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 21ST SEPTEMBER 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's pullback from the August high has extended into a correction, with price below VWAP and the descending trendline capping rallies. The latest bounce came off the long-running rising trendline, which coincides with the lower band and keeps the broader uptrend intact. RSI in the low-40s has lifted from recent lows but sits below neutral. Reclaiming VWAP would signal the correction is ending, while a break of the rising trendline would risk a deeper slide.

Germany 40

Germany 40 remains in a bullish pullback, with price just below VWAP where the descending trendline from the late-August high converges to form tight resistance. The rising trendline is far beneath, so the broader uptrend is not threatened, and the lower band held on the recent dip. RSI has recovered to just below neutral. A close above VWAP would signal the pullback is over, while a slip toward the lower band risks a deeper correction.

UK 100

UK 100 has rebounded from the lower band back above VWAP, though it remains in a pullback until the descending trendline from the August high is cleared. That trendline is the immediate hurdle, while the rising trendline is well beneath and keeps the broader uptrend intact. RSI has climbed to just above neutral. A break above the descending trendline would end the pullback, while a slip below VWAP would put the lower band back in play.

GBP/USD

Cable has slipped into the lower part of its multi-month range, with price well below VWAP and pressing the lower band after rejection at the descending trendline from the August high. With no rising trendline in view, the lower band is key support. RSI in the mid-30s is nearing oversold, so a bounce is possible, but VWAP must be reclaimed to ease the pressure. A break below the lower band risks a slide toward the July lows.

EUR/USD

EUR/USD's decline has extended, with price well below VWAP and pressing the lower band after rejection at the descending trendline that has capped every rally since April. The rising trendline from the July low is the next support. RSI in the mid-30s shows momentum firmly lower without yet being oversold. Holding below VWAP keeps the bearish impulse intact and risks a test of the rising trendline, while a recovery above VWAP would stabilise the pair.

USD/JPY

USD/JPY has rebounded sharply from its September low to reclaim VWAP, ending the bearish impulse and leaving price mid-range between the bands. The descending trendline from July's high sits far overhead, leaving plenty of room to the upside, and RSI has recovered to just above neutral. Holding above VWAP favours a further recovery toward the upper band, whereas a slip back below it would put the September low back in focus.

Gold

Gold's rally has faded since rejection at the descending trendline in August, with price now capped by a flattening VWAP after a slow grind lower through September. The rising trendline from the July low sits just below alongside the lower band, keeping a floor for now, while RSI just under neutral shows momentum is undecided. A break below the rising trendline would confirm the bearish read, while a recovery above VWAP would ease the pressure.

Brent Crude

Brent has pulled back sharply after rejection at the descending trendline from the spring highs, with price now slipping just below VWAP. The rising trendline from the July low sits well beneath and coincides with the lower band, keeping the broader uptrend intact. RSI has cooled from overbought to just above neutral. A recovery above VWAP would signal the pullback is fading, while a close below it risks a slide toward the rising trendline.