Technical Analysis | August 4, 2026
■ Market Overview
The current market is being driven by U.S. dollar weakness, yen strength, rising equities, and renewed demand for precious metals.
In FX, EUR/USD, GBP/USD, AUD/USD, and NZD/USD are all showing strong buy signals across every timeframe, confirming broad and decisive dollar selling.
NZD/USD and AUD/USD are particularly strong, with bullish signals aligned from the short-term charts through the daily timeframe.
USD/JPY has rebounded to 157.61, but it remains on strong sell signals across all timeframes.
Although the pair has recovered from the previous decline into the 156 area, the technical structure continues to favor selling rallies.
USD/CHF is also showing strong sell signals from the short-term charts through the hourly timeframe, confirming continued weakness in the U.S. dollar.
Among the yen crosses, EUR/JPY, GBP/JPY, and CAD/JPY remain on strong daily sell signals, suggesting that the broader yen-strength trend remains intact.
However, CHF/JPY and NZD/JPY are showing short-term and hourly buy signals, indicating a technical rebound following the recent sharp decline.
In commodities, gold and silver are showing strong buy signals from the short-term charts through the hourly timeframe, with capital returning to precious metals.
By contrast, WTI crude oil and natural gas are showing strong sell signals across all timeframes, leaving the energy market exceptionally weak.
In equities, the Dow Jones, S&P 500, DAX, UK 100, and CAC 40 remain strong.
European equities are particularly bullish, with strong buy signals across every timeframe.
The Dow and S&P 500 also remain firm, while the Nasdaq 100 is slightly less convincing because its daily chart remains neutral.
■ Currency Markets
USD/JPY
USD/JPY is trading at 157.61.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong sell signals.
The pair has rebounded from the previous decline into the 156 area, but the broader technical structure remains bearish.
Following the sharp fall from above 163, some short-term buying has emerged.
However, with selling pressure still aligned through the daily timeframe, the preferred strategy remains selling rallies.
The 157 area is likely to be viewed as part of the post-decline recovery.
Rather than chasing the rebound, it is more natural to wait for upward momentum to weaken before considering short positions.
USD/CHF
USD/CHF is trading at 0.8088.
The 5-minute, 15-minute, and hourly charts are showing strong sell signals, while the daily chart is neutral.
As with USD/JPY, short-term and hourly price action clearly favors dollar selling.
The daily chart is not as bearish as USD/JPY, but the immediate structure remains weak.
USD/CHF is therefore a potential short-term sell-on-rally candidate.
EUR/USD
EUR/USD is trading at 1.1519.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong buy signals.
The pair is one of the clearest expressions of the current dollar-selling trend.
Buying pressure remains strong from the short-term charts through the daily timeframe.
The technical bias continues to favor buying dips.
GBP/USD
GBP/USD is trading at 1.3447.
All timeframes are showing strong buy signals.
Sterling is also being purchased aggressively against the dollar.
As with EUR/USD, bullish signals are aligned from the short-term charts through the daily timeframe.
Buying dips remains preferable to selling rallies.
However, because the pair has already rebounded significantly, traders should avoid chasing the market at elevated levels and wait for a pullback.
AUD/USD and NZD/USD
AUD/USD is trading at 0.7035.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong buy signals.
The Australian dollar has improved significantly from its previous weakness and now has a very strong technical structure.
NZD/USD is trading at 0.5885.
It is also showing strong buy signals across every timeframe.
The New Zealand dollar remains one of the strongest major currencies against the U.S. dollar.
AUD/NZD remains on strong sell signals through the daily timeframe, confirming that the New Zealand dollar continues to outperform the Australian dollar.
Within the Oceania currency complex, the New Zealand dollar remains dominant.
Yen Crosses
The yen crosses remain bearish on the daily timeframe, although some short-term rebounds are emerging.
The weaker pairs include:
EUR/JPY
GBP/JPY
CAD/JPY
AUD/JPY
EUR/JPY is trading at 181.55.
The 5-minute and 15-minute charts are showing strong sell signals, while the daily chart is also on a strong sell signal.
The hourly chart is neutral, but the overall structure continues to favor selling rallies.
GBP/JPY is trading at 211.94.
The 5-minute and 15-minute charts are showing strong sell signals, while the daily chart remains strongly bearish.
Although GBP/USD is strong, continued yen buying is keeping GBP/JPY under pressure.
CAD/JPY is trading at 112.16.
