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, US Tech 100, 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 28TH 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 remains in a bullish correction, with price below VWAP and the descending trendlines from the August high still capping rallies. Price is holding just above the long-running rising trendlines, which converge with the lower band and keep the broader uptrend intact. RSI in the low-40s sits below neutral, showing sellers still have the edge. Reclaiming VWAP would signal the correction is ending, while a close below the rising trendlines risks a deeper slide.

US Tech 100

US Tech 100 is in a bullish impulse after breaking out to fresh highs in September, with price well above a rising VWAP and trading in the upper half of the bands. The rising trendlines from the April and August lows sit well beneath, keeping the uptrend intact. RSI has cooled from near overbought but remains comfortably above neutral. Holding above VWAP keeps the impulse alive, while a slip below it would put the September breakout level back in focus.

Germany 40

Germany 40 remains in a bullish pullback, with price just below VWAP and pinned beneath the descending trendline from the late-August high. The rising trendline from the June low sits just underneath, squeezing price into a tightening wedge near the lower band. RSI is just below neutral. A close above the descending trendline and VWAP would end the pullback, while a break of the rising trendline would open the way to a deeper correction.

UK 100

UK 100 is holding just above a flat VWAP but remains in a pullback beneath the descending trendlines from the August high, which sit close to the upper band. The rising trendline from the July low is providing support beneath, keeping the broader uptrend intact. RSI is hovering just above neutral. A break above the descending trendlines would end the pullback, while a slip below VWAP would put the rising trendline and lower band back in play.

GBP/USD

Cable's slide has developed into a bearish impulse, with price well below a falling VWAP after rejection at the descending trendline from the August high. The near-term drop pierced the lower band before finding support at the rising trendline from the July low, where the latest candle has bounced. RSI has lifted out of oversold into the mid-30s. Holding that trendline could allow a relief rally toward VWAP, while a break below it would extend the decline.

EUR/USD

EUR/USD's decline has extended, with price well below a steeply falling VWAP and resting on the rising trendline from the July low, just above the lower band. The descending trendlines from the spring highs remain far overhead. RSI in the mid-20s is oversold, so a short-term bounce is possible, but the bearish impulse stays intact while price holds below VWAP. A break of the rising trendline would open the way to fresh lows.

USD/JPY

USD/JPY's recovery stalled at the descending trendline from the early-September high, with price easing back toward VWAP but still holding above it, mid-range between the bands. The descending trendline from the July high sits well overhead. RSI has slipped to just below neutral, reflecting fading upside momentum. Holding VWAP keeps the recovery alive for another test of the trendline, while a close below it would put the lower band and September low back in focus.

Gold

Gold's bearish impulse has accelerated, with price breaking below the steeper rising trendline from the July low and the lower band, well beneath a falling VWAP. The descending trendlines from the spring highs continue to cap the broader structure. RSI in the low-30s is nearing oversold, so a pause is possible, but the flatter rising trendline beneath is the next support. A recovery back above the broken trendline would ease the pressure.

Brent Crude

Brent's pullback from the September peak has held above the rising trendlines, with price recovering back above VWAP. The short-term descending trendline from the September high is the immediate hurdle, with the longer descending trendline from the spring highs sitting near the upper band. RSI is just above neutral. A break above the short-term trendline would signal the pullback is over, while a slip back below VWAP would put the rising trendlines back in focus.