📊 Technical Analysis | July 10, 2026

📊 Technical Analysis | July 10, 2026

■ Overview

Today’s market is characterized by strong sterling, resilient U.S. equities, and firm yen crosses, while gold, silver, and natural gas remain under heavy selling pressure.

In the FX market, GBP/USD and GBP/JPY continue to outperform, highlighting broad-based sterling strength. GBP/JPY remains above 217.00, with bullish signals across all major timeframes.

USD/JPY is trading around 161.85. While the short-term and daily trends remain bullish, the hourly chart has entered a corrective phase, suggesting that upside momentum is slowing after failing to sustain gains above 162.

Among the dollar majors, GBP/USD, AUD/USD, and NZD/USD are showing relative resilience, whereas EUR/USD lacks clear direction. Meanwhile, EUR/GBP remains firmly bearish across all timeframes, confirming that sterling continues to outperform the euro.

In commodities, gold, silver, and natural gas remain weak across all major timeframes. WTI crude oil is recovering in the short term, although the daily trend remains bearish, leaving the market caught between a short-term rebound and a broader downtrend.

U.S. equities continue to outperform, led by the S&P 500 and Nasdaq 100, while European indices and the Nikkei remain comparatively weaker.

■ Currency Market

USD/JPY

USD/JPY is trading around 161.85.

The 5-minute and 15-minute charts remain strongly bullish, while the hourly chart has turned bearish. The daily trend remains firmly bullish.

The broader uptrend remains intact, supported by continued dollar strength and yen weakness. However, repeated failures near 162 suggest increasing resistance.

Buying pullbacks remains the preferred strategy rather than chasing new highs.

Traders should also remain alert to potential intervention risk as USD/JPY approaches the 162 area.

USD/CHF

USD/CHF is trading around 0.8068.

The pair is bullish from the 5-minute through the hourly timeframe, while the daily chart remains neutral.

Although not as strong as USD/JPY, it continues to reflect underlying dollar strength.

EUR/USD

EUR/USD is trading around 1.1432.

The 15-minute and hourly charts remain bearish, while the daily chart is neutral.

Short-term upside momentum remains limited, making rallies vulnerable to selling pressure.

Although the daily trend is no longer aggressively bearish, the preferred strategy remains selling into strength.

GBP/USD

GBP/USD is trading around 1.3426.

Bullish signals are present across every major timeframe.

This is currently the strongest major currency pair.

Sterling buying remains broad-based, making GBP/USD one of the cleanest pullback-buying opportunities.

AUD/USD & NZD/USD

AUD/USD is trading around 0.6950.

Short-term momentum remains bullish, while the daily trend has also turned positive.

The hourly chart is neutral, but overall bias remains constructive.

NZD/USD is trading around 0.5771.

The 5-minute chart is strongly bullish, the daily chart is bullish, while the 15-minute and hourly charts remain neutral.

Both AUD and NZD have improved significantly compared with previous sessions, although neither matches sterling’s strength.

AUD/NZD remains bearish on the daily chart, suggesting that the New Zealand dollar continues to outperform the Australian dollar.

Yen Crosses

Yen crosses remain broadly constructive.

The strongest pairs include:

• GBP/JPY
• NZD/JPY
• EUR/JPY
• AUD/JPY
• CAD/JPY

GBP/JPY remains strongly bullish across every timeframe.

NZD/JPY also maintains strong bullish momentum.

EUR/JPY remains bullish on both the short-term and daily charts despite hourly weakness.

AUD/JPY and CAD/JPY continue to benefit from the broader yen weakness.

CHF/JPY is comparatively weaker due to continued hourly selling pressure.

EUR/GBP

EUR/GBP remains strongly bearish across all timeframes.

The market continues to favor sterling over the euro, making rallies attractive selling opportunities.

■ Commodity Market

Gold

Gold is trading around 4,103.

The market is bearish across every major timeframe.

The recent rebound has faded, and the broader downtrend has resumed.

Selling rallies remains the preferred strategy.

Silver

Silver is trading around 59.44.

The 15-minute, hourly, and daily charts remain strongly bearish.

Silver continues to underperform alongside gold, confirming persistent weakness across the precious metals sector.

Long positions remain difficult to justify until clearer reversal signals emerge.

WTI Crude Oil

WTI is trading around 72.64.

