【Technical Analysis】6 August 2026
■ Overview
The key themes in the current market are the continuation of dollar weakness, a short-term rebound within the yen-strengthening trend, higher gold prices, and stronger equities.
In the currency market, EUR/USD and GBP/USD are particularly strong. GBP/USD is showing a strong buy signal across all timeframes. EUR/USD is also showing strong buy signals on the short-term charts and daily chart, with the euro and pound continuing to rise against the dollar.
Meanwhile, USD/JPY has rebounded to 157.93. The 5-minute, 15-minute, and hourly charts show strong buy signals, while the daily chart shows a strong sell signal. Although short-term yen selling has emerged, the broader yen-strengthening trend remains in place.
The same applies to yen crosses. EUR/JPY, GBP/JPY, CAD/JPY, and NZD/JPY are showing buying from the short-term charts through the hourly chart, but their daily charts remain strong sells. This reflects a clash between a technical rebound after the sharp decline and the broader daily-chart yen-strengthening trend.
In commodities, gold remains strong, with strong buy signals on both the hourly and daily charts. However, short-term selling and profit-taking are emerging near recent highs. Natural gas is showing strong sell signals across all timeframes, while WTI crude oil is also a strong sell on the daily chart, leaving the energy market weak.
In equities, the Nikkei Average is showing strong buy signals across all timeframes and remains exceptionally strong. The DAX also maintains a strong buy signal on the daily chart. US equities remain strong on the daily chart, although short-term selling and profit-taking are visible near recent highs.
■ Currency Market
USD/JPY
USD/JPY is trading at 157.93.
The 5-minute, 15-minute, and hourly charts show strong buy signals, while the daily chart shows a strong sell signal.
In the short term, buying has returned to USD/JPY, pushing the pair back into the upper 157 range.
However, the daily chart remains a strong sell, making this rebound more naturally viewed as a recovery following the sharp decline from the 163 range.
Buying is dominant in the short term, but caution is still warranted for selling into rallies in the broader trend.
Any long positions should be limited to the short term. From a daily-chart perspective, the basic strategy is to look for rally-selling opportunities after confirming that upside momentum is fading.
USD/CHF
USD/CHF is trading at 0.8097.
The 5-minute, 15-minute, and hourly charts show strong buy signals, while the daily chart is neutral.
Short-term dollar buying has emerged.
However, the daily chart remains neutral, so it is too early to conclude that a clear uptrend has resumed.
Although there is short-term buying, this appears to be more of a rebound from recent dollar selling than broad-based dollar strength.
EUR/USD
EUR/USD is trading at 1.1544.
The 5-minute and 15-minute charts show strong buy signals, the hourly chart is neutral, and the daily chart shows a strong buy signal.
The trend of euro buying and dollar selling continues.
Although the hourly chart is neutral, both the short-term charts and daily chart remain strong, leaving the overall bias to the upside.
It is an easy market to view as a potential buy-on-dips opportunity.
However, as the pair has risen recently, it is preferable to wait for a pullback rather than chase higher prices.
GBP/USD
GBP/USD is trading at 1.3464.
The 5-minute, 15-minute, hourly, and daily charts all show strong buy signals.
It is one of the strongest dollar pairs in the current market.
Pound buying and dollar selling are clear, with the direction fully aligned from the short-term charts through the daily chart.
Buy-on-dips remains the dominant approach at present.
Its structure is more straightforward than EUR/USD, making it easier to focus on the long side.
AUD and NZD
AUD/USD is trading at 0.7040.
Selling is dominant from the short-term charts through the hourly chart, while the daily chart remains a strong buy.
The broader trend still supports Australian dollar strength, but the pair is currently undergoing a correction.
NZD/USD is trading at 0.5880.
Selling is dominant from the short-term charts through the hourly chart, while the daily chart remains a strong buy.
The New Zealand dollar also remains strong on the daily chart, but upside momentum is weakening in the short term.
AUD/NZD is showing strong sell signals on the 15-minute, hourly, and daily charts.
The trend of relative NZD strength over AUD remains intact.
However, as both currencies are correcting against the dollar in the short term, confirmation of a recovery on the shorter timeframes is needed before entering long positions.
Yen Crosses
Yen crosses are rebounding in the short term, but the daily-chart yen-strengthening trend remains in place.
The strongest pairs in the short term are:
CAD/JPY
EUR/JPY
GBP/JPY
NZD/JPY
CAD/JPY is trading at 112.85.
The 5-minute, 15-minute, and hourly charts show strong buy signals, while the daily chart shows a strong sell signal.
The pair is rebounding very strongly in the short term, but the broader direction still favors yen strength.
EUR/JPY is trading at 182.31.
The 5-minute, 15-minute, and hourly charts show strong buy signals, while the daily chart shows a strong sell signal.
