Weekly Technical Analysis 10/06/2024
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 direction is set by the slope of the VWAP
Trend phase is determined by the current price relative to the VWAP (20) level
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 inside a tight sideways consolidation of its broader bullish trend, with the price decreasing to 18,435, now below the VWAP of 18,600. Support and resistance levels have adjusted to 18,379 and 18,820, respectively. The RSI has decreased to 45, indicating a further moderation in upside momentum compared to the previous report.
UK 100 remains in the consolidation phase of a bullish trend, with the price decreasing towards the June lows, and still below the VWAP of 8,284. Support has adjusted to 8,134, while resistance has increased to 8,434. The RSI has decreased to 42, reflecting a significant weakening in momentum compared to the previous report.
Wall Street has made no major upside or downside progress in the past 3 months - remaining in a neutral consolidation phase, with the price recently decreasing to 38,712, now below the VWAP of 38,925. Support and resistance levels have adjusted to 37,893 and 39,958, respectively. The RSI has slightly decreased to 45, signalling a reduction in bullish momentum compared to the previous report.
Brent Crude remains in a bearish trend and continues in an impulsive phase, with the price decreasing to 79.64 and probing the April lows and 75.00, below the VWAP of 81.27. Support has adjusted lower to 77.24, while resistance has increased to 85.30. The RSI has decreased to 41, indicating a strengthening of bearish momentum compared to the previous report.
Gold is trading sideways in a neutral consolidation since topping in mid-April, with the price recently sharply falling to 2,291, now below the previous VWAP of 2,352. Support has adjusted higher to 2,272, while resistance has decreased to 2,432. The RSI has decreased to 41 alongside a big bearish engulfing candlestick on the daily chart, indicating new bearish momentum.
EUR/USD remains broadly trendless with the price more recently decreasing to 1.0749, now below the VWAP of 1.0846 - and indicating a possible new phase of weakness. Support has adjusted lower to 1.0768, while resistance has increased to 1.0923. The RSI has decreased to 39, indicating a significant increase in bearish pressure compared to the previous report.
GBP/USD remains in a bullish trend but has transitioned into a corrective phase, with the price slightly decreasing to 1.2713, now around the VWAP of 1.2738. Support has adjusted higher to 1.2671, and resistance has decreased to 1.2805. The RSI has decreased to 51, indicating a moderation of bullish sentiment compared to the previous report.
USD/JPY remains in a bullish trend - although it has still not overcome the late April peak - and has just reentered an impulsive phase, with the price increasing slightly to 157.03, now above the previous VWAP of 156.54. Support has adjusted higher to 155.16, while resistance has increased to 157.92. The RSI has decreased to 55, reflecting a moderation of bullish momentum compared to the previous report.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
*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
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 remains inside a tight sideways consolidation of its broader bullish trend, with the price decreasing to 18,435, now below the VWAP of 18,600. Support and resistance levels have adjusted to 18,379 and 18,820, respectively. The RSI has decreased to 45, indicating a further moderation in upside momentum compared to the previous report.
UK 100 remains in the consolidation phase of a bullish trend, with the price decreasing towards the June lows, and still below the VWAP of 8,284. Support has adjusted to 8,134, while resistance has increased to 8,434. The RSI has decreased to 42, reflecting a significant weakening in momentum compared to the previous report.
Wall Street has made no major upside or downside progress in the past 3 months - remaining in a neutral consolidation phase, with the price recently decreasing to 38,712, now below the VWAP of 38,925. Support and resistance levels have adjusted to 37,893 and 39,958, respectively. The RSI has slightly decreased to 45, signalling a reduction in bullish momentum compared to the previous report.
Brent Crude remains in a bearish trend and continues in an impulsive phase, with the price decreasing to 79.64 and probing the April lows and 75.00, below the VWAP of 81.27. Support has adjusted lower to 77.24, while resistance has increased to 85.30. The RSI has decreased to 41, indicating a strengthening of bearish momentum compared to the previous report.
Gold is trading sideways in a neutral consolidation since topping in mid-April, with the price recently sharply falling to 2,291, now below the previous VWAP of 2,352. Support has adjusted higher to 2,272, while resistance has decreased to 2,432. The RSI has decreased to 41 alongside a big bearish engulfing candlestick on the daily chart, indicating new bearish momentum.
EUR/USD remains broadly trendless with the price more recently decreasing to 1.0749, now below the VWAP of 1.0846 - and indicating a possible new phase of weakness. Support has adjusted lower to 1.0768, while resistance has increased to 1.0923. The RSI has decreased to 39, indicating a significant increase in bearish pressure compared to the previous report.
GBP/USD remains in a bullish trend but has transitioned into a corrective phase, with the price slightly decreasing to 1.2713, now around the VWAP of 1.2738. Support has adjusted higher to 1.2671, and resistance has decreased to 1.2805. The RSI has decreased to 51, indicating a moderation of bullish sentiment compared to the previous report.
USD/JPY remains in a bullish trend - although it has still not overcome the late April peak - and has just reentered an impulsive phase, with the price increasing slightly to 157.03, now above the previous VWAP of 156.54. Support has adjusted higher to 155.16, while resistance has increased to 157.92. The RSI has decreased to 55, reflecting a moderation of bullish momentum compared to the previous report.
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