Weekly Technical Analysis 14/08/2023
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.
WALL STREET (4 hours)
Wall Street appears in consolidation, likely a flag pattern, with upside potential above 35680 past 36k based on the measured move. If bulls lose 35k, 34600 is expected support lower down.
US TECH (4 hours)
The Tech index has been declining, revealing a potential wedge down at 14650, along with a possible double bottom formation, increasing the chances of an H&S pattern. Falling under 15k will open the door to 14660, whereas getting past 15280 will increase the prospects of a 15550 breakout.
GERMANY (4 hours)
A sideways consolidation may be underway in Germany 40’s index, clearing the way to 15500 but keeping the door to 16500 also open. Short-term price action suggests a flag-like consolidation, with the next support at 15620 and resistance above 16070 at 16250.
GBP/USD (4 hours)
Cable also appears to be forming a potential H&S pattern, pending a double bottom formation at $1.26 before potentially rising to $1.2850. Losing either of the levels will likely invalidate the pattern, increasing the chances of revisiting $1.2545 or $1.29. Short-term price action reveals a range.
EUR/CHF (4 hours)
EUR/CHF a double top formation at 0.9650 is seen as the potential end of a bearish flag, opening up 0.9520 and the 0.95 handle. Spoiling the formation with a spike past the regional top could elongate the flag towards 0.9680 but is unlikely to invalidate it.
USD/CAD (4 hours)
USD/CAD’s retest of $1.3385 has seen prices bounce towards the peak at $1.35, but easing momentum increases the chances of a triangle or sideways consolidation. If bears push prices lower, $1.3250 could be reached beneath $1.33. Otherwise, moving above the top could see prices accelerate towards $1.36.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
WALL STREET (4 hours)
Wall Street appears in consolidation, likely a flag pattern, with upside potential above 35680 past 36k based on the measured move. If bulls lose 35k, 34600 is expected support lower down.
US TECH (4 hours)
The Tech index has been declining, revealing a potential wedge down at 14650, along with a possible double bottom formation, increasing the chances of an H&S pattern. Falling under 15k will open the door to 14660, whereas getting past 15280 will increase the prospects of a 15550 breakout.
GERMANY (4 hours)
A sideways consolidation may be underway in Germany 40’s index, clearing the way to 15500 but keeping the door to 16500 also open. Short-term price action suggests a flag-like consolidation, with the next support at 15620 and resistance above 16070 at 16250.
GBP/USD (4 hours)
Cable also appears to be forming a potential H&S pattern, pending a double bottom formation at $1.26 before potentially rising to $1.2850. Losing either of the levels will likely invalidate the pattern, increasing the chances of revisiting $1.2545 or $1.29. Short-term price action reveals a range.
EUR/CHF (4 hours)
EUR/CHF a double top formation at 0.9650 is seen as the potential end of a bearish flag, opening up 0.9520 and the 0.95 handle. Spoiling the formation with a spike past the regional top could elongate the flag towards 0.9680 but is unlikely to invalidate it.
USD/CAD (4 hours)
USD/CAD’s retest of $1.3385 has seen prices bounce towards the peak at $1.35, but easing momentum increases the chances of a triangle or sideways consolidation. If bears push prices lower, $1.3250 could be reached beneath $1.33. Otherwise, moving above the top could see prices accelerate towards $1.36.
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