GBP/JPY is trading at 212.64, with strong buy signals from the short-term charts through the hourly chart, while the daily chart remains a strong sell.
NZD/JPY is trading at 92.86.
The 15-minute and hourly charts show strong buy signals, while the daily chart shows a strong sell signal.
Although the short-term rebound is strong, caution remains warranted for selling into rallies on the daily chart.
CHF/JPY is trading at 195.03.
The 15-minute, hourly, and daily charts all show strong sell signals.
It is among the weakest yen crosses.
EUR/GBP
EUR/GBP is trading at 0.8574.
The 5-minute and 15-minute charts show strong sell signals, the hourly chart shows a sell signal, and the daily chart shows a buy signal.
In the short term, euro selling and pound buying are dominant.
The daily chart still supports euro buying, but the pound has become stronger in the immediate market.
There is a timeframe mismatch: short-term rally-selling opportunities versus potential buy-on-dips opportunities on the daily chart.
■ Commodity Market
Gold
XAU/USD is trading at 4,263.85.
The 5-minute and 15-minute charts show strong sell signals, while the hourly and daily charts show strong buy signals.
Gold futures are trading at 4,322.87 and show the same pattern: strong short-term sell signals, but strong buy signals on the hourly and daily charts.
The broader uptrend in gold remains intact.
However, short-term profit-taking has emerged, creating a correction near recent highs.
The long side remains dominant, but it is preferable to wait for a confirmed pullback rather than chase higher prices.
Silver
XAG/USD is trading at 61.6600.
The 5-minute and 15-minute charts show strong sell signals, the hourly chart is neutral, and the daily chart shows a buy signal.
Silver futures also show strong short-term sell signals, while the hourly and daily charts are neutral.
Silver is not as strong as gold, but buying remains on the daily chart.
As the short-term correction is strong, recovery confirmation on the 15-minute or hourly charts is needed before considering long positions.
Crude Oil
WTI crude oil is trading at 75.92.
Buying is dominant from the short-term charts through the hourly chart, but the daily chart shows a strong sell signal.
The broader daily-chart downtrend in crude oil continues.
Although crude oil is rebounding in the short term, it remains within a broader downtrend.
Long positions should be limited to the short term, while the daily chart still calls for caution toward selling into rallies.
A clear improvement on the daily chart is required before taking a sustained bullish view.
Natural Gas
Natural gas is trading at 2.664.
The 5-minute, 15-minute, hourly, and daily charts all show strong sell signals.
It is one of the weakest instruments in the current commodity market.
Selling is fully aligned from the short-term charts through the daily chart, leaving rally-selling as the dominant strategy.
Crude oil is also weak, but natural gas shows an even clearer downtrend.
BTC
BTC/USD is trading at $64,633.
The 15-minute chart shows a strong sell signal, while the daily chart shows a buy signal.
Short-term selling is emerging, but the daily chart still supports buying.
The market is pausing after the previous short-term advance, with profit-taking now underway.
The broader trend remains biased to the upside, but it is preferable to wait for a pullback to develop in the short term.
■ Equity Market
US Equities
The Dow Jones Industrial Average is trading at 54,349.12.
The 5-minute chart shows a strong sell signal, the hourly chart shows a buy signal, and the daily chart shows a strong buy signal.
Short-term profit-taking is visible, but the broader uptrend remains intact.
The S&P 500 is trading at 7,723.55.
The 5-minute and 15-minute charts show strong sell signals, while the hourly and daily charts show strong buy signals.
A short-term correction is clashing with the medium-term and daily-chart uptrends.
The NASDAQ 100 is trading at 29,487.79.
The 5-minute and 15-minute charts show strong sell signals, while the hourly chart shows a buy signal and the daily chart shows a strong buy signal.
US equities remain strong on the daily chart, but profit-taking is emerging broadly in the short term.
For long positions, it is important to wait until the short-term selling subsides and a pullback is confirmed.
European Equities
The DAX is trading at 26,204.28.
The 5-minute and 15-minute charts show strong buy signals, and the daily chart also shows a strong buy signal.
The hourly chart is neutral, but the overall bias remains to the upside.
The FTSE 100 is trading at 10,900.40.
The short-term charts show strong sell signals, while the daily chart shows a strong buy signal.
The daily chart remains resilient, but a short-term correction is underway.
The CAC 40 is trading at 8,720.44.
The hourly and daily charts show strong buy signals.
The 5-minute chart shows a strong sell signal, but the broader bias remains bullish.
European equities remain strong on the daily chart, although short-term corrections are visible in individual indices.
Japanese Equities
The Nikkei Average is trading at 65,712.00.
The 5-minute, 15-minute, hourly, and daily charts all show strong buy signals.
It is one of the strongest equity indices in the current market.
