Technical Analysis Weekly

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 (1 day)

Wall Street is recovering its broadening wedge pattern, with the peak at 35320 in focus. Breaking past opens the door to 37000, with a failure dragging prices towards the 32000 handle if a slide back within the wedge effectuates. 35000 and 33000 are shorter-term levels to keep an eye on.

Source: SpreadEx

UK 100 (1 day)

UK’s 100 index remains stuck in a rectangle top pattern, waiting for a breakout of the upper band at 7580 for its next upward leg towards 7600 and 7750. Failing to get through exposes 7230 in the medium term, with 7500 offering a potential bounce, if not a reversal.

Source: SpreadEx

Hong Kong 50 (4 hours)

The HK 50 index soared above its rising flag pattern completed at the 17000 handle, with the peak at 18400 being short-term support. Increasing momentum brings 20700 and 22000 on the bulls’ radar unless the 20k handle changes the course of prices. 

Source: SpreadEx

Gold (4 hours)               

Gold might be trading within a descending channel, and medium-term price action could see a move towards the 2k handle if 1900 gives in. In the short term, prices face a double top resistance near 1825, with a break above looking at 1860 next. Weakened momentum might see a revisit of the 1740 support.

Source: SpreadEx

Silver (1 day)

Silver might as well be trading within a descending channel, with a leg past 24.00 exposing 26.50 and the falling trendline top. Falling short before reaching resistance or reversing after it does, opens the door to 22.50 and the support at 21.00.

Source: SpreadEx

Brent Crude (1 Day)

Brent fell below the 82.50 support but not far to presume a breakout, forming a double bottom following the false break. After putting in a new peak at 89.40, the pullback down to 85.00 could be an offer to extend the upward leg towards 92.50. But bulls might lose the short-term support for a chance at 80.70.

Source: SpreadEx

EUR/USD (4 hours)

EUR/USD appears to move higher following the completion of a pennant pattern, bringing 1.0615 and 1.0775 to the table. If bulls fail, a pullback to 1.0290 and 1.0220 might be seen, with the latter clearing the path to the 1.02 support.

Source: SpreadEx

GBPJPY (4 hours)

GBP/JPY could validate a pennant pattern on its way up to 169.00 so long it breaks past the descending trendline coming down from the peak of 172.13. 163.00 is major support below 164.00 as its break could invalidate the pattern.

Source: SpreadEx

NZD/USD (1 day)

NZD/USD recently re-entered its longer-term bearish channel, making its way to 0.6600. 0.6475 and 0.6580 are near-term resistance levels, with the channel top being a critical ceiling to regain control of. Increased short bets face support at 0.6290 and 0.6058.

Source: SpreadEx

Bitcoin (4 hours)

Bitcoin appears to receive rejection at the top channel trendline with a probable reversal back to the opposite side. 16750 is short-term support bears need recapturing for a chance at 16k and the low of 15480. A break above the upper trendline could send prices to 18150, with increased momentum extending its potential to the 20k handle.

Source: SpreadEx