Technical Analysis

October 21, 2026

Overview

The main themes today are strength in sterling and the Australian dollar, BTC’s shift to a buy signal, and improvement in the Dow Jones and European equities.

In FX, GBP/USD and GBP/CHF are strong buy across all timeframes. GBP/JPY is also bullish across all timeframes, confirming sterling’s strength against the U.S. dollar, yen, and Swiss franc. Meanwhile, EUR/GBP is strong sell from the 15-minute chart through the daily chart, reflecting sterling’s continued advantage over the euro.

AUD/USD and AUD/JPY are strong buy from the 15-minute chart through the daily chart. NZD/USD and NZD/JPY have also turned bullish from the short-term charts through the daily chart. However, AUD/NZD has improved to strong buy on the hourly chart, marking a change from the previous one-sided advantage for the New Zealand dollar.

Among the yen crosses, GBP/JPY, AUD/JPY, and NZD/JPY have improved, while CAD/JPY has entered a short-term correction. CHF/JPY is also bearish from the short-term charts through the hourly chart, widening the differences in relative currency strength.

WTI crude remains strong buy across all timeframes. BTC has also turned strong buy across all timeframes. By contrast, natural gas and copper are strong sell across all timeframes. Gold and silver show signs of a rebound on some timeframes, but their daily charts remain weak.

Among equity indices, the Dow Jones and DAX have improved to strong buy across all timeframes. The FTSE 100 is also bullish across all timeframes. However, the Nasdaq 100 remains strong sell across all timeframes, and the Nikkei is also under selling pressure. Equity markets are not moving uniformly in one direction.

Main Changes Since the Previous Report

GBP/USD’s strong sell reading on the 5-minute chart and neutral reading on the 15-minute chart have disappeared. It is now strong buy across all timeframes. GBP/CHF has also cleared its short-term sell readings and is strong buy across all timeframes.

GBP/JPY has improved from strong short-term selling to a bullish reading. AUD/JPY’s hourly reading has changed from sell to strong buy, aligning it with strong buy signals from the 15-minute chart through the daily chart.

CAD/JPY has shifted from strong buy across all timeframes to strong sell on the 5-minute chart and neutral on the 15-minute and hourly charts. The strong daily buy signal remains, but short-term momentum has weakened.

CHF/JPY’s short-term readings have changed from buy to strong sell, while its hourly reading has weakened from neutral to sell. Its daily reading has also shifted from buy to neutral.

AUD/NZD has improved from strong sell to strong buy on the hourly chart and from strong sell to neutral on the daily chart. However, the 5- and 15-minute charts remain bearish, so the timeframes are not aligned.

USD/JPY’s daily reading has changed from strong buy to neutral. The short-term charts are also bearish, while the strong hourly sell signal remains in place.

BTC’s strong selling pressure from the short term through the hourly chart has disappeared, and its daily reading has shifted from sell to strong buy. It is now strong buy across all timeframes.

On gold futures, the 15-minute and hourly readings have improved from strong sell to neutral. Natural gas has moved in the opposite direction: the 5-minute chart has also turned strong sell, aligning all timeframes to the downside.

The Dow Jones and DAX have improved to strong buy across all timeframes. The S&P 500 has shifted to neutral on the hourly and daily charts, while the Nasdaq 100’s strong sell reading across all timeframes remains in place.

FX

EUR/USD — 1.1222

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

Compared with the previous strong sell reading across all timeframes, selling pressure has eased on the short-term charts. However, the 5- and 15-minute charts are conflicted: moving averages indicate sell, while indicators point to buy.

The basic setup is to look for selling on rallies in line with the higher timeframes. Watch whether the short-term rebound extends to the hourly chart or the 15-minute chart turns back to sell.

GBP/USD — 1.3399

The overall reading is strong buy across all timeframes.

Moving averages and indicators are also bullish across the board. The previous short-term correction has ended, bringing the pair back in line with the bullish hourly and daily readings.

The basic setup favors buying dips. Watch whether the strong buy signals on the 15-minute and hourly charts remain intact after a correction.

