📊 Technical Analysis | July 21, 2026
â– Market Overview
The current market is being driven by a combination of U.S. dollar strength, yen weakness, rising crude oil prices, and further gains in Bitcoin.
In the FX market, USD/JPY has climbed to 162.73 and is showing strong buy signals across all monitored timeframes. USD/CHF is also on strong buy signals across every timeframe, confirming that broad dollar demand has returned.
By contrast, EUR/USD remains weak across most timeframes. GBP/USD is still bullish on the daily chart, but the short-term and hourly charts are showing strong sell signals, indicating that sterling is undergoing a correction after its recent strength.
Among the yen crosses, EUR/JPY, CAD/JPY, and AUD/JPY remain firm. CAD/JPY is particularly strong, with strong buy signals across all timeframes.
The broader yen-weakening trend remains intact, although GBP/JPY and NZD/JPY are facing short-term selling pressure, creating a more mixed picture across individual crosses.
In commodities, WTI crude oil has risen to $83.56 and is showing strong buy signals across all timeframes. It is the strongest market in the current technical structure.
Gold and silver are rebounding on the hourly charts, but their daily charts remain on strong sell signals. Natural gas also remains weak on the daily timeframe.
In equities, U.S. markets are under significant pressure. The S&P 500 and Nasdaq 100 are showing sell signals across all timeframes, while the Dow Jones is also bearish from the short-term charts through the hourly timeframe.
Overall, crude oil and USD/JPY remain strong, while U.S. equities and precious metals remain weak.
â– Currency Markets
USD/JPY
USD/JPY is trading at 162.73.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong buy signals.
USD/JPY remains the central focus of the FX market.
Dollar buying and yen selling are occurring at the same time, with bullish signals fully aligned from the shortest timeframe through the daily chart.
However, intervention concerns are likely to intensify significantly in the upper 162 area.
The trend remains clearly bullish, but confirming a pullback is preferable to chasing the market at elevated levels.
USD/CHF
USD/CHF is trading at 0.8105.
The pair is also showing strong buy signals across all timeframes.
As with USD/JPY, strong buying pressure in USD/CHF confirms the broader strength of the U.S. dollar.
Buying on pullbacks remains the preferred approach.
EUR/USD
EUR/USD is trading at 1.1421.
The 5-minute, 15-minute, and daily charts are showing strong sell signals.
The hourly chart is neutral, but the broader structure remains bearish.
The euro is once again showing clear weakness and is being heavily affected by renewed dollar demand.
Selling rallies remains the preferred strategy.
GBP/USD
GBP/USD is trading at 1.3409.
The 5-minute, 15-minute, and hourly charts are showing strong sell signals, while the daily chart remains on a buy signal.
Sterling remains relatively firm on the daily timeframe, but a clear short- and medium-term correction is underway.
For traders looking to buy, it would be preferable to wait until the short-term selling pressure eases and the 15-minute or hourly chart returns to a buy signal.
AUD/USD and NZD/USD
AUD/USD is trading at 0.7018.
The hourly and daily charts are showing strong buy signals, although the shorter timeframes are somewhat weaker.
The medium-term structure remains bullish, but upside momentum has softened in the short term.
NZD/USD is trading at 0.5852.
The daily chart remains on a strong buy signal, while the 5-minute, 15-minute, and hourly charts are showing strong sell signals.
The pair is caught between a bullish daily structure and clear short-term weakness, making the current setup relatively difficult.
A recovery in the shorter timeframes would be needed before considering new long positions.
Yen Crosses
Many yen crosses remain strong on the daily timeframe, confirming that the broader yen-weakening trend is still intact.
The strongest pairs are:
CAD/JPY
EUR/JPY
AUD/JPY
CAD/JPY is trading at 115.74 and is showing strong buy signals across all timeframes.
EUR/JPY is showing strong buy signals on the hourly and daily charts.
AUD/JPY is also showing strong buy signals on the hourly and daily charts.
