Weekly Technical AnalysisStart 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.
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Analysis
Germany 40 has shifted into a corrective phase within what is still just a bullish trend overall, currently trading around 22,042, below its 20-day VWAP of 22,850. The RSI at 37.2 reflects weakening momentum, aligning with the recent downside break. Immediate support lies at 22,043. A reversal above resistance at 23,551 would be needed to revive bullish sentiment.
UK 100 remains in a neutral, consolidative phase after stalling from earlier gains. It’s quoted at 8,553, just under its 20-day VWAP of 8,644. The RSI of 39.2 shows a loss of momentum, leaning slightly bearish. Key support is marked at 8,500, and only a break above 8,763 would signal fresh upward traction.
Wall Street continues in a bearish trend with a corrective bounce already having rolled over as of Friday, currently at 41,299—just below the VWAP of 41,814. An RSI of 36 (having failed to overcome the 50 level) suggests a lack of bullish conviction. The key downside level is 40,840, while 42,787 stands as initial resistance on any recovery.
Brent Crude holds a bearish trajectory but the corrective move is gathering steam, trading at 7,289, above the 20-day VWAP of 7,131. The RSI at 55.2 is neutral, offering little directional clarity. Immediate support sits at 6,856, while 7,405 will test further upside.
Gold continues to sprint into record highs, quoted at 3,117 and well above the 20-day VWAP of 3,004. The RSI at 76.8 is firmly in overbought territory, highlighting stretched momentum but also strength. While some pullback could occur, support is seen way back at 2,883, with the recent highs acting as near-term resistance before 3200.
EUR/USD sustains its bullish setup as it undergoes a dip trading at 1.0814, marginally below the VWAP of 1.0848. The RSI at 55.7 leans constructive though lacks strong momentum. Near-term support is at 1.07476, while 1.09489 is the next resistance zone to watch for continuation.
GBP/USD is still bullish as it sits in a tight correction, priced at 1.29306, holding above its 20-day VWAP of 1.29302. The RSI at 57.1 supports the ongoing trend but shows moderation from previous highs. A break below 1.28721 may trigger caution, while further upside needs a break of 1.30069.
USD/JPY holds a bearish trend but it has flattened out and is currently in a corrective bounce, quoted at 149.30 and near its VWAP of 149.30. RSI at 47.2 remains neutral. If sellers regain control, support is at 147.00. On the upside, clearing 151.12 could shift sentiment back toward bullish territory.
