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, 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 3RD AUGUST 2026

Summary

KEY

• Trend: The prevailing directional bias of the market — Bullish or Bearish.
• Phase: Whether price action is Impulsive (a strong, directional move) or Corrective (a retracement/consolidation against the prevailing trend).
• Price: The latest available spot price at time of writing.
• VWAP: Volume Weighted Average Price — a dynamic benchmark showing the average price paid, weighted by volume.
• Support: A key price level below the market where buying interest has historically emerged.
• Resistance: A key price level above the market where selling interest has historically emerged.
• RSI: Relative Strength Index — a momentum oscillator; readings above 70 suggest overbought conditions, below 30 suggest oversold conditions.

Analysis

Wall Street

Wall Street has broken back above its descending trendline resistance, confirming a resumption of the broader uptrend after several weeks of consolidation. Price is trading comfortably above VWAP with momentum turning constructive again. A close above the recent swing high would open the door to fresh record territory.

Germany 40

The index has pushed into record territory, out of its tightening triangle, breaking the descending trendline that had capped price since early July. With price extended above VWAP and momentum firm, the bias favours continuation, though the risk of another failed breakout remains.

UK 100

UK 100 has made a new record high, extending the impulsive move that began with last week's trendline breakout. Price remains well supported above VWAP and the rising trendline beneath it, keeping the near-term structure firmly bullish with the main counterfactual the possibility of  a long term double top.

GBP/USD

Cable has staged a recovery off its rising trendline support but remains capped beneath the long descending trendline from May, keeping this a corrective bounce within a broader range. Price sits above VWAP for now, though a rejection at the overhead trendline would tilt the bias back toward the downside.

EUR/USD

EUR/USD has broken decisively above its descending trendline, reclaiming VWAP with a strong impulsive move after months of grinding lower. The break marks a meaningful shift in near-term structure, though the pair is now testing the upper region of its recent range and could consolidate before extending further.

USD/JPY

USD/JPY has suffered a crushingly sharp, high-momentum breakdown, slicing through its rising trendline support and falling well below VWAP in the space of a few sessions. This marks a significant reversal from the prevailing uptrend, with the speed of the move suggesting an extended and potentially overdone decline.

Gold

Gold remains locked in a narrowing corrective range, with price hovering close to VWAP and showing little directional conviction. The pattern suggests indecision after the broader downtrend from the February peak, with a break of either boundary likely to set the next direction.

Brent Crude

Brent Crude is consolidating after its sharp recovery rally, pulling back toward its rising trendline support while holding beneath VWAP. The broader structure remains constructive following the bounce off multi-month lows, with the trendline now the key level to hold for the recovery to stay intact.