Market Overview
The latest technical picture suggests that the previous themes of:
- Dollar strength
- Yen weakness
- Rising equity markets
remain intact.
However, there has been a notable deterioration in:
- Gold
- Silver
- Bitcoin
At the same time:
- The Nikkei 225
- U.S. equities
- European equities
continue to trade near their highs.
The current market theme can be summarized as:
Risk-on sentiment remains in place, but capital is rotating out of commodities and cryptocurrencies.
U.S. DollarUSD/JPY
160.27
- Daily Chart: Strong Buy
Short-term momentum has slowed somewhat, but the pair continues to hold above 160.
The medium- and long-term uptrend remains firmly intact.
USD/CHF
0.7927
- Daily Chart: Buy
The broader dollar-supportive environment remains in place.
However, USD/CHF lacks the strength currently seen in USD/JPY.
Euro and Pound
EUR/USD
1.1597
- Hourly Chart: Strong Sell
Although short-term rebounds continue to occur, the hourly trend remains bearish.
The broader bias still favors euro weakness.
GBP/USD
1.3409
- Hourly Chart: Strong Sell
The pound is showing a similar pattern.
Dollar strength continues to weigh on sterling.
Cross-Yen Pairs
Performance is becoming increasingly mixed.
Strong
- EUR/JPY (Daily Buy)
- GBP/JPY (Daily Buy)
Weak
- NZD/JPY
- CAD/JPY
CAD/JPY stands out as particularly weak.
The sharp decline in crude oil prices continues to pressure the Canadian dollar.
Gold
GOLD
$4,344
- Sell across all timeframes
Gold has lost the bullish momentum seen in previous sessions.
Both short-term and medium-term trends have turned lower.
Silver
SILVER
$69.8
- Strong Sell across all timeframes
Silver has also shifted decisively bearish.
Selling pressure is evident throughout the precious metals complex.
Crude Oil
WTI Crude Oil
$76.61
- Short-term rebound
- Daily Chart: Strong Sell
WTI remains below the important $80 level.
The longer-term downtrend remains firmly in place despite occasional short-covering rallies.
Natural Gas
Natural Gas
3.21
- Short-Term: Sell
- Daily Chart: Strong Buy
Natural gas currently exhibits a range-bound profile.
The short-term trend is weaker, while the longer-term structure remains constructive.
Bitcoin
BTC/USD
$64,532
- Strong Sell across all timeframes
Bitcoin has deteriorated significantly compared with previous sessions.
Among risk assets, it is currently one of the weakest performers.
Equity Markets
This remains the strongest segment of the market.
United States
- Dow Jones: Daily Strong Buy
- S&P 500: Daily Strong Buy
- NASDAQ: Daily Strong Buy
While short-term consolidations continue, the broader uptrend remains intact.
Europe
- DAX: Daily Buy
- CAC 40: Daily Strong Buy
- FTSE 100: Daily Strong Buy
European equities continue to perform well.
Japan
Nikkei 225
69,902
- Strong Buy across all timeframes
The Nikkei remains one of the strongest assets in the current market environment.
The psychologically important 70,000 level is now within reach.
Strongest Markets
S-Rank
- Nikkei 225
- USD/JPY
- EUR/JPY
- FTSE 100
- CAC 40
A-Rank
- Dow Jones
- S&P 500
- NASDAQ
- USD/CHF
- EUR/CHF
Weakest Markets
- Bitcoin
- Gold
- Silver
- CAD/JPY
- NZD/JPY
Current Market Theme
Assets Being Bought
- Japanese equities
- U.S. equities
- European equities
- Selected cross-yen pairs
- U.S. dollar
Assets Being Sold
- Bitcoin
- Gold
- Silver
- Crude oil
- Canadian dollar
Final Conclusion
The most notable feature of the current market is:
Equities continue to rally while precious metals and Bitcoin are being sold.
As a result, the clearest opportunities currently appear to be:
Bullish Bias
- Nikkei 225
- USD/JPY
- EUR/JPY
- Major U.S. stock indices
Bearish Bias
- Bitcoin
- Gold
- Silver
- CAD/JPY
- Crude Oil
The contrast between the strength of global equity markets—particularly the Nikkei—and the weakness in energy and precious metals remains one of the most striking developments in today's market environment.
