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 broke the 30500 range-top with the pullback from 31400 increasing the chances of a 30000 retest. The successive higher-highs and steeper higher-lows resemble a completed rising wage, where the range to 30840 opens the door to 33000. If the 30k handle is lost, 28550 comes back in focus.

Source: SpreadEx 

UK 100 (4 hours)

UK 100 moved past the 7000 handle temporarily without breaking past the swing high of 7100, and reversed. A slide below 6860 could clear the path to 6800, the previous low, and 6400, as it is the range of the potential broadening wedge. Only recapturing 7200 can offer a chance at 7500.

Source: SpreadEx 

Eurostocks 50 (4 hours)

Eurostocks 50 also appears to be spiralling upwards in a rising wedge formation following the break past 3500. The 3230-3510 range might pave the way to 3780, shy of 3820, if 3700 gives in. Failing to maintain 3430 could send the index back to the lows in case 3350 succumbs to pressure.

Source: SpreadEx 

Gold (4 hours)

Gold's price action appears to either have completed a falling wedge or be in its last descending leg to completion. If bears lose 1625, the chances of attempting a lower trendline rejection below 1600 will increase. But if bulls recapture 1700, 1750 comes back into the spotlight.

Source: SpreadEx 

Copper (4 hours)

Copper has formed a narrowing sideways market associated with a potential symmetrical triangle. Breaking the 3.25 support will expose the low at 3.10 and 2.50, as this would make the opening range's distance applicable. However, if bulls break past 3.50, 3.60 is major resistance below the high of 3.80.

Brent Crude (4 hours)

Brent oil held firm above 90.00, but the downward pullback may not be completed just yet despite sliding below the lower broadening wedge trendline. Its break brings 85.00 on the table if 88.00 weakens, whereas a rebound might expose 100.00 again in case bears cave in at 95.00.

Source: SpreadEx 

GBP/USD (4 hours)

GBP/USD remains in a bullish pennant pattern since the decline to 1.1060 failed to fall below 1.0930. The pound needs a break past 1.1500 for a chance at 1.1750, with the 1.1400 or the upper descending trendline ahead. A reversal would bring 1.1060 and 1.0930 back on the cards. 

Source: SpreadEx 

USD/JPY (4 hours)

USD/JPY completed the broadening top formation at 152.00, hinting at a reversal unless 145.00 acts as a support or turns sideways. 147.50 and 149.70 are near bottom and top levels, with 152.00 and 145.50 being crucial levels for medium-term price action.

Source: SpreadEx 

EUR/USD (4 hours)

EUR/USD is between a rising flag and a potential triangle so long it remains below parity. 0.9900 is near-term resistance with 0.9700 support if 0.9800 weakens. If the descent continues, the pair might revisit 0.9537 but needs the 0.9630 break first, with the lower flag trendline also on the cards. If 0.9700 holds, the chances of printing a triangle will increase.

Source: SpreadEx 

IAG (4 hours)

IAG appears to be impelling towards 120.00, with the 123.00-125.00 zone acting as the neckline of a potential inverse head-and-shoulders pattern. The neckline, however, could be sloppy, thus complete. A downside leg towards 102.00 would form the right shoulder, but it needs 111.00 and 105.00 to break first.

Source: SpreadEx