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 and click ‘Technical’ from the menu on any chart.

WEEK COMMENCING 9th DECEMBER 2024

Summary

Instrument Trend Phase Price VWAP (20) Support Resistance RSI
Germany 40 Bullish Impulsive 20433 19500 18519 20450 77
UK 100 Neutral Consolidation 8325 8245 8066 8423 59
Wall Street Bullish Impulsive 44614 44277 43101 45454 59
Brent Crude Neutral Consolidation 7159 7253 7032 7474 44
Gold Neutral Consolidation 2648 2640 2579 2704 49
EUR/USD Bearish Correction 1.0555 1.0528 1.0632 1.0425 46
GBP/USD Bearish Correction 1.2761 1.26612 1.2517 1.2805 52
USD/JPY Bullish Correction 150.32 152.15 147.66 156.64 42

 

*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 maintains its strong bullish momentum in an impulsive phase, now trading at 20,433, significantly above the VWAP (20) of 19,500. Support is set at 18,519, with resistance narrowly ahead at 20,450. With an RSI at 77, the index shows robust momentum, suggesting the uptrend could extend further but with a greater chance of a near term pullback.

UK 100

The UK 100 index remains neutral but is pushing into the top of its price range, trading at 8,325, slightly above the VWAP (20) of 8,245. Key support is at 8,066, while resistance lies at 8,423. The RSI at 59 indicates moderately bullish momentum, pointing to more room to run if there is a breakout higher.

Wall Street

Wall Street is firmly bullish and in an impulsive phase, trading at 44,614, well above the VWAP (20) of 44,277. Support levels are marked at 43,101, with resistance ahead at 45,454. An RSI reading of 59 reflects strong upward momentum within this positive trend.

Brent Crude

Brent Crude continues in a neutral consolidation phase, currently priced at 7159, just below the VWAP (20) of 7253. Support is positioned at 7032, while resistance stands at 7474. The RSI at 44 suggests subdued momentum, signaling a potential continuation of range-bound trading.

Gold

Gold remains in a neutral consolidation state, trading at 2,648, now slightly above the VWAP (20) of 2,640. Support is identified at 2,579, with resistance at 2,704. The RSI at 49 indicates balanced momentum, consistent with a lack of clear direction in the current price action.

EUR/USD

EUR/USD continues its bearish correction phase, trading at 1.0555, just above the VWAP (20) of 1.0528. Support is at 1.0425, with resistance at 1.0632. The RSI reading of 46 suggests weakening bearish pressure, hinting at a potential pause in the downtrend.

GBP/USD

GBP/USD remains in a bearish correction phase, trading at 1.2761, above the VWAP (20) of 1.2661. Support is at 1.2517, with resistance nearby at 1.2805. The RSI at 52 shows a slight uptick in momentum, indicating potential stabilisation in the currency pair.

USD/JPY

USD/JPY is in a bullish correction phase, trading at 150.32, just below the VWAP (20) of 152.15. Support is at 147.66, while resistance is farther away at 156.64. The RSI at 42 reflects mild bearish momentum, suggesting the pair could face further retracement in the short term.

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