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.

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Wall Street (4 hours)

Wall Street slid back into its base channel after forming a head-and-shoulders pattern. Lossing 32,000 might open the door to 31,000 if 31,400 fails to hold. The bottom of the channel is expected to offer support. Inversely, 32,000 firmness could send prices towards 33,000.

Source: SpreadEx 

Germany 40 (4 hours)

Germany 40  lost the support at 13,000 after bulls received rejection at the channel top near 13,300. The former is now major resistance and the 12,600 channel bottom offers key support. Breaching the channel downwardly might offer a near-term bounce following a double-bottom at 12,400. 

Source: SpreadEx 

UK 100 (4 hours)

UK 100 found support at the 38.2% Fibonacci near 7,350 and could bounce toward 7,470 to test it as resistance. In the event momentum finds good footing, a move back towards the 7,580 top could be seen. Failing to hold the base will expose the 7,250 golden pocket if 7,300 lacks support.

Source: SpreadEx 

Gold (4 hours)

Gold trades in a clear downward trend in the near-term but found temporary support by the 1,730 golden pocket. A close below the key level would likely increase bearish bets toward 1,700. If bullish momentum rises prices could accelerate toward the 38.2% Fibonacci near 1,770. A break of the short-term resistance would bring 1,800 back on the table.

Source: SpreadEx 

Silver (4 hours)

Silver is heading towards the 1,800 handle where it is expected to find local support. Depending on the bounce, it could turn sideways with a top near 1,930 or see a brief rally towards 1,900 before sliding lower. 1,175 can act as near-term extension, being the 138.2% of the 2,000-1,890 leg.

Brent Crude (2 hours)

UKBRENTOIL is trading in triple digits again. Above the local support of 97,50 prices could meet the next batch of sell orders near 108,00. Increasing strength would expose 111,50. If crude succumbs back into double-digit territories, 90,00 might be revisited after the swing low of 97,50 is lost.

Source: SpreadEx 

GBPJPY (4 hours)

GBP/JPY is consolidating in a triangular manner, spelling a likely breakout outside the narrowing range. 163,70 and 160,00 are key levels to providing directional clues, with the latter offering decent support for an upward breakout. If lost, 159.30 would act as a near-term bottom. Meanwhile, range trading might continue to dominate.

Source: SpreadEx 

GBP/USD (4 hours)

GBP/USD fell through 1,1650 in the early hours and could see a retest of 1,1720 before sliding towards the round 1,1600 handle. Lack of demand there would open the door to the 138.2% Fibonacci extension of the 1,2150- 1,1720 leg near 1,1550.  A solid rally towards 1,1900 might print an inverse head-and-shoulders.

Source: SpreadEx 

EUR/USD (4 hours)

EUR/USD crashed to 0.9900 before pumping to 1.0090, where it saw bulls in reverse mode sending prices back below parity. If volatility continues to thicken a range could form but the top would be at risk of remaining below 1,0000. In the event bearish momentum rises, the 138.2% Fibonacci extension of the 1,0380-0,9950 leg lies near 0,9800.

Source: SpreadEx 

USD/JPY (4 hours)

USD/JPY continues to accelerate with a break above the 139,50 top being primarily bullish. The 138.2 Fibonacci extension of the 139,50-135,80 leg near 141,00 is intermediate resistance. A pullback before there would expose 137,00 if the supply zone around 138,00  weakens. The upward move above the channel suggests a trend acceleration.

Source: SpreadEx