Weekly Technical Analysis 17/07/2023
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 triple top at 34600, increasing chances of consolidation to 33610 unless the resistance fails to hold the line for an attempt to 35k.
UK 100 (4 hours)
Besides putting in a double bottom, UK 100 appears in a wedge pattern, pending further downside below 7225 but not necessarily 7200. Breaking past 7480 might invalidate the pattern and see prices continue towards 7600.
GERMANY 40 (4 hours)
While the German index resembles a flag, it might be in a broadening wedge pattern towards 15500. If bulls have a go at the top of 16430, the flag could be validated, opening the door to 16750.
GOLD (4 hours)
Gold appears in an impulse move currently at correction, making 11943/OZ all more important. Turning back up might see an attempt at 2k, with deeper pullbacks exposing the 11900/OZ handle unless 11910/OZ is part of an inverse H&S and holds firm.
GBP/JPY (4 hours)
After completing an ending wedge pattern at £184.00, GBP/JPY reversed momentarily to £179.44, but the £180.00 handle held firm, forming a double bottom. If bullish demand weakens at or before £183.30, the pair might lose the floor, aiming at £178.80. Conversely, gaining control of the top might extend prices to £186.00.
USD/CAD (4 hours)
An ending wedge pattern has appeared in USD/CAD following a rejection at $1.3386, the second peak of the potential pattern. With the third trough in at $1.31, crawling above the descending trendline and breaking the short-term peak might see prices accelerate towards $1.35. A lack of demand might send prices back to $1.31, clearing the path to $1.3050 and the base of $1.30 without invalidating the pattern.
EUR/CHF (4 hour)
A possible wedge on EUR/CHF reveals a throw-under, pending upside towards € 0.9750 or invalidation of the pattern below € 0.96. Additional longs might inspire action towards € 0.98, with shorts bringing €0.9550 and the round support of € 0.95 in the spotlight.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
WALL STREET (4 hours)
Wall Street formed a triple top at 34600, increasing chances of consolidation to 33610 unless the resistance fails to hold the line for an attempt to 35k.
UK 100 (4 hours)
Besides putting in a double bottom, UK 100 appears in a wedge pattern, pending further downside below 7225 but not necessarily 7200. Breaking past 7480 might invalidate the pattern and see prices continue towards 7600.
GERMANY 40 (4 hours)
While the German index resembles a flag, it might be in a broadening wedge pattern towards 15500. If bulls have a go at the top of 16430, the flag could be validated, opening the door to 16750.
GOLD (4 hours)
Gold appears in an impulse move currently at correction, making 11943/OZ all more important. Turning back up might see an attempt at 2k, with deeper pullbacks exposing the 11900/OZ handle unless 11910/OZ is part of an inverse H&S and holds firm.
GBP/JPY (4 hours)
After completing an ending wedge pattern at £184.00, GBP/JPY reversed momentarily to £179.44, but the £180.00 handle held firm, forming a double bottom. If bullish demand weakens at or before £183.30, the pair might lose the floor, aiming at £178.80. Conversely, gaining control of the top might extend prices to £186.00.
USD/CAD (4 hours)
An ending wedge pattern has appeared in USD/CAD following a rejection at $1.3386, the second peak of the potential pattern. With the third trough in at $1.31, crawling above the descending trendline and breaking the short-term peak might see prices accelerate towards $1.35. A lack of demand might send prices back to $1.31, clearing the path to $1.3050 and the base of $1.30 without invalidating the pattern.
EUR/CHF (4 hour)
A possible wedge on EUR/CHF reveals a throw-under, pending upside towards € 0.9750 or invalidation of the pattern below € 0.96. Additional longs might inspire action towards € 0.98, with shorts bringing €0.9550 and the round support of € 0.95 in the spotlight.
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