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 12TH OCTOBER 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 has bounced firmly off its rising trendline at the lower band, recovering back above VWAP and easing the correction into a shallower pullback. The descending trendline from the August high still caps rallies overhead, so the near-term structure remains one of lower highs until that gives way. RSI has recovered to around neutral, signalling fading downside momentum rather than fresh strength. Holding above VWAP keeps the upper band and that descending trendline in view.

US Tech 100

US Tech 100 has eased back from its early-October record highs, with price drifting toward a rising VWAP after the late-September breakout above its descending trendline. That broken trendline, the rising trendline beneath and the lower band now converge as a support zone below. RSI has cooled from overbought to comfortably above neutral, consistent with a pause within the uptrend. A close below VWAP would open a test of that support zone.

Germany 40

Germany 40's correction from the late-August high has stabilised, with the rising trendline from the spring low holding twice and price recovering to sit right on VWAP. The descending trendline from that high presses down from directly above, squeezing price into a tightening wedge. RSI sits just below neutral, so momentum has yet to turn. A close above the descending trendline would signal the correction is ending, while losing the rising trendline would expose the lower band.

UK 100

UK 100 has rebounded off its rising trendline, recovering back above VWAP and easing the correction into a pullback. The descending trendline from the late-August high lies just below the upper band, marking the next hurdle for the recovery. RSI is sitting around neutral after rebounding from its early-October low. Holding above VWAP keeps that descending trendline in view, while a drop back below would put the rising trendline under pressure again.

GBP/USD

Cable's slide has stalled into a tight sideways consolidation, holding above its rising trendline while a short descending trendline and a falling VWAP cap rebounds just overhead. RSI has recovered from oversold to below neutral, pointing to easing downside momentum rather than a reversal. Holding below VWAP keeps pressure on the rising trendline, and a break there would expose the lower band.

EUR/USD

EUR/USD's impulsive decline shows no sign of letting up, with price hugging the lower band and VWAP falling steeply well overhead. The rising trendline from the July low broke in September and the descending trendline from the August high sits far above, leaving no nearby trendline support. RSI remains deeply oversold, which may slow the pace of losses but has yet to trigger a bounce. Any relief rally faces VWAP as first resistance.

USD/JPY

USD/JPY remains range-bound, though the recovery from the September low has carried price back above a rising VWAP and up to the upper band. Price is now pressing against the descending trendline from the early-September high, the key test for the range, with the rising trendline well below. RSI sits comfortably above neutral without being stretched. A close above the descending trendline would open the top of the range, while rejection would return price toward VWAP.

Gold

Gold has bounced off its rising trendline from the July low and pushed through the descending trendline from the August high, easing its impulsive slide into a pullback. Price is now testing VWAP from below, which capped the latest rebound attempt. RSI is below neutral but recovering. A close above VWAP would open the way toward the upper band, while holding below VWAP risks a retest of the rising trendline.

Brent Crude

Brent Crude has resumed its advance, bouncing off the rising trendline from the August low and pushing up to the upper band, well clear of VWAP. Price is now pressing the long-running descending trendline from the May high, which capped the September peak and is the key hurdle for the uptrend. RSI is firmly above neutral without being overbought. A break above that trendline would confirm the impulsive leg, while rejection would put VWAP back in focus.