Technical Analysis | August 5, 2026
■ Overview
The main market themes are dollar weakness, yen strength, rising precious metals, and higher equity markets.
In the FX market, EUR/USD, GBP/USD, AUD/USD, and NZD/USD are showing strong buy signals across all time frames, making the dollar-selling trend very clear. As in the previous analysis, the dollar majors remain strong, with EUR/USD, GBP/USD, and AUD/USD aligned to the upside from the short-term charts through the daily chart.
Meanwhile, USD/JPY is trading at 157.49 and shows strong sell signals across all time frames. Although it has not moved significantly from the previous level of 157.61, the technical picture continues to favor selling rallies in USD/JPY. USD/CHF is also showing strong sell signals from the short-term charts through the hourly chart, confirming broad dollar weakness.
Among yen crosses, CHF/JPY shows strong sell signals across all time frames. AUD/JPY, NZD/JPY, and CAD/JPY also show strong sell signals on the daily chart, indicating that the yen-strength trend remains intact. However, EUR/JPY and GBP/JPY are showing buy signals on the hourly chart, suggesting a rebound following the sharp decline.
In commodities, gold, silver, and BTC remain strong. Gold in particular is showing strong buy signals across all time frames. In contrast, WTI crude oil has fallen to 76.13 and remains a strong sell on the daily chart. Natural gas is also showing strong sell signals across all time frames, leaving the energy market in a very weak condition.
In equity markets, the Dow Jones, S&P 500, NASDAQ 100, DAX, UK 100, CAC 40, and Nikkei 225 are all strong on both the hourly and daily charts. DAX, UK 100, CAC 40, and Nikkei 225 are especially strong, with strong buy signals across all time frames.
■ Currency Markets
USD/JPY
USD/JPY is trading at 157.49.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong sell signals.
There has been no major rebound from the 157-yen area, and USD/JPY remains in a downtrend.
Following the sharp decline from the 163-yen area, the recovery has been limited. Technically, this continues to favor selling rallies.
However, as the pair has already fallen substantially, caution is needed against chasing the move lower.
The more natural approach is to wait for a rebound before selling, or to look for renewed sell signals after a short-term bounce.
USD/CHF
USD/CHF is trading at 0.8088.
The 5-minute, 15-minute, and hourly charts show strong sell signals, while the daily chart is neutral.
Dollar selling is clear from the short-term charts through the hourly chart.
Although the daily chart remains neutral, selling pressure is dominant at present.
As with USD/JPY, this confirms the broad weakness of the dollar.
EUR/USD
EUR/USD is trading at 1.1554.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong buy signals.
It is one of the strongest dollar pairs in this analysis.
Euro buying and dollar selling are both clear, with the direction fully aligned from the short-term charts through the daily chart.
At present, buying on dips remains favored.
GBP/USD
GBP/USD is trading at 1.3482.
It is showing strong buy signals across all time frames.
The pound is also being clearly bought against the dollar.
As with EUR/USD, buy signals are aligned from the short-term charts through the daily chart, making buying on dips more attractive than selling rallies.
As the pair has already risen significantly, confirmation of a pullback is more important than chasing higher prices.
AUD/USD and NZD/USD
AUD/USD is trading at 0.7052.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong buy signals.
The Australian dollar is also very strong and is reflecting the dollar-weakness trend directly.
NZD/USD is trading at 0.5876.
It is also showing strong buy signals across all time frames.
The New Zealand dollar is strong as well. However, AUD/NZD is showing short-term Australian-dollar selling, hourly Australian-dollar buying, and daily selling, indicating that the relative relationship between the Australian and New Zealand dollars remains somewhat unstable.
Nevertheless, both AUD and NZD remain clearly favored against the dollar.
Yen Crosses
On the daily chart, yen crosses continue to reflect an overall yen-strength trend.
The weakest pairs are:
CHF/JPY
AUD/JPY
NZD/JPY
CAD/JPY
CHF/JPY is trading at 194.74.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong sell signals.
It is the weakest yen cross in this analysis.
AUD/JPY is trading at 111.07.
The short-term charts show strong sell signals, and the daily chart is also a strong sell.
The hourly chart is neutral, but the overall picture continues to favor selling rallies.
