📊 Technical Analysis – January 22, 2026
— “The dollar selling bias remains intact, the euro and commodity currencies stay firm at high levels, and gold is strong even on pullbacks”
🌍 Market Power Structure
| Asset | Status |
|---|---|
| USD | ❌ Structural downtrend |
| EUR | 🟢 Leading-level strength |
| AUD / NZD | 🟢 Super-bullish zone |
| JPY | ⚠ Short-term corrections, but overall weak-yen bias |
| GOLD | 🔥 Accelerating trend, in a class of its own |
＝
“Broad USD weakness × Euro & commodity currencies dominate × Yen selling continues × Gold is in another dimension”
💱 Multi-Timeframe Summary (Key Updates)
🔹 Dollar Majors
| Pair | Short Term (5–15m) | 1 Hour | Daily | Key Point |
|---|---|---|---|---|
| EUR/USD | ⚪️ → 🟩 Buy | 🟩 Buy | 🟩 Strong Buy | Even at highs, dips are bought immediately |
| GBP/USD | 🟩 Strong Buy | 🟩 Strong Buy | ⚪️ Neutral | Uptrend intact, daily chart in a mild overheating zone |
| AUD/USD | ⚪️ Neutral | 🟩 Strong Buy | 🟩 Strong Buy | Correction finished → resumption phase |
👉
Dollar majors are in a state where there is no sustained dollar short-covering at all.
Rallies = sell the dollar.
Pullbacks = buy euros and Aussie.
🔹 USD/JPY & Dollar Crosses
| Pair | Short Term | Daily | Assessment |
|---|---|---|---|
| USD/JPY | 🟥 Sell | 🟩 Strong Buy | Short-term correction × medium-term weak-yen trend. Pullback-buy only |
| USD/CAD | ⚪️ Neutral | ⚪️ Neutral | Weak rebounds, structure favors selling rallies |
| USD/CHF | 🟥 Strong Sell | 🟥 Strong Sell | Weakest USD zone |
| USD/NZD | 🟥 Strong Sell | 🟥 Strong Sell | Permanently weakest USD seat |
👉
Dollar crosses are completely aligned to the downside.
All rebounds are merely setups for selling again.
🔹 Yen Crosses (A Full Weak-Yen Market)
| Pair | Short Term | Daily | Comment |
|---|---|---|---|
| EUR/JPY | ⚪️ | 🟩 Strong Buy | Symbol of euro leadership |
| GBP/JPY | 🟩 Strong Buy | 🟩 Strong Buy | Textbook trend |
| AUD/JPY | 🟥 Correction | 🟩 Strong Buy | Waiting for pullback completion |
| CAD/JPY | 🟥 Correction | 🟩 Strong Buy | Pullback-type uptrend |
| CHF/JPY | 🟩 Strong Buy | 🟩 Strong Buy | Abnormally strong |
👉
All yen crosses are long-biased.
Especially CHF/JPY and GBP/JPY are core leaders.
🔹 Gold (XAU/USD)
| Asset | Assessment |
|---|---|
| XAU/USD | 🟩 Strong buy on both hourly and daily charts. Every dip is bought |
👉
Gold is the strongest asset combining
“capital flight + trend following.”
This is a phase where careless counter-trend trades get burned.
🎯 Trading Strategy (BTC Excluded)
🟢 Top Priority Longs
-
XAU/USD (Gold)
-
EUR/USD
-
AUD/USD (on pullbacks)
-
GBP/JPY
-
CHF/JPY
-
NZD/JPY
⚠ Pullback-Only Zones
-
USD/JPY
-
AUD/JPY
-
CAD/JPY
🔴 Top Priority Shorts
-
USD/CHF
-
USD/NZD
-
USD/CAD (only on rallies, depending on conditions)
🧠 One-Line Summary
“Sell the dollar, buy the euro and commodity currencies,
go with yen-cross trends, and treat gold as the unquestioned leader.”
Right now, direction, strength differentials, and macro themes are perfectly aligned,
making this a highly mature and exceptionally clear trend environment.
