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 7TH SEPTEMBER 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 eased into a shallow pullback after tagging fresh highs near 55,000 in August, with price now sitting just below VWAP inside the upper half of its band. The rising trendline continues to underpin the broader uptrend, and RSI's retreat to the high-40s reflects cooling momentum rather than a reversal. A reclaim of VWAP would keep the bullish structure intact, while a break of trendline support risks a slide toward the lower band.

Germany 40

Germany 40 has pulled back from its recent highs, with price now trading just below VWAP after failing to sustain the push above 26,500. The index remains well above its rising trendline, keeping the broader uptrend intact, and RSI's slip to the mid-40s points to a pause rather than a trend change. A recovery back above VWAP would restore bullish momentum, while a break of trendline support would open the door to a deeper correction.

UK 100

UK 100 is consolidating just below its recent high, with price holding modestly above VWAP as the index digests its August rally. A descending short-term trendline is capping the advance for now, but the broader uptrend remains intact with RSI sitting comfortably above neutral. A break above trendline resistance would reopen the path to fresh highs, while a slip back below VWAP would flag a deeper pullback toward support.

GBP/USD

Cable has eased back from its recent push toward 1.3670, with price now trading just below VWAP in a shallow pullback. The pair remains above its rising trendline, keeping the broader bullish structure intact, and RSI's return to neutral reflects fading upside momentum rather than a reversal. A reclaim of VWAP would put resistance back in view, while a break of trendline support would risk a deeper slide toward 1.3460.

EUR/USD

EUR/USD continues to chop without a clear direction, with price oscillating around VWAP inside a well-defined range between support and resistance. The pair has recovered a large share of its summer decline but has yet to challenge the descending trendline capping the topside, and RSI sitting near neutral offers no strong directional edge. A decisive break of either the trendline or the range extremes would be needed to establish a fresh trend.

USD/JPY

USD/JPY has turned sharply bearish, breaking down through both VWAP and its support trendline as sellers took firm control of the pair over the past week. The move lower has been impulsive, with RSI plunging into oversold territory as downside momentum accelerates. VWAP now acts as resistance on any bounce, with further downside favoured while price holds below the broken trendline.

Gold

Gold has pulled back from its recent push toward 4,500, with price now trading just below VWAP after the rally stalled beneath the descending trendline. The broader recovery from the year's lows remains intact, and RSI's retreat to neutral reflects a pause in momentum rather than a reversal. A break above the trendline would reopen the path higher, while holding below VWAP risks a deeper correction toward support.

Brent Crude

Brent Crude has extended its rally in impulsive fashion, trading well clear of VWAP as it presses against the horizontal resistance that has capped price since the spring. RSI's push into the mid-60s underlines the strength of the current move, with the trend showing no signs of stalling yet. A break above resistance would open the door to fresh highs, while a close back below VWAP would be the first sign this leg is losing steam.