Technical Analysis — November 4, 2026

Overview

Today’s key themes are the broadening of bullish signals in FX, rebounds in gold and silver, and the divergence between European and US equities.

In FX, GBP/USD, USD/JPY, GBP/JPY, CHF/JPY, and CAD/JPY are strongly bullish across all timeframes. EUR/USD is also strongly bullish from the short-term charts through the hourly chart, while its daily signal has improved from bearish to bullish.

Buying has also spread across the short-term and hourly charts for the Australian and New Zealand dollars. However, AUD/USD is neutral on the daily chart, while NZD/USD remains strongly bearish. Distinguish the broader short-term rebound from a move that is also aligned to the upside on the daily chart.

In commodities, gold, silver, copper, and natural gas are strongly bullish from the short-term charts through the hourly chart. Daily signals remain bearish, however. WTI crude is bearish across all timeframes, moving differently from the other commodities.

Among equity indices, the DAX and CAC 40 are strongly bullish across all timeframes. The major US indices remain strongly bearish on the hourly and daily charts, while the Nikkei’s short-term rebound conflicts with its weak daily trend.

Main Changes from the Previous Report

EUR/USD has shaken off its short-term strong-selling signals and turned strongly bullish from the 5-minute chart through the hourly chart. The daily chart has also improved from bearish to bullish.

USD/JPY remains strongly bullish across all timeframes. Its daily moving-average signal has improved from bullish to strongly bullish, bringing moving averages and indicators into strong bullish alignment throughout.

AUD/USD has shifted from strong selling to strong buying on the 15-minute and hourly charts, while the daily chart has improved from strongly bearish to neutral. NZD/USD is now strongly bullish through the hourly chart as well.

AUD/JPY has shed its strong selling on the hourly and daily charts, with all timeframes now pointing higher. GBP/CHF has also improved from strong selling to buying on the hourly and daily charts.

EUR/GBP has shifted from strong selling across all timeframes to a short-term rebound. The hourly chart is neutral and the daily chart remains strongly bearish.

Gold, silver, and copper have reversed from strong selling to strong buying on the 15-minute and hourly charts. BTC has also improved from bearish to strongly bullish on the hourly chart, though its daily signal remains bearish.

The DAX has cleared its short-term and hourly selling, becoming strongly bullish across all timeframes. The CAC 40’s daily signal has also improved from bullish to strongly bullish.

The Nikkei’s 5-minute and 15-minute charts have improved to strong buying. Its hourly chart remains bearish and its daily chart strongly bearish. The price has fallen from 63,081.86 in the previous report to 62,192.00, so distinguish the improved short-term signals from a recovery in price.

FX

EUR/USD — 1.1258

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

Moving averages and indicators are strongly bullish and aligned from the short-term charts through the hourly chart. The daily chart has also improved, but its moving averages are neutral while its indicators are strongly bullish.

This is a potential pullback-buying setup. Watch whether the hourly chart remains strongly bullish and the daily moving averages also turn bullish.

GBP/USD — 1.3490

All timeframes are strongly bullish.

Both moving averages and indicators point higher across all timeframes. As in the previous report, the short-term charts and daily chart remain aligned to the upside.

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

USD/JPY — 158.37

All timeframes are strongly bullish.

Moving averages and indicators are strongly bullish and aligned across all timeframes. The daily moving-average signal has improved since the previous report, making the bullish alignment even clearer.

Among the major currency pairs, USD/JPY is one of the clearest candidates for buying pullbacks.

USD/CHF — 0.8165

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

The 5-minute rebound remains, but both moving averages and indicators are bearish on the 15-minute and hourly charts. The daily chart is also aligned to the downside.

The broader setup favors selling rallies. Watch whether the 5-minute buying fades and the 15-minute chart and higher timeframes resume their downtrend.

AUD/USD — 0.7013

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

Both moving averages and indicators are now strongly bullish from the short-term charts through the hourly chart. The daily chart has improved from strongly bearish, but its moving averages are neutral and its indicators are bullish.

This is a short-term pullback-buying setup. Whether buying extends to the daily chart will help determine if the rebound can continue.

