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.
*KEY
Trend is set by the slope of the VWAP over 50 periods
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).
Analysis
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Germany 40 has entered a new impulsive phase of its bullish trend, trading at 19,608, now comfortably above the VWAP (20) level of 19,197. Support is at 18,813, with resistance at 19,602. The RSI is at 60, indicating more bullish momentum and suggesting potential for a resumption of the uptrend.
The UK 100 index looks more bullish within its longstanding neutral trend, trading at 8,287, above the VWAP (20) of 8,150. Support is positioned at 7,945, with resistance at 8,355. An RSI of 62 reflects more bullish momentum with a bullish bias.
Wall Street remains bullish and is in an impulsive phase, trading at record highs of 44,876, comfortably above the VWAP (20) of 44,012. Support is at 42,824, while resistance is positioned at 45,199. The RSI at 70 signals strong bullish momentum in overbought territory in line with the prevailing bullish environment.
Brent Crude is turning more bearish within its sideways trend eyeing a possible breakdown of the 7000 level, now trading at 7242, just below the VWAP (20) of 7250. Support is at 7050, with resistance at 7477. The RSI is below the 50-line at 46 momentum, consistent with the range-bound conditions but slightly more bearish.
Gold has flipped into a more neutral consolidation phase, trading at 2,635, near the VWAP (20) of 2,630. Support is positioned at 2,543, with resistance at 2,721. The RSI at 46 indicates lackluster momentum, suggesting continued consolidation within a new range beneath record highs.
EUR/USD remains distinctly bearish but has adjusted into a correction phase, trading at 1.0516, just below the VWAP (20) of 1.0552. Support is at 1.0409, with resistance at 1.0694. The RSI at 40 signals less bearish momentum than last week.
GBP/USD remains bearish but (like EUR) is now in a correction phase, trading at 1.2706, slightly above the VWAP (20) of 1.2677. Support is at 1.2481, with resistance at 1.2874. The RSI at 47 reflects much less bearish momentum, implying a pause in the downtrend.
USD/JPY has seen a steep correction of its former bullish trend and looks to have topped for the time being, trading at 150.23, below the VWAP (20) of 153.48. Support is near current levels at 149.52, with resistance at 157.44. The RSI at 38 reflects new bearish momentum.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
*KEY
Trend is set by the slope of the VWAP over 50 periods
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).
Analysis
---------------------------------------------------------------------------------------------------------------------
Germany 40 has entered a new impulsive phase of its bullish trend, trading at 19,608, now comfortably above the VWAP (20) level of 19,197. Support is at 18,813, with resistance at 19,602. The RSI is at 60, indicating more bullish momentum and suggesting potential for a resumption of the uptrend.
The UK 100 index looks more bullish within its longstanding neutral trend, trading at 8,287, above the VWAP (20) of 8,150. Support is positioned at 7,945, with resistance at 8,355. An RSI of 62 reflects more bullish momentum with a bullish bias.
Wall Street remains bullish and is in an impulsive phase, trading at record highs of 44,876, comfortably above the VWAP (20) of 44,012. Support is at 42,824, while resistance is positioned at 45,199. The RSI at 70 signals strong bullish momentum in overbought territory in line with the prevailing bullish environment.
Brent Crude is turning more bearish within its sideways trend eyeing a possible breakdown of the 7000 level, now trading at 7242, just below the VWAP (20) of 7250. Support is at 7050, with resistance at 7477. The RSI is below the 50-line at 46 momentum, consistent with the range-bound conditions but slightly more bearish.
Gold has flipped into a more neutral consolidation phase, trading at 2,635, near the VWAP (20) of 2,630. Support is positioned at 2,543, with resistance at 2,721. The RSI at 46 indicates lackluster momentum, suggesting continued consolidation within a new range beneath record highs.
EUR/USD remains distinctly bearish but has adjusted into a correction phase, trading at 1.0516, just below the VWAP (20) of 1.0552. Support is at 1.0409, with resistance at 1.0694. The RSI at 40 signals less bearish momentum than last week.
GBP/USD remains bearish but (like EUR) is now in a correction phase, trading at 1.2706, slightly above the VWAP (20) of 1.2677. Support is at 1.2481, with resistance at 1.2874. The RSI at 47 reflects much less bearish momentum, implying a pause in the downtrend.
USD/JPY has seen a steep correction of its former bullish trend and looks to have topped for the time being, trading at 150.23, below the VWAP (20) of 153.48. Support is near current levels at 149.52, with resistance at 157.44. The RSI at 38 reflects new bearish momentum.
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