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 5TH OCTOBER 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's correction has deepened, with price slipping below the rising trendline from the May low and holding beneath a falling VWAP. The descending trendline from the August high continues to cap rallies, while price now hovers just above the lower band. RSI in the high-30s sits below neutral, showing sellers in control. Reclaiming the rising trendline would ease the pressure, while failure to do so risks a deeper slide.

US Tech 100

US Tech 100 remains in a bullish impulse, holding near its recent highs well above a rising VWAP after breaking through the descending trendline from the June high in September. That broken trendline and the rising trendline from the April low now sit beneath as support. RSI is comfortably above neutral without being overbought. Holding above VWAP keeps the impulse intact, while a slip below it would put the broken trendline back in focus.

Germany 40

Germany 40's pullback has deepened into a correction, with price below VWAP and dipping under the rising trendline from the April low, just above the lower band. The flat descending trendline from the January high, which VWAP now tracks, is acting as resistance overhead. RSI in the low-40s sits below neutral. A recovery back above VWAP and the trendlines would restore the uptrend, while a close below the lower band risks a deeper slide.

UK 100

UK 100's pullback has turned into a correction after a sharp drop broke both VWAP and the rising trendline from the March low, briefly pushing price below the lower band. The descending trendline from the August high still caps rallies near the upper band. RSI in the mid-30s is approaching oversold. The broken trendline now acts as resistance, so reclaiming it is needed to repair the uptrend, while further losses would extend the correction.

GBP/USD

Cable remains in a bearish impulse, with price well below a falling VWAP after breaking the rising trendline from the July low. The descending trendline from the August high sits near the upper band, capping the broader structure. Price has stalled in a tight range just above the lower band, and RSI has recovered from oversold into the mid-30s. A relief bounce toward VWAP is possible, but the impulse holds while price stays below it.

EUR/USD

EUR/USD's bearish impulse has accelerated, with price riding the lower band well beneath a steeply falling VWAP after breaking the rising trendline from the July low. The descending trendline from the January high remains far overhead. RSI is deeply oversold, its most stretched reading on the chart, so a short-term bounce is possible. Even so, the trend stays firmly bearish while price holds below VWAP, with the broken trendline likely to cap any rebound.

USD/JPY

USD/JPY remains range-bound, with price holding above a rising VWAP in the middle of the bands. The descending trendline from the early-September high is capping the recovery, while the longer-term rising trendline sits well beneath, just under the September low. RSI is just above neutral, reflecting balanced momentum. A close above the descending trendline would open the way toward the upper band, while a slip below VWAP would put the lower band back in focus.

Gold

Gold remains in a bearish impulse, with price below a falling VWAP and resting on the rising trendline from the July low, just above the lower band. The descending trendline from the March high sits well overhead, capping the broader structure. RSI in the high-30s is below neutral but has eased away from oversold, hinting at a pause in selling. A break of the rising trendline would extend the decline, while reclaiming VWAP would ease the pressure.

Brent Crude

Brent's pullback from the September peak has found support at the rising trendline from the August low, with price recovering to sit just above VWAP. The descending trendline from the May high is the key hurdle, running close to the upper band. RSI is just above neutral. A break above that trendline would signal the pullback is over and the uptrend resuming, while a slip back below VWAP would put the rising trendline back in focus.