Weekly Technical Analysis 02/10/2023
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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US TECH 100 (4 hours)
Falling to 14430, the US Tech may have ended short-term declines for now unless increasing pressure above 15k shifts focus on a falling wedge instead. Moving past 15250 and towards 15630 will raise the chances of a 'low-in' scenario, provided there is no flag.
RUSSELL (1 day)
A head-and-shoulders pattern in the Wall Street may have ended following a deeper-than-expected correction to 1760 via 1730. Still, with the golden pocket near 1810 holding firm, the pattern could get invalidated soon, driving prices towards 1700. Pushing past the resistance could instigate a leg to 1850, where the 50% Fibonacci retracement lies.
GERMANY 40 (4 hours)
A triangle appears complete in Germany's 40 index, but the measured move projection near 15k hasn't been reached. Failing to get past the swing high of 15500 may weigh on prices, leading to 15130 and perhaps the round support of 15k. Conversely, 15800 is expected to be resistance below 16k.
GBP/USD (4 hours)
Sterling may retest $1.23, turning it to confirmed support and potentially weighing on prices with a leg towards the $1.20 hurdle via $1.21 - both being round supports. Firming up could see the pair advance above $1.24, but only marginally.
USD/CAD (2 hours)
Soaring momentum might have put a temporary low in in USD/CAD, with additional demand past $1.37 bringing $1.38 into the spotlight. Lack of demand could see a reversal to the regional low of $1.34, raising speculation for an attempt at $1.3316 and invalidating the potential pennant.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
-----------------------------------------------------
US TECH 100 (4 hours)
Falling to 14430, the US Tech may have ended short-term declines for now unless increasing pressure above 15k shifts focus on a falling wedge instead. Moving past 15250 and towards 15630 will raise the chances of a 'low-in' scenario, provided there is no flag.
RUSSELL (1 day)
A head-and-shoulders pattern in the Wall Street may have ended following a deeper-than-expected correction to 1760 via 1730. Still, with the golden pocket near 1810 holding firm, the pattern could get invalidated soon, driving prices towards 1700. Pushing past the resistance could instigate a leg to 1850, where the 50% Fibonacci retracement lies.
GERMANY 40 (4 hours)
A triangle appears complete in Germany's 40 index, but the measured move projection near 15k hasn't been reached. Failing to get past the swing high of 15500 may weigh on prices, leading to 15130 and perhaps the round support of 15k. Conversely, 15800 is expected to be resistance below 16k.
GBP/USD (4 hours)
Sterling may retest $1.23, turning it to confirmed support and potentially weighing on prices with a leg towards the $1.20 hurdle via $1.21 - both being round supports. Firming up could see the pair advance above $1.24, but only marginally.
USD/CAD (2 hours)
Soaring momentum might have put a temporary low in in USD/CAD, with additional demand past $1.37 bringing $1.38 into the spotlight. Lack of demand could see a reversal to the regional low of $1.34, raising speculation for an attempt at $1.3316 and invalidating the potential pennant.
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