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 23RD FEBRUARY 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 has continued to consolidate below the 50k resistance level, with price slipping back toward the VWAP at 49,378. The RSI has eased further to 49, now sitting at neutral territory, suggesting buying momentum has faded. Bulls will need to defend the 48,714 support level to prevent a deeper pullback, while a recovery above 50,362 would be required to resume the uptrend.

The Germany 40 has broken above the 25k psychological level and is trading at 25,118, now above its VWAP of 24,874. The RSI has ticked up to 56, reflecting improving momentum as the index targets the upper resistance band at 25,332. Support has risen to 24,416, with bulls looking to consolidate above the 25k level as a new base.

The UK 100 remains the standout performer, continuing its impulsive phase and trading near all-time highs at 10,669. It is well above its VWAP (10,439), and the RSI of 68 indicates strong, persistent buying pressure approaching overbought territory. Resistance is now eyed at 10,740, while support is significantly lower at 10,138, reflecting the strength of the underlying trend.

GBP/USD has extended into a more prolonged correction, still trading below the 20-day VWAP (1.3604) at 1.3513. The RSI has dropped to 44, signalling that bearish momentum is building. The key support level to watch is 1.3457, which bulls must defend to prevent further downside. A reclaim of the VWAP would be the first signal that the pullback is coming to an end.

EUR/USD has failed to retake its VWAP of 1.1833, trading at 1.1809 as selling pressure has resumed. The RSI continues to tread water in neutral-to-bearish territory, suggesting the consolidation phase may be giving way to a deeper correction. The 1.1754 support level is the key floor to watch, with resistance capping upside attempts at 1.1912.

USD/JPY has stabilised and is now trading near the VWAP (154.78). The RSI has recovered to 49, suggesting the earlier bearish momentum has eased. The pair remains in a sideways range, with support at 151.85 and resistance at 157.89. A decisive break in either direction will be needed to establish a clearer trend.

Gold is trading decisively over the 5k threshold and above its VWAP (4,962) breaking out to a near 1-month high. The RSI at 58 indicates that momentum remains positive, though still within the realms of a consolidation. The 5,211 resistance remains the key level to reclaim, while support sits at 4,714.

Brent Crude has pushed further above the VWAP (6,836), now trading at 7,071 and testing the key $70.00 resistance-turned-support. The RSI has risen to 61, reflecting strengthening bullish momentum. A sustained break above 7,162 would open the path to further gains, while support remains consistent at 6,513 as the uptrend remains intact.