Weekly Technical Analysis 07/08/2023
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)
While Wall Street fell to 35k following a lack of momentum towards 36k, prices remained above the 34920 support, keeping upside speculation open. Above the round hurdle lies the 36500 resistance, whereas expected support at 34180 may reveal a wedge pattern.
UK 100 (1 day)
UK’s top 100 stocks index appears to consolidate in an asymmetrical fashion, increasing the chances of a descending triangle formation. Bulls must defend 7230 and bears 7935 for the pattern to play out, with short-term levels settled by 7390 and 7800.
USD/JPY (4 hours)
USD/JPY may be forming a triangle pattern, pending further drop towards 138.86, without falling under the regional low of 137.25. If bulls take control of the 143.90 top, the likelihood of winning over 145.00 will increase.
AUD/USD (4 hours)
The swing low at $0.6515 may be temporarily seen as the bottom, but the double-top shy of 69 cents suggests an extended leg to the base of $0.6457. If bulls can push prices past $0.6623 the pair could advance to 67 cents. Conversely, losing 65 cents may see the descent pan out sooner than expected.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
WALL STREET (1 day)
While Wall Street fell to 35k following a lack of momentum towards 36k, prices remained above the 34920 support, keeping upside speculation open. Above the round hurdle lies the 36500 resistance, whereas expected support at 34180 may reveal a wedge pattern.
UK 100 (1 day)
UK’s top 100 stocks index appears to consolidate in an asymmetrical fashion, increasing the chances of a descending triangle formation. Bulls must defend 7230 and bears 7935 for the pattern to play out, with short-term levels settled by 7390 and 7800.
USD/JPY (4 hours)
USD/JPY may be forming a triangle pattern, pending further drop towards 138.86, without falling under the regional low of 137.25. If bulls take control of the 143.90 top, the likelihood of winning over 145.00 will increase.
AUD/USD (4 hours)
The swing low at $0.6515 may be temporarily seen as the bottom, but the double-top shy of 69 cents suggests an extended leg to the base of $0.6457. If bulls can push prices past $0.6623 the pair could advance to 67 cents. Conversely, losing 65 cents may see the descent pan out sooner than expected.
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.