Technical Analysis — November 12, 2026

Overview

Today’s main themes are the rise in USD/JPY alongside weaker short-term momentum, bearish reversals in gold, silver, and oil, and strength in European equities.

USD/JPY rose from 158.91 in the previous report to 159.72. The daily chart remains a strong buy, but the 15-minute and hourly charts are neutral. USD/CHF also remains a strong buy on the daily chart, while its 5-minute and 15-minute charts have turned to strong sell. The daily dollar-buying trend remains intact, but short-term signals have lost alignment. Among the major dollar pairs, USD/CAD is relatively clear, with strong buys on both the hourly and daily charts.

In commodities, spot gold and gold futures are strong sells on the daily chart, while silver futures, copper, and WTI crude are strong sells across all timeframes. The rebounds in silver and oil, which had shown hourly buy signals in the previous report, have broken down. Natural gas remains a strong buy from the 15-minute chart through the daily chart.

Among stock indices, the DAX, FTSE 100, and CAC 40 are strong buys across all timeframes. The Dow’s daily signal has also improved from neutral to strong buy. By contrast, the Nikkei’s previous short-term rebound has broken down, with sell signals aligned from the 15-minute chart through the daily chart.

Main Changes Since the Previous Report

• USD/JPY rose in price, but its 15-minute and hourly signals shifted from strong buy to neutral. USD/CHF remains a strong buy on the daily chart, while its short-term charts have reversed to strong sell.
• EUR/USD improved from strong sell across all timeframes to strong buy on the 5-minute and 15-minute charts. The daily chart remains a strong sell. EUR/JPY also reversed from strong sell to strong buy from the 5-minute chart through the hourly chart.
• Spot gold fell from 4,049.31 to 3,943.36, and its daily signal shifted from neutral to strong sell. The hourly signals for spot silver and silver futures changed from strong buy to strong sell.
• WTI crude fell from 86.78 to 86.09. Its strong buy signals from the 5-minute chart through the hourly chart all turned to strong sell, aligning with the daily chart.
• The three European indices recovered from their previous short-term corrections and returned to buy signals. The Nikkei fell from 61,316.00 to 60,816.00, with the 15-minute chart shifting from strong buy to strong sell and the hourly chart from strong buy to sell.

FX Market

EUR/USD — 1.1093

The 5-minute and 15-minute charts are strong buys, the hourly chart is neutral, and the daily chart is a strong sell. On the hourly chart, the moving average is a sell while the indicator is a strong buy. The key question is whether the short-term rebound can improve the hourly moving average as well.

GBP/USD — 1.3269

The 5-minute chart is a strong sell, the 15-minute and hourly charts are neutral, and the daily chart is a strong sell. Indicators on the 15-minute and hourly charts have returned to buy territory, but both moving averages remain bearish. If considering a sell into a rally, watch whether the 15-minute buy signal weakens and the overall signal returns to the daily chart’s sell direction.

USD/JPY — 159.72

The 5-minute chart is a strong buy, the 15-minute and hourly charts are neutral, and the daily chart is a strong buy. Moving averages on the 15-minute and hourly charts are buys, but the indicators point lower. With the pair near levels where 160 is in focus, watch whether buying on the 5-minute chart extends to the 15-minute and hourly charts.

USD/CHF — 0.8320

The 5-minute and 15-minute charts are strong sells, the hourly chart is neutral, and the daily chart is a strong buy. The daily moving average and indicator are aligned in strong buy territory, but on the hourly chart the moving average is a buy while the indicator is a strong sell. If looking for a pullback buy in line with the daily trend, first wait for selling pressure on the 15-minute chart to ease.

AUD/USD — 0.6827

The 5-minute chart is neutral, the 15-minute chart is a sell, and the hourly and daily charts are strong sells. A buy signal appears in the 5-minute indicator, but both moving averages and indicators on the hourly and daily charts are strong sells. If the 15-minute chart remains bearish during a short-term rebound, the pair remains a candidate for selling into rallies.

NZD/USD — 0.5559

The 5-minute and 15-minute charts are neutral, while the hourly and daily charts are strong sells. Short-term indicators have improved to buy, but the hourly moving average is a sell, and both the daily moving average and indicator are strong sells. Watch whether the short-term rebound extends to the hourly chart.

USD/CAD — 1.4255

The 5-minute, hourly, and daily charts are strong buys; the 15-minute chart is neutral. On the 15-minute chart, the moving average is a strong buy while the indicator is a strong sell. For a pullback setup, watch whether the 15-minute indicator improves while the hourly and daily buy signals hold.

Cross-Yen Pairs and Relative Currency Strength

EUR/JPY — 177.19

Strong buy from the 5-minute chart through the hourly chart; neutral on the daily chart. On the hourly chart, which was a strong sell previously, moving averages and indicators are now aligned in buy territory. The daily moving average remains a sell, so it remains to be seen whether the hourly rebound can extend to the daily chart.