NZD/USD — 0.5636

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

The 15-minute selling and hourly neutrality seen previously have cleared. Moving averages and indicators are strongly bullish and aligned from the short-term charts through the hourly chart.

The short-term rebound is clear, but the daily downtrend remains intact. Treat the short-term buying separately from a reversal in the daily trend.

USD/CAD — 1.3950

All timeframes are strongly bearish.

Moving averages and indicators are strongly bearish and aligned throughout. The bearish alignment from the previous report remains intact.

Among the major currency pairs, USD/CAD is the clearest candidate for selling rallies.

Yen Crosses and Relative Currency Strength

EUR/JPY — 178.30

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

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

This is a potential pullback-buying setup from the short-term charts through the hourly chart. Watch whether the daily moving averages also turn bullish.

GBP/JPY — 213.64

All timeframes are strongly bullish.

Moving averages and indicators are strongly bullish and aligned across all timeframes. As in the previous report, the uptrend is clear from the short-term charts through the daily chart.

Buying pullbacks is favored. Watch whether strong buying on the 15-minute and hourly charts continues after a short-term correction.

CHF/JPY — 193.98

All timeframes are strongly bullish.

The 5-minute chart has improved from neutral to strongly bullish. Moving averages and indicators are aligned to the upside across all timeframes.

The short-term correction has cleared, bringing the pair back in line with its higher-timeframe trend. The direction is clear for a pullback-buying setup.

AUD/JPY — 111.06

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

The strong selling on the hourly and daily charts seen previously has cleared. Moving averages and indicators are strongly bullish from the short-term charts through the hourly chart, and both are bullish on the daily chart.

The pair has improved from a short-term rebound to a bullish signal that extends to the daily chart. The setup favors buying pullbacks.

NZD/JPY — 89.25

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

Strength from the short-term charts through the hourly chart is holding. The daily chart has improved from strongly bearish to neutral, but its moving averages are neutral and its indicators are bearish.

Short-term buying is clear, but the daily chart is not aligned to the upside as it is for AUD/JPY.

CAD/JPY — 113.53

All timeframes are strongly bullish.

Moving averages and indicators are strongly bullish and aligned throughout. Together with strong selling across all timeframes in USD/CAD, this confirms continued relative strength in the Canadian dollar.

Like GBP/JPY and USD/JPY, CAD/JPY has a clear alignment for a pullback-buying setup.

EUR/GBP — 0.8346

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

The pair has shifted from strong selling across all timeframes to a short-term rebound. On the hourly chart, moving averages are neutral and indicators are bearish.

If considering a sell in line with the daily trend, wait for short-term buying to weaken and the hourly chart to turn bearish.

AUD/NZD — 1.2444

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

The daily chart has improved from neutral. On the 15-minute and hourly charts, however, moving averages and indicators are aligned to the downside. On the 5-minute chart, bullish moving averages conflict with bearish indicators.

This is a potential pullback-buying setup based on the daily trend, but wait for selling on the 15-minute and hourly charts to clear.

EUR/CHF — 0.9192

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

The hourly chart has shifted from strong selling to strong buying. Moving averages and indicators are strongly bullish and aligned from the short-term charts through the hourly chart.

The rebound is clear, but the daily chart remains strongly bearish. Treat this as short-term buying, not as a reversal of the daily trend.

GBP/CHF — 1.1014

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

The strong selling on the hourly and daily charts seen previously has cleared. Moving averages and indicators are aligned to the upside across all timeframes.

Sterling is now showing clear bullish signals against the Swiss franc as well as in GBP/USD and GBP/JPY. This is a potential pullback-buying setup.

Commodities

Gold — 4,044.03

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

The strong selling on the 15-minute and hourly charts has reversed to strong buying. The daily chart has improved from strongly bearish to bearish, but both moving averages and indicators remain bearish.

This is a potential short-term pullback-buying setup, but the daily downtrend has not cleared.

Gold Futures — 4,053.97

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

Moving averages and indicators are strongly bullish and aligned from the short-term charts through the hourly chart. The rebound has broadened since the previous report.

Watch whether buying on the hourly chart holds and the daily signal improves from bearish to neutral.

Silver — 52.0450

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

The strong selling on the 15-minute and hourly charts has reversed to strong buying. Moving averages and indicators are strongly bullish throughout the short-term charts and hourly chart.

