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 17TH AUGUST 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 remains in a firmly bullish phase after a sharp rally pushed price toward the upper band, with the index now consolidating just below its recent high. Price is holding above VWAP and the rising trendline, with RSI cooling from overbought without breaking down. A hold above the trendline would keep the pullback shallow, while a break lower opens room back toward VWAP.

Germany 40

Germany 40 pushed to fresh highs before easing into a shallow pullback, with price still comfortably above both VWAP and the upper trendline. RSI has drifted back from overbought levels but remains constructive, reflecting a pause rather than a reversal. A bounce from current levels would keep the broader uptrend intact, while a slip below trendline support would flag a deeper correction.

UK 100

UK 100's advance has stalled, with price slipping back below VWAP after tagging resistance near recent highs. RSI has cooled to neutral, and the pullback looks more pronounced than in the other indices, testing the lower trendline for support. A recovery back above VWAP would restore the bullish tone, while a break of trendline support risks a deeper slide toward the lower band.

GBP/USD

Cable continues to push higher in impulsive fashion, trading well above VWAP and tracking the rising trendline without any meaningful pullback yet. RSI is elevated but not extreme, supporting further upside as long as the pair holds above the trendline. A close back below VWAP would be the first sign this impulsive leg is losing steam.

EUR/USD

EUR/USD has staged a strong recovery from its summer lows, pushing back above VWAP and climbing steadily along the rising trendline. RSI is approaching overbought, underlining the strength of the current impulsive move. Resistance near the recent swing high is the next test, with VWAP the key support to hold on any pullback.

USD/JPY

USD/JPY has turned bearish, breaking down through VWAP as sellers took control of the pair. The move lower has been impulsive, with RSI slipping toward oversold territory as downside momentum builds. VWAP now acts as resistance on any bounce, with further downside favoured while price holds below it.

Gold

Gold has broken back above its descending trendline in a strong impulsive move, with price now well clear of VWAP and RSI pushing toward overbought. This follows a deep correction from the year's highs, and the current leg suggests renewed bullish momentum. VWAP is the level to watch as support on any near-term pullback.

Brent Crude

Brent Crude is chopping without a clear direction, printing a new high only to reverse into a new low soon after — the hallmark of a ranging market rather than a defined trend. Price is oscillating around VWAP with RSI hovering near neutral, offering no strong directional edge either way. A decisive break of the recent high or low would be needed to establish a fresh trend.