Technical Analysis Weekly

Start your week by identifying the key price levels and trends.

This week's report covers nine major instruments: Wall Street, US Tech 100, Germany 40, UK 100, GBP/USD, EUR/USD, USD/JPY, Gold and Brent Crude. The summary table and analysis below set out the key levels to watch across each market this week.

NOTE: Analysis draws on Spreadex's Pro Trading Tools: VWAP, Autotrend and RSI. To use them, log in to your SpreadEx Financials Account and click ‘Technical’ from the menu on any chart.

WEEK COMMENCING 9TH November 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's correction within the downtrend from the August high has turned to a lot of chop, with a brief spike above the descending trendline from that high quickly reversed. Price has dropped back below VWAP to test the rising trendline from the May low at the lower band, where it is bouncing. RSI is just below neutral. Holding below VWAP keeps the downtrend in favour, while a close below the rising trendline would open the way to deeper losses.

US Tech 100

US Tech 100 has turned bearish, with price breaking below the rising trendline from the April low and undercutting its August low, while a steep descending trendline from the late-October high caps rebounds. Price is bouncing off the lower band, well below a falling VWAP. RSI is below neutral and close to oversold, so a short-term bounce is possible. Holding below VWAP keeps the downtrend on track, while a recovery above the descending trendline would point to a pullback.

Germany 40

Germany 40's uptrend has paused, with price pulling back from a fresh high at the upper band to retest the broken descending trendline from the late-August high. Price holds above a rising VWAP, while the rising trendline from the April low sits between VWAP and the lower band. RSI is above neutral. Holding above the broken trendline keeps the uptrend on track, while a drop below VWAP would deepen the pullback into a correction.

UK 100

UK 100 remains range-bound, with a spike above the descending trendline from the early-August high rejected near the range highs. Price has recovered to sit just above VWAP, while the rising trendline from the October low holds below the lower band. RSI is just above neutral. A close above the descending trendline would challenge the range highs, while a drop below the rising trendline would put the lower end of the range in focus.

GBP/USD

Cable has settled into a sideways range, with the recovery from the mid-October low retracing much of the September drop. Price pushed to the upper band before easing back to the rising trendline from the mid-October low, and holds above a rising VWAP. RSI is above neutral. A close above the recent high would challenge the top of the range, while a drop below VWAP would put the lower band back in focus.

EUR/USD

EUR/USD's correction within the downtrend from the September high is losing momentum, with price rejected at the descending trendline from that high near the upper band. Price dropped back toward the lower band before recovering to test a flat VWAP from below. RSI is just below neutral. Holding below VWAP raises the chance the downtrend resumes, while a close above the descending trendline would point to a bullish reversal.

USD/JPY

USD/JPY remains range-bound, squeezed between the descending trendline from the early-September high and a rising trendline from the late-October low as the bands narrow. Price has slipped just below the rising trendline but holds above a flat VWAP. RSI is around neutral. A close above the descending trendline would put the upper band in focus, while a drop below VWAP would return price to the lower band.

Gold

Gold's downtrend has paused, with the break below the rising trendline from the July low quickly reversed and price rebounding from the lower band. Price is back above VWAP and testing the descending trendline from the August high. RSI has recovered from near oversold to just above neutral. Rejection at the descending trendline would keep the downtrend on track, while a close above it would deepen the pullback into a correction.

Brent Crude

Brent Crude's pullback has deepened into a correction, with price rejected at the long-running descending trendline from the March high before breaking below VWAP and the rising trendline from the August low. Price has fallen to the lower band. RSI is below neutral and approaching oversold. Holding below the broken rising trendline keeps the correction in play, while a recovery back above it would put VWAP back in focus.