USD/JPY — 158.13

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

The short-term charts through the hourly chart are bearish. On the daily chart, moving averages indicate sell while indicators point to buy. The previous strong buy signal is no longer in place.

For the short term, focus on selling rallies. The daily chart is neutral, so the next point to watch is whether bearish signals extend to that timeframe.

USD/CHF — 0.8256

The 5- and 15-minute charts are strong buy, the hourly chart is buy, and the daily chart is sell.

The previous strong sell signal on the hourly chart has disappeared, and buying has spread from the short-term charts through the hourly chart. Moving averages and indicators are both bullish on the hourly chart.

Buying is favored in the short term, but the daily chart remains bearish. Distinguish a continuing short-term rebound from a reversal in the daily trend.

AUD/USD — 0.7025

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

Moving averages and indicators are aligned to the upside from the 15-minute chart upward. On the 5-minute chart, moving averages indicate buy while indicators indicate sell, leaving a very short-term correction in place.

This is a potential dip-buying setup. Watch for the 5-minute chart to return to buy while the strong buy readings on the 15-minute chart and above remain intact.

NZD/USD — 0.5687

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

The short-term sell and neutral readings from the previous report have disappeared, bringing all timeframes into bullish territory. However, the daily moving-average reading is neutral, so the daily buy signal is primarily supported by the indicators.

This is a potential dip-buying setup. Watch whether the short-term buy signals hold and the daily moving averages also improve to buy.

USD/CAD — 1.4055

The 5-minute chart is buy; the 15-minute, hourly, and daily charts are strong sell.

The pair is rebounding on the 5-minute chart after the previous across-the-board sell signals. However, moving averages and indicators remain aligned to the downside from the 15-minute chart upward.

The basic setup is to look for selling on rallies. Watch whether the 5-minute buy signal spreads to the 15-minute chart or the rebound fades and selling pressure realigns.

Yen Crosses and Relative Currency Strength

EUR/JPY — 177.44

The 5-minute chart is sell, the 15-minute and hourly charts are strong sell, and the daily chart is sell.

The overall direction is bearish across all timeframes. The daily indicators are neutral, but moving averages are strong sell, so the weakness on the higher timeframe remains.

The basic setup is to look for selling on rallies. Even as GBP/JPY and AUD/JPY improve, EUR/JPY has not aligned to the upside.

GBP/JPY — 211.84

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

The previous strong short-term sell signal has disappeared, bringing all timeframes into bullish alignment. Moving averages and indicators are also bullish across the board.

The basic setup favors buying dips. Among the yen crosses, this pair has one of the clearest directional signals from the short-term charts through the daily chart.

CHF/JPY — 191.54

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

The pair has turned bearish from the short-term charts through the hourly chart. On the daily chart, moving averages indicate sell while indicators show strong buy.

This is a potential short-term sell-on-rallies setup. The daily chart has not confirmed a sell signal, so watch whether the short-term weakness extends to the daily timeframe.

AUD/JPY — 111.10

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

The hourly reading has improved from sell to strong buy, bringing the pair further into alignment with the daily direction. Moving averages and indicators are also bullish from the 15-minute chart upward.

This is a potential dip-buying setup. Watch for the 5-minute correction to end and price action to resume in line with the higher timeframes.

NZD/JPY — 89.93

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

The previous short-term sell readings have disappeared. On the short-term charts through the hourly chart, moving averages and indicators are all aligned to strong buy.

This is a potential dip-buying setup. However, the daily moving-average reading is neutral, so the bullish signals are not yet fully aligned on the daily chart.

CAD/JPY — 112.52

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

The pair has shifted from strong buy across all timeframes to a short-term correction. On the 15-minute chart, moving averages indicate sell while indicators show strong buy; the hourly indicators are also neutral.

This is a potential dip-buying setup in line with the daily trend, but wait for the 15-minute and hourly charts to return to buy.

EUR/GBP — 0.8377

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

As in the previous report, selling pressure is clear from the 15-minute chart upward. The euro’s relative weakness against sterling remains in place.

