Weekly Trading Update
Technical Analysis Weekly 31.01.2022
Start your week by identifying the key price levels with a trend analysis of the most popular markets, including indices, commodities & forex, from the SpreadEx Research team.
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Wall Street (DAILY)
The price has rebounded from oversold levels and is locked inside a volatile trading range between S1 and R1.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Sideways |
32,000 |
33,200 |
35,000 |
35,700 |
Source: SpreadEx
UK 100 (DAILY)
The UK 100 rebounded strongly off a rising trendline and 7230 support to retest the 2022 peak before pulling back. The price is in a volatile uptrend.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Up |
7000 |
7230 |
7590 |
7600 |
Source: SpreadEx
Germany 40 (DAILY)
The price bounced strongly off range support at 14,900. A breakdown under 14,900 could open up a quick drop towards 14,000.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Sideways |
14,200 |
14,900 |
15,700 |
16,250 |
Source: SpreadEx
Gold (DAILY)
The price fell back from a declining trendline at 1850, failing to break above the prior peak at 1880 and posted a bearing weekly engulfing candle pattern.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Sideways |
1670 |
1750 |
1830 |
1850 |
Source: SpreadEx
Silver
The price dropped sharply last week from a declining trendline and is now back at support having formed a bearish weekly engulfing pattern.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Sideways |
21.50 |
22.0 |
24.70 |
25.40 |
Source: SpreadEx
Brent Crude (DAILY)
The price is consolidating under 90.0 after a brief touch of 85. The upwards momentum suggests a break higher towards 94 then 100.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Up |
82 |
85.50 |
90 |
100 |
Source: SpreadEx
GBP/USD (DAILY)
The price has continued to slide over the past week and just recently formed a base near former resistance at 1.335.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Down |
1.32 |
1.335 |
1.36 |
1.375 |
Source: SpreadEx
EUR/USD (DAILY)
The price has dropped to a fresh 19-month low under major support at 12, meaning the round number 1.10 is next major support.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Up |
1.10 |
1.1180 |
1.137 |
1.15 |
Source: SpreadEx
USD/JPY (DAILY)
The price has jumped after a second successful test of 113.50 support and is now back up challenging the 7-year high formed a fortnight ago.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Up |
112.5 |
113.5 |
115.5 |
116.3 |
Source: SpreadEx
AUD/USD (WEEKLY)
The price is testing critical round number support at 0.70, and the neckline of what could be a long-term bearish head and shoulders reversal pattern.
|
Trend |
Support 1 |
Support 2 |
Resistance 1 |
Resistance 2 |
|
Sideways |
0.60 |
0.70 |
0.75 |
0.80 |
Source: SpreadEx
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