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 20th APRIL 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

After a massive run-up, Wall Street is in a new bullish impulsive phase, extending its recovery well above the VWAP and pressing against the upper resistance band. Price has cleared the descending trendline from the selloff, and the RSI at 65 reflects strong bullish momentum. A break to record highs would confirm current bullish conditions.

Germany 40

The Germany 40 is undergoing a slight pullback after a 3-week surge, trading above the VWAP. Price has broken above the descending trendline from the March highs, with the long-term ascending support trendline providing a floor. The RSI at 60 reflects solid momentum, though the February highs remain the key test for the broader price range.

UK 100

The UK 100 continues its new bullish trend, trading above the VWAP as the recovery consolidates just below the record high set in February. Price is pressing against the descending trendline from the all-time high, which is acting as near-term resistance, while the long-term ascending support trendline from below continues to provide a foundation. The RSI at 57 remains constructive.

GBP/USD

GBP/USD has made a short term breakout above the descending trendline from the February highs, trading above the VWAP. The RSI at 58 supports continued upside but the bigger picture is rangebound price action. The long-term ascending support trendline around 1.31 underpins the current upside push.

EUR/USD

EUR/USD is broadly trendless but breaking to the top side near term, trading above the VWAP after breaking above the descending trendline from the February highs. The RSI at 60 reflects strong momentum, and the long-term ascending support trendline around 1.14 continues to anchor the bullish tilt. A break above 1.20 is needed to really confirm any long term bullish trend.

USD/JPY

USD/JPY remains in a bullish consolidation phase, with price and VWAP converging around 159 as the pair consolidates between the ascending support trendline below and the flat horizontal resistance. The RSI at 50 is perfectly neutral. The low volatility ‘squeeze’ of the bands suggest a range expansion is coming - but can never know which way in advance, except that the upside has the support of the long term uptrend.

Gold

Gold is in a bearish correction phase, trading above the VWAP. It has broken the descending trendline from the February peak but with little follow-though. The RSI at 52 is mildly constructive, and the long-term ascending support trendline from late 2025 continues to underpin the broader structure. A sustained break above the descending trendline opens the path back toward all-time highs, whereas a failure opens up the March low.

Brent Crude

Brent Crude broke below its triangle pattern but with little follow through, trading below the VWAP. Price is drifting around the lower trendline, and the RSI at 45 reflects fading momentum. The range holds while ascending support remains intact, but a sustained break below it would be a significant bearish development; a break of the upper trendline targets a retest of 11,000+.