Technical Analysis

November 6, 2026

Overview

The main themes today are expanding weakness in the Australian and New Zealand dollars, a bullish reversal in USD/CAD, and a sharp deterioration across equity indices.

In FX, AUD/USD, NZD/USD, AUD/JPY, and NZD/JPY are strongly bearish across all timeframes. AUD/JPY, which had been bullish across all timeframes through the previous report, has also turned lower. Weakness in the Australian and New Zealand dollars is evident against both the US dollar and the yen.

USD/CAD has shifted from strong selling to strong buying on the hourly and daily charts. USD/JPY is also holding strong buying signals on the 15-minute and hourly charts, but the 5-minute chart is neutral and the daily chart is bullish, making the alignment less pronounced than before.

Among the yen crosses, CHF/JPY is strongly bullish across all timeframes. GBP/JPY, by contrast, has a strongly bullish daily chart while the hourly chart is strongly bearish, highlighting the growing differences between currencies.

In equities, the Dow, S&P 500, Nasdaq 100, and UK 100 are strongly bearish across all timeframes. The DAX and CAC 40 have also turned strongly bearish from the short-term through hourly charts, reversing their previous bullish bias.

In commodities, natural gas has improved, while gold’s hourly buying signal has weakened. Silver and BTC show a conflict between short-term rebounds and strong daily selling.

Main changes from the previous report

The neutral hourly and daily signals in AUD/USD have turned strongly bearish, leaving all timeframes strongly bearish. NZD/USD has also lost its hourly buy signal, aligning with the daily downtrend.

AUD/JPY has shifted from strong buying across all timeframes to strong selling across all timeframes. NZD/JPY has also lost its strong hourly buying and neutral daily reading, turning strongly bearish across all timeframes.

USD/CAD has shifted from strong selling to strong buying on the hourly and daily charts. CAD/JPY has moved the other way: its hourly signal has weakened from strong buying to selling, and its daily signal has deteriorated from strong buying to neutral.

CHF/JPY has improved to strong buying across all timeframes as its short-term strong selling and neutral hourly reading have cleared.

EUR/USD has deteriorated from neutral to strongly bearish on the hourly and daily charts. GBP/USD’s hourly reading has shifted from neutral to strong selling, while its daily reading has weakened from strong buying to neutral.

EUR/CHF and GBP/CHF have lost their short-term and hourly buying signals, turning strongly bearish across all timeframes. EUR/GBP, meanwhile, has rebounded from the short-term through hourly charts.

The Dow’s strong buying from the 15-minute through daily charts has all turned into strong selling. The DAX, UK 100, and CAC 40 have also deteriorated sharply.

Natural gas has improved, with the hourly chart shifting from strong selling to strong buying and the daily chart moving from neutral to strong buying.

BTC’s daily reading has turned from strong buying to strong selling. The short-term charts, however, are now strongly bullish, reversing the timeframe conflict seen previously.

FX market

EUR/USD — 1.1172

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

The hourly and daily charts, which were neutral previously, have turned lower. From the 15-minute chart upward, moving averages and indicators are aligned to the downside.

The bias favors selling rebounds. Buy signals remain on the 5-minute chart, but they have not offset the weakness on the 15-minute chart and higher.

GBP/USD — 1.3387

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

On the hourly chart, moving averages and indicators are both strongly bearish. On the daily chart, moving averages point lower while indicators show strong buying, leaving conflicting signals.

Selling rebounds is favored from the short-term through hourly charts. However, selling is not fully aligned on the daily chart.

USD/JPY — 158.26

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

From the 15-minute chart upward, moving averages and indicators are aligned to the upside. On the 5-minute chart, moving averages are bullish while indicators are bearish, pointing to a short-term correction.

The setup favors buying dips. Watch whether the 5-minute chart improves while the 15-minute and hourly buying signals hold.

USD/CHF — 0.8183

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

The hourly chart has improved from neutral. However, the 5-minute indicators are strongly bearish, and the daily moving averages and indicators are aligned to the downside.

The rebound on the 15-minute and hourly charts is clear, but the daily downtrend remains. Assess the short-term buying separately from the daily bearish bias.

AUD/USD — 0.6867

All timeframes are strongly bearish.

