Weekly Technical Analysis 22/05/2023
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 (4 Hours)
Nasdaq continued its ascend towards 14k but failed to reach the round resistance. If bulls can push prices higher, they will expose 14350 as long as the potential breakout is not false. Conversely, losing 13450 might offer a drop toward 13k.
SPX 500 (4 hours)
A triangle completion has offered SPX a helping hand with the breakout opening the door to 4270, based on the measured move, but unlikely 4325. Staying above 4100 is a critical development for bulls, as a drop lower could enact an extended leg towards 4k in case 4050 succumbs to pressure.
GOLD (4 hours)
Gold tumbled toward $1950 last week, breaking below the triangle low and paving the way toward 1915 next. If bears hold their grip on the back of a flag or pennant correction, a short-term leg above the 2k handle might drive prices as high as 2030.
EUR/GBP (1 day)
EUR/GBP appears in the aftermath of a potential triangle breakout that might have initiated near 0.8760. However, short-term resistance remains at the range top of 0.8735. A downside extension below the swing low of 0.8646 could see the round 0.86 support back in focus unless the range lasts a little longer or 0.8645 holds firm.
USD/JPY (1 day)
While USD/JPY has failed to reach 139.00 or the 140 handle, it broke higher following the completion of a cup-and-handle pattern. If bulls can claim 140.00, prices could eventually extend to 142.50 unless 133.50 is lost. In the shorter term, the support levels of 137.40 and 136.52 might provide some clarity in case of a reversal.
Looking for further analysis? Visit us here: spreadex.com/financials/news-analysis/
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
US TECH (4 Hours)
Nasdaq continued its ascend towards 14k but failed to reach the round resistance. If bulls can push prices higher, they will expose 14350 as long as the potential breakout is not false. Conversely, losing 13450 might offer a drop toward 13k.
SPX 500 (4 hours)
A triangle completion has offered SPX a helping hand with the breakout opening the door to 4270, based on the measured move, but unlikely 4325. Staying above 4100 is a critical development for bulls, as a drop lower could enact an extended leg towards 4k in case 4050 succumbs to pressure.
GOLD (4 hours)
Gold tumbled toward $1950 last week, breaking below the triangle low and paving the way toward 1915 next. If bears hold their grip on the back of a flag or pennant correction, a short-term leg above the 2k handle might drive prices as high as 2030.
EUR/GBP (1 day)
EUR/GBP appears in the aftermath of a potential triangle breakout that might have initiated near 0.8760. However, short-term resistance remains at the range top of 0.8735. A downside extension below the swing low of 0.8646 could see the round 0.86 support back in focus unless the range lasts a little longer or 0.8645 holds firm.
USD/JPY (1 day)
While USD/JPY has failed to reach 139.00 or the 140 handle, it broke higher following the completion of a cup-and-handle pattern. If bulls can claim 140.00, prices could eventually extend to 142.50 unless 133.50 is lost. In the shorter term, the support levels of 137.40 and 136.52 might provide some clarity in case of a reversal.
Looking for further analysis? Visit us here: spreadex.com/financials/news-analysis/
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