Weekly Technical Analysis
Weekly Technical Analysis
Technical Analysis Weekly
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.
NOTE: These charts use the ‘Pro Trading Tools’ available on the SpreadEx trading platform. To use them, log in to your SpreadEx Financials Account and click ‘Technical’ from the menu on any chart.
WEEK COMMENCING 2nd FEBRUARY 2026
Summary
Instrument |
Trend |
Phase |
Price |
VWAP |
Support |
Resistance |
RSI |
|---|---|---|---|---|---|---|---|
Wall Street |
Bullish |
Correction |
48512 |
49070 |
48510 |
49639 |
43.5 |
Germany 40 |
Bullish |
Correction |
24338 |
24908 |
24235 |
25581 |
37.2 |
UK 100 |
Bullish |
Correction |
10143 |
10174 |
10088 |
10263 |
53.0 |
GBP/USD |
Bullish |
Pullback |
1.3680 |
1.3551 |
1.3229 |
1.3873 |
60.6 |
EUR/USD |
Bullish |
Pullback |
1.1890 |
1.1799 |
1.1485 |
1.2094 |
57.3 |
USD/JPY |
Sideways |
Range |
154.84 |
156.54 |
152.18 |
160.90 |
43.6 |
Gold |
Bullish |
Correction |
4576 |
4830 |
4258 |
5402 |
42.8 |
Brent Crude |
Bullish |
Pullback |
6586 |
6508 |
6110 |
6907 |
53.8 |
*KEY*
- Price and 20-day VWAP at the time of writing.
- RSI level (70 is overbought and under 30 is oversold).
- Support & Resistance are set by the StdDev #2 Lower and Upper respectively.
- Trend is set by the slope of the VWAP over 50 periods.
- Phase is determined by the current price relative to the VWAP (20) level.
Analysis
Wall Street is undergoing a sideways correction within its broader bullish trend, with price trading below the VWAP. The big 50k level overhead could be contributing to some distribution but no bearish reversal has been confirmed.
Germany 40 is just about hanging on to its bullish trend and is attempting a rebound from a steep correction, with price action well below the VWAP. Momentum has dropped off with RSI back under the 50 level, indicating a pause in the uptrend with support from the prior low intact.
UK 100 continues its bullish trend, while stuck in a sideways correction, trading just under the VWAP. This positioning reflects sustained market strength, with bullish momentum supporting further gains. Support is lower near the 10k threshold, and the record high as resistance.
GBP/USD
GBP/USD has pulled back from its bullish impulse, leaving the price still above the VWAP but below range resistance around 1.37-375. There is strong momentum with RSI out of overbought territory. Buyers are in control while the breakout holds.
EUR/USD
EUR/USD has pulled back from its move to a 4-year high, still trading comfortably above the VWAP and testing support at 1.185. Momentum has dropped off but still bullish with RSI over 50.
USD/JPY
USD/JPY has rebounded strongly from its break lower, leaving the price around the 155 level, still off ~500pips from the highs near 160. With just one leg lower and no lower highs printed, a new downtrend is not yet established.
Gold
Gold continues its severe correction with a drop down to test 4,500 and the former peak from October. While the longer term trend is still up, momentum favours lower prices short term with a new sideways range likely to be established.
Brent Crude
Brent crude oil has pulled back to retest its broken down-trendline after hitting the $70 level last week, which offers strong resistance to the new uptrend.
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