Weekly Technical Analysis 03/07/2023
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 (1 day)
Wall Street confirmed the upper pennant trendline turned into support as it rose towards the peak of 34575 after a bounce at 33600, opening up 35k and the swing high of 35500. Failing to get through the regional top might see a correction towards 34k.
GERMANY 40 (4 hours)
The German index of the top 40 stocks has formed a double-bottom near 15750, opening the door to fresh record highs above 16450 and towards the measured-move high at 17150. Losing the 16k handle might offer a chance at the lower end of the sideways market, with a break below exposing 15300.
GOLD (4 hours)
Despite falling shy under 1900, gold still printed in a wedge pattern that now appears complete unless bulls lose 1890/oz. If so, it might provoke additional short bets towards 1850/oz. A reversal, even short term, might see gold revisit 1980/oz should 1930/oz offers no resistance on the way up.
GBP/USD (4 hours)
Cable invalidated the wedge pattern resembled last week and appears to be in a flag pattern, pending downward consolidation unless bulls retake 1.2760 for a potential attempt at the peak of 1.2850. Declining below 1.2590 might see increased momentum towards 1.25.
EUR/GBP (4 hours)
EUR/GBP remains biased up so long the 0.8566 support holds firm in the short-term, with a drop under clearing the path towards 0.8515 and the round support. Remaining within the flag pattern might see the pair rise towards 0.8730, with interim resistance at 0.8670.
USD/CAD (1 hour)
Loonie might be in an inverse H&S pattern vs the dollar, pending the completion of the right shoulder, unless it ends up being in a simple flag correction starting at 1.3286. Further upside towards 1.3382, with a temporary resistance at 1.3328, will likely invalidate the H&S pattern. Conversely, if prices fall towards 1.32, the pattern might get validated so long bulls defend the line; otherwise, we might see a deeper correction take us down to 1.3115.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
WALL STREET (1 day)
Wall Street confirmed the upper pennant trendline turned into support as it rose towards the peak of 34575 after a bounce at 33600, opening up 35k and the swing high of 35500. Failing to get through the regional top might see a correction towards 34k.
GERMANY 40 (4 hours)
The German index of the top 40 stocks has formed a double-bottom near 15750, opening the door to fresh record highs above 16450 and towards the measured-move high at 17150. Losing the 16k handle might offer a chance at the lower end of the sideways market, with a break below exposing 15300.
GOLD (4 hours)
Despite falling shy under 1900, gold still printed in a wedge pattern that now appears complete unless bulls lose 1890/oz. If so, it might provoke additional short bets towards 1850/oz. A reversal, even short term, might see gold revisit 1980/oz should 1930/oz offers no resistance on the way up.
GBP/USD (4 hours)
Cable invalidated the wedge pattern resembled last week and appears to be in a flag pattern, pending downward consolidation unless bulls retake 1.2760 for a potential attempt at the peak of 1.2850. Declining below 1.2590 might see increased momentum towards 1.25.
EUR/GBP (4 hours)
EUR/GBP remains biased up so long the 0.8566 support holds firm in the short-term, with a drop under clearing the path towards 0.8515 and the round support. Remaining within the flag pattern might see the pair rise towards 0.8730, with interim resistance at 0.8670.
USD/CAD (1 hour)
Loonie might be in an inverse H&S pattern vs the dollar, pending the completion of the right shoulder, unless it ends up being in a simple flag correction starting at 1.3286. Further upside towards 1.3382, with a temporary resistance at 1.3328, will likely invalidate the H&S pattern. Conversely, if prices fall towards 1.32, the pattern might get validated so long bulls defend the line; otherwise, we might see a deeper correction take us down to 1.3115.
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