Moving averages and indicators are strongly bearish across all timeframes. The neutral hourly and daily readings from the previous report have cleared, making the downward bias more pronounced.

Among today’s FX pairs, this is one of the clearest setups for selling rebounds.

NZD/USD — 0.5541

All timeframes are strongly bearish.

The previous hourly buying signal has disappeared, and moving averages and indicators are now strongly bearish across all timeframes.

As with AUD/USD, selling rebounds is favored. If the pair bounces, watch whether the 15-minute and hourly selling signals remain in place.

USD/CAD — 1.4072

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

The hourly and daily charts have turned from strong selling to strong buying. From the 15-minute chart upward, moving averages and indicators are aligned to the upside.

The setup favors buying dips. Watch for the 5-minute correction to clear and price action to turn back in line with the higher-timeframe buying signals.

Yen crosses and relative currency strength

EUR/JPY — 176.83

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

The previous buying signals on the 15-minute and hourly charts have disappeared. Moving averages point lower across all timeframes, though short-term indicators still show buying or neutral readings.

The daily trend favors selling rebounds. Watch whether the short-term and hourly charts also align to the downside.

GBP/JPY — 211.87

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

The previous strong buying across all timeframes has broken down. Moving averages and indicators are both strongly bearish on the hourly chart, while the daily chart remains bullish.

For a daily-trend dip-buying setup, wait for the hourly selling signal to clear.

CHF/JPY — 193.41

All timeframes are strongly bullish.

The previous short-term selling and neutral hourly reading have cleared. Moving averages and indicators are aligned to the upside across all timeframes.

Among today’s yen crosses, this is the clearest setup for buying dips.

AUD/JPY — 108.68

All timeframes are strongly bearish.

The pair has shifted from strong buying across all timeframes to strong selling. Moving averages and indicators are aligned to the downside throughout.

The bias favors selling rebounds. Do not rely on the previous bullish signals; focus on whether selling persists on the 15-minute and hourly charts.

NZD/JPY — 87.69

All timeframes are strongly bearish.

Moving averages and indicators are strongly bearish across all timeframes. The strong hourly buying and neutral daily reading from the previous report have cleared.

Like AUD/JPY, NZD/JPY shows clear weakness among the yen crosses. The bias favors selling rebounds.

CAD/JPY — 112.47

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

A short-term rebound is in place, but moving averages and indicators are both bearish on the hourly chart. On the daily chart, moving averages point lower while indicators show buying.

The previous alignment of buying across all timeframes has broken down. Watch whether the short-term rebound extends to the hourly chart.

EUR/GBP — 0.8347

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

The short-term and hourly selling signals from the previous report have turned into a rebound. Moving averages and indicators are both strongly bullish on the hourly chart.

The euro is showing relative strength from the short-term through hourly charts, but the daily downtrend remains. Treat the rebound separately from a daily trend reversal.

AUD/NZD — 1.2393

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

On the 15-minute and hourly charts, moving averages point lower while indicators point higher. On the daily chart, moving averages are neutral and indicators are bearish.

The short-term bias is lower, but the signals are not aligned across timeframes. Watch which currency weakens further as the readings converge.

EUR/CHF — 0.9142

All timeframes are strongly bearish.

The previous strong buying from the short-term through hourly charts has broken down. Moving averages and indicators are now strongly bearish across all timeframes.

The bias favors selling rebounds. This is one of the clearest bearish alignments in today’s FX market.

GBP/CHF — 1.0953

All timeframes are strongly bearish.

The previous short-term and hourly buying signals have disappeared, and the daily reading has deteriorated from neutral to strongly bearish. Moving averages and indicators are bearish across all timeframes.

Together with EUR/CHF, this points to clear weakness in both the euro and pound against the franc.

Commodities

Gold — 4,069.23

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

The 15-minute and hourly charts, which were strongly bullish previously, have weakened. On the 15-minute chart, moving averages are bearish while indicators are strongly bullish. On the hourly chart, moving averages are bullish while indicators are strongly bearish.

Wait for the signals to align. The previous strong hourly buying signal cannot be assumed to remain in force.

Gold futures — 4,078.35

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

Buying on the 15-minute and hourly charts has weakened, and the daily chart has shifted from bullish to neutral. On the hourly chart, moving averages are bullish while indicators are bearish.

