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 9TH FEBRUARY 2026

Summary

*KEY*

- Price and 20-day VWAP at the time of writing.

- RSI level (70 is overbought and under 30 is oversold).

- Support & Resistance are set by the StdDev #2 Lower and Upper respectively.

- Trend is set by the slope of the VWAP over 50 periods.

- Phase is determined by the current price relative to the VWAP (20) level.

Analysis

Wall Street has pushed through the key 50k level and is now trading above the VWAP, showing renewed bullish momentum with RSI climbing back over 60. Price is consolidating near resistance as buyers maintain control of the broader uptrend.

Germany 40 has been stable since its recent correction and has crossed back above the VWAP, with price now testing the 25k level. Momentum has improved with RSI returning to the neutral 50 level, indicating the correction may be stabilising as the bullish trend attempts to reassert itself.

UK 100 has broken to new highs above 10,400, trading above the VWAP with strong bullish momentum. RSI has risen above 60, signaling increasing buying pressure as the index extends its bullish trend. Support holds comfortably above the 10k level.

GBP/USD
GBP/USD remains bullish after a deep pullback, holding at the VWAP near the 1.37 level with support now elevated to 1.335. Momentum remains positive with RSI just above 50, though it has cooled from overbought levels. The uptrend structure stays intact.

EUR/USD
EUR/USD has shown first signs of a rebound from its extended pullback, taking it above the VWAP with bullish momentum. RSI above 50 confirms continued buyer control. Support has risen to 1.164 as the uptrend remains.

USD/JPY
USD/JPY has recovered back to the 156 level after its recent decline, back above the VWAP but the trend is unclear. With RSI around 50, momentum is neutral, selling pressure could resume near the prior highs above 157.50.

Gold
Gold is inside a choppy range in the lower half of last week’s brutal sell-off candle. It is trading above 5,000, above the VWAP. Momentum has improved with RSI crossing back above 50, suggesting the correction may be complete. The bullish trend is attempting to resume with support now at 4,470.

Brent Crude
Brent crude oil continues to build on its bullish breakout and is still trading above the VWAP inside a contracting short term range. Momentum is solid with RSI above 55, and the uptrend remains intact. The $70 level is major resistance to further upside.