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Weekly Technical Analysis | 6 November 2023

  

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Gold (XAUUSD)

Last week, gold moved slightly lower and stayed between our support and resistance levels. Gold closed the week at $1,992. 

On the weekly timeframe, we can observe that the Stochastic Indicator is moving higher, targeting the overbought area. The gold price is trading above the 20, 50, and 200 period moving averages.

Our weekly resistance levels are at $2,017 and $2,048, with support levels at $1,977 and $1,940.

On the daily timeframe, the Stochastic Indicator is moving slightly lower towards the middle, while the price is currently trading above the 20, 50, and 200-period moving averages.

Our daily resistance levels are at $2,017 and $2,041, with support levels at $1,981 and $1,957.

Conclusion: This week, we do not expect high volatility because there is no high-impact news from the US that would directly affect the gold price. Our focus will remain on the tension in the Middle East, which is expected to significantly impact the gold market, given its status as a safe haven. We anticipate a slight correction for gold this week, with expectations that it will move lower to reach our support level of $1,977.

EURUSD

Last week, EUR/USD moved higher and was able to break above our previous resistance levels. EUR/USD closed the week at 1.0725.

On the weekly timeframe, the Stochastic Indicator is moving higher in the middle. The price is trading around the 20-period and 50-period moving averages, but still below the 200-period moving average.

Our weekly resistance levels are at 1.0786 and 1.1011, with support levels at 1.0646 and 1.0446.

On the daily timeframe, the Stochastic Indicator is moving higher in the middle, while the price is trading above the 20- and 50-period moving averages, and just below the 200-period moving average.

Our daily resistance levels are at 1.0764 and 1.0861, while the support levels are at 1.0620 and 1.0523.

Conclusion: We expect a week of low volatility for EUR/USD due to a lack of high-impact news. We anticipate that EUR/USD may see a slight upward movement and potentially rise above our next resistance level at 1.0786.

DJ30

Last week, the DJ30 moved higher and was able to break above our previous resistance levels. The DJ30 closed the week at 34,110. 

On the weekly timeframe, we can observe that the Stochastic Indicator is moving flat, just above the oversold area. The price is currently trading above the 2-, 50, and 200-period moving averages.

Our weekly resistance levels are at 34,445 and 35,039, with support levels at 33,770 and 33,156.

On the daily timeframe, we can see that the Stochastic Indicator is moving higher, entering the overbought area. The price is currently trading above the 20, 50, and 200-period moving averages.

Our daily resistance levels are 34,452 and 35,001, with support levels at 33,755 and 33,293.

Conclusion: The US stock market is expected to experience a week of low volatility due to the absence of high-impact news from the US. We anticipate that the DJ30 may move higher, favored by US Dollar weakness, with a potential target at our resistance level of 34,452.

USOUSD

Last week, USOUSD (Oil) moved lower and was able to break below our daily support levels. The pair closed the week at 81.79. 

On the weekly timeframe, we can observe that the Stochastic Indicator is currently moving lower, targeting the oversold area. The price is trading around the 20-period and 50-period moving averages, but still above the 200-period moving average.

Our weekly resistance levels are 85.89 and 92.77, with support levels at 80.19 and 74.32.

On the daily timeframe, the Stochastic Indicator is moving just at the edge of the oversold area. The price is currently trading below the 20- and 50-period moving averages, but still above the 200-period moving average.

Our daily resistance levels are at 83.49 and 87.35, while support levels are at 78.95 and 74.24.

Conclusion: We anticipate another significant movement in USOUSD based on the latest sentiment surrounding Middle East tensions. There is a possibility of a downward movement, with USOUSD potentially reaching our next support level at 78.95.

NAS100

Last week, the NAS100 moved higher and was able to break through our previous resistance levels. However, the NAS100 closed the week at a lower level of 15,110.

On the weekly timeframe, we can see that the Stochastic Indicator is currently moving flat, just above the oversold area. The price is currently trading above the 20, 50, and 200 period moving averages.

Our weekly resistance levels are 15,208 and 15,826, with support levels at 14,544 and 13,717.

On the daily timeframe, the Stochastic Indicator is moving higher, entering the overbought area. The price is currently trading above the 20, 5-, and 200-period moving averages.

Our daily resistance levels are currently at 15,289 and 15,529, while support levels are at 14,848 and 14,543.

Conclusion: The US stock market is expected to experience a week of low volatility due to a lack of high-impact news from the US. We anticipate that the NAS100 may move higher, supported by the market’s reaction to US Dollar weakness, with a potential target at our next resistance level of 15,289.

GBPUSD

Last week, GBP/USD moved higher and was able to break through our previous resistance levels. GBP/USD closed the week at 1.2378. 

On the weekly timeframe, the Stochastic Indicator is currently moving higher, positioned in the middle. The price is trading below the 20-period, 50-period, and 200-period moving averages.

Our weekly resistance levels are at 1.2433 and 1.2638, while support levels are at 1.2049 and 1.1820.

On the daily timeframe, our Stochastic Indicator is moving higher, targeting the overbought area, while the price is trading above the 20- and 50-period moving averages, but still below the 200-period moving average.

Our daily resistance levels are now at 1.2447 and 1.2612, while support levels are at 1.2310 and 1.2103.

Conclusion: This week, we anticipate medium volatility in GBP/USD, with UK GDP being the only high-impact news. We expect GBP/USD to continue its upward movement with the potential to rise above our next resistance level at 1.2447.

USD Index

Last week, the USD Index traded lower and was able to break below our previous support levels. The USD Index closed the week at 104.87. 

On the weekly timeframe, we can observe that the Stochastic Indicator is moving lower, positioned in the middle. The price is trading above the 2-, 50, and 200-period moving averages.

Our weekly resistance levels are 106.44 and 108.00, with support levels at 104.48 and 102.87.

On the daily timeframe, the Stochastic Indicator is moving lower, positioned in the middle. The price is trading below the 20- and 50-period moving averages, but remains above the 200-period moving average.

Our daily resistance levels are 105.39 and 106.79, with support levels at 104.29 and 102.99.

Conclusion: This week, we anticipate low volatility in the USD Index due to a lack of high-impact news from the US. However, the tension in the Middle East still warrants attention. We expect the USD Index to continue its downward trend and potentially reach our next support level at 104.29.

USDJPY

Last week, USD/JPY traded slightly lower but managed to reach our resistance levels before going back down. USD/JPY closed the week at 149.32. 

On the weekly timeframe, we can see that the Stochastic Indicator is currently attempting to exit the overbought area. The price is trading above the 20-period, 50-period, and 200-period moving averages.

Our weekly resistance levels are 150.19 and 151.89, with support levels at 148.13 and 146.49.

On the daily timeframe, the Stochastic Indicator is positioned in the middle. The price is trading below the 20-period moving average but remains above the 50- and 200-period moving averages.

Our daily resistance levels are currently at 150.29 and 151.96, while the support levels are at 148.32 and 147.01.

Conclusion: We expect a week of low volatility for USD/JPY due to a lack of high-impact news directly affecting the pair. However, the market remains vigilant for any updates on Middle East tensions and potential interventions by the Bank of Japan in the currency market. We anticipate the pair may move lower, as market sentiment is currently weighing on the US Dollar. We expect that USD/JPY could potentially reach our support level at 148.13.

Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.

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