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 has shifted from an impulsive to a corrective phase over the past week, with the price rising to 18,229, now above the previous VWAP of 17,957. Support and resistance levels have shifted to 17,588 and 18,325, respectively. The RSI has increased significantly to 58, indicating a moderation of the previously strong bearish sentiment.

UK 100 has changed trend from neutral to bullish and moved into an impulsive phase, with a notable increase in price to 8,189, positioning it well above the VWAP of 7,955. Support has moved to 7,748, and resistance has adjusted to 8,161. The RSI has increased to 72, reflecting a strong build-up of bullish sentiment.

Wall Street has transitioned from an impulsive to a corrective phase despite the price slightly increasing to 38,353, which is just above the VWAP of 38,193. The support and resistance levels have also been updated to 37,444 and 38,943, respectively. The RSI has risen to 48, signalling a lessening of bearish momentum.

Brent Crude has switched from a bullish to a bearish trend and entered an impulsive phase. The price has risen to 87.55, yet it remains below the VWAP of 88.37. Support and resistance levels have slightly adjusted to 85.50 and 91.23, respectively. The RSI has balanced to 50, marking a significant cooling of previous bullish momentum.

Gold continues in a bullish trend but has transitioned from an impulsive to a corrective phase, with the price slightly decreasing to 2,331, below the VWAP of 2,351. Support has moved down to 2,300, with resistance now at 2,401. The RSI has decreased to 54, reflecting a slight cooling in bullish sentiment.

EUR/USD remains bearish but has shifted from an impulsive to a corrective phase, with the price improving to 1.0724, above the VWAP of 1.0706. The support level has been minimally adjusted to 1.0561, and resistance is now at 1.0850. The RSI has increased to 49, indicating a softening of the bearish pressure.

GBP/USD has remained bearish but transitioned to a corrective phase, with the price increasing to 1.2532, now above the VWAP of 1.2492. Support has been adjusted to 1.2314, and resistance is now at 1.2670. The RSI has risen to 51, signalling a slight easing of bearish momentum.

USD/JPY continues its bullish trend and remains in an impulsive phase, with the price rising significantly to 156.97, now well above the VWAP of 154.23. Support and resistance have been adjusted to 150.58 and 157.88, respectively. The RSI has maintained a high level at 72, indicating sustained bullish momentum.