Weekly Technical Analysis 11/09/2023
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)
If the S&P 500 continues to trade within the ascending channel connecting the troughs of 4365 and 4435, bulls may target the peak at 4550. Losing the regional low could bring 4345 back into focus.
FRANCE 40 (4 hours)
Higher lows and lower highs have formed a symmetrical triangle in France 40, with increasing chances at breaking past 7400. If prices slide, losing 7100 may invalidate the pattern, with 7k as the next significant support to watch.
GOLD (4 hours)
Gold may be in a triangle, too, unless 11980/OZ is not the second peak, with bulls aiming at 2k. The pattern could get invalidated past $2020 an ounce, with declines targeting 11915/OZ and perhaps 1900/oz.
USD/JPY (4 hours)
With a triple top at 147.80 in, short-term declines may continue, increasing the chances of forming a broadening triangle. If the lack of demand continues, the chances of revisiting 144.44 will increase and bring 143.90 in closer proximity. Otherwise, a leg towards the top will see the probability towards 150 rise.
EUR/JPY (4 hours)
Price action in EUR/JPY appears bearish, with a wedge completion potentially opening the door to 154 unless 155.85 holds firm. A rejection could see some respite towards 158.50, with an increase in long bets inspiring bets towards 159.80.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
-----------------------------------------------------
SPX 500 (4 hours)
If the S&P 500 continues to trade within the ascending channel connecting the troughs of 4365 and 4435, bulls may target the peak at 4550. Losing the regional low could bring 4345 back into focus.
FRANCE 40 (4 hours)
Higher lows and lower highs have formed a symmetrical triangle in France 40, with increasing chances at breaking past 7400. If prices slide, losing 7100 may invalidate the pattern, with 7k as the next significant support to watch.
GOLD (4 hours)
Gold may be in a triangle, too, unless 11980/OZ is not the second peak, with bulls aiming at 2k. The pattern could get invalidated past $2020 an ounce, with declines targeting 11915/OZ and perhaps 1900/oz.
USD/JPY (4 hours)
With a triple top at 147.80 in, short-term declines may continue, increasing the chances of forming a broadening triangle. If the lack of demand continues, the chances of revisiting 144.44 will increase and bring 143.90 in closer proximity. Otherwise, a leg towards the top will see the probability towards 150 rise.
EUR/JPY (4 hours)
Price action in EUR/JPY appears bearish, with a wedge completion potentially opening the door to 154 unless 155.85 holds firm. A rejection could see some respite towards 158.50, with an increase in long bets inspiring bets towards 159.80.
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