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, US Tech 100, 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 19TH OCTOBER 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 has been in a downtrend since the August high, and the rebound off the rising trendline is an upward correction within it, with price above VWAP and at the upper band. Price is now pressing the descending trendline from that high, the key test. RSI is comfortably above neutral. A close above that trendline would raise the chance of a reversal into a new uptrend, in line with the longer-term advance.

US Tech 100

US Tech 100's advance from the late-July low has given way to a sharp correction, with price dropping through VWAP and then the rising trendline from that low to reach the lower band. The descending trendline from the early-October high now caps rebounds overhead. RSI has slipped below neutral after unwinding from overbought. Reclaiming the broken rising trendline would point to the uptrend resuming, while holding below it risks the correction deepening into a broader reversal.

Germany 40

Germany 40 has broken above the descending trendline from the late-August high and recovered back above VWAP, a sign that downside momentum within the correction is waning. With the rising trendline from the spring low still underpinning price, that raises the chance the prior uptrend is ready to resume. RSI is sitting around neutral. Holding above VWAP keeps that case building, while a drop back below the broken descending trendline would reopen the rising trendline.

UK 100

UK 100 has rebounded sharply off its rising trendline, breaking back above VWAP and then the descending trendline from the late-August high to reach the upper band. That largely retraces the September slide, leaving price near the top of the range it has held since late July. RSI has climbed above neutral without being overbought. A push through the August highs would put the index back into an uptrend, while rejection would put VWAP back in focus.

GBP/USD

Cable has bounced sharply off its rising trendline, breaking above a short descending trendline and VWAP to reach the upper band, a pullback within the downtrend from the August high. RSI has pushed above neutral, signalling building upside momentum. Holding above VWAP would give the rebound room to develop into a deeper correction, while a drop back below the broken descending trendline would return the focus to the rising trendline.

EUR/USD

EUR/USD has bounced off the lower band, with price recovering to test a falling VWAP from below, which capped the latest rally attempt. The broken rising trendline from the late-June low and the descending trendline from the August high both sit well overhead. RSI has climbed out of oversold but remains below neutral, pointing to easing downside momentum rather than a reversal. Holding below VWAP risks a return to the lower band.

USD/JPY

USD/JPY remains range-bound, with price coiling around VWAP between the descending trendline from the early-September high and a rising trendline from the October low. The bands have narrowed sharply, reflecting the tight consolidation. RSI is sitting around neutral, offering no directional lead. A break of either trendline should set the next move, with the upper band the first test on the upside and the lower band on the downside.

Gold

Gold has edged back above VWAP after holding the rising trendline from the July low, with the descending trendline from the August high now broken beneath price. That keeps the pullback against the broader downtrend intact, though price has yet to reach the upper band. RSI is just below neutral and recovering. Holding above VWAP opens the way toward the upper band, while a drop back below it risks another test of the rising trendline.

Brent Crude

Brent Crude's advance from the August low remains intact, with price above a rising VWAP and the rising trendline from that low. A brief break above the long-running descending trendline from the May high has met selling, and price is now pulling back to retest it. RSI has cooled to above neutral after nearing overbought. Holding above that trendline keeps the uptrend on track, while a close below would put VWAP back in focus.