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 remains inside a tight sideways consolidation of its broader bullish trend, with the price increasing to 18,256, now below the VWAP of 18,342. Support and resistance levels have adjusted to 17,901 and 18,783, respectively. The RSI has increased to 46, indicating a moderation in upside momentum compared to the previous report.

UK 100 remains in the consolidation phase of a bullish trend, with the price increasing towards the June lows, and still below the VWAP of 8,275. Support has adjusted to 8,117, while resistance has increased to 8,280. The RSI has increased to 54, reflecting a strengthening in momentum compared to the previous report.

Wall Street has made significant upside progress in the past 3 months - moving into a bullish consolidation phase, with the price recently increasing to 39,247, now above the VWAP of 38,755. Support and resistance levels have adjusted to 38,340 and 39,170, respectively. The RSI has increased to 60, signalling a rise in bullish momentum compared to the previous report.

Brent Crude has transitioned into a bullish trend and continues in a corrective phase, with the price increasing to 84.62, now above the VWAP of 81.79. Support has adjusted lower to 76.84, while resistance has increased to 84.62. The RSI has increased to 60, indicating a strengthening of bullish momentum compared to the previous report.

Gold remains in a bullish trend trading sideways in a neutral consolidation since topping in mid-April, with the price recently increasing to 2,330, now around the previous VWAP of 2,329. Support has adjusted higher to 2,284, while resistance has decreased to 2,369. The RSI has increased to 49, indicating a moderation of bearish momentum compared to the previous report.

EUR/USD remains broadly trendless with the price more recently increasing to 1.0716, now below the VWAP of 1.0773 - and indicating a possible new phase of weakness. Support has adjusted lower to 1.0630, while resistance has increased to 1.0916. The RSI has increased to 42, indicating a reduction in bearish pressure compared to the previous report.

GBP/USD remains in a neutral trend in a consolidation phase, with the price slightly increasing to 1.2662, now around the VWAP of 1.2722. Support has adjusted higher to 1.2621, and resistance has decreased to 1.2824. The RSI has increased to 44, indicating a moderation of bearish sentiment compared to the previous report.

USD/JPY remains in a bullish trend - having overcome the late April peak - and has just reentered an impulsive phase, with the price increasing slightly to 159.74, now above the previous VWAP of 157.33. Support has adjusted higher to 154.68, while resistance has increased to 159.80. The RSI has increased to 72, reflecting a strong increase in bullish momentum compared to the previous report.