Technical Analysis Weekly 19.04.2022

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 (4 hours)

The price is stuck between a downtrend line and a floor at 34,100. The move lower from the March 30 peak looks like a correction after a long uptrend, suggesting an eventual upside break and resumption of the uptrend. A break under 34,100 support would negate the bullish bias.

Source: SpreadEx 

UK 100 (4 hours)

Price broke below the 50 SMA but has since oscillated around it after holding support from the early April lows. The uptrend is losing momentum with uptrend lines turning flatter. A break under 7,530 could usher in a bigger drop to the 200 SMA but otherwise the trend remains higher, indicating higher prices.

Source: SpreadEx

Germany 40 (4 hours)

Price is caught between a downtrend line and horizontal support from the recent lows. A break above the downtrend line would suggest the correction from the March 29 peak is over. Resistance can be found from the April 5 peak. A drop under support at 13,950 would negate the bullish bias.

Source: SpreadEx 

Gold (4 hours)

Gold has tested the psychological 2000 level after breaking out of its trading range and has now pulled back. Former resistance at 1970 could be support in the new uptrend. A break below an uptrend line connecting the March 29 and April 6 lows would negate the bullish bias.

Source: SpreadEx 

Silver (4 hours)

Price is trending higher above a short-term uptrend line. After a breakout over the March 24 peak, the price dropped back from the shoulders of the early March H&S pattern around 2650. Should the trendline fail, it could be a false breakout and signal a move back into the range towards 2500.

Source: SpreadEx 

Brent Crude (4 hours)

The price has broken over and is now consolidating above a downtrend line starting at the March 8 peak (ignoring the spike on March 6). If the breakout fails with a move back under 110, it could trigger another test of the psychological 100 level. Otherwise a break above the recent peak would indicate the uptrend 

Source: SpreadEx 

GBP/USD (4 hours)

The big 1.30 continues to hold as major support. Some long-wicked candles off 1.30, despite a breakdown from support just above at 1.305 show some potential for a bottom but the trend remains down while under the downtrend line starting at the late Feb highs.

Source: SpreadEx 

EUR/USD (4 hours)

The price has made a fresh year-to-date low. A false breakdown is possible, offering a bullish signal but until that happens our bias is for the downtrend to accelerate at new lows with 1.07 a major downside target. Any rebound could find resistance again at 1.094.

Source: SpreadEx 

USD/JPY (4 hours)

This pair continues to surge higher with any trend following strategy continuing to work in this strong uptrend. It’s of note that the price will be as far above the 200 SMA when it reaches 129 as it was before the last big pullback. A rising trendline offers support before the 125 level.

Source: SpreadEx 

German bund (8 hours)

As yields keep rising, bond prices are falling. The German bund has just broken down from 155 and looks to be targeting the psychological 150 level below.

Source: SpreadEx