The 15-minute buying signal alone does not provide sufficient alignment for an upside bias. Watch for the hourly conflict to resolve.

Silver — 52.0090

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

The hourly chart has improved from bullish to strongly bullish. On the 5-minute chart, moving averages point higher while indicators are strongly bearish.

The hourly rebound remains in place, but the daily downtrend continues. The key is whether buying on the 15-minute chart holds through any short-term pullback.

Silver futures — 52.028

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

On the 15-minute and hourly charts, moving averages and indicators are aligned to the upside. On the daily chart, moving averages are bearish and indicators are strongly bearish.

The conflict between a short-term rebound and daily selling remains. Watch whether the 5-minute indicators improve.

WTI crude oil — 90.44

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

The hourly chart has turned from neutral to strongly bearish. Moving averages and indicators are aligned to the downside on both the hourly and daily charts.

The bias favors selling rebounds. Watch whether the 5-minute bounce fades and the 15-minute chart turns lower as well.

Natural gas — 3.005

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

Strong selling from the short-term through hourly charts has cleared, and the daily chart has improved from neutral to strongly bullish. On the 15-minute chart, however, moving averages are strongly bullish while indicators are bearish.

The setup favors buying dips in line with the higher timeframes. Watch whether the 15-minute indicators turn higher and the signals align.

Copper — 6.2593

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

Conflicting signals between moving averages and indicators are prominent from the short-term through hourly charts. On the hourly chart, moving averages are bearish while indicators are strongly bullish.

The daily weakness remains, but short-term selling is not aligned. For a rebound-selling setup, wait for the hourly indicators to turn lower as well.

US wheat — 592.10

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

Weakness on the 15-minute chart and higher remains clear. Moving averages are strongly bearish across all timeframes, and indicators are strongly bearish from the 15-minute chart upward.

The bias favors selling rebounds. Watch whether the 5-minute buying signal sustains a bounce or whether price action turns back in line with the higher-timeframe trend.

BTC/USD — 76,221.0

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

The previous hourly buying and strong daily buying signals have broken down. Short-term rebound signals have emerged.

The daily trend favors selling rebounds, but short-term buying remains. Watch whether the hourly chart turns bearish and the short-term rebound fades.

Equity indices

Dow Jones — 51,523.06

All timeframes are strongly bearish.

The strong buying from the 15-minute through daily charts in the previous report has broken down. Moving averages and indicators have all turned strongly bearish.

The bias favors selling rebounds. The previous dip-buying approach is no longer supported by the current signals.

S&P 500 — 7,353.73

All timeframes are strongly bearish.

The previous strong hourly buying and neutral daily reading have cleared. Moving averages and indicators are now strongly bearish across all timeframes.

As with the Dow, the setup favors selling rebounds.

Nasdaq 100 — 26,629.81

All timeframes are strongly bearish.

The hourly chart, which was neutral previously, has turned strongly bearish. Moving averages and indicators are aligned to the downside across all timeframes.

Do not treat a short-term bounce as a trend reversal. Watch whether selling on the 15-minute and hourly charts subsides.

DAX — 25,786.63

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

The short-term through hourly readings have deteriorated sharply from strong buying across all timeframes in the previous report. However, moving averages and indicators remain bullish on the daily chart.

For a daily-trend dip-buying setup, wait for the short-term and hourly selling signals to clear.

UK 100 — 10,573.27

All timeframes are strongly bearish.

The strong buying from the 15-minute through daily charts in the previous report has broken down. Moving averages and indicators are aligned to the downside across all timeframes.

Weakness is notable among European indices because the daily chart is also strongly bearish. The bias favors selling rebounds.

CAC 40 — 8,071.37

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

Strong buying on the 15-minute chart and higher has weakened since the previous report. The daily chart remains bullish, but its moving average is neutral while the indicator is strongly bullish.

The short-term downtrend is clear. Anyone considering buying should wait for the hourly chart to improve.

Nikkei 225 — 57,389.00

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

Moving averages and indicators are strongly bearish on both the hourly and daily charts. The 5-minute chart has a buy signal, but the higher-timeframe downtrend remains intact.

