Technical Analysis Weekly 20.09.2022

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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SPX 500 (2 hours)

The SPX 500 found support at 3840 and bounced in an attempt to retest the ascending trendline near 3930. A move above there exposes the 4000 handle and opens the door to 4100. If bullish momentum wanes below the support, 3700 is a crucial stronghold above the low of 3635.

Source: SpreadEx 

UK 100 (2 hours)

UK’s 100 index slid below the 38.2% Fibonacci of 7130-7575 at 7300, paving the way toward the 7130 low. If the resistance weakens above the 50% line at 7355, the price could rise to the golden pocket of 7410 unless a rejection forms a range. Above there, 7500 is next.

Source: SpreadEx 

Germany 40 (2 hours)

Germany’s index retested the channel top above 13500 and reversed, finding temporary support outside the opposite side near 12600. Within the channel, the break of 13000 clears the path to 13250 and the channel top near 13500, whereas increasing bearish momentum exposes 12380.

Source: SpreadEx 

Gold (2 hours)

Gold fell to 1660 before starting to form a bearish flag towards 1700, with next support at 138.2% of 1825-1700 near 1650. If the retest fails on weak momentum it exposes 1600, whereas breaking past the local top might rev gold up the golden pocket of 1750 if 1730 softens.

Source: SpreadEx 

Silver (2 hours)

Silver formed a false break at 17.40 and reversed to the 20.00 handle. A tad above the current price lies major trendline resistance, with a fresh local high in question. If the round level breaks, 21.00 and 21.70 are inverse Fibonacci resistances. Downward, 19.00, 18.70, and 18,40 are Fibonacci supports above 18.00.

Brent Crude (2 hours)

Brent oil rallied from 87.20 to 95.00 before returning to 88.50 but the higher low helped the price bump to 92.50. If a new low near the 86.00 or 83.00 Fibonaccis of the 105.00-87.20 leg is seen, an ending diagonal might offer a reversal. Otherwise, a premature break past 95.00 exposes 100.00.

Source: SpreadEx 

USD/JPY (2 hours)

USD/JPY formed a double top at 145.00 and consolidates in a resembling ascending triangle. The measured move target exposes 146.80 if the pivot completes at 143.40. A pattern failure is a chance to revisit the channel top near 142.00, with its break eying 141.50 and 141.00.

Source: SpreadEx 

GBP/USD (2 hours)

GBP/USD met stiff resistance at 1.1730 and reversed to a fresh low near 1.1350. 1.1270 is key Fibonacci support above the 161.80% equivalent at 1.1190. Outside the channel, downside risk remains elevated unless bulls recapture 1.1500 for a chance at 1.1600 near the 38.2% Fibonacci.

Source: SpreadEx 

EUR/USD (2 hours)

EUR/USD pulled back to 0.9950 after failing to move past 1.0200 but remains above the golden pocket near parity. A slide to 0.9900 might form the right shoulder of an inverse H&S unless the pair falls to the local low of 0.9863. Staying above the 50% Fibonacci of 1.0035 favors 1.0100 and 1.0200.

Source: SpreadEx 

USD/CAD (2 hours)

USD/CAD remains bullish above the 1.3200 handle with key resistance at the 138.2% Fibonacci of 1.2725-1.3200 near 1.3400. The rejection at the channel top near 1.3350 opens speculation of a move towards 1.3100 unless the round support holds.

Source: SpreadEx