Technical Analysis — November 2, 2026

Overview

Today’s key themes are the improvement in USD/JPY and major yen crosses, strength in European equities, and weakness in US equities and the Nikkei.

USD/JPY has shifted from strong selling across all timeframes to strong buying across all timeframes. EUR/JPY, GBP/JPY, CHF/JPY, and CAD/JPY are also bullish from the 15-minute chart through the daily chart. AUD/JPY, by contrast, remains strongly bearish from the short-term charts through the hourly chart, so the strength of yen selling varies by pair.

USD/CHF continues to show strong selling on the hourly and daily charts. With USD/JPY showing strong buying while USD/CHF shows selling, the dollar is not moving uniformly across the board.

In commodities, gold and BTC remain strongly bearish across all timeframes. Silver has improved to neutral on the hourly chart, but its daily trend remains strongly bearish. Natural gas and wheat have turned bullish through the hourly chart, while oil has shifted to strong selling on the 15-minute and hourly charts.

Among equity indices, the UK 100 is strongly bullish across all timeframes, while the DAX and CAC 40 are bullish across all timeframes. By contrast, the three major US indices are strongly bearish on the hourly and daily charts, and the Nikkei is strongly bearish across all timeframes.

Main Changes from the Previous Report

USD/JPY has reversed from strong selling across all timeframes to strong buying across all timeframes. Both moving averages and indicators point higher.

EUR/JPY has moved out of strong selling across all timeframes. The 15-minute and hourly charts are now strongly bullish, and the daily chart has turned bullish.

GBP/JPY and CHF/JPY have improved to strong buying on the 15-minute and hourly charts. CAD/JPY has also shed its short-term selling, with all timeframes now pointing higher.

EUR/GBP and EUR/CHF have turned strongly bullish from the short-term charts through the hourly chart. Strong selling remains on the daily charts, however.

AUD/USD has weakened from bullish to neutral on the daily chart. AUD/JPY is also neutral on the daily chart, while strong selling continues from the short-term charts through the hourly chart.

Natural gas and wheat have shifted from strong selling across all timeframes to strong buying from the short-term charts through the hourly chart. Both remain bearish on the daily chart.

Oil’s 15-minute and hourly charts have shifted from buying to strong selling. Its daily chart has also weakened from strong buying to buying.

The Dow and S&P 500 have turned strongly bearish on the hourly and daily charts. The Nikkei’s short-term rebound has faded, leaving it strongly bearish across all timeframes.

European equities have improved. The UK 100 is strongly bullish across all timeframes, the DAX has shaken off its short-term correction, and the CAC 40 is bullish across all timeframes.

FX

EUR/USD — 1.1210

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

The 15-minute chart has improved since the previous report, and the hourly chart remains bullish. On the daily chart, however, the moving averages point lower while the indicators point higher.

This is a potential pullback-buying setup based on the hourly chart. Watch for the 5-minute selling to ease and the pair to resume its 15-minute uptrend.

GBP/USD — 1.3409

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

The higher-timeframe buying trend remains intact, but the short-term correction has intensified since the previous report. On the 15-minute chart, moving averages are neutral and indicators are bearish.

The broader setup favors buying pullbacks. Wait for the 15-minute chart to turn bullish and align with the strength on the hourly chart.

USD/JPY — 157.97

All timeframes are strongly bullish.

The pair has reversed from strong selling across all timeframes to buying. Both moving averages and indicators are bullish across every timeframe.

USD/JPY is one of the clearest pullback-buying candidates among the major pairs. Watch whether strong buying on the 15-minute and hourly charts holds through any short-term correction.

USD/CHF — 0.8217

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

A rebound has emerged on the 5-minute chart after selling across all timeframes in the previous report. From the 15-minute chart upward, however, both moving averages and indicators remain bearish.

The broader setup favors selling rallies. Watch for the 5-minute buying to fade and the pair to resume its 15-minute downtrend.

AUD/USD — 0.7015

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

Weakness from the short-term charts through the hourly chart continues. The daily chart has slipped from bullish to neutral, with strongly bearish moving averages opposed by bullish indicators.

Selling rallies is favored in the short term. Watch whether the daily chart aligns with the downside or the hourly selling weakens first.

NZD/USD — 0.5625

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.

