Wall Street, Daily

Weekly Technical Analysis 14/08/2023

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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.

WALL STREET (4 hours)
Wall Street appears in consolidation, likely a flag pattern, with upside potential above 35680 past 36k based on the measured move. If bulls lose 35k, 34600 is expected support lower down.

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US TECH (4 hours)
The Tech index has been declining, revealing a potential wedge down at 14650, along with a possible double bottom formation, increasing the chances of an H&S pattern. Falling under 15k will open the door to 14660, whereas getting past 15280 will increase the prospects of a 15550 breakout.

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GERMANY (4 hours)
A sideways consolidation may be underway in Germany 40’s index, clearing the way to 15500 but keeping the door to 16500 also open. Short-term price action suggests a flag-like consolidation, with the next support at 15620 and resistance above 16070 at 16250.

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GBP/USD (4 hours)
Cable also appears to be forming a potential H&S pattern, pending a double bottom formation at $1.26 before potentially rising to $1.2850. Losing either of the levels will likely invalidate the pattern, increasing the chances of revisiting $1.2545 or $1.29. Short-term price action reveals a range.

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EUR/CHF (4 hours)
EUR/CHF a double top formation at 0.9650 is seen as the potential end of a bearish flag, opening up 0.9520 and the 0.95 handle. Spoiling the formation with a spike past the regional top could elongate the flag towards 0.9680 but is unlikely to invalidate it.

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USD/CAD (4 hours)
USD/CAD’s retest of $1.3385 has seen prices bounce towards the peak at $1.35, but easing momentum increases the chances of a triangle or sideways consolidation. If bears push prices lower, $1.3250 could be reached beneath $1.33. Otherwise, moving above the top could see prices accelerate towards $1.36.

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