Weekly Technical Analysis 26/06/2023
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.
US TECH 100 (1 day)
US Tech extended to 15300 and reversed after forming a double top to retest the upper ascending channel as support, remaining in an accelerated trend towards 16k with short-term resistance at 15500. Under 15k, however, the likelihood of further declines towards 14665, and less likely 14230, increases.
WALL STREET (1 day)
Wall Street continued in a breakout mode following the rising pennant pattern but took a breather lower, flipping the upper trendline into support. Above 34575 remains the 35k handle as resistance, while failing to hold the 33620 line might open the door to 33k.
GOLD (4 hours)
Gold’s price action has printed a wedge down to 1920, and it turned to seek bullish best towards 1980, and the 2k handle provided it reclaims 1950. Losing the local low might accelerate the descent towards 1890 and invalidate the wedge, with a substitute being a downward impulse starting at 1980.
GBP/USD (2 hours)
The decline shown on the 4-hour cable chart suggests a leading wedge pattern may be due as price action appears to overlap in a downward slope. 1.2680 is a possible support above the low of 1.26, with resistances ahead at 1.2780 and the peak of 1.2841.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
US TECH 100 (1 day)
US Tech extended to 15300 and reversed after forming a double top to retest the upper ascending channel as support, remaining in an accelerated trend towards 16k with short-term resistance at 15500. Under 15k, however, the likelihood of further declines towards 14665, and less likely 14230, increases.
WALL STREET (1 day)
Wall Street continued in a breakout mode following the rising pennant pattern but took a breather lower, flipping the upper trendline into support. Above 34575 remains the 35k handle as resistance, while failing to hold the 33620 line might open the door to 33k.
GOLD (4 hours)
Gold’s price action has printed a wedge down to 1920, and it turned to seek bullish best towards 1980, and the 2k handle provided it reclaims 1950. Losing the local low might accelerate the descent towards 1890 and invalidate the wedge, with a substitute being a downward impulse starting at 1980.
GBP/USD (2 hours)
The decline shown on the 4-hour cable chart suggests a leading wedge pattern may be due as price action appears to overlap in a downward slope. 1.2680 is a possible support above the low of 1.26, with resistances ahead at 1.2780 and the peak of 1.2841.
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