On the hourly chart, moving averages point lower while indicators point higher. Daily weakness persists, and the short-term charts remain bearish.

The daily trend favors selling rallies. Watch whether the bullish hourly indicators weaken and align with the downside.

USD/CAD — 1.3974

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

The hourly chart has improved from strong selling in the previous report. However, its moving averages are bearish while its indicators are bullish, leaving no aligned signal for an upward move.

If considering a sell in line with the daily trend, wait for the short-term rebound to weaken and for selling to return on the 15-minute and hourly charts.

Yen Crosses and Relative Currency Strength

EUR/JPY — 177.09

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

The pair has improved from strong selling across all timeframes. The daily chart is not fully aligned, however, as its moving averages remain neutral.

This is a potential pullback-buying setup. Watch for the 5-minute chart to turn bullish and the daily moving averages to improve.

GBP/JPY — 211.81

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

The short-term selling and hourly neutrality seen previously have improved. From the 15-minute chart through the daily chart, both moving averages and indicators point higher.

The broader setup favors buying pullbacks. Wait for the 5-minute selling to ease and the pair to resume its higher-timeframe trend.

CHF/JPY — 192.29

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

The 15-minute and hourly charts have improved, and the daily chart has shifted from bullish to strongly bullish. The higher-timeframe buying signal is now more clearly aligned.

This is a potential pullback-buying setup. Watch for the strongly bearish 5-minute indicators to ease.

AUD/JPY — 110.80

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

The daily chart has improved from strong selling to neutral. Its moving averages remain bearish, however, while its indicators are strongly bullish.

Selling rallies is favored from the short-term charts through the hourly chart. AUD/JPY remains weaker than the other major yen crosses, which have improved.

NZD/JPY — 88.86

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

The pair has rebounded on the 15-minute and hourly charts after strong selling across all timeframes in the previous report. On the daily chart, both moving averages and indicators remain bearish.

The short-term rebound conflicts with the daily downtrend. Watch whether the 5-minute chart turns up in line with the hourly chart, or whether the hourly chart rolls back over in line with the daily trend.

CAD/JPY — 113.05

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

The short-term and hourly selling seen previously has disappeared, bringing the pair into alignment with the daily trend. Both moving averages and indicators point higher across all timeframes.

CAD/JPY is one of the clearest pullback-buying candidates among the yen crosses. Watch whether strong buying on the 15-minute and hourly charts continues.

EUR/GBP — 0.8361

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

The pair has rebounded through the hourly chart after strong selling across all timeframes in the previous report. In the short term, the euro is regaining strength relative to sterling, but the daily trend points the other way.

This is a short-term buying setup. The daily downtrend has not reversed, so watch whether hourly buying holds.

AUD/NZD — 1.2470

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

Selling on the 15-minute and hourly charts has intensified. While the daily chart remains bullish, the short-term and hourly signals indicate relative weakness in the Australian dollar.

Consider buying in line with the daily trend only after selling on the 15-minute and hourly charts has eased.

EUR/CHF — 0.9211

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

The pair has improved substantially, with the rebound extending through the hourly chart. On the daily chart, both moving averages and indicators remain strongly bearish.

Short-term buying and the daily downtrend are clearly in conflict. If considering a sell in line with the daily trend, wait for hourly buying to weaken.

GBP/CHF — 1.1016

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

The hourly chart has weakened from neutral to strongly bearish. The daily chart has also slipped from bullish to neutral, reducing support from the higher timeframe.

The short-term and hourly charts favor selling rallies. Watch whether the daily chart also turns bearish.

Commodities

Gold — 3,897.26

All timeframes are strongly bearish.

The downtrend from the short-term charts through the daily chart remains intact. Both moving averages and indicators point lower across all timeframes.

Selling rallies is favored. Watch whether the 15-minute and hourly charts remain bearish during any rebound.

Gold Futures — 3,904.55

All timeframes are strongly bearish.

As with spot gold, both moving averages and indicators point lower across all timeframes. There are no signs of improvement toward buying.

Gold futures remain a clear candidate for selling rallies among commodities.

Silver — 50.2385

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

The hourly chart has weakened less than in the previous report, shifting from strong selling to neutral. Its moving averages are bearish, however, while its indicators are strongly bullish.

