Weekly Technical Analysis

Week commencing 18th December 2023

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

Germany 40

• The Germany 40 shows a bullish trend, near record highs with a rising VWAP at 16,535.
  
  
• Current support is found at 15,927, with resistance seen at a higher 17,142.
  
  
• The RSI is at 72, indicating strong bullish momentum but also in overbought territory.

UK 100

• The UK 100 remains in an uptrend, marked by price above its VWAP of 7,533.
  
  
• Support is established at 7,417, while resistance is anticipated at 7,649.
  
  
• An RSI of 61 suggests continued bullish sentiment without immediate overbought concerns.

Wall Street

• Wall Street's bullish stance is confirmed by price above the VWAP of 36,217.
  
  
• The index is supported at 34,892, with resistance far above at 37,344.
  
  
• A high RSI of 87 signals very strong upward momentum, although it suggests the market may be overextended.

Brent Crude Oil

• Brent Crude oil exhibits a bearish trend, with price below its VWAP of 72.56.
  
  
• Support is seen at 77.68, and resistance is at 82.82.
  
  
• The RSI stands at 45, indicating a bearish but not oversold market condition.

Gold

• Gold is on a bullish trajectory, with price above its VWAP calculated at 2,047.
  
  
• It finds support at 1,985 and may face resistance at 2,109.
  
  
• The RSI at 52 suggests a neutral to slightly bullish stance with room for upward movement.

EUR/USD

• EUR/USD pair shows a bullish trend with price above the VWAP at 1.0869.
  
  
• The support level is quite near at 1.0708, indicating potential for a strong base, while resistance is at 1.1032.
  
  
• With an RSI of 55, the currency pair shows moderate bullish momentum.

GBP/USD

• The GBP/USD is trending upwards, with price over its VWAP of 1.2629.
  
  
• The support is set at 1.2500, and resistance is slightly higher at 1.2758.
  
  
• The RSI is at 57, pointing to bullish momentum without immediate overbought concern.

USD/JPY

• USD/JPY is experiencing a bearish trend, well under its VWAP of 145.68.
  
  
• Support appears firm at 141.20, while resistance is much higher at 150.17.
  
  
• An RSI of 31 indicates the potential for a bullish reversal as it approaches oversold levels.