NZD/JPY is trading at 92.53.
The 5-minute and 15-minute charts show buy signals, while the hourly and daily charts show strong sell signals.
A short-term rebound is currently conflicting with the daily-chart downtrend.
CAD/JPY is trading at 112.14.
The daily chart is a strong sell, while the hourly chart is showing buy signals.
Although there is a short-term rebound, the broader trend still calls for caution toward selling rallies.
Meanwhile, EUR/JPY and GBP/JPY are strong sells on the daily chart but show buy signals on the hourly chart.
They are seeing a technical rebound after the sharp decline, but yen strength remains dominant on a daily-chart basis.
EUR/GBP
EUR/GBP is trading at 0.8571.
The 5-minute and 15-minute charts show strong buy signals, while the daily chart shows a buy signal.
Both the euro and pound are strong against the dollar, but the euro is relatively stronger.
The hourly chart is neutral, so this is not a one-way upward move. However, the daily-chart direction remains bullish.
■ Commodity Markets
Gold
XAU/USD is trading at 4,210.33.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong buy signals.
Gold futures are trading at 4,270.75 and are also showing strong buy signals across all time frames.
Gold is one of the strongest instruments in the commodity market.
Dollar weakness is providing additional support, and capital inflows into precious metals are very clear.
Buying on dips remains favored at present.
Silver
XAG/USD is trading at 62.4575.
The 5-minute, 15-minute, and hourly charts show strong buy signals, while the daily chart is neutral.
Silver futures also show strong buy signals from the short-term charts through the hourly chart, while the daily chart remains neutral.
The daily chart is not as fully aligned to the upside as gold, but short-term and hourly momentum remains very strong.
The buying bias remains dominant, but silver should be approached more cautiously than gold because the daily chart is neutral.
Crude Oil
WTI crude oil is trading at 76.13.
The 15-minute chart and daily chart are both showing strong sell signals.
The 5-minute and hourly charts are neutral, but the broader trend remains bearish.
Crude oil has fallen further from the 78-dollar area seen previously and remains clearly weak.
An improvement on the hourly chart is needed before considering long positions.
At present, selling rallies remains favored.
Natural Gas
Natural gas is trading at 2.672.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong sell signals.
It is among the weakest instruments in the commodity market.
Like crude oil, the energy market is extremely weak, with sell signals fully aligned from the short-term charts through the daily chart.
Selling rallies remains favored.
BTC
BTC/USD is trading at $64,576.
The 5-minute, 15-minute, and hourly charts show strong buy signals, while the daily chart shows a buy signal.
The strong rebound from the short-term charts through the hourly chart is continuing from the previous analysis.
The daily chart has also turned bullish, meaning BTC has improved further compared with the previous analysis.
It remains an attractive candidate for buying on dips.
■ Equity Markets
US Equities
The Dow Jones is trading at 54,085.88.
The 5-minute chart is showing a strong sell signal, but the hourly and daily charts remain strong buys.
Short-term profit-taking is emerging, but the broader trend remains bullish.
The S&P 500 is trading at 7,736.52.
The 15-minute, hourly, and daily charts are all showing strong buy signals.
The 5-minute chart is a strong sell, but the overall uptrend remains intact.
NASDAQ 100 is trading at 29,733.16.
The 15-minute, hourly, and daily charts are all showing strong buy signals.
The 5-minute chart shows a sell signal, but the technical picture has clearly improved from the previous analysis.
US equities remain broadly favored on the buy side.
European Equities
DAX is trading at 26,256.80.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong buy signals.
UK 100 is trading at 10,926.60.
It is also showing strong buy signals across all time frames.
CAC 40 is trading at 8,671.22.
It is likewise showing strong buy signals across all time frames.
European equities remain very strong following the previous analysis and are among the most consistently supported groups in the equity market.
Japanese Equities
The Nikkei 225 is trading at 66,300.44.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong buy signals.
The daily chart has improved significantly from its previous neutral reading and is now clearly bullish.
Buying has expanded into Japanese equities following the strength in US and European markets.