GBP/JPY — 211.94

The 5-minute chart is a strong sell, the 15-minute chart is neutral, the hourly chart is a sell, and the daily chart is a buy. The daily chart has improved from neutral, but both the hourly moving average and indicator remain sells. For a pullback buy in line with the daily direction, the key is whether selling pressure on the hourly chart eases.

CHF/JPY — 191.99

The 5-minute and 15-minute charts are strong buys, the hourly chart is a buy, and the daily chart is a sell. The short-term charts have reversed from strong sells across all timeframes in the previous report, but the hourly moving average is neutral. Both the daily moving average and indicator remain sells, so for now this looks like a short-term rebound.

AUD/JPY — 109.03

The 5-minute chart is neutral, the 15-minute chart is a sell, and the hourly and daily charts are strong sells. The 5-minute indicator shows a strong buy, but the moving average is a sell. The hourly and daily charts are aligned in sell territory, indicating continued Australian dollar weakness on the higher timeframes, as in AUD/USD.

NZD/JPY — 88.80

The 5-minute and 15-minute charts are strong buys, while the hourly and daily charts are sells. The short-term charts have rebounded since the previous report, but the hourly indicator is a strong sell. The focus is whether the 15-minute buy extends to the hourly chart or is pushed back by the daily sell direction.

CAD/JPY — 112.06

The 5-minute chart is a buy, the 15-minute chart is a sell, and the hourly and daily charts are strong sells. The price is higher than in the previous report, but the hourly and daily sell signals remain. Give more weight to the weakness on the higher timeframes until the 5-minute rebound extends to the 15-minute chart.

EUR/GBP — 0.8361

Strong buy from the 5-minute chart through the hourly chart; sell on the daily chart. Moving averages and indicators are aligned in strong buy territory from the short-term charts through the hourly chart. The euro is stronger against the pound in the short term, but both the daily moving average and indicator remain sells.

AUD/NZD — 1.2279

The 5-minute chart is a sell, while the 15-minute chart through the daily chart are strong sells. The previous strong buys from the short-term charts through the hourly chart have broken down, aligning with the daily sell direction. Both the Australian and New Zealand dollars are weak against the US dollar, but in this pair the Australian dollar is weaker.

EUR/CHF — 0.9229

The 5-minute chart is a sell, the 15-minute chart is a buy, and the hourly and daily charts are neutral. On the hourly chart, the moving average is a buy while the indicator is a sell; the previous strong buy has disappeared. Short-term signals are also mixed, so wait for the hourly chart to show a clearer direction.

GBP/CHF — 1.1040

The 5-minute and 15-minute charts are strong sells, the hourly chart is a sell, and the daily chart is a strong buy. The pair has turned lower through the hourly chart after being a strong buy across all timeframes in the previous report. For a trade in line with the daily buy, watch whether selling eases on the hourly chart as well as the 15-minute chart.

Commodities

Gold — 3,943.36

The 5-minute chart is a buy, while the 15-minute chart through the daily chart are strong sells. The 5-minute indicator is a strong buy, but the moving average is neutral. Both moving averages and indicators on the hourly and daily charts are strong sells, leaving the current buy signal limited to a 5-minute rebound.

Gold Futures — 3,947.52

The 5-minute chart is a buy, while the 15-minute chart through the daily chart are strong sells. The hourly indicator, which was a strong buy in the previous report, has also turned to strong sell. The overall signal now aligns with spot gold, and the 15-minute chart is the first timeframe to watch when assessing the strength of any rebound.

Silver — 51.1215

The 5-minute chart is neutral, while the 15-minute chart through the daily chart are strong sells. The previous strong hourly buy has broken down, with both moving averages and indicators on the hourly and daily charts now strong sells. The buy signal on the 5-minute indicator alone is not enough to suggest that a rebound is broadening.

Silver Futures — 51.110

Strong sell across all timeframes. The 5-minute and 15-minute charts, which were neutral previously, have also turned lower, bringing the short-term signals into alignment with spot silver. Both moving averages and indicators on the hourly and daily charts are strong sells.

Copper — 6.2123

Strong sell across all timeframes. The hourly chart, which was neutral previously, has returned to sell territory. Moving averages and indicators are all aligned in strong sell territory. Copper has one of the clearest bearish alignments in the commodity group.

WTI Crude — 86.09

Strong sell across all timeframes. The previous short-term rebound has broken down, and moving averages are strong sells across all timeframes. If the price rebounds, the pair remains a candidate for selling into rallies as long as the 15-minute and hourly charts stay bearish.

Natural Gas — 3.293

The 5-minute chart is a buy, while the 15-minute chart through the daily chart are strong buys. The price has fallen from 3.325 in the previous report, but both moving averages and indicators on the hourly and daily charts remain strong buys. Unlike crude, natural gas retains a bullish direction. On a pullback, watch whether buy signals hold from the 15-minute chart upward.