The daily trend favors selling rallies. Watch whether the bullish hourly indicators fade and the hourly chart turns bearish again.

Silver Futures — 50.225

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

As with spot silver, the hourly chart is showing a rebound signal. Its moving averages remain bearish, so the signals are not aligned for a move higher.

The short-term and daily charts remain weak. Wait for the hourly chart to align before taking a directional view.

WTI Crude Oil — 99.81

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

Buying has broken down on the 15-minute and hourly charts. The daily chart has weakened from strongly bullish to bullish, although its moving averages and indicators remain pointed higher.

This is a potential pullback-buying setup based on the daily trend. Wait for selling on the 15-minute and hourly charts to ease.

Natural Gas — 2.935

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

The rebound has extended through the hourly chart after strong selling across all timeframes in the previous report. Both moving averages and indicators remain bearish on the daily chart.

This is a short-term pullback-buying setup that runs counter to the daily trend. Watch whether hourly buying continues.

Copper — 6.5203

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

Selling has eased on the short-term and hourly charts. On the hourly chart, moving averages point lower while indicators point strongly higher.

The daily trend favors selling rallies. Watch whether the hourly chart turns bearish again.

US Wheat — 605.75

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

The rebound has extended through the hourly chart after strong selling across all timeframes in the previous report. Both moving averages and indicators are bullish from the short-term charts through the hourly chart.

This is a short-term buying setup, but the daily downtrend remains in place. Distinguish the short-term rebound from a reversal in the daily trend.

BTC/USD — 78,060.0

All timeframes are strongly bearish.

Both moving averages and indicators remain bearish across all timeframes. The downtrend from the short-term charts through the daily chart is aligned.

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

Equity Indices

Dow Jones — 51,770.31

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

The hourly neutrality and daily bullish signal from the previous report have disappeared, making the higher-timeframe downtrend clearer. Both moving averages and indicators are bearish on the hourly and daily charts.

The broader setup favors selling rallies. Watch for the 5-minute rebound to fade and the 15-minute chart to turn bearish.

S&P 500 — 7,580.07

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

The hourly and daily charts have weakened from neutral to strongly bearish. The 5-minute chart is rebounding, but the higher-timeframe downtrend remains clear.

This is a potential selling-rallies setup. Wait for short-term buying to fade and for the 15-minute chart and higher timeframes to align to the downside.

Nasdaq 100 — 28,384.85

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

The overall signals are unchanged from the previous report. Both moving averages and indicators point lower on the hourly and daily charts.

Selling rallies is favored. Watch whether the short-term rebound extends to the hourly chart or fades back into the downtrend.

Germany 40 (DAX) — 25,899.62

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

The short-term strong selling and hourly neutrality seen previously have cleared. Both moving averages and indicators point higher across all timeframes.

Buying pullbacks is favored. Watch whether strong buying on the 15-minute and hourly charts holds.

UK 100 — 10,740.15

All timeframes are strongly bullish.

Short-term selling has eased, bringing the market into alignment with the higher-timeframe uptrend. Moving averages and indicators point higher across all timeframes.

The UK 100 is the clearest pullback-buying candidate among the indices.

France 40 (CAC 40) — 8,005.17

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

Short-term selling and neutral signals have cleared. The daily chart’s moving averages remain neutral, however, so its internal signals are less aligned than those for the DAX and UK 100.

This is a potential pullback-buying setup. Watch whether the daily moving averages improve while the hourly trend holds.

Nikkei 225 — 63,108.00

All timeframes are strongly bearish.

The 5-minute strong-buy signal and 15-minute neutrality have disappeared, bringing the market into alignment with the hourly and daily downtrends. Both moving averages and indicators are bearish across all timeframes.

Selling rallies is favored. Watch whether the 15-minute and hourly charts remain weak during any rebound.

Strength Rankings

Strongly bullish on all timeframes

• USD/JPY
• UK 100

Both moving averages and indicators point higher across all timeframes.

Bullish across all timeframes

• CAD/JPY
• Germany 40 (DAX)
• France 40 (CAC 40)

The internal signals for CAD/JPY and the DAX are also bullish. The CAC 40’s daily moving averages are neutral, leaving room for further alignment.

Bullish from the 15-minute chart through the daily chart

• EUR/JPY
• GBP/JPY
• CHF/JPY

GBP/JPY and CHF/JPY are strongly bullish over these timeframes. Watch whether the 5-minute chart aligns with the higher-timeframe trend after any short-term correction.