GBP/JPY and NZD/JPY remain on strong daily buy signals, but both are facing strong selling pressure on the shorter timeframes.
The broader yen-weakness trend remains in place, although several crosses are undergoing short-term corrections.
EUR/GBP
EUR/GBP is trading at 0.8517.
The 5-minute, 15-minute, and hourly charts are showing strong buy signals, while the daily chart remains on a strong sell signal.
The euro is rebounding against sterling in the short term, but the broader structure still favors euro weakness and sterling strength.
The daily chart continues to suggest caution toward selling on rallies.
â– Commodity Markets
Gold
XAU/USD is trading at 4,058.65.
The hourly chart is showing a strong buy signal, while the daily chart remains on a strong sell signal.
Gold futures are trading at 4,063.57 and show the same structure: a strong hourly buy signal and a strong daily sell signal.
A short- to medium-term rebound is underway, but the broader downtrend remains intact.
Long positions are more suitable for short-term trading, while the daily chart continues to favor caution toward renewed selling on rallies.
Silver
XAG/USD is trading at 58.8450.
The hourly chart is showing a strong buy signal, while the daily chart remains on a strong sell signal.
Silver futures are showing the same pattern, with hourly strength but continued weakness on the daily chart.
As with gold, a short-term rebound is underway, but a broader bullish reversal has not yet been confirmed.
Further improvement on the daily chart is needed before silver can be treated as being in a sustainable uptrend.
WTI Crude Oil
WTI crude oil is trading at 83.56.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong buy signals.
WTI is the strongest market in the current technical structure.
Prices have moved well above $80, and the broader uptrend has become extremely clear.
Buying on pullbacks remains the most straightforward strategy.
However, after such a sharp rise, the market is also trading at elevated levels, making it preferable to wait for a pullback rather than entering impulsively.
Natural Gas
Natural gas is trading at 2.869.
The shorter timeframes remain weak, while the daily chart is on a strong sell signal.
The hourly chart still shows some buying support, but the broader structure remains bearish.
In contrast to crude oil, natural gas remains in a clear daily downtrend.
Selling rallies remains preferable to buying at current levels.
Bitcoin
BTC/USD is trading at $66,298.
The hourly and daily charts are showing strong buy signals.
The short-term structure remains somewhat unstable, but buyers continue to dominate on the medium-term and daily timeframes.
Bitcoin has improved further from the previous session and remains one of the stronger risk assets.
It continues to offer a relatively clear buy-on-dip setup.
â– Equity Markets
U.S. Equities
The Dow Jones is trading at 51,839.26.
The 15-minute and hourly charts are showing strong sell signals, while the daily chart is neutral.
The short- and medium-term correction remains strong, with clear upside resistance.
The S&P 500 is trading at 7,443.28.
Selling pressure is dominant across all timeframes.
The 5-minute, 15-minute, and hourly charts are showing strong sell signals, while the daily chart is also on a sell signal.
The resilience seen previously has faded, and the index is now showing a clearly bearish structure.
The Nasdaq 100 is trading at 28,604.24.
It is showing strong sell signals across all timeframes.
The Nasdaq 100 remains the weakest major equity index in the current market.
Its decline reflects intense selling pressure across U.S. technology shares and the broader correction in American equities.
European Equities
The DAX is under selling pressure from the short-term charts through the daily timeframe.
The UK 100 remains on a strong daily buy signal, although the shorter timeframes are showing selling pressure.
The CAC 40 is also weaker in the short term, while the daily chart remains on a buy signal.
European equities are not as broadly weak as U.S. markets, but short-term corrections are becoming more noticeable.
Japanese Equities
The Nikkei 225 is trading at 66,252.
The 5-minute and 15-minute charts are showing strong buy signals, while the daily chart remains neutral.
A short-term rebound is underway, but the broader direction has not yet become clear.
Japanese equities are showing more resilience than U.S. stocks in the short term, although the current move cannot yet be described as a strong, established uptrend.
