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 bounced at the lower end of the descending channel, opening up the chances of some respite towards 32300 but unlikely 33k. Sliding below might expose 30500 if the base of 31k succumbs to pressure. 

Source: SpreadEx

UK 100 (4 hours)

UK’s 100 index remains under pressure following the bearish breakout of the H&S neckline but bounced at the golden pocket at 7220. If the 50% at 7380 holds firm, it might trigger a downward leg towards 7k unless it breaks, sending the index towards 7620. 

Source: SpreadEx

SWISS INDEX (4 hours)

The Swiss index broke the bottom of the descending channel off 11380, exposing the 10k threshold. Failing to gain traction towards 10800 might provoke additional short bets unless bulls attempt 11k.

Source: SpreadEx

LIGHT CRUDE (1 day)

Light crude punched through the low of $70/bbl and retested $65/bbl after breaking outside its triangle pattern. The measured move exposes $60/bbl, where a reversal might be seen. If the floor gives in, $57.40/bbl is the next support. To the upside, the flipped resistance will be hard to recapture, but in the surprising case, it does, $73.75/bbl is unlikely to be hit.

Source: SpreadEx

GOLD (1 day)               

Gold prices might have completed a flag or pennant pattern down at $1810/oz and headed to the 2080 ceiling should bulls regain control of $2050/oz. $1975/oz remains a weekly support bears need control of to push prices deeper to the lower 19s.

Source: SpreadEx

SILVER (1 day)

Silver had a similar reaction, likely ending a flag pattern and headed toward higher levels, with $24.20/oz a likely peak. Bulls must reclaim $22.85/oz for increased chances of upward spirals; otherwise, the $21.30/oz break might encourage a full-blown reversal to $20/oz.

Source: SpreadEx

GBP/CHF (4 hours)

The pound bounced against the Swissy after meeting solid support at the lower end of the descending channel off 1.1578. Holding the grip above 1.1161 might bring 1.15 in focus, given that 1.1336 gives in. On the other hand, losing last week’s low might decelerate the pair towards 1.11.

Source: SpreadEx

EUR/USD (4 hours)

Although EUR/USD potential H&S remains intact, the pair also turns sideways between $1.074 and $1.054. Without control of $1.07, bearish price action might see the pair slide towards the bottom end and text fresh lows mid $1.04s. Rising above the strong resistance might open the door to $1.08.

Source: SpreadEx

USD/CAD (4 hours)

USD/CAD has been consolidating, printing higher lows and lower highs, suggesting a triangle might be due to form. Otherwise, a flag or pennant might do instead. If the $1.3815 breaks, the low might be in,  and fresh highs past $1.40 might be seen. Conversely, failing the supports at $1.3677 and $1.3650 might offer a dip to $1.3600 next.

Source: SpreadEx

AUD/NZD (4 hours)

AUD/NZD has formed a diagonal down to 1.06750, hinting at a short- or long-term reversal. Sliding under the low would imply the retracement is in, clearing the path towards 1.0565. In case of a false break, the pair could still reach 1.08.

Source: SpreadEx