Weekly Trading Update
Weekly Technical Analysis
Start your week by identifying the key price levels with a trend analysis of the most popular markets, including indices, commodities & forex, from the SpreadEx Research team.
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Wall Street (DAILY)
The price made new lower lows of the daily candlestick chart with 4 straight large daily declines. RSI is now oversold ahead of the December low at 34,000.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Down |
33,600 |
33,000 |
35,000 |
35,500 |
Source: SpreadEx
UK 100 (DAILY)
The UK 100 has dropped back from 7600 and is now testing 7400 under the 20 DMA. The trend is still up while above 7360, the Dec 31 low and 50 DMA.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Up |
7360 |
7180 |
7500 |
7600 |
Source: SpreadEx
Germany 40 (DAILY)
The price has dropped back under the 200 DMA and again looks set to test major support on either side of 15,000.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Sideways |
15,150 |
14,800 |
15,700 |
16,000 |
Source: SpreadEx
Gold (DAILY)
The price broke above 1830 resistance and has pulled back to test the area as support. Some upwards momentum is building for a possible test of the 1880 peak.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Sideways |
1830 |
1800 |
1850 |
1880 |
Source: SpreadEx
Silver
The price broke above 23.50 resistance, which now stands as support to any pullback from the 200 DMA at approx. 24.00.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Sideways |
22.60 |
23.50 |
24.70 |
25.40 |
Source: SpreadEx
Brent Crude (DAILY)
The price has dipped slightly ahead of the big 90 figure but has already rebounded off the prior peak near 86.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Up |
82 |
85.50 |
90 |
100 |
Source: SpreadEx
GBP/USD (DAILY)
The price dropped back 250 pips from the evening star pattern mentioned last week. The uptrend needs to hold 1.337 to sustain.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Up |
1.337 |
1.32 |
1.36 |
1.375 |
Source: SpreadEx
EUR/USD (DAILY)
The tweezer top we mentioned last week led to a break back under the old range resistance, in what looks to be a false breakout and the pre-cursor to potentially deeper declines.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Up |
1.12 |
1.11 |
1.137 |
1.15 |
Source: SpreadEx
USD/JPY (DAILY)
The hammer pattern last week was matched by a bearish shooting star off the 50 DMA and the price is back testing support at 113.50.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Up |
112.5 |
111.7 |
114.5 |
115.5 |
Source: SpreadEx
Copper (DAILY)
The price has twice failed a breakout of the trading range capped at 4.50 but continues to make higher lows. 420 is the bottom of the range, which could give way after another failed move up.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Sideways |
4.50 |
4.20 |
4.80 |
5.0 |
Source: SpreadEx
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