Technical Analysis Weekly 11.07.2022

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” posted a double bottom formation near the 61.8 % fibonacci retracement level which led to a move to the upside. The price successfully broke the pivot level around the 31,000 mark and currently the market is testing this zone as support. If support holds a new upward movement could test the 31,800 mark.

Source: SpreadEx 

UK 100 (4 hours)

UK 100 broke the bearish pennant formation to the downside after testing the pivot level around the 7,200 mark. It seems the market is heading back to the same zone with positive momentum. If the price breaks the bearish trend line to the upside and closes above the pivot level, this could lead to a move upward to test the next key resistance level around the 7,360 mark. 

Source: SpreadEx 

Germany 40 (4 hours)

The price of “GER40” is trying to reverse to the upside by breaking the bearish trend line after posting an inverse head and shoulders pattern. The market is about to test the pivot level around the 12,985 mark, if it breaks and closes above it, GER40 could reach the 13,350 level.

Source: SpreadEx 

Gold (4 hours)

Gold is in a clear downward movement where lower lows and highs have been posted. The market is currently in a sideways movement where we expect a breakout to the downside of the pivot level. If this scenario occurs the market could reach the 1,675 support (formed by 2021 lows) by the end of this week.

Source: SpreadEx 

Silver (4 hours)

The price of “Silver” is trading inside a bearish channel formation where lower highs and lows have been posted. The market currently is bouncing inside a bearish pennant  pattern. Since we are in a downtrend, there is a high chance to see the price breaking the pennant pattern to the downside to reach the 1,740 mark.

Brent Crude (4 hours)

Brent Crude Oil successfully broke the parallel channel to the downside and entered inside a bearish pennant formation. The price found sellers near the 50 % fibonacci retracement level which led to a breakdown from the bearish flag. Further movement to the downside could be seen toward the next support level (99).

Source: SpreadEx 

GBP/USD (4 hours)

The price of “GBP/USD” is trending to the downside. The market successfully broke the bearish flag formation to the downside after finding sellers near the 61.8 % fibonacci retracement level. A downward movement in line with the downtrend is most probable to test the next support level around the 1.17 mark.

Source: SpreadEx 

EUR/USD (4 hours)

The EUR/USD is bouncing inside a bearish channel formation where lower highs and lows have been left. The market tested the 1.01 level (100 pips above parity) and failed to break it to the downside. A new move is about to test this area, if it breaks the pivot level to the downside the price of “EUR/USD” could reach the 0.99 mark.

Source: SpreadEx 

USD/JPY (4 hours)

The price of “USD/JPY” successfully broke and closed above the higher end of the parallel channel formation. A big bodied bullish bar is left at the breakout showing that the buyers are about to push the price furthermore to the upside toward the 139/140 zone. This level is obtained using the ABCD pattern which says the impulsive waves should be of equal length.

Source: SpreadEx 

SPX 500 (4 hours)

SPX500 reversed and moved higher after posting  a double bottom formation near the 61.80 % fibonacci retracement level. The market is moving to the upside with a good momentum, which could lead to a break of the 3,940 mark to the upside and then a move all the way up toward the 4,070 mark.

Source: SpreadEx