■ Strength Ranking
S Rank
EUR/USD
GBP/USD
AUD/USD
NZD/USD
Gold
DAX
UK 100
CAC 40
Nikkei 225
A Rank
BTC/USD
Dow Jones
S&P 500
NASDAQ 100
Short-term Silver
EUR/CHF
B Rank
EUR/GBP
Gold Futures
Silver Futures
Short-term NZD/JPY
Hourly CAD/JPY
■ Weakness Ranking
S Rank
USD/JPY
CHF/JPY
Natural Gas
WTI Crude Oil
Daily AUD/JPY
A Rank
Short-term USD/CHF
Daily EUR/JPY
Daily GBP/JPY
Daily NZD/JPY
Daily CAD/JPY
Short-term AUD/NZD
B Rank
Daily charts of yen crosses overall
The energy market overall
Short-term profit-taking in US equities
■ Market Themes
The central market themes are dollar weakness, yen strength, rising precious metals, and higher equity markets.
In FX, EUR/USD, GBP/USD, AUD/USD, and NZD/USD are all showing strong buy signals across every time frame, making the dollar-selling trend very clear.
Meanwhile, USD/JPY is showing strong sell signals across all time frames in the 157-yen area. Dollar weakness and yen strength are progressing simultaneously, and USD/JPY continues to favor selling rallies.
Many yen crosses are showing strong sell signals on the daily chart, indicating that the yen-strength trend remains in place. However, EUR/JPY, GBP/JPY, CAD/JPY, and NZD/JPY are seeing rebounds on the hourly or short-term charts, suggesting that some pairs have entered a corrective phase following their sharp declines.
In commodities, gold is showing strong buy signals across all time frames, while silver also shows strong buy signals from the short-term charts through the hourly chart. Capital inflows into precious metals are clear.
In contrast, WTI crude oil and natural gas remain weak, and the energy market continues to favor selling rallies.
In equities, US, European, and Japanese markets are all strong, with buying returning across risk assets. DAX, UK 100, CAC 40, and Nikkei 225 are particularly strong, showing strong buy signals across all time frames.
■ Trading Strategy
Buy Bias
EUR/USD
GBP/USD
AUD/USD
NZD/USD
Gold
DAX
UK 100
CAC 40
Nikkei 225
Buy-on-Dip Candidates
BTC/USD
Dow Jones
S&P 500
NASDAQ 100
Short-term Silver
EUR/CHF
EUR/GBP
Sell-on-Rally Candidates
USD/JPY
CHF/JPY
Natural Gas
WTI Crude Oil
Daily AUD/JPY
Short-term USD/CHF
Instruments Requiring Caution
USD/JPY is showing strong sell signals across all time frames in the 157-yen area. Selling rallies remains the basic approach, but the pair is also at a level where rebounds can occur easily after a sharp decline. Caution is needed against chasing the move lower.
Many yen crosses remain strong sells on the daily chart, maintaining the yen-strength trend. However, some pairs are showing buy signals on the hourly chart, so attention is required when short-term rebounds conflict with the daily-chart downtrend.
Gold is showing strong buy signals across all time frames, favoring buying on dips. However, it has already risen substantially into the 4,200 area, making confirmation of a pullback more important than chasing higher prices.
Silver shows strong buy signals on the short-term and hourly charts, but its daily chart is neutral. It should be approached more cautiously than gold.
WTI crude oil and natural gas remain weak, and the energy market favors selling rallies. Crude oil has fallen into the 76-dollar area, so confirmation of a reversal is necessary before considering long positions.
Equity markets across the US, Europe, and Japan are all strong, although short-term profit-taking is visible on some 5-minute charts. The buying bias remains dominant, but waiting for pullbacks is more natural than chasing higher prices.
■ Summary
The current market is centered on dollar weakness, yen strength, rising precious metals, and higher equity markets.
The strongest instruments are EUR/USD, GBP/USD, AUD/USD, NZD/USD, gold, DAX, UK 100, CAC 40, and Nikkei 225.
Meanwhile, USD/JPY, CHF/JPY, natural gas, WTI crude oil, and daily AUD/JPY are clearly weak and favor selling rallies.
Overall, the market favors buying on dips in strong dollar pairs, gold, and equity indices, while looking to sell rebounds in weak USD/JPY, daily-chart yen crosses, and the energy market.
