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 11th MAY 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
Wall Street is pulling back within its recent bullish structure, consolidating near the VWAP just below the descending upper trendline. Price has recovered close to the February highs, and the RSI at 57 reflects modest positive momentum. The ascending support trendline from below continues to hold, and a decisive break above the descending trendline near 50,000 would be required to confirm a resumption of the prior uptrend.

Germany 40
The Germany 40 is in a neutral range phase, trading near the VWAP between the descending upper trendline resistance near 24,748 and the ascending support trendline below. The RSI at 52 is neutral. Price remains in a well-defined compression zone, and the direction of the eventual break will be significant. Above the descending trendline targets new highs, while a break of ascending support re-opens the downside.

UK 100
The UK 100 is still rangebound, having pulled back below the VWAP after failing to sustain the break above the descending upper trendline. Price is mid-channel between the descending trendline above and the ascending support trendline below near 10,119, with the RSI at 44 reflecting the corrective momentum. The broader bullish trend remains intact while ascending support holds, and a successful break above the descending trendline would be the key bullish trigger.

GBP/USD
GBP/USD is in a bullish pullback phase, dipping slightly from recent highs but holding above the VWAP and the broken descending trendline from the February highs. The RSI at 56 remains constructive, and the ascending support trendline continues to provide a floor. A hold above the descending trendline now acting as support near 1.3450 would confirm the breakout and target the upper resistance band near 1.3634.

EUR/USD
EUR/USD is in a neutral range phase, trading near the VWAP in the middle of the compression zone between the descending upper trendline near 1.1790 and the ascending lower support trendline near 1.1668. The RSI at 56 has nudged slightly higher but remains neutral. The pair continues to coil, and a break in either direction from this structure will be the key event to watch.

USD/JPY
USD/JPY is in a bullish correction phase, rebounding from its recent lows but still trading below the VWAP after breaking through the horizontal support near 157.50. The RSI at 43 reflects recovering but still subdued momentum. The broader bullish trend from the
chart start is intact, but price needs to reclaim the VWAP and the broken support level, now resistance, near 157.50 to reassert a bullish bias.

Gold
Gold is in a bullish correction phase, consolidating at the VWAP within the wedge formed by the descending upper trendline and the ascending lower support trendline from late 2025. Price at 4,672 is compressing toward the apex of this structure, with the RSI at 49 reflecting neutral momentum. The long-term uptrend remains intact while the ascending support holds, and a break above the descending trendline would signal a resumption of the bull trend toward all-time highs.

Brent Crude
Brent Crude is still trading broadly sideways, currently just above the VWAP and sitting right in the middle of the $90-115 range. The RSI at 52 is neutral after easing from last week's highs. The ascending lower support trendline continues to underpin the structure, and a break above the descending upper trendline would be a significant bullish development; failure to break it keeps the range conditions in play.