Weekly Technical Analysis 05/02/2024Start 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 above its 20-period VWAP of 16,754. The index finds support at 16,417 and faces resistance near 17,091. The RSI stands at 57, indicating a positive momentum but not yet overbought.
UK 100 is navigating from bearish to bullish conditions after a big impulsive move higher, with its price positioned well above the down-sloping 20-period VWAP of 7,560.4. The index's support level is at 7,411.3, with resistance at 7,709.5. The RSI is at 54, suggesting a moderate bullish momentum.
Wall Street is in the impulsive phase of a bullish trend, highlighted by its price well above the 20-period VWAP of 37,921. The support for this index is at 37,064, with resistance at 38,778. The RSI is at 66, pointing towards strong bullish momentum without reaching overbought territory.
Brent Crude is in the impulsive phase of a bearish trend, with its price below the 20-period VWAP of 79.48. The support level is at 75.33, with resistance near its current price at 83.64. The RSI is at 41, indicating bearish momentum with potential for further downside.
Gold is also in the corrective phase of a neutral trend, with its price slightly below the 20-period VWAP of 2,032. The support level is at 2,007, with resistance at 2,056. The RSI at 45 indicates a neutral to bearish momentum, suggesting the market is assessing direction.
EUR/USD is experiencing the impulsive phase in a bearish trend, with the price below the 20-period VWAP of 1.0862. The support is at 1.0764, with resistance at 1.09601. The RSI at 34 indicates a strong bearish bias, suggesting potential for further declines.
GBP/USD is breaking lower from a neutral trend in a new impulsive move, with the price below the 20-period VWAP of 1.2691. Support is found at 1.2612, with resistance at 1.2769. The RSI at 38 suggests a bearish outlook, with room for downward movement.
USD/JPY is in the impulsive phase of a bullish trend, with its price above the 20-period VWAP of 147.45. The support level is at 145.64, with resistance at 149.27. The RSI is at 63, indicating strong bullish momentum and potential for continued upward trend.