The basic setup favors selling rallies. If a short-term rebound occurs, watch whether the strong sell readings on the 15-minute and hourly charts remain intact.

AUD/NZD — 1.2354

The 5-minute chart is strong sell, the 15-minute chart is sell, the hourly chart is strong buy, and the daily chart is neutral.

The hourly and daily readings have improved from strong sell in the previous report. However, the daily chart is conflicted: moving averages indicate buy while indicators show strong sell.

The Australian dollar is favored on the hourly chart, but the short-term charts point to a correction. Watch whether the 15-minute chart turns to buy or the hourly buy signal fails.

EUR/CHF — 0.9264

The 5- and 15-minute charts are strong buy, the hourly chart is sell, and the daily chart is strong sell.

The short-term rebound has broadened since the previous report. Moving averages and indicators on the 5- and 15-minute charts are aligned to strong buy, but the hourly chart and above remain bearish.

The basic setup is to look for selling on rallies in line with the higher timeframes. Wait for the strong short-term buy signals to lose momentum before making a decision.

GBP/CHF — 1.1060

The overall reading is strong buy across all timeframes. Moving averages and indicators are also strong buy across the board.

The short-term sell readings from the previous report have disappeared, making this one of the clearest bullish setups in FX today. It reflects sterling’s strength against the Swiss franc.

The basic setup favors buying dips. Watch whether the strong buy signals on the 15-minute and hourly charts remain intact after a short-term correction.

Commodities

Gold Spot (XAU/USD) — 4,120.77

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

Selling pressure has eased on the hourly chart, but the short-term and daily charts remain bearish. On the 15-minute chart, moving averages show strong sell while indicators show strong buy, so the overall and internal readings are not fully aligned.

The daily trend favors selling rallies. Watch whether the hourly chart turns back to sell or the rebound signal on the 15-minute chart spreads to other timeframes.

Gold Futures — 4,138.32

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

Compared with the previous strong sell reading across all timeframes, selling pressure has eased on the 15-minute and hourly charts. However, on both timeframes, moving averages remain bearish and conflict with buy signals from the indicators.

The daily downtrend remains in place. Watch whether the rebound is accompanied by improving moving-average readings or the pair realigns to the downside.

Silver Spot (XAG/USD) — 57.3170

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

Moving averages and indicators are aligned to the downside on the hourly and daily charts. On the 15-minute chart, however, indicators show strong buy, conflicting with the strong sell reading from moving averages.

The basic setup favors selling rallies, but short-term rebound pressure remains. Watch whether the internal readings on the 15-minute chart turn to sell.

Silver Futures — 57.415

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

The hourly chart has shifted from neutral to strong sell. On both the hourly and daily charts, moving averages and indicators are bearish.

The basic setup favors selling rallies. However, the 15-minute indicators show strong buy, so wait for short-term rebound pressure to ease.

WTI Crude — 99.59

The overall reading is strong buy across all timeframes. Moving averages and indicators are also strong buy across the board.

As in the previous report, the bullish readings remain in place from the short-term charts through the daily chart. This is the clearest aligned buy setup among the commodities today.

The basic setup favors buying dips. After a correction, watch whether the strong buy signals on the 15-minute and hourly charts remain intact.

Natural Gas — 2.912

The overall reading is strong sell across all timeframes. Moving averages and indicators are also strong sell across the board.

The 5-minute chart, which was neutral previously, has also turned to sell, aligning the short-term charts through the daily chart to the downside.

The basic setup favors selling rallies. If a short-term rebound occurs, watch whether the strong sell readings on the 15-minute and hourly charts remain in place.

Copper — 6.5420

The overall reading is strong sell across all timeframes.

The previous buy signal on the 5-minute chart has disappeared, bringing it into line with the bearish higher-timeframe readings. Moving averages and indicators are also bearish across the board.

The basic setup favors selling rallies. Along with natural gas, copper is one of the clearest weak commodities today.