As in the previous report, the bias is to focus on selling rebounds.

Relative strength ranking

Strongly bullish across all timeframes

• CHF/JPY

Moving averages and indicators are aligned to the upside across all timeframes.

Bullish from the 15-minute chart upward

• USD/CAD
• USD/JPY

USD/CAD is strongly bullish from the 15-minute through daily charts. USD/JPY is strongly bullish on the 15-minute and hourly charts, and bullish on the daily chart.

Strongly bullish on the hourly and daily charts

• Natural gas

The 15-minute moving average and indicator conflict, so further alignment is needed.

Rebounds against a bearish daily trend

• USD/CHF
• EUR/GBP
• Silver
• Silver futures

The 15-minute and hourly charts show strong buying, while the daily chart is strongly bearish.

Relative weakness ranking

Strongly bearish across all timeframes

• AUD/USD
• NZD/USD
• AUD/JPY
• NZD/JPY
• EUR/CHF
• GBP/CHF
• Dow Jones
• S&P 500
• Nasdaq 100
• UK 100

Moving averages and indicators are aligned to the downside across all timeframes.

Strongly bearish from the 15-minute chart through daily

• EUR/USD
• US wheat

Rebound signals remain on the 5-minute chart, but weakness on the higher timeframes is clear.

Clear selling signals on the hourly and daily charts

• WTI crude oil
• Nikkei 225

If a short-term rebound develops, focus on whether the higher-timeframe selling signals remain in place.

Deep corrections against a bullish daily trend

• GBP/JPY
• DAX
• CAC 40

Do not assume a pullback is a buying opportunity based on the daily chart alone. Wait for the hourly selling signal to clear.

Trading strategy

Setups to prioritize for buying dips

CHF/JPY is aligned to the upside across all timeframes.

USD/CAD is strongly bullish from the 15-minute through daily charts, while USD/JPY is bullish from the 15-minute chart upward. Watch for the 5-minute correction to end and price action to return to the direction of the higher-timeframe signals.

Natural gas is strongly bullish on the hourly and daily charts, but the 15-minute indicator is bearish. Watch for this conflict to resolve.

Setups to prioritize for selling rebounds

AUD/USD, NZD/USD, AUD/JPY, NZD/JPY, EUR/CHF, and GBP/CHF are aligned to the downside from the short-term through daily charts.

The Dow, S&P 500, Nasdaq 100, and UK 100 are strongly bearish across all timeframes. If they rebound, watch whether selling on the 15-minute and hourly charts remains in place.

The higher-timeframe bearish bias also remains important for EUR/USD, US wheat, WTI crude oil, and the Nikkei.

Wait for a buying setup in line with the daily trend

GBP/JPY and the DAX have bullish daily readings, but their hourly charts are strongly bearish.

The CAC 40 also retains a bullish daily reading, though its daily moving average is neutral. Avoid relying on a short-term bounce alone; wait for the 15-minute and hourly charts to improve.

Wait for signals to align

The hourly moving averages and indicators conflict for gold and gold futures. The previous bullish readings have weakened, so wait to see whether buying reasserts itself or selling takes over.

The hourly readings for copper are also divided. AUD/NZD is neutral from the 15-minute through daily charts, leaving little directional alignment.

BTC is strongly bullish in the short term, neutral on the hourly chart, and strongly bearish on the daily chart. Watch whether the short-term rebound extends to the hourly chart.

Key points

Many instruments have seen a sharp breakdown in their previous bullish readings. The changes in AUD/JPY, the Dow, the DAX, and the UK 100 stand out. Rather than treating a pullback as a buying opportunity based on previous strength, assess the current hourly and daily directions.

The Australian and New Zealand dollars are aligned to the downside against both the US dollar and the yen. By contrast, buying signals remain in USD/JPY and CHF/JPY, so yen crosses should not be treated as a single group.

Strong selling has spread across equity indices, but the DAX and CAC 40 retain bullish daily readings. If short-term rebounds develop, it will be important to see whether they also improve the hourly charts.

Natural gas has improved while gold’s bullish signals have weakened. Silver and BTC show short-term rebounds, but their daily charts remain strongly bearish. Assess how far the rebound extends separately from any reversal in the daily trend.