with the notion of indecision, suggesting neither bulls nor bears hold a clear advantage at present. Should the index weaken, look for support around 43,585, while a close above 45,181 would signal a potential transition to a more bullish stance.

Brent Crude
Brent Crude remains locked in a neutral consolidation, with the price of 7,413 below its 20-day VWAP of 7,517 following a sharp drop on Friday. The RSI at 42 indicates waning momentum, implying traders may be eyeing a break of near term support at 74. VWAP support is seen at 7,348, and a break above 7,685 resistance could renew bullish interest.

Gold
Gold sustains a robust upward impulse, trading at 2,945—comfortably above the 20-day VWAP of 2,888. Its RSI stands at 70, sitting right on the threshold of overbought territory and hinting at possible near-term profit-taking. Nonetheless, the broader trend remains clearly positive, with a critical support zone at 2,799 and a resistance target near 2,976.

EUR/USD
EUR/USD holds a neutral outlook, consolidating at 1.0475, which is slightly above the 20-day VWAP of 1.0400 and below the big 1.05 round number. The pair is hemmed in by support at 1.0249 and resistance near 1.0551, reflecting a rather tight trading range. An RSI of 56 suggests mild bullish undertones, but a decisive break of either boundary is needed to confirm the pair’s next directional move.

GBP/USD
GBP/USD displays renewed bullish vigor, presently quoted at 1.2647, staying above its 20-day VWAP of 1.2507 and the 1.25 round number. This impulsive rally, accompanied by an RSI of 62, underscores solid upward momentum. The pair’s immediate support lies at 1.2284, safeguarding against deeper corrections, while the next price ceiling emerges around 1.2730.

USD/JPY
USD/JPY maintains a bearish impulse, trading at 149.53, below its 20-day VWAP of 152.18. The RSI reading of 32 flirts with oversold territory, yet the pair’s overarching trend signals continued downside pressure. Key support rests at 148.54, and a breach below this level could spur additional selling. Conversely, resistance at 155.81 marks a hurdle should buyers attempt a recovery.