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 6TH JULY 2026

Summary

*KEY*

• Trend – The prevailing directional bias: Up or Down.
• Phase – Impulsive phases show strong directional momentum; corrective phases indicate consolidation or a counter-trend move within the broader trend.
• Price – The last traded price at the time of analysis.
• VWAP – Volume Weighted Average Price; price above VWAP is generally bullish, below is bearish.
• Support & Resistance – Using the 20 STD of VWAP
• RSI – Relative Strength Index (14-period); readings above 70 indicate overbought conditions, below 30 indicate oversold.

Analysis

Wall Street

Wall Street remains firmly in an impulsive uptrend, extending the rally that began in April into a fresh record high last week after a steady sequence of higher highs and higher lows. Price continues to track above VWAP and is riding the ascending trendline drawn from the June low. RSI in overbought territory reflects the strength of the move, though it leaves the index vulnerable to a short-term pullback toward the trendline or VWAP.

Germany 40

The index has broken decisively above the horizontal resistance that had capped rallies since March, confirming a fresh impulsive leg higher into new all-time highs. Price is comfortably above both VWAP and the rising trendline support established from the early-June low, and the strong RSI reading confirms bullish momentum is intact. A retest of the breakout level as new support would be the ideal follow-through.

UK 100

UK 100 has pushed out of the ascending triangle that formed through May and June, breaking above the trendline resistance that had twice rejected price. VWAP and the rising trendline sit comfortably below the current market, supporting the bullish structure, while a firm RSI reading points to continuing upside momentum as long as the breakout level holds as support on any pullback.

GBP/USD

Cable has staged a corrective bounce within its broader downtrend, having rebounded sharply off 1.32, forming a double bottom with the April low. Price is now testing the descending trendline resistance from the May high, with VWAP reclaimed in the process. A break above this trendline would open the door to a deeper recovery, while rejection here would reaffirm the dominant bearish structure.

EUR/USD

EUR/USD continues to trade within a well-defined downtrend, though price has bounced from trendline support and is now pressing into the broken 1.14 level, while still well off the resistance drawn from the June highs. VWAP is the next barrier to any further up-move, and RSI sits in neutral territory, leaving the pair at an inflection point between a deeper corrective recovery and a resumption of the broader downtrend.

USD/JPY

USD/JPY remains in a strong uptrend but remains subject to sporadic sharp sell-offs, with the recent pullback bringing price back toward VWAP and the rising trendline support that has underpinned the advance since May. RSI has eased back from overbought extremes, giving the pair room to resume its climb provided the trendline and VWAP continue to hold as support on this retracement.

Gold

Gold is attracting some interest at 4,000 which is now clear support but remains in a corrective phase within its broader downtrend from the March highs. The market is now testing the descending trendline resistance drawn from the May peak, with VWAP sitting just below current levels. A neutral RSI reading reflects the tug-of-war between the recovering short-term momentum and the still-bearish medium-term structure.

Brent Crude

Brent remains under sustained selling pressure, extending the impulsive downtrend that has been in place since the May peak. However, momentum has slowed around the key $70 level. Price continues to trade well below both VWAP and the broken trendline support, which now acts as overhead resistance. RSI in deeply oversold territory raises the prospect of a near-term relief bounce.