The short-term rebound is clear, but the daily weakness remains more pronounced than in gold.

Silver Futures — 52.050

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

Buying is aligned from the short-term charts through the hourly chart. On the daily chart, moving averages are bearish and indicators are strongly bearish.

This is a potential short-term pullback-buying setup, but a breakdown in hourly buying could bring the market back in line with the daily downtrend.

WTI Crude Oil — 95.95

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

The hourly and daily charts have turned bearish from neutral. Moving averages and indicators are both strongly bearish on the 15-minute and hourly charts.

Selling rallies is favored. On the daily chart, however, moving averages are neutral while indicators are strongly bearish.

Natural Gas — 2.920

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

Short-term selling and neutral signals seen previously have cleared. Moving averages and indicators are strongly bullish and aligned from the short-term charts through the hourly chart.

This is a potential short-term pullback-buying setup, but both moving averages and indicators remain bearish on the daily chart. Distinguish a continuing rebound from a reversal in the daily trend.

Copper — 6.4430

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

The strong selling on the 15-minute and hourly charts has shifted to buying. On the hourly chart, moving averages are bullish and indicators are strongly bullish.

The short-term rebound has broadened, but both moving averages and indicators remain strongly bearish on the daily chart. Treat this as a rebound against the daily trend.

US Wheat — 600.80

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

The hourly chart has improved from strong selling, but its moving averages are neutral and its indicators are bullish. On the 5-minute chart, bullish moving averages conflict with strongly bearish indicators.

Buying is leading only on the 15-minute chart. Watch whether it extends to the hourly chart or gives way to selling in line with the daily trend.

BTC/USD — 78,504.0

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

The hourly chart has improved from bearish to strongly bullish. Moving averages and indicators are strongly bullish on both the 15-minute and hourly charts.

This is a potential short-term pullback-buying setup, but the daily chart has not aligned to the upside: its moving averages are neutral and its indicators are strongly bearish.

Equity Indices

Dow Jones — 51,786.72

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

Short-term selling has eased slightly, but the daily chart has deteriorated from neutral to strongly bearish. Moving averages and indicators are strongly bearish on both the hourly and daily charts.

Selling rallies is favored. Do not treat 5-minute neutrality alone as a reversal; wait for the 15-minute and hourly charts to improve.

S&P 500 — 7,568.92

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

The 5-minute chart has improved from strong selling across all timeframes to neutral. Its moving averages remain bearish and its indicators are neutral.

The higher-timeframe weakness remains intact, so selling rallies is still the main setup to watch.

Nasdaq 100 — 28,180.26

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

On the 5-minute chart, moving averages are strongly bearish while indicators are bullish. On the hourly and daily charts, both moving averages and indicators are strongly bearish.

There are signs of a short-term rebound, but buying signals are not aligned. The market continues to favor selling rallies.

Germany 40 (DAX) — 26,142.23

All timeframes are strongly bullish.

Moving averages and indicators are strongly bullish and aligned throughout. The short-term and hourly selling seen previously has cleared, bringing the market in line with its bullish daily trend.

Among the equity indices, the DAX has the clearest alignment for buying pullbacks.

UK 100 — 10,714.92

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

Strong selling from the short-term charts through the hourly chart has reversed to strong buying. On the daily chart, however, moving averages are bullish while indicators are strongly bearish.

This is a potential short-term pullback-buying setup, but the daily chart is not aligned to the upside as it is for the DAX.

France 40 (CAC 40) — 8,100.57

All timeframes are strongly bullish.

The daily chart has improved from bullish to strongly bullish. Its moving averages have also shifted from neutral to bullish, bringing moving averages and indicators into bullish alignment across all timeframes.

Along with the DAX, the CAC 40 is an index to prioritize for buying pullbacks.

Nikkei 225 — 62,192.00

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

The market has shifted from strong selling across all timeframes to a short-term rebound. However, both moving averages and indicators remain bearish on the hourly chart and strongly bearish on the daily chart.

The key question is whether the short-term rebound extends to the hourly chart. If considering a sell in line with the daily trend, first watch for short-term buying to weaken.

