Technical Analysis Weekly

Germany 40 looks bearish with a possible breakdown from its current trading range. Trading at 23,283 and below the VWAP of 23,710, RSI at 39.7 supports a more negative sentiment. Support lies at 22,917, while resistance is at 24,504.



Wall Street remains bullish but is now in a correction phase, trading at 46,237 under the VWAP at 46,953. RSI at 42.2 suggests weakening momentum and potential for deeper pullback. Support is at 45,684, resistance at 48,223.



UK 100 continues to trend bullishly but has entered a correction phase. Price is at 9,567, beneath the VWAP of 9,686. RSI at 45.3 reflects neutral to soft momentum. Support is 9,456, with resistance at 9,915.




GBP/USD remains bearish and in a sideways correction. Price is 1.3122, slightly below the VWAP at 1.30914 and broken support at 1.3150. RSI of 38.6 suggests limited rebound potential. Support is 1.3034, resistance at 1.3208.



EUR/USD continues in a bearish leg of an otherwise neutral market, having not broken down past major support. The price is 1.1548 right at the VWAP. RSI at 44.7 indicates ongoing indecision. Support sits at 1.1470, resistance at 1.1638.



USD/JPY holds a bullish impulse structure, trading at 157.41 above the VWAP of 156.85, however there was a bearish engulfing candlestick at resistance from the January peak. RSI at 68.4 - down from very overbought levels signals slowing upwards momentum. Support is at 152.18, resistance at 157.41.



Gold remains in a correction of its bullish trend, trading at 4,069 just above VWAP of 4,068.94. The correction is contracting, which will lead to a resumption of the trend or an extended correction. RSI at 51.0 indicates balanced momentum. Support is 3,916 with resistance at 4,196.



Brent Crude has broken down to its lowest levels since October but remains above the critical $60 level, with price at 6,191 below VWAP at 6,357. RSI at 40.3 reflects downside pressure. Support is 6,105 and resistance is 6,553.