â– Strength Ranking
S Tier
WTI Crude Oil
USD/JPY
USD/CHF
CAD/JPY
BTC/USD
A Tier
EUR/JPY
AUD/JPY
EUR/CHF
AUD/USD on the daily chart
NZD/USD on the daily chart
UK 100 on the daily chart
B Tier
GBP/USD on the daily chart
GBP/JPY on the daily chart
NZD/JPY on the daily chart
Gold on the hourly chart
Silver on the hourly chart
Nikkei 225 on short-term charts
â– Weakness Ranking
S Tier
Nasdaq 100
S&P 500
Dow Jones on short-term charts
Natural gas on the daily chart
EUR/USD
A Tier
GBP/USD on short-term charts
NZD/USD on short-term charts
GBP/JPY on short-term charts
NZD/JPY on short-term charts
DAX
Silver on the daily chart
B Tier
Gold on the daily chart
Commodities other than crude oil
UK 100 on short-term charts
CAC 40 on short-term charts
EUR/GBP on the daily chart
AUD/NZD on the daily chart
â– Market Theme
The main market themes are rising crude oil prices, renewed U.S. dollar strength, and weakness in U.S. equities.
WTI crude oil has risen above $83 and is showing strong buy signals across all timeframes, making it the clearest source of strength in the current market.
In FX, USD/JPY and USD/CHF are showing strong buy signals across every timeframe, confirming that dollar demand is increasing again.
EUR/USD, by contrast, remains on strong sell signals, highlighting renewed euro weakness.
Among the yen crosses, CAD/JPY is showing strong buy signals across all timeframes, while EUR/JPY and AUD/JPY remain bullish on the hourly and daily charts.
GBP/JPY and NZD/JPY, however, are undergoing short-term corrections.
In commodities, crude oil is clearly outperforming, while natural gas remains weak on the daily chart. Gold and silver are also still bearish on the daily timeframe despite their hourly rebounds.
In equities, the Nasdaq 100 and S&P 500 remain particularly weak, confirming that the correction in U.S. stocks is becoming more pronounced.
â– Trading Strategy
Buying Bias
WTI Crude Oil
USD/JPY
USD/CHF
CAD/JPY
BTC/USD
Buy-on-Dip Candidates
EUR/JPY
AUD/JPY
EUR/CHF
AUD/USD on the daily chart
NZD/USD on the daily chart
UK 100 on the daily chart
Sell-on-Rally Candidates
Nasdaq 100
S&P 500
Dow Jones on short-term charts
EUR/USD
Natural gas on the daily chart
GBP/USD on short-term charts
NZD/USD on short-term charts
Markets Requiring Caution
WTI crude oil remains extremely strong, but prices have already risen into the $83 area.
The bullish direction remains dominant, although short-term overheating should not be ignored.
Waiting for a pullback is preferable to entering after a sharp move.
USD/JPY is showing strong buy signals across all timeframes, but intervention concerns are likely to rise significantly in the upper 162 area.
Even with the trend still bullish, traders must remain aware of the risk of a sudden reversal.
Gold and silver are showing strong buy signals on the hourly charts, while the daily charts remain on strong sell signals.
The short-term rebound may continue, but renewed selling remains a risk on the daily timeframe.
The Nasdaq 100 and S&P 500 remain extremely weak.
A clear reversal signal is needed before considering long positions in U.S. equities.
For now, selling rallies remains the preferred approach.
â– Summary
The current market is being driven by rising crude oil prices, renewed dollar strength, and weakness in U.S. equities.
The strongest markets are:
WTI Crude Oil
USD/JPY
USD/CHF
CAD/JPY
BTC/USD
The weakest markets are:
Nasdaq 100
S&P 500
Dow Jones on short-term charts
Natural gas on the daily chart
EUR/USD
Overall, the preferred strategy is to buy pullbacks in strong markets such as crude oil, USD/JPY, USD/CHF, CAD/JPY, and Bitcoin, while looking to sell rallies in weak markets such as U.S. equities, EUR/USD, and natural gas.
