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 20TH JULY 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 has slipped back below VWAP after last week's stall, easing off the highs but continuing to hold well above the broader rising trendline from the April low. The pullback remains shallow in the context of the multi-month advance, and with RSI back to a neutral 51, the index has room to resume higher provided VWAP is reclaimed on the next push.

Germany 40

Germany 40 has extended its pullback from the July high, slipping below VWAP for the first time in several weeks with what has become a failed breakout into record highs. The rising trendline from April is now the key support to watch, and with RSI easing to 46, a hold above this level would keep the broader bullish structure intact.

UK 100

UK 100 has stabilised after last week's rejection, reclaiming VWAP and holding above the rising trendline drawn from the July low. The index remains capped by the long-standing descending trendline from the March high, but firmer RSI at 55 points to improving momentum as price works to challenge that resistance again.

GBP/USD

Cable has broken decisively above the descending trendline that had capped the recovery for the past two months, confirming a shift in short-term structure. Price is now comfortably above VWAP with RSI firming to 58, and the rising trendline from the July low offers a fresh line of support underneath as the pair pushes toward the next resistance band.

EUR/USD

EUR/USD remains squeezed inside its symmetrical triangle, with price hovering just above VWAP as the descending and rising trendlines continue to converge. RSI sits at a neutral 47, reflecting the ongoing indecision, and a decisive break of either trendline is still needed to confirm the pair's next directional move.

USD/JPY

USD/JPY continues to consolidate in a tight range just below its recent highs, holding above both VWAP and the rising trendline support in place since May. RSI at 59 reflects steady, unextended momentum, leaving the pair well positioned to resume its climb once the current pause resolves.

Gold

Gold has slipped back below VWAP and continues to trade beneath the descending trendline resistance from the May peak, keeping the metal capped within its broader wedge. The rising trendline from early July remains the key support underneath, and with RSI soft at 42, the medium-term bias remains tilted to the downside while price stays below VWAP.

Brent Crude

Brent has extended its recovery for a second straight week, pushing further above VWAP and back toward the horizontal resistance that has capped the market since May. RSI has climbed to 61, confirming the improvement in momentum, and a clean break of that resistance would mark a meaningful shift away from the prior downtrend.