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 23RD SEPTEMBER 2024

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

Germany 40 continues its bullish momentum, currently in an impulsive phase. The price is 18,753, slightly above the VWAP (20) of 18,617. Support is seen at 18,207, while resistance lies at 19,026. The RSI is at 55, indicating mild bullish momentum but also bearish divergence.

UK 100

The UK 100 remains neutral, in a consolidation phase that has turned weaker with the price breaking below a rising trendline. The price is 8,246, hovering near the VWAP (20) of 8,269. Support is positioned at 8,154, with resistance at 8,384. The RSI is at 47, reflecting balanced momentum but is marked by 3 declining peaks, suggestive of further weakness.

Wall Street

Wall Street continues its bullish trend, still in an impulsive phase. The price is at 42,000, well above the VWAP (20) of 41,107. Support is at 40,007, with resistance at 42,207. An RSI of 67 indicates robust bullish momentum but without the conviction of an overbought reading.

Brent Crude

Brent Crude remains in a bearish trend, now experiencing a corrective phase. The price is 73.92, just above the VWAP (20) of 72.92. Support is located at 69.26, with resistance at 76.57. With an RSI of 48, the market is still in its bearish regime of a 30-60 range but is indicating a potential for reversal.

Gold

Gold continues its bullish run, currently in an impulsive phase at a record high. The price is 2,614, above the VWAP (20) of 2,542. Support is at 2,449, and resistance is at 2,635. The RSI of 70 reflects strong bullish momentum, and overbought conditions.

EUR/USD

EUR/USD remains in a bullish trend, still in an impulsive phase. The price is 1.1098, slightly above the VWAP (20) of 1.1091. Support is at 1.1000, with resistance at 1.1174. The RSI is at 51, reflecting moderate bullish momentum.

GBP/USD

GBP/USD continues its bullish trend, staying in an impulsive phase into new 2024 highs. The price is 1.3319, sitting comfortably above the VWAP (20) of 1.3164. Support is at 1.3009, while resistance is at 1.3319, the current price level. The RSI of 61 signals solid bullish momentum but bearish divergence has appeared. 

USD/JPY

USD/JPY remains in a bearish trend, now in a corrective phase with a move over a down trendline. The price is 143.71, slightly above the VWAP (20) of 143.03. Support is set at 139.63, with resistance at 146.42. An RSI of 49 is a big swing from bearish to neutral momentum, implying a new trend or perhaps a longer period of consolidation.