Weekly Technical Analysis - 24/07/2023
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 formed a double bottom at 33600 and soared past the top at 34580 for an attempt at 35k. The measured move projection opens up speculation for an extension to 35550, thus 36k, unless bulls fail to recapture 35370.
UK 100 (4 hours)
A double top formation at 7675 pushes UK 100’s index down, paving the way to 7430 for a potential shoulder of an inverse H&S pattern unless the pullback is shallow. Breaking higher will expose 7800 and the swing of 7940, likely marking the low at 7200 in.
EUROSTOCKS 50 (4 hours)
Despite being in a wider medium-term range, EU 50’s short-term structure resembles a bullish flag pending further upside. Taking control of 4420 might see the index tick higher towards the measured-move projection at 4480, while a drop under 4340 might lead it to 4300.
GOLD (4 hours)
Gold found resistance shy of 11990/OZ, increasing chances of an inverse H&S pattern with a leg down to 1940/oz. Soaring higher might let bulls reclaim 2k, but they will unlikely arrive at 2020/oz.
GBP/USD (1 hours)
Cable appears in a downside impulse, pending the completion of a wedge pattern unless it is already formed at $1.2816. The pattern could see the pair accelerate towards $1.3050 if $1.2961 gives way to bulls, with chances of topping at $1.3141 rising. Conversely, sliding under the swing low will open the door to $1.2740 and eventually $1.26.
AUD/USD (4 hours)
Stopping and reversing the peak at $0.69 increases the possibility of a move to $0.66, where a range could form unless bears attempt a more volatile bottom at $0.6455. The double-top failing might see probabilities shift to the upside, with major resistance above settled by $0.69.
EUR/JPY (1 hour)
EUR/JPY seems to consolidate following a double top rejection at 158.00, pending a breakout to 158.70 unless bearish bets towards 155.55 increase. Breaking either level will expose 159.62 and 155.00, depending on direction.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
WALL STREET (4 hours)
Wall Street formed a double bottom at 33600 and soared past the top at 34580 for an attempt at 35k. The measured move projection opens up speculation for an extension to 35550, thus 36k, unless bulls fail to recapture 35370.
UK 100 (4 hours)
A double top formation at 7675 pushes UK 100’s index down, paving the way to 7430 for a potential shoulder of an inverse H&S pattern unless the pullback is shallow. Breaking higher will expose 7800 and the swing of 7940, likely marking the low at 7200 in.
EUROSTOCKS 50 (4 hours)
Despite being in a wider medium-term range, EU 50’s short-term structure resembles a bullish flag pending further upside. Taking control of 4420 might see the index tick higher towards the measured-move projection at 4480, while a drop under 4340 might lead it to 4300.
GOLD (4 hours)
Gold found resistance shy of 11990/OZ, increasing chances of an inverse H&S pattern with a leg down to 1940/oz. Soaring higher might let bulls reclaim 2k, but they will unlikely arrive at 2020/oz.
GBP/USD (1 hours)
Cable appears in a downside impulse, pending the completion of a wedge pattern unless it is already formed at $1.2816. The pattern could see the pair accelerate towards $1.3050 if $1.2961 gives way to bulls, with chances of topping at $1.3141 rising. Conversely, sliding under the swing low will open the door to $1.2740 and eventually $1.26.
AUD/USD (4 hours)
Stopping and reversing the peak at $0.69 increases the possibility of a move to $0.66, where a range could form unless bears attempt a more volatile bottom at $0.6455. The double-top failing might see probabilities shift to the upside, with major resistance above settled by $0.69.
EUR/JPY (1 hour)
EUR/JPY seems to consolidate following a double top rejection at 158.00, pending a breakout to 158.70 unless bearish bets towards 155.55 increase. Breaking either level will expose 159.62 and 155.00, depending on direction.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.