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 (4 hours)

US TECH failed to get past 12470 and reversed into the predominant trend, led by a leading wedge. Losing 11800 might expose 11500 next, with chances at 11250 increased while under there. A bounce might see last week’s peak reclaimed, forming a deeper correction.

Source: SpreadEx

UK 100 (4 hours)

The head-and-shoulders has started to weigh on prices following the break of the 7880 swing, with the bearish continuation to 7670 offering an opportunity for a bounce. Holding the base might offer some respite towards 7850 and form a larger H&S unless it fails and kicks the door to 7500 open.

Source: SpreadEx

AUSTRALIA 200 (4 hours)

Australia’s 200 index might be lagging the FTSE, pattern-wise, as it resembles the completion of the right shoulder of a potential H&S at 7380. Playing out would pave the way to 6900 in the medium term, with interim support at the k handle. Increasing demand might see an upward leg to 7310.

Source: SpreadEx

BRENT CRUDE (4 hours)

Brent failed to invalidate the triangle above 87.00 with the prospect of extending losses towards 75.00 increasing. Weakening below 80.00 will be seen as supporting the bearish case, bringing 77.60 in short-term proximity. Reversing higher at the round support might see bulls reclaim 84.00, but unlikely 86.90.

Source: SpreadEx

GOLD (4 Hours)                    

The gold price had turned sideways between 1864 and 1813 but broke higher toward the 1900 handle. Cracking the ceiling might provoke further bets towards 1942, whereas, on the other side, 1865 and 1835 are significant supports.

Source: SpreadEx

NATURAL GAS (2 Hours)

Natural gas prices might be forming a flag pattern expected to compete soon. Failing to solidify the impulsive upward leg might encourage additional short, clearing the path to 2.11 and beyond. 2.70 is the short-term resistance bulls need control of for a chance at the peak of 3.03, provided the gap-filling causes no disruptions.

Source: SpreadEx

GBP/USD (2 hours)

Cable might have completed a wedge pattern at the 1.185 stronghold, where it bounced substantially to  1.21. Regaining threshold control might see increasing momentum towards 1.2265 unless bears step in. In such an event, the previous low might be revisited should 1.1938 give in to pressure.

Source: SpreadEx

EUR/USD (4 hours)

EUR/USD might have reached the neckline of a potential H&S pattern as it headed towards the right-shoulder high of 1.0736. Reversing now might see prices move back to 1.0524 and perhaps 1.0483. Conversely, a move towards 1.08 may invalidate the pattern if it enacts an extended move to 1.0928. The former can still be seen as the right-shoulder high.

Source: SpreadEx

USD/JPY (4 hours)

USD/JPY has been correcting towards 132.90, with a likely bounce at 134.00 offering a short-term respite to 136.78. If the bounce is weak to 135.65, the pair might accelerate into the downward trend but is unlikely to fall below 131.58. A flag or a pennant might form.

Source: SpreadEx

BTC/USD (4 hours)

Bitcoin bounced at the 20k handle for what appears to be the end of the correction. If the move continues, prices might rise to 24k, provided 23200 gives in to upward pressure. Momentum could slow down, however, with 21340 back in the spotlight.

Source: SpreadEx