Weekly Technical Analysis 16/10/2023
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 (4 hours)
The retest of 33450 in Wall Street suggests the short-term support may form a triangle pattern or simply consolidate, offering a break past 34k and towards 34620. Losing the swing low may instigate a drop towards 32640 unless 33k leads to a bounce.
US TECH 100 (4 hours)
Nasdaq rejecting the top trendline of the descending channel at 15340 has shifted momentum, bringing 14430 back into focus unless 14750 holds firm. Retrieving traction could see prices advance towards 15630, pending reaction at 15520.
UK 100 (4 hours)
A higher swing low printed on the UK’s 100 index may inspire further upward movement past 7750 and off to 7815 next. If prices decline, the support at 7500 could determine whether the index falls to 7380 or continues its channel-based uptrend. Meanwhile, the current price action appears to be consolidating.
GOLD (4 hours)
Having risen past $1900, gold may see momentum past the triangle’s last swing at $1970 an ounce, suggesting the low at $1820 is in. Taking over the critical resistance could encourage bulls to reclaim 2k and perhaps 2022/oz. Chances of revisiting 1850 will increase under the round support.
EUR/USD (1 hour)
The Eurodollar is at risk of a breakdown below $1.05 as the trend continuation towards $1.04 will receive a boost under the swing support of $1.045. The recent spike to $1.0640 can be either seen as a leading or ending edge, with the former case driving prices towards the top should bulls recapture $1.0584.
GBP/JPY (4 hours)
Despite trading bullishly in the short term, GBP/JPY remains at risk of prolonged consolidations having printed higher lows and lower highs, resembling a triangle. Losing the close by levels at either ¥180.65 or ¥183.85 to extend to ¥184.70 will unlikely shift chances, but the break of the ¥185 might do.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
-----------------------------------------------------
Wall Street (4 hours)
The retest of 33450 in Wall Street suggests the short-term support may form a triangle pattern or simply consolidate, offering a break past 34k and towards 34620. Losing the swing low may instigate a drop towards 32640 unless 33k leads to a bounce.
US TECH 100 (4 hours)
Nasdaq rejecting the top trendline of the descending channel at 15340 has shifted momentum, bringing 14430 back into focus unless 14750 holds firm. Retrieving traction could see prices advance towards 15630, pending reaction at 15520.
UK 100 (4 hours)
A higher swing low printed on the UK’s 100 index may inspire further upward movement past 7750 and off to 7815 next. If prices decline, the support at 7500 could determine whether the index falls to 7380 or continues its channel-based uptrend. Meanwhile, the current price action appears to be consolidating.
GOLD (4 hours)
Having risen past $1900, gold may see momentum past the triangle’s last swing at $1970 an ounce, suggesting the low at $1820 is in. Taking over the critical resistance could encourage bulls to reclaim 2k and perhaps 2022/oz. Chances of revisiting 1850 will increase under the round support.
EUR/USD (1 hour)
The Eurodollar is at risk of a breakdown below $1.05 as the trend continuation towards $1.04 will receive a boost under the swing support of $1.045. The recent spike to $1.0640 can be either seen as a leading or ending edge, with the former case driving prices towards the top should bulls recapture $1.0584.
GBP/JPY (4 hours)
Despite trading bullishly in the short term, GBP/JPY remains at risk of prolonged consolidations having printed higher lows and lower highs, resembling a triangle. Losing the close by levels at either ¥180.65 or ¥183.85 to extend to ¥184.70 will unlikely shift chances, but the break of the ¥185 might do.
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