U.S. Wheat — 638.25

The 5- and 15-minute charts are neutral; the hourly and daily charts are strong sell.

The previous buy readings on the 15-minute and hourly charts have disappeared, strengthening the higher-timeframe downtrend. Moving averages and indicators are aligned to the downside on both the hourly and daily charts.

The basic setup favors selling rallies. Watch whether the short-term neutral readings improve to buy or align with the hourly sell direction.

BTC/USD — 83,431.0

The overall reading is strong buy across all timeframes.

The previous strong sell readings from the short-term charts through the hourly chart, as well as the daily sell signal, have disappeared. Moving averages and indicators are aligned to the upside across all timeframes.

This is a potential dip-buying setup. After a rebound-related correction, watch whether the strong buy readings on the 15-minute and hourly charts remain intact.

Equity Indices

Dow Jones — 52,495.88

The overall reading is strong buy across all timeframes. Moving averages and indicators are also strong buy across the board.

The previous strong short-term sell reading and neutral hourly reading have disappeared, bringing the index into alignment with the daily trend. Among the major U.S. indices, this is the clearest bullish alignment today.

The basic setup favors buying dips. Its direction differs sharply from the Nasdaq 100, so do not treat U.S. equities as a single market moving in one direction.

S&P 500 — 7,712.57

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

The previous strong sell reading on the hourly chart and sell reading on the daily chart have eased. However, there are still conflicts: on the hourly chart, moving averages indicate sell while indicators indicate buy; on the daily chart, moving averages indicate buy while indicators show strong sell.

Downward momentum has weakened, but a bullish reversal has not been confirmed. Wait for the 15-minute sell signal to clear and the hourly chart to improve to buy.

Nasdaq 100 — 29,490.28

The overall reading is strong sell across all timeframes.

As in the previous report, the short-term charts through the daily chart are bearish. Moving averages and indicators are also aligned to the downside, in sharp contrast to the across-the-board buying in the Dow Jones.

The basic setup favors selling rallies. Do not interpret a short-term rebound as a trend reversal without improvement on the 15-minute and hourly charts.

DAX — 25,440.88

The overall reading is strong buy across all timeframes.

The sell readings from the 15-minute chart upward have disappeared, bringing all timeframes, including the daily chart, into bullish alignment. Moving averages and indicators are also bullish across the board.

The basic setup favors buying dips. Among the major European indices, the DAX stands out for its bullish alignment extending to the higher timeframes.

FTSE 100 — 10,729.25

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

The previous sell signal on the 15-minute chart and strong sell signal on the hourly chart have disappeared. Moving averages and indicators are also bullish across the board, bringing the index further into alignment with the daily direction.

This is a potential dip-buying setup. Watch whether the strong buy signals on the 15-minute and hourly charts remain intact after a short-term correction.

CAC 40 — 7,876.64

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

The strong sell readings on the 15-minute, hourly, and daily charts in the previous report have improved. However, the daily chart remains conflicted: moving averages indicate sell while indicators indicate buy.

This is a short-term dip-buying candidate, but it is not as fully aligned as the DAX or FTSE 100, whose daily charts are also bullish.

Nikkei 225 — 64,696.00

The 5- and 15-minute charts are strong sell, the hourly chart is sell, and the daily chart is strong sell.

The hourly reading has weakened from strong sell to sell, but strong short-term selling remains. Moving averages are strong sell across all timeframes.

The basic setup favors selling rallies. Unlike the Dow Jones and European equities, the Nikkei’s higher-timeframe weakness has not improved.

Strength Rankings

Strong Buy on All Timeframes

• GBP/USD
• GBP/CHF
• BTC/USD
• WTI crude
• Dow Jones
• DAX

Buying is aligned from the short-term charts through the daily chart. GBP/CHF, WTI crude, and the Dow Jones are especially strong, with both moving averages and indicators showing strong buy across all timeframes.

Bullish Across All Timeframes

• GBP/JPY
• NZD/USD
• NZD/JPY
• FTSE 100

The internal readings for GBP/JPY and the FTSE 100 are also bullish across the board. On NZD/USD and NZD/JPY, the daily moving-average readings are neutral, leaving room for further improvement in daily alignment.

