Weekly Technical Analysis

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.

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US Tech (2 hours)

Wall Street found trendline support near 10900 after a rally to 11670. Losing the low of 10830 might expose the 138.2% and 1618% extensions of 10830-11670 at 10500 and 10300. If the channel support holds, 11250 is where sentiment might shift below 11500.

Source: SpreadEx 

UK 100 (2 hours)

UK 100 revisited the 7000 handle but reversed down to the 50% Fibonacci of 6780-7100 near 6940. Failing to get past the descending channel might see the index decline towards the bottom if the interim Fibonaccis at 6900 and 6850 succumb, exposing the 138.2% expansion at 6650. A break above 7100 might extend gains to the inverse golden pocket at 7300 if 7220 breaks.

Source: SpreadEx 

Japan 225 (2 hours)

Japan 225 failed to reach the 50% Fibonacci of 29230-25600 near 27400 and slid below 27000 at 26560. Retesting the bottom channel might open the door back to the said resistances. Otherwise, a fall towards the 26200 support and the swing low of 25600 can be expected. 

Source: SpreadEx 

Gold (2 hours)

Gold broke past the descending channel, but bulls failed to reach the golden pocket of 1800-1625 near 1740, and prices reversed. Sliding under the 38.2% Fibonacci of 1625-1740 at the round 1700 might send prices to the 50% and 61.8% Fibonaccis at 1680 and 1665 next. If the support holds, the 50% Fibonacci of 1800-1625 near 1725 comes back on the radar.

Source: SpreadEx 

Silver (2 hours)

Silver rose above both the medium and short-term descending and ascending channels before returning to the 38.2% Fibonacci retracement of 17.40-21.30 near 19.80. Lower down lies the 50% and 61.80% retracements at 19.35 and 18.90. If the support holds firm, 20.00 comes back into focus, whether being the 38.20% or 50% Fibonaccis.

Brent Crude (2 hours)

Brent oil continued its ascend but stopped ahead of 100.00 at 98.70 for what seems to be a correction. If it keeps falling, the 23.6% Fibonacci of 82.50-98.70 at 95 is short-term support, with 92.50 and 90.00 lower retracements. If the price breaks the top and the 100.00, the inverse 38.2% Fibonacci is major resistance above 102.50.

Source: SpreadEx 

GBP/USD (2 hours)

GBP/USD stopped and reversed at 1.1500, with chances falling to the 50% and 61.80% Fibonaccis of 1.0325-1.1500 increasing amidst a potential head-and-shoulders pattern. The 38.2% at 1.1050 is major support above 1.0920 and 1.0770, with the former being a crucial cluster. If the 38.2% holds, 1.1215 and the descending trendline come into the spotlight, with a break above paving the way to 1.1750.

Source: SpreadEx 

EUR/USD (2 hours)

EUR/USD reaching parity brought in a large sum of sell orders, resulting in a golden correction of the 0.9535-1.000 leg at 0.9715. Below the key support lies the 78.6% Fibonacci retracement at 0.9635, where the descending trendline might meet prices. If not, the 0.9535 comes back on the cards unless the 50% Fibonacci at 0.9767 breaks. This might offer bulls a short-term opportunity to 0.9900 if the 38.2% retracement at 0.9825 breaks.

Source: SpreadEx 

Copper (2 hours)

Copper plunged to the golden pocket at 337.00 after peaking at 360.00, with the next Fibonacci at 332.00 unless the 335.00 support holds firm. A potential head-and-shoulder pattern might send prices to 38.2% of 325.00-360.00 near 345.00 to form the right shoulder. If the resistance stops bulls, a slide might ensure. Otherwise, the ascend might continue towards 360.00 if the 23.6% and the descending trendline around 350.00 break.

Source: SpreadEx 

UK Long Gilt (2 hours)

Long gilts extended to 100.00 before reversing to the golden pocket of the 91.00-100.00 leg near 95.00. Outside the base channel, the Fibonacci origin might be revisited if the 78.6% Fibonacci at 93.00 breaks. Below there, the 138.2% and 161.8% extensions lie near 87.00 and 85.00. If any of the supports above the swing low hold, gilts might accelerate towards 100.00 again. The interim resistances at 96.00 and 97.00 might first clear the path to 98.60.

Source: SpreadEx