Technical Analysis
November 10, 2026
Overview
Today’s key themes are the bullish reversal in USD/JPY, weakness in the Australian dollar and precious metals, and the divergence between European and US equities on the daily charts.
USD/JPY has turned strongly bullish from the 5-minute through daily charts, reversing the previous short-term selling. USD/CAD is also strongly bullish from the 15-minute through daily charts. By contrast, USD/CHF is strongly bullish through the hourly chart but bearish on the daily chart, showing that dollar strength varies by currency pair.
AUD/USD and AUD/JPY are strongly bearish across all timeframes. AUD/NZD is also strongly bearish on the hourly and daily charts, indicating continued relative weakness in the Australian dollar.
In commodities, gold’s hourly chart has turned strongly bearish, while silver and copper are strongly bearish across all timeframes. Natural gas stands out in the commodity market, with moving averages and indicators all strongly bullish.
Among equity indices, the DAX and CAC 40 are strongly bullish across all timeframes. The three major US indices and the Nikkei have improved on the hourly chart, but the daily charts for the S&P 500, Nasdaq 100, and Nikkei remain strongly bearish.
Main changes from the previous report
- USD/JPY has shifted from strong selling to strong buying from the 5-minute through hourly charts. Its daily chart has also improved from neutral to strongly bullish. On USD/CAD, the 15-minute and hourly charts have turned bullish, aligning with the strongly bullish daily chart.
- Short-term buying in AUD/USD and AUD/JPY has disappeared, leaving both strongly bearish across all timeframes. CHF/JPY has also turned strongly bearish from the 5-minute through hourly charts, although the daily chart remains bullish.
- Spot gold and gold futures have deteriorated from bullish to strongly bearish on the hourly chart and from bullish to neutral on the daily chart. Spot silver, silver futures, and copper have aligned with the daily strong-selling trend, including on the short-term charts.
- WTI crude fell from 90.37 in the previous report to 84.98, and the hourly chart turned from neutral to strongly bearish. Natural gas rose from 3.034 to 3.242 and remains strongly bullish across all timeframes.
- The hourly charts for the three major US indices improved from strong selling to bullish readings. The Nikkei also rose from 58,874.00 to 60,396.00, with the 15-minute and hourly charts turning strongly bullish. The daily strong-selling signal remains unchanged.
FX market
EUR/USD — 1.1224
The 5-minute chart is bearish, the 15-minute chart is strongly bearish, the hourly chart is bullish, and the daily chart is neutral. Moving averages and indicators are aligned to the upside on the hourly chart, but selling dominates the short-term charts. Watch whether the 15-minute chart returns to neutral or the hourly buying signal breaks down.
GBP/USD — 1.3429
The 5-minute chart is neutral, the 15-minute and hourly charts are strongly bearish, and the daily chart is strongly bullish. The pair was strongly bullish across all timeframes in the previous report, but selling has now extended through the hourly chart. For a long setup in line with the daily trend, first watch whether selling on the 15-minute chart weakens and the hourly chart returns to neutral.
USD/JPY — 158.11
All timeframes are strongly bullish. On the daily chart, moving averages are bullish and indicators are strongly bullish, aligning the short-term and daily directions. For a dip-buying setup, watch whether the strong buying on the 15-minute and hourly charts holds through any 5-minute correction.
USD/CHF — 0.8206
The pair is strongly bullish from the 5-minute through hourly charts, while the daily chart is bearish. The short-term readings have improved significantly from strong selling across all timeframes in the previous report. On the daily chart, the moving average is neutral and the indicator is strongly bearish. The key question is whether buying through the hourly chart extends to the daily timeframe.
AUD/USD — 0.6911
All timeframes are strongly bearish. The quoted price is higher than in the previous report, but the short-term through hourly readings have turned from buying to selling. Moving averages are strongly bearish across all timeframes, making this a clear candidate for selling rebounds.
NZD/USD — 0.5632
The 5-minute chart is bearish, the 15-minute chart is strongly bearish, and the hourly and daily charts are neutral. The daily chart has improved from strong selling to neutral, but short-term buying has disappeared. The hourly moving average is bullish; watch whether selling on the 15-minute chart extends to the hourly chart.
USD/CAD — 1.4131
The 5-minute chart is neutral. The 15-minute, hourly, and daily charts are strongly bullish. On the 5-minute chart, the moving average is bullish while the indicator is bearish. If buying on the 15-minute and hourly charts holds after a short-term correction, the pair remains a candidate for buying dips.
Yen crosses and relative currency strength
EUR/JPY — 177.46
The 5-minute and 15-minute charts are neutral, the hourly chart is strongly bullish, and the daily chart is bullish. The daily reading has improved from bearish in the previous report. However, the short-term moving averages are bullish while the indicators are bearish, so the signals are not aligned. Watch whether the 15-minute chart turns back in line with the hourly buying signal.
GBP/JPY — 212.33
The 5-minute chart is bullish, the 15-minute chart is neutral, the hourly chart is bullish, and the daily chart is strongly bullish. The daily strength remains, but on the 15-minute chart the moving average is bullish while the indicator is strongly bearish. Watch whether the 15-minute indicator improves while the hourly buying signal holds.