Strong Buy from the 15-Minute Chart through the Daily Chart

• AUD/USD
• AUD/JPY

The 5-minute charts are neutral, while buying is clear from the 15-minute chart upward. These are potential dip-buying setups, pending the end of the very short-term correction.

Weakness Rankings

Strong Sell on All Timeframes

• Natural gas
• Copper
• Nasdaq 100

Selling is aligned from the short-term charts through the daily chart. Natural gas is especially weak, with both moving averages and indicators showing strong sell across all timeframes.

Strong Sell from the 15-Minute Chart through the Daily Chart

• EUR/GBP
• USD/CAD
• Spot silver
• Silver futures

Higher-timeframe weakness is clear. However, the 15-minute charts for silver spot and futures show buy signals from indicators, so watch for conflicts in their internal readings.

Bearish on the Hourly and Daily Charts

• EUR/USD
• EUR/JPY
• EUR/CHF
• U.S. wheat
• Nikkei 225

Short-term rebounds or neutral readings may occur, but the hourly and daily charts remain bearish.

Trading Strategy

Prioritize Dip-Buying Setups

The main candidates are GBP/USD, GBP/CHF, BTC, WTI crude, the Dow Jones, and the DAX.

Their overall readings are strong buy across all timeframes, and their internal readings also point higher. After a correction, watch whether the strong buy signals on the 15-minute and hourly charts remain intact and whether the short-term charts turn up again.

GBP/JPY and the FTSE 100 are also bullish across all timeframes and are potential dip-buying candidates.

Buy Candidates Awaiting Very Short-Term Improvement

AUD/USD and AUD/JPY are strong buy from the 15-minute chart upward, but the 5-minute charts are neutral.

Watch for the 5-minute correction to end and price action to resume in line with the higher timeframes. NZD/USD and NZD/JPY are also bullish, with the next point to watch being whether the daily moving averages improve to buy.

Prioritize Selling Rallies

Natural gas, copper, and the Nasdaq 100 are strong sell across all timeframes.

EUR/GBP and USD/CAD also show clear selling pressure from the 15-minute chart upward. These are candidates to watch for a short-term rebound to fade and selling pressure to realign.

For EUR/USD, EUR/JPY, EUR/CHF, and the Nikkei, the higher-timeframe bias remains bearish; monitor the durability of any short-term rebound.

Wait for Timeframes to Align

CAD/JPY has a strong daily buy signal, but the short-term charts through the hourly chart are correcting. Wait for the 15-minute and hourly charts to return to buy.

AUD/NZD is strong buy on the hourly chart, sell on the short-term charts, and neutral on the daily chart. Watch whether the Australian dollar rebound returns to the short-term charts or the hourly buy signal fails.

The S&P 500 is neutral on several timeframes, so wait for it to align either to the upside or downside. Gold is also neutral on the hourly chart; the key question is how far a rebound against the daily downtrend can extend.

Key Points

Sterling’s strength is particularly clear today. GBP/USD, GBP/JPY, and GBP/CHF are bullish, while EUR/GBP is strong sell on the higher timeframes. If holding several sterling-buy positions at once, keep in mind that exposure to the same currency can overlap.

Among the yen crosses, GBP/JPY, AUD/JPY, and NZD/JPY have improved, while CAD/JPY and CHF/JPY have weakened in the short term. Rather than continuing to prioritize the pairs that were strongest previously, assess the latest changes in the hourly and short-term charts.

The Dow Jones, DAX, and FTSE 100 show clear buying, while the Nasdaq 100 and Nikkei remain bearish. Since the indices are moving in different directions, assess each market on its own signals instead of treating U.S., European, or Japanese equities as a single group.

BTC has turned bullish across all timeframes, while gold and silver remain weak on the daily chart. Alongside buying in crude and selling in natural gas and copper, today’s market favors assessing alignment in each instrument rather than assuming a common direction across asset classes.