Technical Analysis Weekly

Start your week by identifying the key price levels and trends.

This week's technical overview covers eight key markets: Wall Street, US Tech 100, Germany 40, UK 100, GBP/USD, EUR/USD, USD/JPY, Gold and Brent Crude, highlighting the prevailing trend, market phase, and the key support and resistance levels traders should have on their radar.

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 November 2026

Summary

KEY

Trend: Direction of price over the review period: Bullish, Bearish, or Neutral.

Phase: Whether price is moving with the trend (Impulsive), slightly against it (Pullback), meaningfully against it (Correction), or sideways with no trend (Range).

VWAP: Volume-weighted average price, used as a dynamic reference for value.

Support / Resistance: Lower and upper standard-deviation bands around VWAP.

RSI: Relative Strength Index (14-period), a momentum oscillator between 0 and 100.

ANALYSIS

Wall Street

Wall Street's upward correction within the downtrend from the August high is losing momentum, with price rejected at the descending trendline from that high near the upper band and slipping back just below VWAP. The rising trendline from the May low sits below the lower band. RSI is around neutral after cooling from its recent peak. Holding below VWAP raises the chance the downtrend resumes, while a close above the descending trendline would revive the case for a bullish reversal.

US Tech 100

US Tech 100's correction from the early-October high has deepened, with rebounds capped by the descending trendline from that high and the broken rising trendline from the April low. Price has fallen to a fresh low near the lower band, well below a falling VWAP. RSI is below neutral and approaching oversold. Holding below VWAP risks the correction developing into a bearish reversal, while a recovery above the descending trendline would point to the uptrend resuming.

Germany 40

Germany 40's uptrend has resumed, with price breaking out above the descending trendline from the late-August high and clearing its October highs to reach the upper band. Price holds above a rising VWAP, and the rising trendline from the April low sits between VWAP and the lower band. RSI is above neutral with room before overbought. Holding above the broken descending trendline keeps the advance on track, while a drop back below it would put VWAP back in focus.

UK 100

UK 100 remains range-bound below the descending trendline from the early-August high, which capped its mid-October rally at the upper band. Price is holding just above VWAP and on a steep rising trendline from the October low, with the bands narrowing. RSI is just above neutral. A break below the rising trendline would put the lower band in focus, while a close above the descending trendline would challenge the range highs.

GBP/USD

Cable's pullback within the downtrend from the August high has deepened into a correction, with price breaking above the descending trendline from that high. Price holds above a rising VWAP and a steep rising trendline from the mid-October low, and is pressing the upper band. RSI is above neutral. Holding above the broken descending trendline keeps the case for a bullish reversal building, while a drop back below VWAP would signal the downtrend resuming.

EUR/USD

EUR/USD's pullback within the downtrend from the September high has deepened into a correction, with price breaking above the descending trendline from that high and back above a flattening VWAP. The broken rising trendline from the late-June low remains well overhead. RSI is just below neutral but rising. Holding above VWAP points to the upper band, while a drop back below the descending trendline would signal the downtrend resuming.

USD/JPY

USD/JPY remains range-bound, with price capped by the descending trendline from the early-September high and holding below the broken rising trendline from the early-October low. Price has bounced off the lower band to sit just above a flat VWAP inside narrowing bands. RSI is just above neutral. A close above the descending trendline would put the upper band in focus, while a drop back below VWAP would return price to the lower band.

Gold

Gold's downtrend has extended, with price breaking below the rising trendline from the July low to a fresh low at the lower band. Price sits well below a falling VWAP, while the descending trendline from the March high remains far overhead. RSI is close to oversold, so a short-term bounce is possible. Holding below the broken rising trendline keeps the downtrend on track, while a recovery back above it would put VWAP in focus.

Brent Crude

Brent Crude's uptrend has paused, with price rejected at the long-running descending trendline from the March high near the upper band and easing back toward VWAP. Price remains above a rising VWAP and the rising trendline from the August low. RSI has cooled from near overbought to just above neutral. Holding above VWAP keeps the uptrend intact, while a drop below the rising trendline would deepen the pullback into a correction.