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 26TH JANUARY 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
Wall Street is undergoing a sideways correction within its broader bullish trend, with price trading marginally below the VWAP. The market appears balanced, with neither side taking full control. Continued consolidation is possible unless price reclaims the VWAP with conviction.

Germany 40
Germany 40 remains in a bullish trend but is attempting a rebound from a steep correction, with price action below the VWAP. Momentum has dropped off with RSI back under the 50 level, indicating a pause in the uptrend, with support still intact and resistance yet to be tested.

UK 100
The UK 100 continues its bullish trend, while stuck in a pullback, trading above the VWAP after two dips under. This positioning reflects sustained market strength, with bullish momentum supporting further gains. Support is lower near the 10k threshold, and the record high as resistance.

GBP/USD
GBP/USD has made a bullish breakout after a big daily gain on Friday, leaving the price well above the VWAP. There is strong momentum, as the pair tests the highs last seen in September. Buyers are in control while the breakout holds.

EUR/USD
EUR/USD has broken above prior resistance at 1.18, trading comfortably above the VWAP but just below the 1.19 resistance. Renewed buying interest is visible, and momentum indicators point to growing strength. The pair is eyeing a further breakout to multi-year highs.

USD/JPY
USD/JPY has broken lower in a sudden drop below up-trendline support, with price trading well below the VWAP. Momentum has slumped into oversold territory, suggesting a new bearish tilt. Support is under pressure, and resistance overhead at 160 could hold for now.

Gold
Gold continues in an impulsive bullish phase, tracking the upper 2sd resistance of its 20-day VWAP. The strong upside momentum suggests an extended rally that is increasingly likely to see another steep correction. Support is much lower if a reversion to the mean occurs.

Brent Crude
Brent Crude is attempting a bullish reversal after a long meandering downtrend and attempting to shift higher out of its recent consolidation, now positioned above the VWAP. Momentum is bullish and stable, and the market is testing resistance aligned with longer-term trend lines. Support near 60.0 remains firm.