Weekly Technical Analysis

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 is in the impulse phase of a bullish trend, with its current price positioning above the 20-period VWAP of 16,673. The index finds its support at 16,404 and faces resistance near 16,942. The RSI stands at 62, indicating a strong upward momentum.

UK 100 is in a potential reversal of a bearish trend, with the price breaking back above a declining 20-period VWAP of 7,556.. The index has its support level at 7,394.4 and resistance at 7,718.4. The RSI is noted at 57, suggesting a potential for further downside within the mark-up phase, indicating early signs of weakness.

Wall Street is in an impulsive phase of  a bullish trend, indicated by its price well above the 20-period VWAP of 37,647. The support for this index is at 37,136, with resistance slightly above the current price at 38,157. The RSI is at 65, pointing towards strong bullish momentum without yet getting overbought.

Brent Crude is in the impulsive phase of a bullish trend, with its price well above the 20-period VWAP of 79.03. It has established support at 74.65 and is testing resistance at 83.30, closely matching its current price. The RSI is at 66, indicating bullish momentum, suggesting continued upward price movement.

Gold is in a corrective phase of a bearish trend with its price just below the 20-period VWAP of 2,030. The support level is set at 2,007, with resistance at 2,053. The RSI at 48 indicates a neutral momentum, suggesting that the market might be gathering strength for a potential directional move.

EUR/USD is showing a bearish trend, with the price below the 20-period VWAP of 1.0904. The support is found at 1.0813, and resistance is at 1.0995. The RSI at 39 indicates a lack of strong momentum but leans towards a bearish bias.

GBP/USD presents a neutral trend, hovering around the 20-period VWAP of 1.2708. The support and resistance levels are closely set at 1.2652 and 1.2768, respectively. The RSI is at 51, indicating a balanced market condition, suggesting uncertainty and lack of a clear directional trend.

USD/JPY is in the impulsive phase of a bullish trend, with its price above the 20-period VWAP of 146.64. The support level is at 143.54, with resistance at 149.73. The RSI is at 63, suggesting strong bullish momentum, indicating the potential for continued upward movement.