Weekly Technical Analysis 20/11/2023
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 (1 day)
The US Tech 100 index has formed a fakeout in its recent attempt to get through 15930, failing to reach 16K and experiencing some sort of weakness eying 15630. Breaking higher would expose 16240 next.
UK 100 (2 hours)
If bulls push for another high in the UK 100 without losing the 7400 floor, the chances of a wedge will increase dramatically. 7600 or anywhere past the local peak, but under 7620 could instigate a pullback towards 7320 should it come in that order. The supports are expected to be at the same levels regardless.
GOLD (1 hour)
Gold may be forming a cap-and-handle pattern with the next resistance above the peak of 1995 at 2010. The formation could still play out if prices remain above 1955, with lower prices increasing the risk of further descends.
EUR/USD (2 hours)
After ending its corrective pattern, the pair has formed a double-top at 1.0936, but the measured-move projection brings 1.0960, thus 1.10, into focus. Increased bearish action would open the door to 1.0758 if bulls lost 1.0825. Chances of a cup-and-handle remain good at this point too.
GBP/USD (2 hours)
The pound seems to have ended a wedge pattern pending pullbacks towards at least 1.22, but without losing 1.2375, chances remain slim, with the next level up seen at 1.2548. Flipping that to support could pave the way to 1.2617.
USD/JPY (2 hours)
A double-bottom formation at 148.90 would increase the chances of a head-and-shoulders pattern in USD/JPY, with the right shoulder expected to see the pair rise towards 150.73. Sliding lower might clear the path towards 146 if 147.82 gives way.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
-----------------------------------------------------
US TECH 100 (1 day)
The US Tech 100 index has formed a fakeout in its recent attempt to get through 15930, failing to reach 16K and experiencing some sort of weakness eying 15630. Breaking higher would expose 16240 next.
UK 100 (2 hours)
If bulls push for another high in the UK 100 without losing the 7400 floor, the chances of a wedge will increase dramatically. 7600 or anywhere past the local peak, but under 7620 could instigate a pullback towards 7320 should it come in that order. The supports are expected to be at the same levels regardless.
GOLD (1 hour)
Gold may be forming a cap-and-handle pattern with the next resistance above the peak of 1995 at 2010. The formation could still play out if prices remain above 1955, with lower prices increasing the risk of further descends.
EUR/USD (2 hours)
After ending its corrective pattern, the pair has formed a double-top at 1.0936, but the measured-move projection brings 1.0960, thus 1.10, into focus. Increased bearish action would open the door to 1.0758 if bulls lost 1.0825. Chances of a cup-and-handle remain good at this point too.
GBP/USD (2 hours)
The pound seems to have ended a wedge pattern pending pullbacks towards at least 1.22, but without losing 1.2375, chances remain slim, with the next level up seen at 1.2548. Flipping that to support could pave the way to 1.2617.
USD/JPY (2 hours)
A double-bottom formation at 148.90 would increase the chances of a head-and-shoulders pattern in USD/JPY, with the right shoulder expected to see the pair rise towards 150.73. Sliding lower might clear the path towards 146 if 147.82 gives way.
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