Weekly Technical Analysis 04/03/2024
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 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).
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Analysis
Germany 40 is currently in the impulsive phase of a bullish trend, with the price at 17,745, significantly above its upward-sloping 20-period VWAP of 17,267. The index finds support at 16,654 and faces resistance near 17,881. The RSI stands at 77, indicating a strong positive momentum and is now in the overbought territory, which marks a noticeable change from the previous analysis.
UK 100 is consolidating in a neutral trend with its price at 7,671.5, slightly above the flat 20-period VWAP of 7,643.4. The index's support level is now at 7,517.1, with resistance at 7,769.7. The RSI has decreased to 52, suggesting a more balanced momentum than previously reported.
Wall Street is in the impulsive phase of a bullish trend, with its price increased to 39,037, above the upwards-sloping 20-period VWAP of 38,740. The support for this index has risen to 38,224, with resistance now at 39,256. The RSI has decreased to 61, indicating strong positive momentum, albeit slightly less than before.
Brent Crude has shifted to a bullish trend in its impulsive phase, with its price at 83.31, above the upward-sloping 20-period VWAP of 82.15. The support level has moved up to 80.63, with resistance very close at 83.66. The RSI is at 59, indicating a shift to positive momentum.
Gold has entered a bullish trend in the impulsive phase, with its price at 2,084, well above the 20-period VWAP of 2,029. The support level has advanced to 1,976, with resistance now at 2,083. The RSI at 73 indicates a strong positive momentum, highlighting a significant change towards bullish sentiment.
EUR/USD has transitioned to the corrective phase of a bearish trend, with the price at 1.0852, above its upward-sloping 20-period VWAP of 1.0802. The support is now at 1.0724, with resistance at 1.0880. The RSI at 56 indicates a shift to a more positive outlook than previously noted.
GBP/USD is still in a consolidation with no directional bias, though possibly moving towards a bullish trend, with the price at 1.2667, above the 20-period VWAP of 1.2635. Support has risen to 1.2566, with resistance at 1.2704. The RSI at 53 suggests a positive momentum, marking a change from the previous weak bearish trend.
USD/JPY remains in a bullish trend but has transitioned to the corrective phase, with its price at 150.39, just above the 20-period VWAP of 150.15. The support level has adjusted to 149.37, with resistance at 150.94. The RSI is at 60, indicating sustained bullish momentum.
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 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).
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Analysis
Germany 40 is currently in the impulsive phase of a bullish trend, with the price at 17,745, significantly above its upward-sloping 20-period VWAP of 17,267. The index finds support at 16,654 and faces resistance near 17,881. The RSI stands at 77, indicating a strong positive momentum and is now in the overbought territory, which marks a noticeable change from the previous analysis.
UK 100 is consolidating in a neutral trend with its price at 7,671.5, slightly above the flat 20-period VWAP of 7,643.4. The index's support level is now at 7,517.1, with resistance at 7,769.7. The RSI has decreased to 52, suggesting a more balanced momentum than previously reported.
Wall Street is in the impulsive phase of a bullish trend, with its price increased to 39,037, above the upwards-sloping 20-period VWAP of 38,740. The support for this index has risen to 38,224, with resistance now at 39,256. The RSI has decreased to 61, indicating strong positive momentum, albeit slightly less than before.
Brent Crude has shifted to a bullish trend in its impulsive phase, with its price at 83.31, above the upward-sloping 20-period VWAP of 82.15. The support level has moved up to 80.63, with resistance very close at 83.66. The RSI is at 59, indicating a shift to positive momentum.
Gold has entered a bullish trend in the impulsive phase, with its price at 2,084, well above the 20-period VWAP of 2,029. The support level has advanced to 1,976, with resistance now at 2,083. The RSI at 73 indicates a strong positive momentum, highlighting a significant change towards bullish sentiment.
EUR/USD has transitioned to the corrective phase of a bearish trend, with the price at 1.0852, above its upward-sloping 20-period VWAP of 1.0802. The support is now at 1.0724, with resistance at 1.0880. The RSI at 56 indicates a shift to a more positive outlook than previously noted.
GBP/USD is still in a consolidation with no directional bias, though possibly moving towards a bullish trend, with the price at 1.2667, above the 20-period VWAP of 1.2635. Support has risen to 1.2566, with resistance at 1.2704. The RSI at 53 suggests a positive momentum, marking a change from the previous weak bearish trend.
USD/JPY remains in a bullish trend but has transitioned to the corrective phase, with its price at 150.39, just above the 20-period VWAP of 150.15. The support level has adjusted to 149.37, with resistance at 150.94. The RSI is at 60, indicating sustained bullish momentum.
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