Weekly Technical Analysis 05/06/2023
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 (1 day)
The SPX 500 appears to have completed a terminal rising wedge pattern, with the upward extension to 4290 likely ending the move. If 4235 holds firm in the event of a reversal, we might witness a leading wedge, opening the door to 4390 should 4330 give in. Otherwise, we might experience additional shorts towards 4140.
UK 100 (1 day)
The correction to 7430 might have ended for the UK 100 index, offering a chance at the 8k should 7680, 7820 and 7940 give way to bulls. A limited raise will increase the probability of a triangle pattern while sliding under the aforesaid swing will expose 7200 through the breakdown of 7330.
JAPAN 225 (1 week)
The completed triangle pattern in Japan 225 index provided a boost above 32k but has not reached the measured-move target of 33400 yet. The index might consolidate before spiking higher for a likely restriction to its upward trend, with 30k offering solid support in case 30750 succumbs to bears.
GOLD (4 hours)
Gold has crawled to the 2k barrier unsuccessfully in what seems to be a sideways correction, with the bottom at 1950/oz. If it gets broken, we may witness a slide towards $1900 in case 11935/OZ gives in. A break past the psychological threshold could raise the chances of a move towards 2030/oz.
GBP/USD (4 hours)
A broadening wedge appears to have completed the corrective upward leg to 1.2545, with whatever respite printed having marked a substantial depth. If 1.24 remains firm, prices could slide towards 1.22 through the breakdown of 1.23 unless an upside reversal to 1.2460 gives way towards the peak of 1.2680.
USD/CAD (4 hours)
USD/CAD might have completed a triangle pattern at 1.35655, kicking the door to 1.30 wide open in the longer term. If the bearish impulse accelerates below 1.3370, bulls might lose the battle and let the rate fall towards the low of 1.3262. On the other hand, recapturing 1.35 might offer some relief, but unlikely to get past 1.3538.
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.
SPX 500 (1 day)
The SPX 500 appears to have completed a terminal rising wedge pattern, with the upward extension to 4290 likely ending the move. If 4235 holds firm in the event of a reversal, we might witness a leading wedge, opening the door to 4390 should 4330 give in. Otherwise, we might experience additional shorts towards 4140.
UK 100 (1 day)
The correction to 7430 might have ended for the UK 100 index, offering a chance at the 8k should 7680, 7820 and 7940 give way to bulls. A limited raise will increase the probability of a triangle pattern while sliding under the aforesaid swing will expose 7200 through the breakdown of 7330.
JAPAN 225 (1 week)
The completed triangle pattern in Japan 225 index provided a boost above 32k but has not reached the measured-move target of 33400 yet. The index might consolidate before spiking higher for a likely restriction to its upward trend, with 30k offering solid support in case 30750 succumbs to bears.
GOLD (4 hours)
Gold has crawled to the 2k barrier unsuccessfully in what seems to be a sideways correction, with the bottom at 1950/oz. If it gets broken, we may witness a slide towards $1900 in case 11935/OZ gives in. A break past the psychological threshold could raise the chances of a move towards 2030/oz.
GBP/USD (4 hours)
A broadening wedge appears to have completed the corrective upward leg to 1.2545, with whatever respite printed having marked a substantial depth. If 1.24 remains firm, prices could slide towards 1.22 through the breakdown of 1.23 unless an upside reversal to 1.2460 gives way towards the peak of 1.2680.
USD/CAD (4 hours)
USD/CAD might have completed a triangle pattern at 1.35655, kicking the door to 1.30 wide open in the longer term. If the bearish impulse accelerates below 1.3370, bulls might lose the battle and let the rate fall towards the low of 1.3262. On the other hand, recapturing 1.35 might offer some relief, but unlikely to get past 1.3538.
Looking for further analysis? Visit us here: spreadex.com/financials/news-analysis/
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