Technical Analysis — October 23, 2026

Overview

Today’s key themes are the continued shift toward yen strength, deterioration in European equities and some major U.S. indices, and strength in crude oil.

USD/JPY is strongly bearish across all timeframes. EUR/JPY, CHF/JPY and AUD/JPY are also strongly bearish across all timeframes, broadening the yen-buying bias. GBP/JPY and CAD/JPY have neutral daily readings, but selling is dominant from the short-term charts through the hourly chart.

USD/CAD is also strongly bearish across all timeframes. By contrast, EUR/USD has a very short-term rebound, while short-term selling in AUD/USD has eased. Rather than treating the dollar as a single directional trade, focus on whether each pair’s hourly and daily signals align.

WTI crude is strongly bullish across all timeframes. In contrast, spot silver, silver futures and U.S. wheat are strongly bearish across all timeframes. Gold and natural gas are showing short-term rebounds, but their daily trends remain down.

The Dow remains bullish across all timeframes. Meanwhile, the hourly and daily charts for the S&P 500 and Nasdaq 100 have turned strongly bearish. The DAX and CAC 40 are also strongly bearish across all timeframes, widening the divergence between indices compared with the previous report.

The Nikkei has regained short-term buying signals, but the hourly chart is bearish and the daily chart is strongly bearish. Watch whether the short-term rebound leads to improvement on the higher timeframes.

Main Changes Since the Previous Report

USD/JPY’s 5-minute chart, which was neutral previously, has turned strongly bearish, bringing all timeframes into alignment to the downside.

The daily outlooks for CHF/JPY and AUD/JPY have shifted from neutral to strongly bearish. Yen-buying signals now extend beyond the short-term charts to the daily timeframe.

USD/CAD’s previous strongly bullish 5-minute reading and neutral 15-minute reading have cleared, leaving the pair strongly bearish across all timeframes.

EUR/USD has regained a strongly bullish reading on the shortest timeframe, but the daily outlook has shifted from neutral to strongly bearish. The short-term rebound conflicts with the higher-timeframe downtrend.

AUD/USD’s strongly bearish readings from the short-term charts through the hourly chart have eased. The 5-minute chart is strongly bullish, while the 15-minute and hourly charts are neutral. Conflicting signals remain in the underlying readings.

GBP/JPY’s overall daily rating has improved from strongly bearish to neutral, but strong selling persists from the short-term charts through the hourly chart.

Spot gold’s hourly reading has improved from strongly bearish to neutral, and buying has returned on the 15-minute chart. Natural gas has also turned bullish on the short-term charts, but remains strongly bearish on the hourly and daily charts.

BTC’s 5-minute bullish reading has disappeared, leaving the short-term charts through the hourly chart strongly bearish. The daily outlook has also weakened from neutral to bearish.

The S&P 500 has shifted from being strongly bullish across all timeframes to bearish on the 15-minute chart and strongly bearish on the hourly and daily charts. Selling has also intensified on the Nasdaq 100 from the 15-minute chart upward.

The DAX and CAC 40 have turned strongly bearish across all timeframes. The Nikkei has moved in the opposite direction, with its 5-minute and 15-minute charts improving to bullish.

FX Markets

EUR/USD — 1.1200

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

The pair is rebounding in the short term, but the hourly and daily trends remain down. On the 15-minute chart, the moving averages are bearish and the indicators are neutral, so the rebound has not yet spread to the higher timeframes.

Selling rallies is favored. Watch whether the 5-minute buying fades and the 15-minute chart turns bearish as well.

GBP/USD — 1.3380

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

The very short-term selling has eased since the previous report, but the hourly downtrend has strengthened. On the hourly chart, both moving averages and indicators are bearish.

For a daily-trend dip-buying setup, wait for the 15-minute and hourly charts to improve. The neutral 5-minute reading alone is not enough to confirm that the correction has ended.

USD/JPY — 156.60

The overall rating is strongly bearish across all timeframes. Moving averages and indicators are also strongly bearish across all timeframes.

The very short-term rebound seen previously has ended, leaving a clear downtrend from the short-term charts through the daily chart. This is one of the major currency pairs with the strongest alignment to the downside today.

