Technical Analysis Weekly 27.06.2022

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 of “Wall Street” successfully broke the bearish trend line to the upside after posting an inverse head and shoulders. This led to a reversal and a positive change of direction. A slight correction to the 31,000 could provide an entry point before a new bullish impulsive wave to the 32,630 level in the coming days.

Source: SpreadEx 

UK 100 (4 hours)

After breaking the bearish trend line to the upside and posting a double bottom formation, the “UK 100” managed to reverse and move higher. On the daily time frame, the last bar broke and closed above the pivot level. This could lead to a further move to the upside toward the next key resistance level around 7,525.

Source: SpreadEx 

Germany 40 (4 hours)

The price of GER40 tried to reverse to the upside twice but it failed. Currently, the market is trying to break the 13,270 mark to the upside. If the buyers manage to break this level and the current daily bar closes above it, then we could see the “GER 40” reaching the 13,685 mark.

Source: SpreadEx 

Gold (4 hours)

Gold has re-entered the inside of the parallel channel made of the following key levels, 1,835 & 1,875. The price is currently bouncing inside a bullish flag formation. If the price stays above the 1,835 mark, this could lead to a breakout of the pattern and a move to the upside toward the 1,875 mark.

Source: SpreadEx 

Silver (4 hours)

The price of “Silver” successfully broke the bearish trend channel pattern to the upside after the buyers took control of the market around the 2,085 mark. Silver is currently trading above the pivot level (2,125) where a further move to the upside is expected toward the 2,185 mark.

Brent Crude (4 hours)

Brent Crude Oil is currently testing an area of confluence made from the higher end of the bearish flag pattern and the bearish trend line. The sellers are showing strength since two bars with long upper wicks are left near the resistance level. This could lead to a breakdown of the bearish flag and a move to the downside toward the 107 mark.

Source: SpreadEx 

GBP/USD (4 hours)

Cable is bouncing inside a parallel channel formation which is made from a key support and resistance levels with the following price values: 1.21 & 1.23. A higher low is posted inside this pattern signalling that the buyers are in control of the market which pushed the price to test the 1.23 mark. If the bulls break this zone and close above it this could lead to a move higher towards 1.24. 

Source: SpreadEx 

EUR/USD (4 hours)

EUR/USD has been trading inside a parallel channel formation. The market is showing strong positive momentum by posting a higher low near the higher end of the channel. There is a high chance that this zone will be broken to the upside where the price could reach the 1.0650 mark.

Source: SpreadEx 

USD/JPY (4 hours)

The price of “USD/JPY” failed to continue its move above the 135 resistance level. We have a lower low and a lower high, signalling that the sellers are about to reverse the market. A rebound to the resistance zone (135) could happen to bring back liquidity before a new bearish impulsive toward the 133 mark.

Source: SpreadEx 

SPX 500 (4 hours)

Buyers successfully broke the bearish trend line to the upside after an inverse head and shoulders, which led to a reversal and a move to the upside. The market also broke and closed above the resistance level (3,840) which shows that the buyers are in clear control of the market. What we could see in the coming days is a further movement to the upside toward the 4,080 mark.

Source: SpreadEx