Weekly Technical Analysis 25/09/2023
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 (4 hours)
With Wall Street dropping under 34060 has increased the chances of a falling pennant, with further declines opening up 33610 but unlikely 33290. If bulls can reclaim 34300, an attempt at 34780 may be seen.
US TECH 100 (4 hours)
An attempt at breaking 14550 failed on the Nasdaq, with an immediate bounce higher likely to form a triangle unless demand wanes ahead of 15130, leading to a complete bearish flag instead. Breaking under the swing low will expose 14250.
EUROSTOCKS 50 (2 hours)
The corrective price action on Eurostocks 50 resembles a complete triangle, with additional weakness inspiring a medium-term slump towards the measured-move projection near 4060. If the quadruple bottom near 4200 holds firm, the index could spike to 4330 but unlikely past 4400.
GOLD (4 hours)
Easing upward momentum formed a fakeout past the upper triangle trendline in gold, bringing the focus back to the $1920 low per ounce. Losing it will increase speculation for $1913 without changes on the formation, but only a break past 1980 will eventually confirm it.
USD/JPY (4 hours)
The upside price structure in USD/JPY resembles a wedge pattern, pending a potential pullback towards 145, if not a reversal. 147.31 and 145.90 are critical short-term supports to determine forward action, with the measured-move projection increasing speculation for 149.85.
GBP/JPY (4 hours)
Despite losing 182.50, GBP/JPY may witness some respite on the back of the 181.00 support unless the descent is driven by strong momentum, opening up 179. With a descending short-term triangle ending at 183.35, the measure-move low of 180.60 may save the day, bringing the triangle’s end into the spotlight.
AUD/USD (1 hour)
AUD/USD may have completed a running triangle pattern by the golden pocket of 61.80% near 0.6465 unless bulls reclaim the resistance and head towards 0.65 before losing 0.6385. In that case, they may witness a drop towards 0.6357 instead.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
-----------------------------------------------------
WALL STREET (4 hours)
With Wall Street dropping under 34060 has increased the chances of a falling pennant, with further declines opening up 33610 but unlikely 33290. If bulls can reclaim 34300, an attempt at 34780 may be seen.
US TECH 100 (4 hours)
An attempt at breaking 14550 failed on the Nasdaq, with an immediate bounce higher likely to form a triangle unless demand wanes ahead of 15130, leading to a complete bearish flag instead. Breaking under the swing low will expose 14250.
EUROSTOCKS 50 (2 hours)
The corrective price action on Eurostocks 50 resembles a complete triangle, with additional weakness inspiring a medium-term slump towards the measured-move projection near 4060. If the quadruple bottom near 4200 holds firm, the index could spike to 4330 but unlikely past 4400.
GOLD (4 hours)
Easing upward momentum formed a fakeout past the upper triangle trendline in gold, bringing the focus back to the $1920 low per ounce. Losing it will increase speculation for $1913 without changes on the formation, but only a break past 1980 will eventually confirm it.
USD/JPY (4 hours)
The upside price structure in USD/JPY resembles a wedge pattern, pending a potential pullback towards 145, if not a reversal. 147.31 and 145.90 are critical short-term supports to determine forward action, with the measured-move projection increasing speculation for 149.85.
GBP/JPY (4 hours)
Despite losing 182.50, GBP/JPY may witness some respite on the back of the 181.00 support unless the descent is driven by strong momentum, opening up 179. With a descending short-term triangle ending at 183.35, the measure-move low of 180.60 may save the day, bringing the triangle’s end into the spotlight.
AUD/USD (1 hour)
AUD/USD may have completed a running triangle pattern by the golden pocket of 61.80% near 0.6465 unless bulls reclaim the resistance and head towards 0.65 before losing 0.6385. In that case, they may witness a drop towards 0.6357 instead.
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