Weekly Technical Analysis 21/08/2023
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)
While the S&P 500 trades above 4370, the chances of a head-and-shoulders pattern remain intact, opening up 4500. Losing the regional swing could send prices towards 4200, with interim support near 4300.
GERMANY (4 hours)
Germany's top 40 index has formed a double bottom at 15500, with a breakdown increasing the potential for a leg down to 15250 unless the formation holds firm. In such an event, bulls may push prices towards 15810.
JAPAN 225 (4 hours)
A wedge pattern may offer some respite in Japan’s 225 index, paving the way to 32300 unless 31790 repels bullish price action. If declines continue under 31250, extending losses to 30650 may be possible, invalidating the wedge pattern.
GOLD (4 hours)
Gold prices could form a wedge pattern if price action accelerates towards 11910/OZ or 1940/oz. Conversely, sliding under the support at 11885/OZ may send the commodity to the round support of 1850/oz. This would increase the chances of added weakness as it would invalidate the wedge pattern.
EUR/GBP (4 hours)
The EUR/GBP pair could still be in a broadening triangle, pending declines below 0.85. Short-term price action requires a breakout from the 0.8520-0.8560 range for further clarity, with a potential move past the upper side seeing the probability at 0.8586 increasing.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
SPX 500 (4 hours)
While the S&P 500 trades above 4370, the chances of a head-and-shoulders pattern remain intact, opening up 4500. Losing the regional swing could send prices towards 4200, with interim support near 4300.
GERMANY (4 hours)
Germany's top 40 index has formed a double bottom at 15500, with a breakdown increasing the potential for a leg down to 15250 unless the formation holds firm. In such an event, bulls may push prices towards 15810.
JAPAN 225 (4 hours)
A wedge pattern may offer some respite in Japan’s 225 index, paving the way to 32300 unless 31790 repels bullish price action. If declines continue under 31250, extending losses to 30650 may be possible, invalidating the wedge pattern.
GOLD (4 hours)
Gold prices could form a wedge pattern if price action accelerates towards 11910/OZ or 1940/oz. Conversely, sliding under the support at 11885/OZ may send the commodity to the round support of 1850/oz. This would increase the chances of added weakness as it would invalidate the wedge pattern.
EUR/GBP (4 hours)
The EUR/GBP pair could still be in a broadening triangle, pending declines below 0.85. Short-term price action requires a breakout from the 0.8520-0.8560 range for further clarity, with a potential move past the upper side seeing the probability at 0.8586 increasing.
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