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.

Wall Street (4 hours)

Wall Street successfully broke out of the bullish wedge formation to the upside after finding buyers near the 50.00 % fibonacci retracement level. Further movement to the upside is expected in the coming hours to test the 34,000 mark. If the market continues its move beyond the 34,000 mark, there is a high chance to see the price reaching the 35,330 mark. A drop under 32,900  would negate this bullish view.

Source: SpreadEx 

UK 100 (4 hours)

UK 100 is in a clear uptrend where higher highs and lows have been posted inside a bullish channel pattern. A slight correction is about to be posted to the area of confluence made by the lower end of the channel and the strong support near the 7,475 mark. This move will lead to more buyers re-joining the uptrend and push the price toward the 7,622 mark.  A close below 7,475 mark would negate our bullish bias.

Source: SpreadEx 

Germany 40 (4 hours)

GER40 successfully broke the bullish flag formation to the upside after finding buyers near the 61.80 % retracement level. The price now is sitting above the resistance level (13,790) which could lead to a further movement to the upside toward the 14,070 mark. A close below the 13,790  would neglect our bullish view.

Source: SpreadEx 

Gold (4 hours)

Gold successfully broke the bullish channel to the upside after posting a double top formation which led to a reversal and a move lower. The market now is heading toward the pivot level (1,810).  However, a close above the 1,810 mark will lead to a move in the same direction of the main trend toward the 1,835 mark.

Source: SpreadEx 

Silver (4 hours)

The price of Silver successfully broke the bullish flag pattern to the upside but it faced a strong resistance level near the 2,080 mark. The market posted a triple top near this area which could lead to a reversal and a move lower toward  the 1,935 mark. If the price fails to reverse and move lower, this will lead to further movement to the upside toward the 2,190 mark.

Source: SpreadEx 

Brent Crude (4 hours)

UKBRENTOIL broke out of the bearish wedge formation to the downside after finding sellers near the 50.00 % fibonacci retracement level. The market might continue its move to the downside toward the 86 mark to complete the ABCD pattern. A close above the 98 level could signal a reversal and a move higher toward the 106 mark.

Source: SpreadEx 

GBP/USD (4 hours)

The price of GBP/USD posted a double top formation after breaking the bearish channel formation. Currently, The market is testing the pivot level near the 1.20 level. If it manages to break and close below it this will lead to a move lower toward the 1.17 mark. Otherwise if the Pound fails to break the 1.20 mark, it could take the price back to the 1.22  level.

Source: SpreadEx 

EUR/USD (4 hours)

EUR/USD posted a double top near the 1.03 mark and led to a reversal and a move lower. The price broke the bullish trend line to the downside which could lead to a move lower toward the 1.01 mark. A less likely scenario is for the EUR/USD to  reverse lower again from the consolidation to test the previous support near 0.99. A close above the 1.02 mark  would neglect our bearish view.

Source: SpreadEx 

USD/JPY (4 hours)

The price of USD/JPY successfully broke the bearish trend line to the upside and retraced to to it from the upside. The market now is trying to move higher after sustaining above the pivot level (135). This might lead to a rally toward the 137 mark.  However, a move and close below the 132 mark will lead to a move lower in the same direction of the main trend.

Source: SpreadEx 

USD/CAD (4 hours)

USD/CAD posted an inverse head and shoulders near the support level (1.28) which led to a reversal and a move higher above the bearish trend line. A lower correction to the support level (1.28) could be seen before a new bullish impulsive wave toward the 1.29 mark. However, if the market moves lower below the support level (1.28) this will lead to a test of  the 1.27 mark .

Source: SpreadEx