Weekly Technical AnalysisStart 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.
*KEY
Trend direction is set by the slope of the VWAP over 50 periods
Trend phase is determined by the current price relative to the VWAP (20) level (above or below)
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).
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Analysis
Germany 40 remains neutral and is currently in a consolidation phase, with the price at 18,419, easily above the VWAP of 17,875. The support level is now at 17,081, while resistance has moved up to 18,669. The RSI stands at 60, indicating balanced momentum with a bullish bias.
UK 100 maintains a neutral trend and continues in its consolidation phase, with the price at 8,361, now well above the VWAP of 8,206. The support level has been set at 8,007, and resistance is now at 8,404. The RSI remains steady at 60, reflecting more bullish momentum.
Wall Street remains neutral and in a consolidation phase, with the price at 40,837, above the VWAP of 39,845. The support level is now at 38,433, while resistance has risen to 41,258. The RSI is at 63, indicating mild bullish momentum.
Brent Crude remains in a bearish trend and is seemingly just exiting a corrective phase, with the price declining to 78.37, now below the VWAP of 79.01. Support has been adjusted downward to 76.03, while resistance has decreased to 81.99. The RSI has dropped to 42, signalling continued bearish pressure.
Gold has shifted to a highly bullish trend and is currently in an impulsive phase, with the price rising to a new record high, currently at 2,504, above the VWAP of 2,435. Support is set at 2,358, while resistance has increased to 2,512. The RSI stands at 64, indicating strong bullish momentum as the impulsive phase continues.
EUR/USD continues in a bullish trend and remains in an impulsive phase, with the price rising to 1.1070, above the VWAP of 1.0921 and testing the upper VWAP resistance. Support is at 1.0766, while resistance has increased to 1.1075. The RSI has climbed to 70, confirming strong bullish momentum.
GBP/USD remains neutral overall with near term bullish momentum, with the price at 1.2983, above the VWAP of 1.2812. Support has been set at 1.2649, while resistance is now at 1.2982. The RSI is at 64, reflecting neutral momentum with a slight bullish inclination.
USD/JPY is in a major bearish trend and continues in an impulsive phase, with the price falling to 146.46, now below the VWAP of 148.27. Support is at 142.80, while resistance has adjusted to 153.73. The RSI has dropped to 35, indicating a continuation of strong bearish momentum.
