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.

 

Summary

Instrument Trend Phase Price VWAP (20) Support Resistance RSI
Germany 40 Neutral Consolidation 18419 17875 17081 18669 60
UK 100 Neutral Consolidation 8361 8206 8007 8404 60
Wall Street Neutral Consolidation 40837 39845 38433 41258 63
Brent Crude Bearish Corrective 78.37 79.01 76.03 81.99 42
Gold Bullish Impulsive 2504 2435 2358 2512 64
EUR/USD Bullish Impulsive 1.1070 1.0921 1.0766 1.075 70
GBP/USD Neutral Consolidation 1.2983 1.2812 1.2649 1.2982 64
USD/JPY Bearish Impulsive 146.46 148.27 142.80 153.73 35

 

*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

Germany 40 remains neutral and is currently in a consolidation phase, with the price at 18,419, easily above the VWAP of 17,875. The support level is now at 17,081, while resistance has moved up to 18,669. The RSI stands at 60, indicating balanced momentum with a bullish bias.

UK 100

UK 100 maintains a neutral trend and continues in its consolidation phase, with the price at 8,361, now well above the VWAP of 8,206. The support level has been set at 8,007, and resistance is now at 8,404. The RSI remains steady at 60, reflecting more bullish momentum.

Wall Street

Wall Street remains neutral and in a consolidation phase, with the price at 40,837, above the VWAP of 39,845. The support level is now at 38,433, while resistance has risen to 41,258. The RSI is at 63, indicating mild bullish momentum.

Brent Crude

Brent Crude remains in a bearish trend and is seemingly just exiting a corrective phase, with the price declining to 78.37, now below the VWAP of 79.01. Support has been adjusted downward to 76.03, while resistance has decreased to 81.99. The RSI has dropped to 42, signalling continued bearish pressure.

Gold

Gold has shifted to a highly bullish trend and is currently in an impulsive phase, with the price rising to a new record high, currently at 2,504, above the VWAP of 2,435. Support is set at 2,358, while resistance has increased to 2,512. The RSI stands at 64, indicating strong bullish momentum as the impulsive phase continues.

EUR/USD

EUR/USD continues in a bullish trend and remains in an impulsive phase, with the price rising to 1.1070, above the VWAP of 1.0921 and testing the upper VWAP resistance. Support is at 1.0766, while resistance has increased to 1.1075. The RSI has climbed to 70, confirming strong bullish momentum.

GBP/USD

GBP/USD remains neutral overall with near term bullish momentum, with the price at 1.2983, above the VWAP of 1.2812. Support has been set at 1.2649, while resistance is now at 1.2982. The RSI is at 64, reflecting neutral momentum with a slight bullish inclination.

USD/JPY

USD/JPY is in a major bearish trend and continues in an impulsive phase, with the price falling to 146.46, now below the VWAP of 148.27. Support is at 142.80, while resistance has adjusted to 153.73. The RSI has dropped to 35, indicating a continuation of strong bearish momentum.

DISCLAIMER


Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. For professional clients, spread betting and CFD trading can also result in losses larger than your initial stake or deposit.

Spreadex Ltd is authorised and regulated by the Financial Conduct Authority, provides an execution only service and does not provide advice in any way. Nothing within this update should be deemed to constitute the provision of investment advice, recommendations, any other professional advice in any way, or a record of our trading prices. This update does not constitute or form part of an offer of, or solicitation for a transaction in any financial instrument, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Any persons placing trades based on their interpretation of the comments or information within this update does so entirely at their own risk.

No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained within this update by Spreadex Ltd or any of its employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained within this update.

The information contained within this update is the intellectual property of Spreadex Ltd and is protected by UK and International copyright laws. All rights reserved. Users may however freely download, distribute and reproduce extracts of the contents, subject always to accrediting Spreadex Ltd as the source and providing a hyperlink to www.spreadex.com.