Weekly Technical Analysis
Weekly Technical Analysis
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 30th SEPTEMBER 2024
Summary
| Instrument | Trend | Phase | Price | VWAP (20) | Support | Resistance | RSI |
|---|---|---|---|---|---|---|---|
| Germany 40 | Bullish | Impulsive | 19383 | 18758 | 18070 | 19400 | 69 |
| UK 100 | Neutral | Consolidation | 8289 | 8272 | 8193 | 8351 | 52 |
| Wall Street | Bullish | Impulsive | 42293 | 41484 | 40280 | 42687 | 68 |
| Brent Crude | Bearish | Impulsive | 71.70 | 72.00 | 69.54 | 74.97 | 42 |
| Gold | Bullish | Impulsive | 2650 | 2590 | 2476 | 2703 | 70 |
| EUR/USD | Bullish | Impulsive | 1.1198 | 1.1118 | 1.1007 | 1.1229 | 61 |
| GBP/USD | Bullish | Impulsive | 1.3412 | 1.3238 | 1.2983 | 1.3494 | 65 |
| USD/JPY | Bearish | Corrective | 142.54 | 143.60 | 140.30 | 144.93 | 49 |
*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 in an impulsive phase. The current price is 19,383, sitting comfortably above the VWAP (20) at 18,758. Support is located at 18,070, while resistance is slightly higher at 19,400. The RSI of 69 signals strong bullish momentum, approaching overbought conditions.
UK 100
UK 100 remains neutral and is still in a consolidation phase. The price is 8,289, almost in line with the VWAP (20) at 8,272. Support is seen at 8,193, with resistance at 8,351. The RSI of 52 reflects balanced momentum, suggesting the market is waiting for a breakout in either direction.
Wall Street
Wall Street continues its bullish trend, still in an impulsive phase. The price is at 42,293, well above the VWAP (20) of 41,484. Support is at 40,280, while resistance lies at 42,687. The RSI of 68 indicates strong bullish momentum, nearing the overbought threshold.
Brent Crude
Brent Crude remains in a bearish trend, now experiencing an impulsive phase. The price is 71.70, slightly below the VWAP (20) of 72.00. Support is located at 69.54, with resistance at 74.97. An RSI of 42 reflects continued bearish momentum, with no immediate signs of a reversal.
Gold
Gold continues its bullish run, currently in an impulsive phase. The price is at 2,650, above the VWAP (20) of 2,590. Support is at 2,476, with resistance at 2,703. The RSI of 70 signals strong bullish momentum, indicating overbought conditions.
EUR/USD
EUR/USD remains in a bullish trend, still in an impulsive phase. The current price is 1.1198, just above the VWAP (20) at 1.1118. Support is found at 1.1007, while resistance lies at 1.1229. The RSI of 61 reflects solid bullish momentum.
GBP/USD
GBP/USD continues its bullish trend, staying in an impulsive phase. The price is 1.3412, comfortably above the VWAP (20) at 1.3238. Support is located at 1.2983, while resistance is at 1.3494. The RSI of 65 shows strong bullish momentum.
USD/JPY
USD/JPY remains in a bearish trend but has now entered a corrective phase. The price is 142.54, slightly below the VWAP (20) of 143.60. Support is located at 140.30, with resistance at 144.93. The RSI of 49 signals neutral momentum, suggesting potential consolidation or a reversal.
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