Technical Analysis, 3rd August, 2026Germany 40, DailySPREADEX:GDAXISpreadexWall Street has broken back above its descending trendline resistance, confirming a resumption of the broader uptrend after several weeks of consolidation. Price is trading comfortably above VWAP with momentum turning constructive again. A close above the recent swing high would open the door to fresh record territory. The index has pushed into record territory, out of its tightening triangle, breaking the descending trendline that had capped price since early July. With price extended above VWAP and momentum firm, the bias favours continuation, though the risk of another failed breakout remains. UK 100 has made a new record high, extending the impulsive move that began with last week's trendline breakout. Price remains well supported above VWAP and the rising trendline beneath it, keeping the near-term structure firmly bullish with the main counterfactual the possibility of a long term double top. Cable has staged a recovery off its rising trendline support but remains capped beneath the long descending trendline from May, keeping this a corrective bounce within a broader range. Price sits above VWAP for now, though a rejection at the overhead trendline would tilt the bias back toward the downside. EUR/USD has broken decisively above its descending trendline, reclaiming VWAP with a strong impulsive move after months of grinding lower. The break marks a meaningful shift in near-term structure, though the pair is now testing the upper region of its recent range and could consolidate before extending further. USD/JPY has suffered a crushingly sharp, high-momentum breakdown, slicing through its rising trendline support and falling well below VWAP in the space of a few sessions. This marks a significant reversal from the prevailing uptrend, with the speed of the move suggesting an extended and potentially overdone decline. Gold remains locked in a narrowing corrective range, with price hovering close to VWAP and showing little directional conviction. The pattern suggests indecision after the broader downtrend from the February peak, with a break of either boundary likely to set the next direction. Brent Crude is consolidating after its sharp recovery rally, pulling back toward its rising trendline support while holding beneath VWAP. The broader structure remains constructive following the bounce off multi-month lows, with the trendline now the key level to hold for the recovery to stay intact.