Technical Analysis Weekly 11.04.2022

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)

Two attempts to break the 50 SMA have been met with resistance, leaving the price within a downward channel. Another dip could see a re-test of the bottom channel line, while a breakout would signify the resumption of the broader uptrend.

Source: SpreadEx 

UK 100 (4 hours)

Price broke the horizontal channel from the week prior and continues to uptrend with higher highs and higher lows - with the 50 SMA as a dynamic support. A break below the 50 SMA would likely signal the end of the uptrend and a possible test of the 200 SMA.

Source: SpreadEx 

Germany 40 (4 hours)

The index has rolled over to former resistance and support from the March 18 low around 14,050 - with 14k being the major level for consideration. A breakdown from support might not find much technical support until 13,500.

Source: SpreadEx 

Gold (4 hours)

Gold has resolved to the upside of its sideways channel, hitting a near 1-month high. The breakout implies the correction from near-record highs to 1900 is over - possibly opening up a move back over 2000. A fakeout and move under 1950 would reverse the bullish implications.

Source: SpreadEx 

Silver (4 hours)

Silver successfully tested the late March lows and has since rebounded strongly with a move back over the 50 then 200 SMA. The last high momentum rally on March 24 saw heavy selling follow shortly after, that remains a risk this time - but the correction from the March 9 high seems to have ended.

Source: SpreadEx 

Brent Crude (4 hours)

The price has been trending lower into the March 16 low at 98 and the key 100 level, which remain major support. The broader trend is sideways, offering opportunities to buy at oversold levels but a close under 100 could quickly bring 90 into view.

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 euro is forming a base again above 1.085 with 1.094 the ceiling to the small consolidation. The trend since late March has been heavily down but the price has held above year-to-date lows. There may be some sope for a short-covering rally with the 200 SMA as dynamic resistance.

Source: SpreadEx 

USD/JPY (4 hours)

The trend is your friend with the Japanese yen. The pair has broken out to fresh multi-year highs, quickly recovering from the pullback from 125 to 123.3. There is the risk of a fakeout but signs of selling look limited no large red candles since the price moved back over the 50 SMA in April.

Source: SpreadEx 

Platinum (Daily)

Platinum saw a strong reversal off its year-to-date lows and managed to close above the previous low formed on March 28. A break above the downtrend line connecting the recent highs could confirm that the low is in.

Source: SpreadEx