CHF/JPY — 192.66
The pair is strongly bearish from the 5-minute through hourly charts, while the daily chart is bullish. The short-term through hourly charts have turned from bullish readings in the previous report to aligned selling. On the daily chart, the moving average is neutral, while the strongly bullish indicator provides support. Before treating this as a dip-buying opportunity, watch whether selling on the hourly chart weakens.
AUD/JPY — 109.26
All timeframes are strongly bearish. Short-term buying has disappeared, and moving averages and indicators are both strongly bearish on the hourly and daily charts. While USD/JPY is strongly bullish across all timeframes, AUD/JPY has the opposite signals. Rather than treating all yen pairs alike, focus on the Australian dollar’s own weakness.
NZD/JPY — 89.03
The 5-minute and 15-minute charts are neutral, the hourly chart is strongly bullish, and the daily chart is bearish. Buying remains on the hourly chart, but on the 15-minute chart the moving average is bullish while the indicator is strongly bearish. Watch whether the hourly rebound extends to the shorter timeframes or the pair turns back in line with the daily selling signal.
CAD/JPY — 111.88
The 5-minute chart is strongly bullish, the 15-minute chart is bearish, the hourly chart is neutral, and the daily chart is strongly bearish. On the hourly chart, the moving average is strongly bearish while the indicator is bullish. Watch whether the 5-minute rebound extends to the 15-minute chart.
EUR/GBP — 0.8357
The 5-minute chart is neutral, the 15-minute and hourly charts are strongly bullish, and the daily chart is bearish. The hourly chart has improved from neutral in the previous report, but both the daily moving average and indicator remain bearish. For now, the euro’s relative strength against the pound is evident on the 15-minute and hourly charts.
AUD/NZD — 1.2272
The 5-minute, hourly, and daily charts are strongly bearish; the 15-minute chart is neutral. On the 15-minute chart, the moving average is strongly bearish while the indicator is bullish. The Australian dollar remains weak against the New Zealand dollar on the hourly and daily charts. Watch whether the 15-minute chart turns lower again.
EUR/CHF — 0.9210
The pair is strongly bullish from the 5-minute through hourly charts, while the daily chart is bearish. Moving averages and indicators are strongly bullish on the hourly chart. The short-term rebound is clear; next, watch whether the daily moving average and indicator improve from their current bearish readings.
GBP/CHF — 1.1021
All timeframes are strongly bullish. The daily chart has turned from bearish in the previous report to strongly bullish, with moving averages and indicators all pointing higher. This is one of the clearest directional setups among the crosses. Watch whether hourly buying holds after any short-term correction.
Commodities
Gold — 4,076.88
The pair is strongly bearish from the 5-minute through hourly charts, while the daily chart is neutral. On the daily chart, the moving average is bearish and the indicator is strongly bullish, leaving conflicting signals. Moving averages and indicators are both strongly bearish through the hourly chart. Before assessing a rebound, look for improvement on the 15-minute and hourly charts.
Gold futures — 4,085.20
The pair is strongly bearish from the 5-minute through hourly charts, while the daily chart is neutral. The readings match spot gold: the hourly and daily buying signals from the previous report have disappeared. Strong buying remains in the daily indicator, so watch whether hourly selling persists.
Silver — 52.4045
All timeframes are strongly bearish. The previous buying signals from the short-term through hourly charts have disappeared, and indicators are now strongly bearish across all timeframes. Selling is more clearly aligned than in gold, whose daily chart is neutral.
Silver futures — 52.435
All timeframes are strongly bearish. Moving averages and indicators are both strongly bearish from the 5-minute through hourly charts, and the daily chart is also aligned to the downside. If the price rebounds in the short term, watch whether selling on the hourly chart remains in place.
WTI crude oil — 84.98
The 5-minute and 15-minute charts are neutral, while the hourly and daily charts are strongly bearish. Short-term indicators are bullish, but moving averages remain bearish. The key is whether a short-term rebound improves the hourly chart or the 15-minute chart turns lower again.
Natural gas — 3.242
All timeframes are strongly bullish. Moving averages and indicators are strongly bullish across the board. This is the clearest bullish setup in today’s commodity market. If a correction develops, watch whether strong buying holds on the 15-minute and hourly charts.
Copper — 6.3085
All timeframes are strongly bearish. The hourly chart was strongly bullish in the previous report, but moving averages and indicators are now strongly bearish across all timeframes. Copper has seen one of the largest changes in its technical readings among commodities.
US wheat — 589.40
All timeframes are strongly bearish. The 15-minute chart, which was neutral in the previous report, has turned strongly bearish, and moving averages are strongly bearish across all timeframes. Watch whether a short-term rebound can change the hourly reading.
BTC/USD — 74,277.0
All timeframes are strongly bearish. The quoted price is above the previous level of 74,164.0, but moving averages and indicators remain strongly bearish across all timeframes. To assess whether the rebound is broadening, first watch whether selling on the 15-minute chart weakens.
