📊 Technical Analysis – July 2, 2026
■ Market Overview
The market is showing signs of a short-term correction within the broader U.S. dollar uptrend.
The euro, British pound, silver, and Bitcoin are experiencing short-covering rallies, while USD/JPY and the yen crosses have entered a short-term consolidation phase following recent gains.
However, on the daily timeframe, the broader bullish trend for the U.S. dollar remains intact. Both USD/JPY and USD/CHF continue to maintain strong long-term uptrends.
Meanwhile, crude oil and the Australian and New Zealand dollar complexes remain under pressure, with commodity-related markets continuing to trade weak.
Equity markets are also diverging. U.S. indices are undergoing short-term consolidation, whereas European equities (DAX, FTSE 100, and CAC 40) continue to post strong bullish signals across all major timeframes.
■ Currency Markets
U.S. Dollar (USD)
Although the dollar is experiencing some short-term profit-taking, it remains the strongest major currency from a medium- to long-term perspective.
USD/JPY
Trading in the 162 area.
Short-term momentum has weakened as the pair consolidates, but the daily chart continues to show a strong bullish trend.
USD/CHF
The pair has softened on the intraday timeframes, but the daily trend remains firmly bullish, confirming that the broader dollar uptrend is still intact.
Euro (EUR)
EUR/USD
Strong buying signals have appeared on the short-term and hourly charts as the pair rebounds from oversold conditions.
However, the daily trend remains bearish, suggesting that rallies should still be viewed primarily as selling opportunities within the broader downtrend.
EUR/JPY / EUR/CHF
Both pairs remain weak on the hourly and daily charts, indicating that the euro continues to underperform over the medium term.
British Pound (GBP)
GBP/USD
The pair is showing strong buying momentum through the hourly timeframe, reflecting a short-term recovery.
GBP/JPY
Short-term charts remain under pressure, but the daily trend continues to favor the upside.
Australian & New Zealand Dollars
AUD/USD / NZD/USD
Both pairs remain in strong daily downtrends.
AUD/JPY / NZD/JPY
Selling pressure dominates across all timeframes, making them among the weakest currency pairs in the current market.
■ Commodities
Gold
Gold has recovered modestly in the short term, but the hourly and daily trends remain inconsistent.
The daily chart continues to signal a strong downtrend, suggesting the current rally is likely corrective rather than the beginning of a new bullish trend.
Silver
Silver has generated strong buying signals on the short-term and hourly charts.
However, the daily chart remains bearish, indicating that this is also a medium-term rebound within a broader downtrend.
Crude Oil (WTI)
Crude oil remains under heavy selling pressure across all timeframes and continues to rank among the weakest markets.
Natural Gas
Natural gas is also showing bearish signals across all major timeframes, confirming continued weakness throughout the energy sector.
Bitcoin
Bitcoin has posted strong short-term buying signals.
Nevertheless, the daily trend remains bearish, suggesting the current strength is still a corrective rally within a broader downtrend.
■ Equity Markets
U.S. Equities
The Dow Jones, S&P 500, and NASDAQ 100 are undergoing short-term consolidation.
However, all three continue to maintain bullish daily trends.
European Equities
The DAX, FTSE 100, and CAC 40 all remain in strong uptrends across every major timeframe.
They currently represent the strongest group among the world’s major equity markets.
Japanese Equities
The Nikkei 225 has shifted into a strong bearish phase across all timeframes, with both short- and medium-term momentum weakening noticeably.
■ Strength Rankings
S-Rank
- DAX
- FTSE 100
- CAC 40
A-Rank
- EUR/USD (Short-Term)
- GBP/USD
- Silver
- Bitcoin (Short-Term)
B-Rank
- Gold (Hourly)
- S&P 500 (Daily)
- Dow Jones (Daily)
- NASDAQ 100 (Daily)
■ Weakness Rankings
S-Rank
- WTI Crude Oil
- Natural Gas
- AUD/JPY
- NZD/JPY
A-Rank
- CAD/JPY
- CHF/JPY
- AUD/USD
- NZD/USD
B-Rank
- USD/JPY (Short-Term)
- USD/CHF (Hourly)
- EUR/JPY
- EUR/CHF
■ Current Market Themes
Leading Markets
- European equities continue to outperform global markets.
- The U.S. dollar is experiencing a healthy short-term correction within its broader uptrend.
Weak Markets
- Energy markets remain broadly bearish.
- Australian and New Zealand dollar pairs continue to underperform.
- Dollar-based currency pairs are experiencing short-term rebounds against the broader dollar trend.
■ Trading Outlook
Bullish Bias
- Buy pullbacks in the DAX, FTSE 100, and CAC 40.
- EUR/USD and GBP/USD may continue to recover in the short term, although medium-term rallies should be viewed cautiously.
Bearish Bias
- Favor selling rallies in AUD/JPY, NZD/JPY, and WTI Crude Oil.
- Wait for USD/JPY to complete its short-term correction before looking for opportunities to rejoin the broader daily uptrend.
■ Summary
The current market environment is characterized by three dominant themes:
- Strong European equity markets
- A temporary correction within the broader U.S. dollar uptrend
- Continued weakness across commodity and energy markets
Although short-term dollar selling and euro buying are visible, the medium- and long-term trend has not materially changed.
At present, the strongest themes remain the continued outperformance of European equities and the persistent weakness across the commodity and energy sectors.