Selling rallies is favored. If a short-term rebound occurs, watch whether strong selling persists on the 15-minute and hourly charts.

USD/CHF — 0.8223

The 5-minute chart is neutral, the 15-minute chart is strongly bearish, the hourly chart is neutral, and the daily chart is bearish.

The previous strongly bearish hourly reading has eased. However, on the hourly chart, bearish moving averages conflict with strongly bullish indicators.

The daily trend favors selling rallies, but the signals are not yet aligned on the hourly chart. Watch whether the 15-minute selling spreads to the hourly chart or the bullish hourly indicators begin to influence the shorter timeframes.

AUD/USD — 0.7017

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

The strongly bearish readings from the short-term charts through the hourly chart have eased. However, on the 15-minute and hourly charts, bullish moving averages conflict with bearish indicators.

For a daily-trend dip-buying setup, wait for the indicators on the 15-minute and hourly charts to improve. The 5-minute buying alone does not align the higher timeframes.

NZD/USD — 0.5686

The 5-minute, 15-minute and hourly charts are strongly bearish; the daily chart is bullish.

As in the previous report, the short-term charts through the hourly chart are correcting against the bullish daily reading. The daily moving averages are neutral, with the bullish daily rating driven mainly by the indicators.

Selling is favored in the short term. For a daily-trend long, wait for selling to ease on the 15-minute and hourly charts.

USD/CAD — 1.4002

The overall rating is strongly bearish across all timeframes. Moving averages and indicators are also strongly bearish across all timeframes.

The previous short-term rebound has ended, bringing the pair back in line with the bearish hourly and daily trends. The Canadian dollar is showing clear relative strength against the U.S. dollar.

Selling rallies is favored. Watch whether the strong selling on the 15-minute and hourly charts persists after any rebound.

Yen Crosses and Relative Currency Strength

EUR/JPY — 175.37

The overall rating is strongly bearish across all timeframes.

Moving averages and indicators are all bearish. The 5-minute chart has shifted from bearish to strongly bearish since the previous report, leaving a clear downtrend from the short-term charts through the daily chart.

Selling rallies is favored. EUR/USD also retains a bearish higher-timeframe outlook, combining euro weakness with a downward bias against the yen.

GBP/JPY — 209.52

The 5-minute, 15-minute and hourly charts are strongly bearish; the daily chart is neutral.

The overall daily rating has improved since the previous report, but strongly bearish moving averages conflict with bullish indicators. Selling continues from the short-term charts through the hourly chart.

This is a short-term rally-selling candidate. Do not interpret the neutral daily reading as a bullish reversal; watch the 15-minute and hourly charts for further changes.

CHF/JPY — 190.43

The overall rating is strongly bearish across all timeframes.

The daily chart, previously neutral, has turned strongly bearish. Its indicators have also shifted from bullish to bearish, resolving the previous conflict in the underlying readings.

Selling rallies is favored. This yen cross is aligned to the downside from the short-term charts through the daily chart.

AUD/JPY — 109.88

The overall rating is strongly bearish across all timeframes.

The 5-minute and daily charts, previously neutral, have turned strongly bearish. Moving averages and indicators are all bearish, confirming weakness on the higher timeframes.

Selling rallies is favored. Although AUD/USD has a bullish reading on its shortest timeframe, AUD/JPY has not shown a corresponding improvement toward buying.

NZD/JPY — 89.04

The 5-minute, 15-minute and hourly charts are strongly bearish; the daily chart is bearish.

The overall daily rating has softened from strongly bearish to bearish since the previous report. However, moving averages are bearish across all timeframes. The daily indicators are neutral, with no bullish alignment.

Selling rallies is favored. Watch whether the strong selling from the short-term charts through the hourly chart persists.

CAD/JPY — 111.85

The 5-minute chart is neutral, the 15-minute and hourly charts are strongly bearish, and the daily chart is neutral.

The 5-minute selling has eased since the previous report. However, the 15-minute and hourly charts remain bearish, while the daily moving averages are bearish and the indicators are strongly bullish.

This is a short-term rally-selling candidate, but be alert to a very short-term rebound. Watch whether the 5-minute chart turns bearish again.

