Weekly Technical Analysis 04/09/2023
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.
SPX 500 (4 hours)
The bottom at 4350 might have completed a flag pattern, opening up 4635 again and perhaps new 2023 highs. If bulls lose 4485, chances of breaking lower will increase.
WALL STREET (4 hours)
Dow Jones has a similar price action, but its medium-term path resembles an open wedge, pending further breakouts past 35700. Critical support lies at 34570, with a slide under there potentially leading to 34k.
JAPAN 225 (4 hours)
While Japan’s index appears bullish, the price remains within the ascending flag pattern unless it ended at 31250, encouraging additional upsides towards 33500 and 33850. A rejection could see the index lower down near 32300.
GBP/USD (4 hours)
Bulls failed to recapture $1.2735 as the peak at $1.2746 was a fadeout, inspiring drops towards $1.2550 but failing to reach or break it. If they can take over the regional resistance, the chances of bouncing towards $1.2850 to form the right shoulder of a potential H&S pattern will increase. Otherwise, we may see $1.25 and 1.24 again come into the spotlight.
USD/CAD (1 day)
With $1.35 forming a double-bottom formation, bulls may target the $1.37 barrier next, where the top trendline of a long-term flag may offer rejection. Failing to get through the local top of $1.36640 could lead to a range, with the failure of the double-bottom opening up $1.34.
EUR/GBP (4 hours)
If bulls stall before the local top at 0.8667, a wedge pattern could bring further descents towards 0.8490 and eventually lower. Conversely, a bullish advance may leave behind support, shifting the focus to 0.8667 next.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
SPX 500 (4 hours)
The bottom at 4350 might have completed a flag pattern, opening up 4635 again and perhaps new 2023 highs. If bulls lose 4485, chances of breaking lower will increase.
WALL STREET (4 hours)
Dow Jones has a similar price action, but its medium-term path resembles an open wedge, pending further breakouts past 35700. Critical support lies at 34570, with a slide under there potentially leading to 34k.
JAPAN 225 (4 hours)
While Japan’s index appears bullish, the price remains within the ascending flag pattern unless it ended at 31250, encouraging additional upsides towards 33500 and 33850. A rejection could see the index lower down near 32300.
GBP/USD (4 hours)
Bulls failed to recapture $1.2735 as the peak at $1.2746 was a fadeout, inspiring drops towards $1.2550 but failing to reach or break it. If they can take over the regional resistance, the chances of bouncing towards $1.2850 to form the right shoulder of a potential H&S pattern will increase. Otherwise, we may see $1.25 and 1.24 again come into the spotlight.
USD/CAD (1 day)
With $1.35 forming a double-bottom formation, bulls may target the $1.37 barrier next, where the top trendline of a long-term flag may offer rejection. Failing to get through the local top of $1.36640 could lead to a range, with the failure of the double-bottom opening up $1.34.
EUR/GBP (4 hours)
If bulls stall before the local top at 0.8667, a wedge pattern could bring further descents towards 0.8490 and eventually lower. Conversely, a bullish advance may leave behind support, shifting the focus to 0.8667 next.
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