The direction is fully aligned from the short-term charts through the daily chart, favoring buy-on-dips strategies.
■ Strength Ranking
S Rank
GBP/USD
EUR/CHF
Nikkei Average
CAD/JPY short term
EUR/JPY short term
GBP/JPY short term
Gold daily chart
A Rank
EUR/USD
USD/JPY short term
USD/CHF short term
DAX daily chart
Dow Jones daily chart
S&P 500 daily chart
NASDAQ 100 daily chart
B Rank
WTI crude oil short term
BTC daily chart
Silver daily chart
CAC 40 daily chart
FTSE 100 daily chart
NZD/JPY short term
■ Weakness Ranking
S Rank
Natural gas
CHF/JPY
AUD/NZD
AUD/USD short term
NZD/USD short term
EUR/GBP short term
A Rank
USD/JPY daily chart
EUR/JPY daily chart
GBP/JPY daily chart
AUD/JPY daily chart
NZD/JPY daily chart
CAD/JPY daily chart
B Rank
Gold short term
Silver short term
BTC short term
WTI crude oil daily chart
US equities short term
FTSE 100 short term
■ Market Themes
The central themes are a short-term rebound within the yen-strengthening trend, pound strength, gold strength, and rising equities.
In the currency market, GBP/USD is showing strong buy signals across all timeframes, highlighting the pound’s strength. EUR/USD is also strong on both the short-term and daily charts, leaving dollar pairs broadly biased toward dollar weakness.
Meanwhile, USD/JPY shows strong buy signals in the short term but remains a strong sell on the daily chart. Buying has emerged following the previous sharp decline, but the broader yen-strengthening trend remains in place.
The same applies to yen crosses. EUR/JPY, GBP/JPY, and CAD/JPY are strong buys in the short term but remain strong sells on the daily chart. It is still too early to interpret this short-term rebound as the start of a new uptrend.
In commodities, gold maintains strong buy signals on the hourly and daily charts. However, short-term profit-taking is emerging, suggesting the formation of a pullback near recent highs.
In the energy market, natural gas remains a strong sell across all timeframes, while crude oil is also a strong sell on the daily chart. The energy market therefore remains weak.
In equities, the Nikkei Average shows strong buy signals across all timeframes. US equities are also strong on the daily chart, although short-term profit-taking is emerging. The bullish direction remains dominant, but caution is needed regarding short-term corrections.
■ Trading Strategy
Buy-Dominant Markets
GBP/USD
EUR/CHF
Nikkei Average
Gold daily chart
CAD/JPY short term
EUR/JPY short term
GBP/JPY short term
Potential Buy-on-Dips Opportunities
EUR/USD
DAX daily chart
Dow Jones daily chart
S&P 500 daily chart
NASDAQ 100 daily chart
CAC 40 daily chart
FTSE 100 daily chart
BTC daily chart
Potential Rally-Selling Opportunities
Natural gas
CHF/JPY
AUD/NZD
AUD/USD short term
NZD/USD short term
EUR/GBP short term
WTI crude oil daily chart
Markets Requiring Caution
USD/JPY is a strong buy in the short term but a strong sell on the daily chart. Buying has emerged during the rebound, but the broader trend still calls for caution toward selling into rallies.
Yen crosses show strong short-term buying, while many remain strong sells on the daily chart. The timeframe mismatch is significant. Short-term longs are possible, but excessive bullish positioning should be avoided from a daily-chart perspective.
Gold is a strong buy on the hourly and daily charts but a strong sell in the short term. This appears to be a pullback within an uptrend, but chasing higher prices should be avoided.
BTC is a buy on the daily chart but is seeing short-term selling. It remains a potential buy-on-dips candidate, but confirmation of a reversal on the shorter timeframes is needed.
WTI crude oil is rebounding in the short term but remains a strong sell on the daily chart. Long positions should be limited to the short term, while the daily chart still favors caution toward selling rallies.
Natural gas is a strong sell across all timeframes, making rally-selling more favorable than buying at this stage.
■ Summary
The current market is defined by a short-term rebound within the yen-strengthening trend, pound strength, gold strength, and rising equities.
The strongest markets are GBP/USD, EUR/CHF, the Nikkei Average, short-term CAD/JPY, short-term EUR/JPY, short-term GBP/JPY, and gold on the daily chart.
Meanwhile, natural gas, CHF/JPY, AUD/NZD, short-term AUD/USD, short-term NZD/USD, and short-term EUR/GBP remain weak, favoring rally-selling strategies.
Overall, the market favors buying dips in strong GBP/USD, EUR/CHF, the Nikkei Average, and gold on the daily chart, while looking to sell rallies in weak natural gas, CHF/JPY, AUD/NZD, short-term Oceania currencies, and crude oil on the daily chart.
