Weekly Technical Analysis 31/07/2023
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 (1 day)
US Tech bulls failed to reclaim 16k, but remaining above 15375 keeps the chances of a takeover high. Soaring higher will expose 16250, while a slide might open up 15k.
GERMANY 40 (4 hours)
The German index spiked to 16500 following the completion of a flag pattern at 15500, opening the door to 17k, with interim resistances at the round levels. Losing 16250 might see the index decline towards 16k.
JAPAN 225 (4 hours)
While Japan 225’s prices remain under the 34k handle, the potential completion of a pennant at 32k keeps chances of a breakout towards 35k relatively high. This prerequisites a retest at the peak and bulls recapturing 33730. Sliding under 32500 might see the index drop further.
GOLD (4 hours)
Gold’s price action suggests an inverse-and-shoulders pattern might have already been completed by 11955/OZ, thus inspiring bets above 2k and potentially towards $2070 if $2045 gives in. 11955/OZ must hold for further bullish PA, with prices easing more, opening up $1935.
EUR/GBP (4 hours)
The EUR/GBP pair might be in a broadening triangle pattern, pending rejection at the bottom trendline under 0.85. If bulls lose 0.8550 and the low of 0.8516, the chances of seeing the pattern complete will rise. Conversely, advancing past 0.88 could inspire bullish bets, paving the way towards 0.8630.
USD/CAD (4 hours)
The swing reversal at $1.3120 might be the bottom of a potential inverse head-and-shoulders pattern, with the current PA targeting the neckline shy of $1.34. Without reclaiming $1.33, bears might reverse bets, with a slide under $1.32 paving the way to $1.31, should the shoulder low gives in.
GBP/JPY (4 hour)
GBP/JPY appears in a breakout mode following the completion of a flag at 176.40, clearing the path towards 189.40 in the event of a 184.00 takeover. 185.00 and 186.00 can act as resistance levels on the way up, whereas a decline towards 180.00 will also expose 179.50 and the flag low.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
US TECH (1 day)
US Tech bulls failed to reclaim 16k, but remaining above 15375 keeps the chances of a takeover high. Soaring higher will expose 16250, while a slide might open up 15k.
GERMANY 40 (4 hours)
The German index spiked to 16500 following the completion of a flag pattern at 15500, opening the door to 17k, with interim resistances at the round levels. Losing 16250 might see the index decline towards 16k.
JAPAN 225 (4 hours)
While Japan 225’s prices remain under the 34k handle, the potential completion of a pennant at 32k keeps chances of a breakout towards 35k relatively high. This prerequisites a retest at the peak and bulls recapturing 33730. Sliding under 32500 might see the index drop further.
GOLD (4 hours)
Gold’s price action suggests an inverse-and-shoulders pattern might have already been completed by 11955/OZ, thus inspiring bets above 2k and potentially towards $2070 if $2045 gives in. 11955/OZ must hold for further bullish PA, with prices easing more, opening up $1935.
EUR/GBP (4 hours)
The EUR/GBP pair might be in a broadening triangle pattern, pending rejection at the bottom trendline under 0.85. If bulls lose 0.8550 and the low of 0.8516, the chances of seeing the pattern complete will rise. Conversely, advancing past 0.88 could inspire bullish bets, paving the way towards 0.8630.
USD/CAD (4 hours)
The swing reversal at $1.3120 might be the bottom of a potential inverse head-and-shoulders pattern, with the current PA targeting the neckline shy of $1.34. Without reclaiming $1.33, bears might reverse bets, with a slide under $1.32 paving the way to $1.31, should the shoulder low gives in.
GBP/JPY (4 hour)
GBP/JPY appears in a breakout mode following the completion of a flag at 176.40, clearing the path towards 189.40 in the event of a 184.00 takeover. 185.00 and 186.00 can act as resistance levels on the way up, whereas a decline towards 180.00 will also expose 179.50 and the flag low.
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