EUR/GBP — 0.8370

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

The previous strongly bearish hourly reading has eased. However, on the hourly chart, bearish moving averages conflict with bullish indicators.

The daily trend favors selling rallies, but the short-term rebound has broadened. Wait for the 15-minute and hourly charts to turn lower again before making a decision.

AUD/NZD — 1.2341

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

Buying remains in place from the short-term charts through the hourly chart, although the hourly rating has weakened from strongly bullish to bullish. On the daily chart, bullish moving averages conflict with strongly bearish indicators.

This is a short-term dip-buying candidate. Distinguish it from pairs that are bullish across the daily timeframe, and watch whether buying persists on the 15-minute and hourly charts.

EUR/CHF — 0.9209

The 5-minute chart is neutral; the 15-minute, hourly and daily charts are strongly bearish.

The downside remains clear on the 15-minute chart and above. On the 5-minute chart, bullish moving averages conflict with bearish indicators.

Selling rallies is favored. Watch whether the very short-term buying fades and the pair realigns with the bearish trend on the 15-minute chart and above.

GBP/CHF — 1.1003

The 5-minute and 15-minute charts are strongly bearish; the hourly and daily charts are neutral.

The hourly selling has eased since the previous report. However, on the hourly chart, strongly bearish moving averages conflict with bullish indicators.

Selling is favored in the short term, but the higher-timeframe signals are not aligned. Watch whether the hourly chart turns bearish again or the short-term selling fades.

Commodities

Gold (XAU/USD) — 4021.28

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

The short-term rebound has broadened since the previous report, and the hourly chart has improved from strongly bearish to neutral. However, the hourly moving averages remain bearish, and the daily downtrend continues.

The daily trend favors selling rallies. Watch whether short-term buying spreads to the hourly chart or fades, bringing the pair back into alignment with the downside.

Gold Futures — 4035.90

The 5-minute chart is strongly bearish, the 15-minute chart is neutral, the hourly chart is bearish, and the daily chart is strongly bearish.

Selling has eased on the 15-minute and hourly charts compared with the previous strongly bearish reading across all timeframes. On the 15-minute chart, however, bearish moving averages conflict with strongly bullish indicators.

The bias favors selling rallies. Watch whether the short-term rebound fades and the 15-minute chart turns bearish as well.

Silver (XAG/USD) — 53.8135

The overall rating is strongly bearish across all timeframes.

The downside remains clear from the short-term charts through the daily chart. Moving averages and indicators are all aligned to the downside.

Selling rallies is favored. Unlike gold, silver has not shown a short-term improvement toward buying.

Silver Futures — 53.880

The overall rating is strongly bearish across all timeframes.

The 5-minute chart, previously neutral, has also turned bearish. Moving averages and indicators are all bearish, with strong selling aligned on the hourly and daily charts.

Selling rallies is favored. Both spot silver and silver futures have aligned bearish readings.

WTI Crude — 101.10

The overall rating is strongly bullish across all timeframes. Moving averages and indicators are also strongly bullish throughout.

The previous short-term correction has ended, bringing the pair back in line with the bullish hourly and daily trends. WTI has the clearest bullish alignment among today’s commodities.

Buying dips is favored. Watch whether strong buying persists on the 15-minute and hourly charts after any correction.

Natural Gas — 2.742

The 5-minute chart is strongly bullish, the 15-minute chart is bullish, and the hourly and daily charts are strongly bearish.

A short-term rebound has developed after the previous bearish reading across all timeframes. However, moving averages and indicators remain aligned to the downside on the hourly and daily charts.

The higher-timeframe bias favors selling rallies. Watch for short-term buying to fade and the 15-minute chart to turn bearish again.

Copper — 6.4445

The 5-minute chart is strongly bearish, the 15-minute chart is bearish, the hourly chart is neutral, and the daily chart is strongly bearish.

The 5-minute selling has intensified since the previous report, while the hourly chart has improved from strongly bearish to neutral. On the hourly chart, bearish moving averages conflict with strongly bullish indicators.

The daily trend favors selling rallies. Consider the conflicting hourly signals when assessing the setup.

U.S. Wheat — 624.60

The overall rating is strongly bearish across all timeframes. Moving averages and indicators are also strongly bearish throughout.