Strength Rankings

Strongly bullish on all timeframes

• USD/JPY
• GBP/JPY
• CAD/JPY
• Germany 40 (DAX)
• GBP/USD
• CHF/JPY
• France 40 (CAC 40)

For USD/JPY, GBP/JPY, CAD/JPY, and the DAX, both moving averages and indicators are strongly bullish across all timeframes.

Bullish signals extending to the daily chart

• AUD/JPY
• GBP/CHF
• EUR/USD
• EUR/JPY

On EUR/USD and EUR/JPY, the daily moving averages are neutral while bullish indicators are leading.

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

• AUD/USD
• NZD/USD
• NZD/JPY
• EUR/CHF
• Gold
• Gold futures
• Silver
• Silver futures
• Copper
• Natural gas
• UK 100

The daily charts are neutral or bearish. Treat these separately from markets that are bullish through the daily timeframe.

Weakness Rankings

Strongly bearish on all timeframes

• USD/CAD

Moving averages and indicators are strongly bearish and aligned across all timeframes.

Strongly bearish from the 15-minute chart through the daily chart

• S&P 500
• Nasdaq 100

The 5-minute charts have improved to neutral, but weakness on the higher timeframes remains.

Clear selling signals on the hourly and daily charts

• Dow Jones
• USD/CHF
• WTI crude oil
• Nikkei 225

On WTI’s daily chart, moving averages are neutral while indicators are bearish. The Nikkei also remains in conflict with strong short-term buying.

Rebounding markets with daily weakness still in place

• NZD/USD
• EUR/CHF
• Gold and silver
• Copper
• Natural gas
• BTC/USD
• US wheat

Watch whether short-term improvements broaden and whether the daily downtrends begin to clear.

Trading Strategy

Prioritize pullback-buying setups

USD/JPY, GBP/JPY, CAD/JPY, and the DAX are strongly bullish on both moving averages and indicators across all timeframes.

GBP/USD, CHF/JPY, and the CAC 40 also have strong bullish overall signals across all timeframes. After a short-term correction, watch whether strong buying on the 15-minute and hourly charts holds.

AUD/JPY and GBP/CHF have also improved to bullish signals on the daily chart.

Short-term buying candidates

AUD/USD, NZD/USD, NZD/JPY, EUR/CHF, gold, silver, copper, natural gas, and the UK 100 show clear buying signals from the short-term charts through the hourly chart.

Their daily charts are neutral or bearish. For short-term buying setups, focus on whether strong buying on the hourly chart holds.

BTC is also strongly bullish on the 15-minute and hourly charts, but its daily chart remains bearish.

Prioritize selling-rallies setups

USD/CAD is strongly bearish across all timeframes.

USD/CHF, WTI crude, the Dow, the S&P 500, and the Nasdaq 100 should be assessed with the hourly and daily selling signals in mind. If a short-term rebound develops, watch for it to fade and for price to return to the higher-timeframe downtrend.

Wait for signals to align

AUD/NZD is strongly bullish on the daily chart but bearish on the 15-minute and hourly charts. If considering a buy in line with the daily trend, wait for the short-term selling to clear.

EUR/GBP is strongly bullish on the short-term charts, neutral on the hourly chart, and strongly bearish on the daily chart. Watch whether the rebound extends; if considering a sell in line with the higher-timeframe trend, wait for short-term buying to weaken.

US wheat also has a neutral hourly chart and conflicting short-term signals.

Key Takeaways

Buying has spread across the yen crosses, but the degree of daily alignment varies. GBP/JPY, CHF/JPY, and CAD/JPY are strongly bullish across all timeframes, and AUD/JPY has improved to bullish on the daily chart. NZD/JPY’s daily chart remains neutral.

Gold, silver, copper, natural gas, and BTC have all rebounded from the short-term charts through the hourly chart. Daily selling remains, however, so whether hourly buying continues is the next key signal.

The DAX and CAC 40 are clearly bullish, while the US indices remain strongly bearish on the higher timeframes. The Nikkei also shows a conflict between its short-term rebound and daily selling. Assess each region separately.

Buying signals have broadened today, but it is important to distinguish markets that are bullish through the daily chart from those rebounding against a daily downtrend.