Strongly bullish on the hourly and daily charts

• GBP/USD

The short-term charts remain bearish or neutral, so wait for the 15-minute chart to improve.

Strongly bullish from the short-term charts through the hourly chart

• EUR/GBP
• EUR/CHF
• Natural gas
• US wheat

The daily charts remain bearish. Treat these as short-term rebounds rather than markets aligned bullishly through the daily timeframe.

Weakness Rankings

Strongly bearish on all timeframes

• Gold
• Gold futures
• BTC
• Nikkei 225

Both moving averages and indicators point lower across all timeframes.

Strongly bearish from the short-term charts through the hourly chart

• AUD/USD
• AUD/JPY
• GBP/CHF

The daily charts are neutral. Watch whether short-term weakness extends to the daily timeframe.

Strongly bearish on the hourly and daily charts

• USD/CHF
• Dow Jones
• S&P 500
• Nasdaq 100

Short-term rebounds are present, so watch for those to fade.

Bearish daily charts

• USD/CAD
• NZD/USD
• NZD/JPY
• EUR/GBP
• EUR/CHF
• Silver
• Copper
• Natural gas
• US wheat

Where short-term rebounds or conflicting internal signals remain, confirm the hourly direction before acting.

Trading Strategy

Prioritize pullback-buying setups

USD/JPY and the UK 100 are strongly bullish across all timeframes.

CAD/JPY and the DAX are also bullish across all timeframes, with moving averages and indicators aligned. Look for a short-term pullback, then confirmation that buying on the 15-minute and hourly charts holds as the trend resumes.

The CAC 40 is also bullish, but its daily moving averages are neutral. Watch for stronger alignment on the daily chart.

Wait for short-term corrections to end

EUR/JPY, GBP/JPY, and CHF/JPY are bullish from the 15-minute chart through the daily chart.

The 5-minute charts still show selling or neutral signals. Wait for the short-term correction to end and for the pairs to resume their higher-timeframe trends.

GBP/USD is also strongly bullish on the hourly and daily charts, but the 15-minute chart is neutral. Wait for the short-term selling to clear.

Short-term buying candidates

EUR/GBP, EUR/CHF, natural gas, and wheat show clear buying signals from the short-term charts through the hourly chart.

Their daily charts remain bearish, so these are countertrend rebounds. If hourly buying breaks down, check for a resumption of the daily downtrend.

Selling-rallies candidates

Gold, gold futures, BTC, and the Nikkei are aligned bearishly across all timeframes.

USD/CHF and the three major US indices are strongly bearish on the hourly and daily charts. Watch for short-term rebounds to fade and the 15-minute charts to turn lower.

AUD/USD, AUD/JPY, and GBP/CHF are clearly bearish from the short-term charts through the hourly chart, but their daily charts are neutral. Watch for selling to extend to the daily timeframe.

Wait for signals to align

USD/CAD has a short-term rebound against a strongly bearish daily chart. The key is whether the neutral hourly chart turns up or down.

On silver and copper, hourly moving averages are bearish while indicators are strongly bullish. Watch whether the rebound continues or the markets return to the daily downtrend.

Oil and AUD/NZD have bullish daily charts but strongly bearish signals on the 15-minute and hourly charts. If considering a buy in line with the daily trend, wait for the hourly charts to improve.

Key Takeaways

The direction of European equities differs clearly from that of US and Japanese equities. The UK 100 and DAX are aligned bullishly through the daily chart, while the three major US indices are strongly bearish on the hourly and daily charts, and the Nikkei is strongly bearish across all timeframes.

USD/JPY and most major yen crosses have improved, but AUD/JPY remains strongly bearish through the hourly chart. Assess each cross separately rather than relying on a single view of yen strength or weakness.

EUR/GBP and EUR/CHF have regained strong buying through the hourly chart, but their daily charts remain strongly bearish. Keep the short-term euro rebound separate from a reversal in the daily trend.

Natural gas and wheat are rebounding, while gold and BTC remain aligned to the downside. Oil has also weakened on the hourly chart after previously showing strength on the higher timeframes. Focus on how closely each market’s 15-minute, hourly, and daily signals align.