The previous strongly bullish short-term readings have disappeared, bringing the pair back in line with the hourly and daily downtrends. The shift from a rebound to a bearish outlook is clear.

Selling rallies is favored. If a short-term rebound occurs, watch whether strong selling persists on the 15-minute and hourly charts.

BTC/USD — 81621.0

The 5-minute, 15-minute and hourly charts are strongly bearish; the daily chart is bearish.

The previous 5-minute bullish reading has disappeared, and the daily outlook has shifted from neutral to bearish. Moving averages and indicators are bearish across all timeframes.

Selling rallies is favored. Before considering a long, wait for selling to ease on the 15-minute and hourly charts.

Equity Indices

Dow — 52867.98

The overall rating is strongly bullish across all timeframes. Moving averages and indicators are also strongly bullish throughout.

The Dow continues to hold its bullish direction from the short-term charts through the daily chart. Its strength remains notable even as selling signals increase in other major indices.

Buying dips is favored. Watch whether strong buying persists on the 15-minute and hourly charts after a correction.

S&P 500 — 7663.43

The 5-minute chart is strongly bullish, the 15-minute chart is bearish, and the hourly and daily charts are strongly bearish.

The pair has shifted from being strongly bullish across all timeframes to a bearish higher-timeframe outlook. The 5-minute chart is rebounding, but moving averages and indicators are bearish on the hourly and daily charts.

Selling rallies is favored. Watch whether 5-minute buying spreads to the 15-minute chart or fades, restoring alignment with the higher-timeframe trend.

Nasdaq 100 — 28958.69

The 5-minute chart is neutral; the 15-minute, hourly and daily charts are strongly bearish.

The 15-minute and hourly charts, previously neutral, have turned strongly bearish, and the daily selling has intensified. Moving averages and indicators are aligned to the downside on the 15-minute chart and above.

Selling rallies is favored. Watch for the small 5-minute rebound to fade and the pair to realign with the downtrend.

DAX — 25152.13

The overall rating is strongly bearish across all timeframes.

The 5-minute and daily charts, previously neutral, have turned lower, while selling on the hourly chart has intensified. Moving averages and indicators are all bearish.

Selling rallies is favored. Among the major European indices, the DAX shows clear weakness from the short-term charts through the daily chart.

FTSE 100 — 10661.77

The 5-minute, 15-minute and hourly charts are strongly bearish; the daily chart is neutral.

The previous strongly bullish 5-minute reading has disappeared, and the daily outlook has weakened from bullish to neutral. On the daily chart, bearish moving averages conflict with bullish indicators.

This is a short-term rally-selling candidate. Watch whether selling extends to the daily chart or eases on the short-term charts.

CAC 40 — 7751.59

The overall rating is strongly bearish across all timeframes.

The 5-minute chart, previously neutral, has turned bearish. Moving averages and indicators are all bearish, and weakness persists on the hourly and daily charts.

Selling rallies is favored. The CAC 40, like the DAX, shows clear weakness across all timeframes.

Nikkei 225 — 62752.00

The 5-minute chart is strongly bullish, the 15-minute chart is bullish, the hourly chart is bearish, and the daily chart is strongly bearish.

The pair has shifted from being strongly bearish across all timeframes to a short-term rebound. However, moving averages and indicators remain bearish on the hourly chart, and the daily downtrend continues.

Selling rallies is favored. Watch whether short-term buying spreads to the hourly chart or fades, bringing the pair back in line with the daily trend.

Strength Rankings

Strongly Bullish Overall Across All Timeframes

• WTI crude
• Dow

Moving averages and indicators are strongly bullish across all timeframes for both. They are among the clearest candidates in today’s set with bullish alignment on the higher timeframes.

Bullish from the Short-Term Charts Through the Hourly Chart

• AUD/NZD

The 5-minute and 15-minute charts are strongly bullish, and the hourly chart is bullish. The daily chart remains neutral, with conflicting underlying signals.

Corrective Setups with Bullish Daily Readings

• GBP/USD
• AUD/USD
• NZD/USD

GBP/USD and NZD/USD have bearish hourly readings. AUD/USD has improved to neutral on the hourly chart, but conflicting indicators remain. Wait for stronger alignment before favoring longs.

