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 24TH AUGUST 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 pulled back from its early-August record high, easing below VWAP at 53,662 as it consolidates beneath the descending trendline drawn from that peak. The index continues to hold above the longer rising trendline from the April low, and with RSI at a neutral 51 the broader bullish structure remains intact. Support at 52,772 and resistance at 54,553 frame the range as price looks to reclaim VWAP and challenge the recent high.

Germany 40

Germany 40 remains in pullback mode, easing below VWAP at 26,241 as it consolidates beneath the descending trendline drawn from July's record high. Price continues to hold above the rising trendline extending from June, and with RSI at 55 the retracement still looks shallow within the broader bullish structure. Resistance at 26,587 caps the recovery for now, with the rising trendline and support at 25,894 the key downside levels to watch.

UK 100

UK 100 is in pullback, having eased back from its early-August high but continuing to hold above the rising trendline drawn from July's low. Price remains above VWAP near 10,750, and with RSI at 56 momentum stays constructive even as the index consolidates beneath the longer descending trendline from the March high. Support at 10,702 underpins the pullback, while resistance at 10,947 is the level to clear for the advance to resume.

GBP/USD

Cable has broken decisively above the descending trendline that had capped its recovery since February, an impulsive move that marks a shift in the broader structure. Price at 1.36441 trades comfortably above VWAP at 1.35291, with RSI stretched to 72 confirming the strength of the advance while also flagging scope for near-term consolidation. The rising trendline and support at 1.33921 provide a fresh base underneath, with resistance at 1.36661 the next level in sight.

EUR/USD

EUR/USD has broken sharply higher out of its multi-month range, clearing the descending trendline from May's high in an impulsive move that has pushed price well above VWAP at 1.15804. At 1.16700 the pair trades close to resistance at 1.16994, and with RSI stretched to 71 it looks overbought after the sharp advance. The rising trendline from July's low now underpins the move, with support at 1.14614 the key level to hold on any pullback.

USD/JPY

USD/JPY is consolidating in a range following August's sharp break below the rising trendline that had supported the advance since May, with price at 158.97 hovering just above VWAP at 158.49. RSI has cooled to a neutral 44, reflecting the loss of momentum after the reversal from the July highs near the descending trendline. Support at 156.94 and resistance at 160.03 now bound the range as the pair looks for direction.

Gold

Gold has broken forcefully above the descending trendline from May's peak, an impulsive move that has carried price above both VWAP at 4,354 and the prior resistance level at 4,497. RSI has surged to 75, signalling overbought conditions after the sharp advance off the rising trendline support from early July. Price at 4,663.86 leaves support at 4,010 as the key level well below, with the market now testing how far this breakout can extend.

Brent Crude

Brent Crude continues its impulsive advance, holding above VWAP at 8,637 and pressing toward resistance at 9,497 as it extends the recovery off the rising trendline from July's low. Price at 9,149.20 remains capped for now by the descending trendline drawn from the recent high, with RSI at 60 showing firm but not yet overbought momentum. A clean break of that trendline and resistance would confirm the next leg higher, with support at 7,776 the key level below.