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 29TH JUNE 2026

Summary

*KEY*

• Trend – The prevailing directional bias: Up or Down.
• Phase – Impulsive phases show strong directional momentum; corrective phases indicate consolidation or a counter-trend move within the broader trend.
• Price – The last traded price at the time of analysis.
• VWAP – Volume Weighted Average Price; price above VWAP is generally bullish, below is bearish.
• Support & Resistance – Using the 20 STD of VWAP
• RSI – Relative Strength Index (14-period); readings above 70 indicate overbought conditions, below 30 indicate oversold.

Analysis

Wall Street

Wall Street continues to trade in an impulsive uptrend, with price holding above VWAP and an ascending trendline providing dynamic support from the April lows. The index has reclaimed the year-to-date highs and RSI remains in bullish territory, reflecting sustained buying momentum heading into the week.

Germany 40

The Germany 40 is in a corrective phase within its broader uptrend, with price consolidating above VWAP and beneath a descending resistance trendline. RSI is neutral. A breakout through trendline resistance looks most likely but a resolution of this range either way will likely dictate the next directional move.

UK 100

The UK 100 remains stuck inside a short term and longer term trading range, with price sitting in the middle of flat resistance and support levels - broadly at 11k and 10k respectively, while RSI holds in mid-range.

GBP/USD

GBP/USD is in a downtrend near term, while testing longer term support, with price trading below VWAP following a sharp sell-off from the May highs. A short descending trendline is capping recovery attempts, and while RSI has ticked up from recent lows.

EUR/USD

EUR/USD is bouncing after a break below long term support inside a clear downtrend, with price below VWAP. A descending trendline applies pressure from above, and RSI at oversold-adjacent levels suggests some potential for a further bounce, though the directional bias remains negative.

USD/JPY

USD/JPY is in a clear impulsive uptrend, though volatility has shrunk after the price broke to new 40-year highs. An ascending trendline is driving the advance. RSI is in overbought territory, reflecting the strength of the move, though traders should be alert to the risk of a short-term pullback at these levels - especially given the chance of BOJ intervention.

Gold

Gold remains in a downtrend and impulsive phase, with price trading below a declining VWAP following a break of the kye $4k level. Price is attempting to stabilise near key support, and RSI is at levels consistent with prior corrective bounces, but the broader bearish structure remains in place.

Brent Crude

Brent Crude is in an impulsive downtrend, with price trading well below VWAP and continuing to make lower lows throughout the period. RSI is approaching oversold territory, which could attract some short-term interest, but there are no signs yet of a structural reversal and the path of least resistance remains lower.