Equity indices
Dow Jones — 52,389.75
The 5-minute chart is strongly bearish, the 15-minute chart is bullish, the hourly chart is strongly bullish, and the daily chart is neutral. This is an improvement from strong selling across all timeframes in the previous report. On the daily chart, the moving average is strongly bullish while the indicator is bearish. Watch whether hourly buying continues.
S&P 500 — 7,549.94
The 5-minute chart is strongly bearish, the 15-minute chart is neutral, the hourly chart is strongly bullish, and the daily chart is strongly bearish. Moving averages and indicators are aligned to the upside on the hourly chart, but daily weakness persists. The key is whether the 15-minute chart turns bullish and supports the hourly rebound.
Nasdaq 100 — 27,907.63
The 5-minute chart is neutral, the 15-minute chart is strongly bullish, the hourly chart is bullish, and the daily chart is strongly bearish. The hourly indicator is strongly bullish, but the moving average is neutral. To assess whether the short-term rebound can continue, watch whether the hourly moving average also turns bullish.
DAX — 26,580.45
All timeframes are strongly bullish. The 5-minute chart, which was neutral in the previous report, has improved, and moving averages and indicators are strongly bullish across all timeframes. This is a clear dip-buying candidate among European indices.
UK 100 — 10,813.76
The 5-minute chart is neutral, the 15-minute chart is bullish, and the hourly and daily charts are strongly bullish. Short-term readings have weakened somewhat from the previous report, but the strong hourly and daily buying signals remain. Watch whether the 5-minute selling indicator weakens and the 15-minute buying signal holds.
CAC 40 — 8,324.76
All timeframes are strongly bullish. The 5-minute chart has improved from bullish to strongly bullish, and moving averages and indicators are aligned across all timeframes. Like the DAX, the CAC 40 shows clear buying strength from the short-term through daily charts.
Nikkei 225 — 60,396.00
The 5-minute chart is bullish, the 15-minute and hourly charts are strongly bullish, and the daily chart is strongly bearish. Buying has extended to the hourly chart, which was neutral in the previous report. Moving averages and indicators remain bearish on the daily chart, so assess whether the short-term rebound continues by focusing on the 15-minute and hourly buying signals.
Relative strength ranking
Strongly bullish across all timeframes
- Natural gas, DAX, CAC 40
- USD/JPY, GBP/CHF
For natural gas, the DAX, and the CAC 40, moving averages and indicators are strongly bullish across all timeframes, matching the overall readings.
Bullish on the higher timeframes
- USD/CAD: strongly bullish from the 15-minute through daily charts
- UK 100: bullish on the 15-minute chart and strongly bullish on the hourly and daily charts
- EUR/JPY and GBP/JPY: bullish on the hourly and daily charts
Relative weakness ranking
Strongly bearish across all timeframes
- AUD/USD, AUD/JPY
- Silver, silver futures, copper, US wheat, BTC/USD
Copper and BTC/USD are especially weak, with moving averages and indicators strongly bearish across all timeframes.
Strongly bearish on the hourly and daily charts
- WTI crude oil, AUD/NZD
Spot gold and gold futures are also strongly bearish through the hourly chart, but their daily charts are neutral. CHF/JPY is strongly bearish through the hourly chart, while its daily chart retains a bullish reading.
Trading strategy
Setups to prioritize for buying dips
USD/JPY, GBP/CHF, natural gas, the DAX, and the CAC 40 are strongly bullish across all timeframes. If a short-term correction develops, watch whether the 15-minute and hourly charts remain bullish. USD/CAD and the UK 100 have neutral 5-minute readings, so check whether their short-term charts return to the direction of the higher-timeframe buying signals.
Setups to prioritize for selling rallies
AUD/USD, AUD/JPY, silver, copper, US wheat, and BTC/USD are aligned to the downside across all timeframes. WTI crude and AUD/NZD have neutral readings on some short-term charts. For these, watch whether the 15-minute chart turns lower again while the hourly and daily selling signals remain in place.
Instruments to treat as short-term rebounds
The S&P 500, Nasdaq 100, and Nikkei have bullish hourly readings, but their daily charts remain strongly bearish. While hourly buying holds, the rebound may continue; if the hourly chart returns to neutral or turns lower, daily weakness may come back into focus. USD/CHF and EUR/CHF also require a distinction between buying through the hourly chart and selling on the daily chart.
Key points
USD/JPY buying and AUD/JPY selling are aligned at the same time. This difference cannot be explained by the yen’s direction alone. Whether selling in AUD/USD and AUD/NZD continues will help gauge the Australian dollar’s weakness.
For equity indices, the DAX and CAC 40 are aligned to the upside through the daily charts, while the S&P 500, Nasdaq 100, and Nikkei retain strong daily selling signals. The key for US equities and the Nikkei is whether hourly improvement extends to the daily charts.
In commodities, natural gas is clearly bullish, while silver and copper are clearly bearish. Gold’s daily chart is neutral, and WTI crude’s short-term charts are neutral. Watch which timeframes align next.
