Weekly Technical Analysis 10/07/2023
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.
US TECH 100 (4 hours)
US TECH formed a double top at 15290 and reversed to the 15k handle, where bulls defend the line. Losing the base might open the door to 14700, offering a chance for a double bottom. Additional bets could see the index decelerate to 14250 unless bulls have a go at 15500.
UK 100 (1 day)
UK’s top 100 index has either formed or is near forming a double bottom by 7200, pending a reversal or a respite and further downside. Sliding under the regional support will expose 7100, bringing the low of 6750 into the spotlight. Conversely, 7560 is resistance above 7400.
GOLD (4 hours)
After failing to get through 1940/oz, gold remained in the post-wedge completion stage, but prices have not succumbed below 1900/oz. If bulls reclaim the short-term resistance, it might clear the path to 1950/oz but unlikely 1980/oz, whereas failing to hold the bottom opens up 1890/oz and 1865/oz.
GBP/USD (4 hours)
Cable’ 's flag pattern proved completed as bulls recapture the top of 1.2850, and if the double top formation fails, we might experience a new wave of longs towards 1.30 in the aftermath of a 1.29 breakout. Dropping below 1.2734 might send prices all the way back to 1.26 in case 1.2680 caves, but a rejection might print a cup-and-handle pattern.
EUR/USD (4 hours)
The EUR/USD pair appears in both a wedge and a flag pattern, depending on whether bulls can take out the top at $1.1012 before sliding to a fresh regional low under $1.0834. The former might accelerate prices to $1.1055, whereas losing $1.09 will increase the chances of getting a flag.
AUD/USD (4 hour)
Aussie appears to be consolidating unless the double bottom acts as a reversal point towards $0.6764, following a potential move past $0.67. Otherwise, the double top may have the opposite effect towards 0.66, with a breakdown bringing $0.6562 in focus.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
US TECH 100 (4 hours)
US TECH formed a double top at 15290 and reversed to the 15k handle, where bulls defend the line. Losing the base might open the door to 14700, offering a chance for a double bottom. Additional bets could see the index decelerate to 14250 unless bulls have a go at 15500.
UK 100 (1 day)
UK’s top 100 index has either formed or is near forming a double bottom by 7200, pending a reversal or a respite and further downside. Sliding under the regional support will expose 7100, bringing the low of 6750 into the spotlight. Conversely, 7560 is resistance above 7400.
GOLD (4 hours)
After failing to get through 1940/oz, gold remained in the post-wedge completion stage, but prices have not succumbed below 1900/oz. If bulls reclaim the short-term resistance, it might clear the path to 1950/oz but unlikely 1980/oz, whereas failing to hold the bottom opens up 1890/oz and 1865/oz.
GBP/USD (4 hours)
Cable’ 's flag pattern proved completed as bulls recapture the top of 1.2850, and if the double top formation fails, we might experience a new wave of longs towards 1.30 in the aftermath of a 1.29 breakout. Dropping below 1.2734 might send prices all the way back to 1.26 in case 1.2680 caves, but a rejection might print a cup-and-handle pattern.
EUR/USD (4 hours)
The EUR/USD pair appears in both a wedge and a flag pattern, depending on whether bulls can take out the top at $1.1012 before sliding to a fresh regional low under $1.0834. The former might accelerate prices to $1.1055, whereas losing $1.09 will increase the chances of getting a flag.
AUD/USD (4 hour)
Aussie appears to be consolidating unless the double bottom acts as a reversal point towards $0.6764, following a potential move past $0.67. Otherwise, the double top may have the opposite effect towards 0.66, with a breakdown bringing $0.6562 in focus.
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