Weekly Technical Analysis

WEEK COMMENCING 25TH MARCH 2024

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 has continued its bullish trend in the impulsive phase, with a notable rise in price to 18,210, now positioned above its upward-sloping 20-period VWAP of 17,896. The index has established new support at 17,513 and is encountering resistance near 18,279. The RSI has slightly increased to 71, suggesting sustained positive momentum.

UK 100 has shifted to a bullish trend, now in the impulsive phase, with its price at 7,916, positioned significantly above the still quite flat 20-period VWAP of 7,722. The index's support level is now at 7,526, with resistance identified at 7,917. The RSI has risen to 69, indicating a strong shift toward bullish sentiment.

Wall Street remains in a bullish trend in the impulsive phases but put in a large bearish engulfing candle, with the price adjusting to 39,402, still above the upward-sloping 20-period VWAP of 38,964. The index's support is at 38,258, with resistance determined at 39,669. The RSI is at 59, reflecting a shift towards a more bullish momentum state from neutral.

Brent Crude has slightly adjusted in its bullish trend, remaining in the impulsive phase, with its price decreasing to 85.23, above the up-sloping 20-period VWAP of 83.91. The support level is at 80.66, with resistance closely set at 87.16. The RSI has decreased to 59, indicating a slight reduction in bullish momentum.

Gold continues in a bullish trend and is still in the impulsive phase, with the price consolidating  to 2,166, marginally above the 20-period VWAP of 2,157. The support level has been revised to 2,104, with resistance now at 2,210. The RSI has decreased to 60, still reflecting strong bullish sentiment but slightly less than before.

EUR/USD might be coming to the end of its bullish trend and is now in the corrective phase, with its price at 1.0819, below its upward-sloping 20-period VWAP of 1.0885. The support is now at 1.0789, with resistance at 1.0980. The RSI at 43 indicates a shift to negative momentum.

GBP/USD has shifted to a bearish trend in the impulsive phase, with its price at 1.2605, below the 20-period VWAP of 1.2731. The support has been adjusted to 1.2570, with resistance at 1.2892. The RSI at 38 suggests new bearish sentiment.

USD/JPY has flipped back to a bullish trend, recently entering the impulsive phase, with its price at 151.35, significantly above the 20-period VWAP of 149.26. The support has been revised up to 145.94, with resistance at 152.59. The RSI at 64 indicates a shift toward stronger bullish momentum.