Weekly Technical Analysis 30/10/2023
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.
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WALL STREET (1 Day)
Wall Street breaking under 32580 opened the door to 31400, where a head-and-shoulders pattern could start forming. If the support gives way to bears, it would invalidate the right shoulder. Reclaiming the now-resistance could trigger 33300 revisited.
JAPAN 225 (1 day)
Breaking below the flag low and retesting the trendline could weigh on Japan 225, with a leg below 30260 exposing 30K and then 29380. Taking over 31220 may change the short-term course of action, but it is unlikely to gain as high as 31470.
GOLD (4 hours)
Gold’s continuation is facing double-top resistance at $2020, with pullbacks to $1980 now more likely. Under there, the next support can be observed at $1955. If bulls push higher, it could clear the path towards $2050 next, pending direction at $2030 an ounce.
GBP/USD (1 day)
The pound resembles an early triangle pattern with its higher swing low at 1.2071 holding support, but falling under $1.2035 will open the door to $1.20 and $1.1921. If the short-term resistances at $1.2287 and 38 fall, we may experience a bullish move towards $1.2416.
EUR/USD (2 hours)
The EUR/USD pair has barely traded within the ascending channel/flag pattern but remains pounding breakdowns towards $1.045. $1.0522 and $1.0493 must succumb for the scenario to play out. Short-term PA could see the pair advance above $1.05, gaining traction to 1.0615 and $1.064.
GBP/JPY (2 hour)
The GBP/JPY pair appears near a triangle completion anywhere between ¥180.24 and ¥178. Taking over ¥181.61 could instigate a rally toward ¥182.60 unless the trend reverses.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
-----------------------------------------------------
WALL STREET (1 Day)
Wall Street breaking under 32580 opened the door to 31400, where a head-and-shoulders pattern could start forming. If the support gives way to bears, it would invalidate the right shoulder. Reclaiming the now-resistance could trigger 33300 revisited.
JAPAN 225 (1 day)
Breaking below the flag low and retesting the trendline could weigh on Japan 225, with a leg below 30260 exposing 30K and then 29380. Taking over 31220 may change the short-term course of action, but it is unlikely to gain as high as 31470.
GOLD (4 hours)
Gold’s continuation is facing double-top resistance at $2020, with pullbacks to $1980 now more likely. Under there, the next support can be observed at $1955. If bulls push higher, it could clear the path towards $2050 next, pending direction at $2030 an ounce.
GBP/USD (1 day)
The pound resembles an early triangle pattern with its higher swing low at 1.2071 holding support, but falling under $1.2035 will open the door to $1.20 and $1.1921. If the short-term resistances at $1.2287 and 38 fall, we may experience a bullish move towards $1.2416.
EUR/USD (2 hours)
The EUR/USD pair has barely traded within the ascending channel/flag pattern but remains pounding breakdowns towards $1.045. $1.0522 and $1.0493 must succumb for the scenario to play out. Short-term PA could see the pair advance above $1.05, gaining traction to 1.0615 and $1.064.
GBP/JPY (2 hour)
The GBP/JPY pair appears near a triangle completion anywhere between ¥180.24 and ¥178. Taking over ¥181.61 could instigate a rally toward ¥182.60 unless the trend reverses.
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