Pairs Showing Short-Term Rebounds

• EUR/USD
• Spot gold
• Natural gas
• S&P 500
• Nikkei 225

Their daily readings remain bearish. Distinguish a continuing short-term rebound from a confirmed daily reversal.

Weakness Rankings

Strongly Bearish Overall Across All Timeframes

• USD/JPY
• USD/CAD
• EUR/JPY
• CHF/JPY
• AUD/JPY
• Spot silver
• Silver futures
• U.S. wheat
• DAX
• CAC 40

Selling is aligned from the short-term charts through the daily chart. USD/JPY, USD/CAD and U.S. wheat are especially weak, with moving averages and indicators also strongly bearish across all timeframes.

Strongly Bearish from the 15-Minute Chart Through the Daily Chart

• EUR/CHF
• Nasdaq 100

Even with a neutral reading on the shortest timeframe, the downside is clear from the 15-minute chart upward.

Bearish Across All Timeframes

• NZD/JPY
• BTC/USD

Their overall ratings differ between strongly bearish and bearish, but neither has a bullish timeframe reading.

Clear Hourly and Daily Selling

• EUR/USD
• Gold futures
• Natural gas
• S&P 500
• Nikkei 225

Short-term rebounds or neutral readings may occur, but selling remains dominant on the higher timeframes.

Trading Strategy

Prioritize Dip-Buying Setups

WTI crude and the Dow are the main candidates.

Both have strongly bullish overall readings across all timeframes, with their underlying signals also aligned. After any short-term correction, watch whether strong buying persists on the 15-minute and hourly charts.

Short-Term Buying Candidate

AUD/NZD is bullish from the short-term charts through the hourly chart.

The daily chart remains neutral. For a short-term dip-buying setup, watch whether the hourly bullish reading holds and the strongly bullish 15-minute reading remains intact.

Prioritize Rally-Selling Setups

USD/JPY, USD/CAD, EUR/JPY, CHF/JPY, AUD/JPY, spot silver, silver futures, U.S. wheat, the DAX and the CAC 40 are strongly bearish across all timeframes.

After any short-term rebound, watch whether selling persists on the 15-minute and hourly charts and the 5-minute chart turns lower again.

The Nasdaq 100 and EUR/CHF are also clearly bearish from the 15-minute chart upward. Watch for their shortest-timeframe rebounds to fade.

Wait for Rebounds to End

EUR/USD, natural gas, the S&P 500 and the Nikkei have short-term buying signals that conflict with higher-timeframe selling.

For trades in the direction of the daily downtrend, wait for short-term buying to fade and the 15-minute chart to turn bearish again.

Spot gold has improved to a neutral hourly reading. Rather than acting solely on its bearish daily trend, watch whether the rebound spreads to bullish readings on the hourly chart.

Wait for Improvement

GBP/USD, AUD/USD and NZD/USD retain bullish daily readings.

However, GBP/USD and NZD/USD are bearish on the hourly chart, while AUD/USD still has conflicting hourly signals. For daily-trend dip-buying setups, wait for the 15-minute and hourly charts to align to the upside.

Key Points to Watch

The shift toward yen strength is clear today: USD/JPY, EUR/JPY, CHF/JPY and AUD/JPY are now bearish through the daily timeframe. Selling several yen crosses at once can concentrate exposure, as their performance may move together when the yen strengthens or weakens.

USD/CAD is strongly bearish across all timeframes, while CAD/JPY is strongly bearish on the 15-minute and hourly charts. The Canadian dollar is strong against the U.S. dollar but weak against the yen, making it difficult to assess its strength in isolation.

The Dow remains bullish, while the higher-timeframe outlooks for the S&P 500 and Nasdaq 100 are bearish. The DAX and CAC 40 are also strongly bearish. The Dow’s strength should not be generalized to the entire equity market.

Gold and the Nikkei are showing short-term rebounds, but their daily charts remain strongly bearish. Watch whether the short-term buying spreads to the hourly chart or fades, restoring alignment with the higher-timeframe downtrend.

Crude’s broadly bullish outlook contrasts with the strongly bearish signals in silver and wheat. Focus on how consistently each instrument’s 15-minute, hourly and daily readings align.