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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Wall Street (4 hours)

Wall Street found support at the round 31000 level and rebounded back into the bearish channel. A rally up to 32500 could be seen if 32000 holds firm. A break of 31000 might invalidate the upside bias. Moving past the channel top could extend the rally to 33000 and even 33500.

Source: SpreadEx 

Germany 40 (4 hours)

Germany 40 made a fakeout under the bottom of the channel and bounced at 12600 in an attempt at recapturing 13000. The index is poised to retest the channel top near 13400/500. Sliding below 13000 would open the door to the channel bottom and perhaps 12500, whereas breaking past the top exposes 14000.

Source: SpreadEx 

UK 100 (4 hours)

UK’s 100 index flipped the 7350 resistance into support and could revisit near-top levels above 7500 if the golden pocket near 7420 gives in. Otherwise, the 38.2% Fibonacci of the 7130-7575 leg near 7300 could weaken, exposing the low of 7130.

Source: SpreadEx 

Platinum (4 hours)

Platinum left the 800 low in the rearview mirror and eyes the golden pocket at 910. The weak attempt at the 50% retracement of the 800-975 leg near 885 suggests a pullback to the 38.2% Fibonacci near 865; but prices could slide lower. Key support lies around 830 above the 800 handle. Inversely, major resistance can be observed at 925.

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Source: SpreadEx 

Natural Gas (4 hours)

Natural gas has formed a double bottom below 7.80 unless it gets invalidated with another drop to the 50% Fibonacci of the 5.60-10.00 leg near 7.60. In either case, an upward leg toward 9.40 could print the right shoulder of a potential H&S. If so, the golden pocket at 7.00 would be a major support. Lossing the 50% prematurely would open the door to 61.80% and invalidate the H&S.

Brent Crude (4 hours)

BRENT CRUDE broke down to 87.50 but failed to reach the 138.2% Fibonacci extension of the 105-91.50 leg near 86,00. Another drop could see bulls buy the 161.8% near 83.00 instead, unless bids rise at the round 80.00 level. Outside its range, crude remains under pressure below 95.00 and the swing high near 97.00

Source: SpreadEx 

USD/JPY (4 hours)

USD/JPY trend accelerated to 145.00, where bulls met resistance formed by the 161.8% Fibonacci extension of the 139.40-130.40 leg. Above the support of 139.40, the pair could still create new highs near term, especially if prices fail to re-enter the base channel near 141.00. Key resistance above the top is at 147.50.

Source: SpreadEx 

GBP/USD (4 hours)

GBP/USD bulls built a good base at 1.1500 after crossing on the positive side of the descending trendline. Following a move down to the 161.8% Fibonacci of the 1.1750-1.2300 leg at 1.1420 first, the 138.2% of 1.1550 is now major support bulls must defend for a chance at 1.1700 and 1.1750.

Source: SpreadEx 

EUR/USD (4 hours)

EUR/USD reversed back above parity and then 1.0100 following an ending diagonal pattern. The pair has formed resistance below 1.0200 at 1.0130, with next struggles the -38.2% and -61.8% inverse Fibonaccis of the 0.9870-1.0130 leg at 1.0230 and 1.0300. A pullback down to the 38.2%-61.8% zone between 1.0027 and 0.9965 could be expected.

Source: SpreadEx 

GBP/JPY (4 hours)

GBP/JPY is in a clear accelerated trend after a pullback back to 164.00 failed to retest 164.30, forming support. Above the local top of 167.00 and 168.00, the pair is poised to revisit the key resistance of 168.70. Lossing the local bottom would open the path to the 38.2%-61.8% zone between 164.15 and 162.80.

Source: SpreadEx