The 5-minute and 15-minute charts are showing strong sell signals, while the daily chart is also on a strong sell signal.
CAD/JPY remains one of the weaker yen crosses.
By contrast, CHF/JPY is showing buy signals from the short-term charts through the hourly timeframe.
NZD/JPY is also showing strong buy signals on the 15-minute and hourly charts.
However, both pairs remain on strong daily sell signals.
This creates a conflict between a short-term rebound and the broader daily downtrend.
EUR/GBP
EUR/GBP is trading at 0.8567.
The hourly chart is showing a strong sell signal, while the daily chart remains bullish.
Both the euro and sterling are strong against the dollar, making the relative structure more complex.
The daily chart still favors the euro, while the hourly chart suggests that sterling is regaining some strength.
The pair currently reflects a relatively balanced struggle between the two currencies rather than a clear trend.
■ Commodity Markets
Gold
XAU/USD is trading at 4,075.88.
The 5-minute, 15-minute, and hourly charts are showing strong buy signals, while the daily chart is neutral.
Gold futures are trading at 4,132.55, with strong buy signals from the short-term charts through the hourly timeframe and a bullish daily signal.
Gold has improved significantly from its previous weakness.
The short-term and medium-term bias now favors buying, while the daily structure is gradually improving from neutral toward bullish.
Gold has become a more attractive buy-on-dip candidate.
Silver
XAG/USD is trading at 59.3420.
The 5-minute, 15-minute, and hourly charts are showing strong buy signals, while the daily chart is neutral.
Silver futures are also showing strong buy signals from the short-term charts through the hourly timeframe, while the daily chart is bullish.
As with gold, broad buying has returned to the precious-metals market.
Short-term and hourly momentum is particularly strong, making silver a potential buy-on-dip candidate.
WTI Crude Oil
WTI crude oil is trading at 78.07.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong sell signals.
Crude oil remains extremely weak, continuing the bearish structure seen previously.
The break below $80 confirms that the former crude oil uptrend has been significantly damaged.
Selling rallies remains the preferred strategy.
Even if a short-term rebound occurs, selling pressure is likely to re-emerge at higher levels.
Natural Gas
Natural gas is trading at 2.706.
All timeframes are showing strong sell signals.
The broader energy market remains weak, with natural gas joining crude oil in a decisive downtrend.
Selling pressure is aligned from the short-term charts through the daily timeframe.
Natural gas is currently one of the weakest commodity markets and remains biased toward selling rallies.
Bitcoin
BTC/USD is trading at $63,887.
The 5-minute, 15-minute, and hourly charts are showing strong buy signals, while the daily chart remains on a sell signal.
Bitcoin has rebounded sharply over shorter timeframes, but the broader daily structure remains bearish.
Long positions should therefore be treated as short-term trades.
From a daily perspective, renewed selling remains a risk.
A full bullish reversal would require further improvement in the daily chart.
■ Equity Markets
U.S. Equities
The Dow Jones is trading at 53,178.41.
The 5-minute chart is showing a buy signal, while the 15-minute, hourly, and daily charts are showing strong buy signals.
The Dow remains the strongest major U.S. equity index.
Buying pressure is aligned from the short-term charts through the daily timeframe, making it an attractive buy-on-dip candidate.
The S&P 500 is trading at 7,600.50.
The 15-minute, hourly, and daily charts are showing strong buy signals.
The 5-minute chart is neutral, but the broader structure remains bullish.
The index continues to support the recovery in U.S. equities.
The Nasdaq 100 is trading at 28,776.80.
The 15-minute chart is showing a buy signal and the hourly chart is showing a strong buy signal, while the daily chart remains neutral.
The index has improved significantly from its previous weakness.
However, compared with the Dow and S&P 500, the Nasdaq remains slightly less convincing because the daily chart has not yet turned bullish.
European Equities
The DAX is trading at 26,204.28.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong buy signals.
The UK 100 is trading at 10,912.47.
It is also showing strong buy signals across every timeframe.
The CAC 40 is trading at 8,641.21.
It is likewise showing strong buy signals on all timeframes.
European equities remain the strongest and most consistently bullish group in the current equity market.
The DAX, UK 100, and CAC 40 all remain biased toward buying dips.
Japanese Equities
The Nikkei 225 is trading at 63,957.53.
The 5-minute, 15-minute, and hourly charts are showing strong buy signals, while the daily chart is neutral.
The index has improved from its previous daily weakness, with buying returning across shorter timeframes.