US Wheat — 596.60

The 5-minute and 15-minute charts are strong sells, the hourly chart is a sell, and the daily chart is a strong sell. The strong buys on the 15-minute and hourly charts in the previous report have disappeared. The hourly moving average and indicator are both sells, suggesting the short-term rebound has run its course.

BTC/USD — 73,449.0

The 5-minute chart is a sell, while the 15-minute chart through the daily chart are strong sells. The hourly chart, which was neutral previously, has turned to strong sell, with moving averages and indicators aligned from the 15-minute chart upward. Even if the 5-minute sell signal eases somewhat, give priority to the higher-timeframe selling until the hourly chart improves.

Stock Indices

Dow Jones — 52,486.49

The 5-minute chart is a sell, while the 15-minute chart through the daily chart are strong buys. The daily signal has improved from neutral to strong buy. The 5-minute indicator is a strong sell, so watch whether the 15-minute buy holds to confirm a pullback opportunity.

S&P 500 — 7,619.38

The 5-minute chart is a strong sell, the 15-minute chart is neutral, the hourly chart is a strong buy, and the daily chart is neutral. The daily chart has improved from strong sell, but the moving average is a buy while the indicator is a sell. Watch whether the hourly buy continues and the 15-minute chart turns back to buy.

Nasdaq 100 — 28,374.25

The 5-minute chart is a strong sell, the 15-minute chart is neutral, the hourly chart is a buy, and the daily chart is neutral. The hourly and daily charts have improved since the previous report, but the hourly moving average remains neutral. Compared with the S&P 500, the hourly buy signal is weaker. The key question is whether the short-term correction extends to the hourly chart.

DAX — 26,970.84

Strong buy across all timeframes. The 5-minute chart, which was a sell previously, has turned to buy, and both the daily moving average and indicator remain strong buys. Watch whether the 15-minute and hourly buy signals hold after a short-term correction.

FTSE 100 — 10,874.36

Strong buy across all timeframes. The 5-minute chart was a strong sell and the 15-minute chart neutral previously, but moving averages and indicators are now aligned in strong buy territory across all timeframes. This is the clearest bullish alignment among today’s stock indices.

CAC 40 — 8,396.80

Strong buy across all timeframes. The weaker 5-minute and 15-minute signals have improved, while the hourly and daily moving averages and indicators are all strong buys. Alongside the DAX and FTSE 100, it remains a candidate for buying pullbacks in line with the daily trend.

Nikkei 225 — 60,816.00

The 5-minute chart is neutral, the 15-minute chart is a strong sell, and the hourly and daily charts are sells. The previous buy signals through the hourly chart have broken down, aligning the 15-minute chart through the daily chart in sell territory. The 5-minute indicator is a buy, but first watch whether the 15-minute selling pressure eases.

Strength Rankings

Strong Buy Across All Timeframes

• FTSE 100
• DAX
• CAC 40

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

• Natural gas
• Dow Jones

Strong Buy on the Hourly and Daily Charts

• USD/CAD

Weakness Rankings

Strong Sell Across All Timeframes

• Copper
• Silver futures
• WTI crude

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

• Spot gold
• Gold futures
• Spot silver
• BTC/USD
• AUD/NZD

Strong Sell on the Hourly and Daily Charts

• AUD/USD
• NZD/USD
• AUD/JPY
• CAD/JPY

Trading Strategy

Pullback-Buy Candidates

The FTSE 100, DAX, and CAC 40 are aligned in buy territory through the daily chart. Natural gas is a strong buy from the 15-minute chart upward, and the Dow has a clear higher-timeframe buy signal despite a sell on the 5-minute chart. Among FX pairs, USD/CAD stands out. The key confirmation is whether the 15-minute chart can recover from neutral to buy while the hourly and daily strong buys hold.

Sell-Into-Rallies Candidates

Copper, silver futures, and WTI crude are strong sells across all timeframes. Gold has a buy signal on the 5-minute chart, so watch whether that short-term rebound fades and selling persists on the 15-minute chart. In FX, the short-term rebound in AUD/NZD has broken down, bringing it back into alignment with the daily sell. When also considering AUD/USD and AUD/JPY, keep in mind that the trades would add to Australian dollar selling exposure.

Pairs with Diverging Short-Term and Daily Signals

USD/JPY and USD/CHF are strong buys on the daily chart, but their 15-minute and hourly signals are not aligned. EUR/USD shows the opposite pattern, with short-term buys against a strong daily sell. Avoid relying on the 5-minute chart alone; watch whether the 15-minute and hourly signals return to the direction of the daily chart.

Key Points to Watch

USD/JPY has risen into the upper 159s, but short-term momentum has weakened compared with the previous report. As the pair tests 160, the key is whether the price rise is supported by buy signals on the 15-minute and hourly charts.

In commodities, watch whether gold’s 5-minute rebound extends to the 15-minute chart and whether WTI crude and silver retain their hourly sell signals. In stock indices, the contrast between European equities, which are strong buys through the daily chart, and the Nikkei, which is aligned in sell territory from the 15-minute chart through the daily chart, is the clearest divergence today.