Weekly Technical Analysis 18/09/2023

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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WALL STREET (4 hours)
Lack of demand past 35350 may turn the price formation of Wall Street into a triangle if bears fail to take over 34320, offering a descending or symmetrical variation. Sliding under 34060 prematurely will increase the chances of a falling pennant, with an upward surprise eying 35600.


UK 100 (4 hours)
If the UK’s Footsie soars past the regional top of 7810, reclaiming 7900 may trigger further upside towards 8k, leaving behind a flag. Holding the grip above 7600 or the upper flag trendline will keep chances intact, but sliding within the flag might see additional drops, opening up 7525 but unlikely 7370.


GOLD (4 hours)
Gold’s bounce at the lower triangle trendline appears to improve the chances of the pattern’s completion unless bulls lose $1920/oz or $1910/oz. Crawling past the last correction high of $1980/oz could offer an attempt at 2k.


EUR/GBP (4 hours)
The EUR/GBP pair appears to be in a similar triangular formation, pending completion confirmation of the fourth corrective wave. If it is completed at £0.857, prices should stop and reverse by the upper trendline or before £0.8630. Otherwise, a continuation towards £0.8670 may offer a prolonged correction or invalidate the formation entirely. Expected support lies at £0.8525 in case the lower trendline gives in.


USD/CAD (2 hours)
A head and shoulders pattern may be under formation on USD/CAD, with support at $1.35 expected to send prices to $1.3640 to complete the right shoulder. If the triple bottom succumbs, bears have major support slightly under $1.34, invalidating the idea. Surging past $1.3570 will increase the probability of completing the right shoulder, whereas faltering near $1.3580 will keep uncertainty elevated.