The short-term trend remains strongly bullish, while the daily trend continues to point lower.

The current move is best viewed as a counter-trend recovery within a broader bearish structure.

Additional confirmation on the daily chart is needed before calling for a sustained trend reversal.

Natural Gas

Natural gas is trading around 2.967.

The market remains strongly bearish across every timeframe.

Weakness has accelerated, making natural gas one of today’s weakest commodity markets.

Selling rallies remains the preferred approach.

Bitcoin

Bitcoin is trading around 64,424.

The 15-minute and hourly charts remain bullish, while the daily chart is neutral.

Momentum has improved compared with previous sessions, but the broader uptrend has yet to be confirmed.

For now, this appears to be a recovery rather than the start of a new long-term bullish trend.

■ Equity Markets

U.S. Stocks

The Dow Jones Industrial Average remains constructive, with bullish signals from the short-term through the daily timeframe.

The S&P 500 is strongly bullish across every timeframe and remains one of the strongest equity indices globally.

The Nasdaq 100 has also recovered significantly, with bullish signals extending from the 15-minute chart through the daily timeframe.

U.S. equities continue to lead global risk sentiment.

European Stocks

DAX remains weak in the short term while neutral on the daily chart.

FTSE 100 also remains under short-term selling pressure despite a neutral longer-term outlook.

CAC 40 is the weakest European index, with bearish signals extending into the daily timeframe.

Overall, European equities continue to lag behind the U.S. market.

Japanese Stocks

The Nikkei 225 remains weak in the short term, while the daily chart is neutral.

Unlike U.S. equities, Japanese stocks have yet to regain clear upward momentum.

■ Strength Ranking

S Rank

• S&P 500
• Nasdaq 100
• GBP/USD
• GBP/JPY
• EUR/CHF

A Rank

• Dow Jones
• USD/CHF
• NZD/JPY
• WTI Crude Oil (short term)
• Bitcoin (hourly)

B Rank

• USD/JPY (daily)
• AUD/USD
• NZD/USD
• AUD/JPY
• CAD/JPY

■ Weakness Ranking

S Rank

• Gold
• Silver
• Natural Gas
• EUR/GBP
• CAC 40

A Rank

• EUR/USD
• CHF/JPY (hourly)
• AUD/NZD (daily)
• FTSE 100 (short term)
• Nikkei 225 (short term)

B Rank

• DAX (short term)
• WTI Crude Oil (daily)
• Gold (daily)
• Silver (daily)
• USD/JPY (hourly)

■ Market Theme

The dominant themes today are strong U.S. equities, sterling strength, and weakness across precious metals.

The S&P 500 and Nasdaq 100 continue to lead global equity markets.

Sterling remains the strongest major currency, supported by broad-based buying against both the U.S. dollar and the euro.

Gold, silver, and natural gas remain under heavy pressure, while crude oil is experiencing only a short-term recovery within a broader bearish trend.

The divergence between strong U.S. equities and weaker European and Japanese markets also remains notable.

■ Trading Strategy

Bullish Bias

• S&P 500
• Nasdaq 100
• GBP/USD
• GBP/JPY
• EUR/CHF

Buy on Pullbacks

• Dow Jones
• USD/CHF
• NZD/JPY
• AUD/USD
• Bitcoin

Sell on Rallies

• Gold
• Silver
• Natural Gas
• EUR/GBP
• CAC 40
• FTSE 100
• Nikkei 225

■ Markets Requiring Caution

USD/JPY remains bullish on the daily chart but corrective on the hourly timeframe. Intervention risk near 162 remains elevated.

WTI crude oil continues to recover in the short term, but the daily trend remains bearish, suggesting caution when holding long positions.

Bitcoin has improved on the hourly timeframe but still lacks confirmation from the daily chart.

Gold and silver have returned to clear bearish trends, indicating that the previous rebound may already have ended.

■ Conclusion

Today’s market is being driven by strong U.S. equities, sterling strength, and weakness across precious metals.

The strongest markets remain the S&P 500, Nasdaq 100, GBP/USD, GBP/JPY, and EUR/CHF.

Meanwhile, gold, silver, natural gas, EUR/GBP, and CAC 40 continue to show clear bearish momentum.

The preferred strategy remains buying strong U.S. equities and sterling on pullbacks while selling rallies in precious metals, natural gas, and weaker European equity indices.