Weekly Technical Analysis 09/10/2023
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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SPX 500 (4 hours)
While price action on the SPX 500 appears more impulsive to the downside, recent swings suggest a potential consolidation, pending a 4330 or 4200 breakout. An increase in demand could see the index extend towards 4430, whereas support can be seen at 4130 on the flip side.
US TECH 100 (4 hours)
The spike to 15k has stalled Nasdaq for now, but even if there is a continuation to 15250, the pattern may still be a wedge, leading to further drops towards 14430 via 14750. Moving past the swing high could drive the price to 15415, eventually putting a low in.
GOLD (1 day)
Failing to move past $1900 might instigate further pressure on gold, pointing to the measured-move low of $1780 an ounce in the medium. $1820 and the round support of $1800 would have to give way to bears, with chances past the barrier above opening the door to 1920/oz.
EUR/USD (1 hour)
Recent momentum has seen a reversal in EUR/USD, pointing to weakness towards the regional low of $1.0483 unless $1.05 holds firm. This may lead to additional supply pressure, bringing $1.0445 into focus. Stronger bulls could push prices to $1.06, with chances at $1.0650 also elevated there.
GBP/CHF (2 hours)
The pound has consolidated against the Swiss franc for a while now, but the narrowing of price action points to an imminent triangle breakout. Losing 1.1055 could accelerate declines, paving the way to 1.10, whereas a rise past 1.1150 may send prices as high as 1.1215 without invalidation.
AUD/USD (1 hour)
The upside pattern in AUD/USD appears corrective, with the recent rejection at 0.64 seen as increasing the chances of a wedge. Both support at 0.6312 and 0.6285 must break for the pattern to play out eventually. Conversely, an increased appetite for longs could trigger a leg towards 0.6450.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
-----------------------------------------------------
SPX 500 (4 hours)
While price action on the SPX 500 appears more impulsive to the downside, recent swings suggest a potential consolidation, pending a 4330 or 4200 breakout. An increase in demand could see the index extend towards 4430, whereas support can be seen at 4130 on the flip side.
US TECH 100 (4 hours)
The spike to 15k has stalled Nasdaq for now, but even if there is a continuation to 15250, the pattern may still be a wedge, leading to further drops towards 14430 via 14750. Moving past the swing high could drive the price to 15415, eventually putting a low in.
GOLD (1 day)
Failing to move past $1900 might instigate further pressure on gold, pointing to the measured-move low of $1780 an ounce in the medium. $1820 and the round support of $1800 would have to give way to bears, with chances past the barrier above opening the door to 1920/oz.
EUR/USD (1 hour)
Recent momentum has seen a reversal in EUR/USD, pointing to weakness towards the regional low of $1.0483 unless $1.05 holds firm. This may lead to additional supply pressure, bringing $1.0445 into focus. Stronger bulls could push prices to $1.06, with chances at $1.0650 also elevated there.
GBP/CHF (2 hours)
The pound has consolidated against the Swiss franc for a while now, but the narrowing of price action points to an imminent triangle breakout. Losing 1.1055 could accelerate declines, paving the way to 1.10, whereas a rise past 1.1150 may send prices as high as 1.1215 without invalidation.
AUD/USD (1 hour)
The upside pattern in AUD/USD appears corrective, with the recent rejection at 0.64 seen as increasing the chances of a wedge. Both support at 0.6312 and 0.6285 must break for the pattern to play out eventually. Conversely, an increased appetite for longs could trigger a leg towards 0.6450.
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