However, the daily chart has not yet confirmed a full resumption of the broader uptrend.
Further confirmation is therefore required before adopting a fully bullish medium-term view.
■ Strength Ranking
S Tier
EUR/USD
GBP/USD
AUD/USD
NZD/USD
Dow Jones
DAX
UK 100
CAC 40
A Tier
S&P 500
Gold
Silver
Nikkei 225 on short-term charts
Bitcoin on short-term charts
NZD/JPY on short-term charts
B Tier
Nasdaq 100 on the hourly chart
CHF/JPY on short-term charts
EUR/GBP on the daily chart
Gold futures
Silver futures
■ Weakness Ranking
S Tier
WTI crude oil
Natural gas
USD/JPY
EUR/JPY
GBP/JPY
CAD/JPY
AUD/NZD
A Tier
USD/CHF on short-term charts
EUR/CHF on short-term charts
AUD/JPY on the daily chart
NZD/JPY on the daily chart
Bitcoin on the daily chart
B Tier
Short-term corrections outside the UK 100
Yen crosses on the daily timeframe
The U.S. dollar broadly
The energy market broadly
■ Market Theme
The dominant market themes are U.S. dollar weakness, yen strength, rising equities, and renewed buying in precious metals.
In FX, EUR/USD, GBP/USD, AUD/USD, and NZD/USD are showing strong buy signals across every timeframe, confirming broad dollar selling.
USD/JPY has rebounded into the 157 area, but it remains on strong sell signals across all timeframes.
Dollar weakness and yen strength are continuing simultaneously, leaving USD/JPY biased toward selling rallies.
Many yen crosses remain on strong daily sell signals, confirming that the broader yen-strength trend remains intact.
However, CHF/JPY and NZD/JPY are rebounding over shorter timeframes following their recent sharp declines.
In commodities, gold and silver are strong, with renewed capital flows into precious metals.
By contrast, crude oil and natural gas remain on strong sell signals across all timeframes, leaving the energy complex exceptionally weak.
In equities, the Dow Jones, S&P 500, DAX, UK 100, and CAC 40 remain strong.
European equities continue to show broad and consistent buying, while the previously weaker Nasdaq 100 and Nikkei 225 have also improved over shorter timeframes.
■ Trading Strategy
Buying Bias
EUR/USD
GBP/USD
AUD/USD
NZD/USD
Dow Jones
DAX
UK 100
CAC 40
Buy-on-Dip Candidates
S&P 500
Gold
Silver
Nikkei 225 on short-term charts
Bitcoin on short-term charts
NZD/JPY on short-term charts
Sell-on-Rally Candidates
WTI crude oil
Natural gas
USD/JPY
EUR/JPY
GBP/JPY
CAD/JPY
AUD/NZD
USD/CHF on short-term charts
Markets Requiring Caution
USD/JPY has rebounded into the 157 area, but it remains on strong sell signals across all timeframes.
Selling rallies remains the preferred approach, although traders should avoid chasing the market lower after the recent sharp decline.
Many yen crosses remain strongly bearish on the daily chart.
However, CHF/JPY and NZD/JPY are rebounding over shorter timeframes, creating a divergence between short-term strength and the broader daily downtrend.
Gold and silver are showing strong buy signals from the short-term charts through the hourly timeframe, while their daily structures remain close to neutral.
The bullish bias is improving, but buying after a pullback remains preferable to chasing prices higher.
Bitcoin is showing strong short-term buy signals, while the daily chart remains bearish.
Long positions should therefore remain short-term in nature.
WTI crude oil and natural gas are showing strong sell signals across every timeframe.
The energy market continues to favor selling rallies rather than buying dips.
European equities remain exceptionally strong, while the Dow and S&P 500 also maintain bullish structures.
The Nasdaq 100 should be approached more cautiously because its daily chart remains neutral.
■ Summary
The current market is being driven by U.S. dollar weakness, yen strength, rising equities, and renewed demand for precious metals.
The strongest markets are:
EUR/USD
GBP/USD
AUD/USD
NZD/USD
Dow Jones
DAX
UK 100
CAC 40
The weakest markets are:
WTI crude oil
Natural gas
USD/JPY
EUR/JPY
GBP/JPY
CAD/JPY
AUD/NZD
Overall, the preferred strategy is to buy pullbacks in strong major dollar pairs, U.S. and European equities, and precious metals, while looking to sell rallies in USD/JPY, weak yen crosses, the energy market, and AUD/NZD.
