Today’s Technical Analysis
18 September 2026
Market Overview
The main themes today are rising gold and silver, broad weakness in natural gas, strength in US technology stocks, weakness in European equities, and dollar strength alongside yen weakness.
In commodities, silver is the strongest market, with buy signals aligned from the short-term charts through to the daily chart. Gold’s daily chart has also turned bullish, beginning to resolve the previous conflict between a bearish daily trend and short-term buying.
WTI crude is trading in the US$101 range, with both the short-term and daily charts bullish, although the hourly chart remains neutral. Natural gas is strongly bearish across all timeframes and is the weakest commodity market.
Among equity indices, the Nasdaq 100 and Nikkei 225 are strong, while the DAX, FTSE 100 and CAC 40 show broad-based sell signals. The Dow also remains weak, widening the divergence between US technology shares and cyclical stocks.
In FX, EUR/USD, GBP/USD and NZD/USD are strongly bearish across all timeframes. By contrast, USD/JPY has risen to 157.78 and is bullish from the 15-minute chart through to the daily chart. Dollar strength is clear, although AUD/USD remains relatively resilient.
Changes Since the Previous Update
• Gold: 4,347.90 → 4,421.67, up around 1.7%
• Silver: 64.347 → 67.550, up around 5.0%
• WTI crude: 100.83 → 101.29, up around 0.5%
• Natural gas: 2.886 → 2.850, down around 1.2%
• Dow Jones: 51,461.90 → 51,778.04, up around 0.6%
• S&P 500: 7,551.81 → 7,637.76, up around 1.1%
• Nasdaq 100: 28,945.06 → 29,446.98, up around 1.7%
• DAX: 25,670.32 → 25,490.41, down around 0.7%
• FTSE 100: 10,717.66 → 10,713.78, broadly unchanged
• CAC 40: 8,156.76 → 8,107.61, down around 0.6%
• Nikkei 225: 64,261.00 → 65,114.00, up around 1.3%
The most notable moves are silver’s near 5% rise, gains in the Nasdaq 100 and Nikkei 225, and broad technical deterioration across European equities.
Commodity Markets
Gold: 4,421.67
The 5-minute chart is strongly bullish, the 15-minute chart is neutral, the hourly chart is strongly bullish, and the daily chart is bullish.
The daily chart was strongly bearish until yesterday but has now turned bullish. This raises the possibility that the short-term rebound could develop into a medium-term upward reversal.
Buying on dips is favoured. If the 15-minute chart also returns to a buy signal, all timeframes will be aligned to the upside.
Spot gold, XAU/USD, is also strongly bullish from the 5-minute through to the hourly chart, while the daily chart is neutral. The improvement in the daily trend is more advanced in futures than in spot gold.
Silver: 67.550
The 5-minute and 15-minute charts are bullish, while the hourly and daily charts are strongly bullish.
Silver is the strongest market in the commodity complex. It has risen around 5% since the previous update, with buy signals aligned from the short-term charts through to the daily chart.
Buying on dips remains favoured, although caution is warranted against chasing prices after such a large move. Spot silver, XAG/USD, is also strongly bullish on the hourly and daily charts, confirming alignment between futures and spot markets.
WTI Crude: 101.29
The 5-minute and 15-minute charts are strongly bullish, the hourly chart is neutral, and the daily chart is strongly bullish.
WTI has rebounded following yesterday’s sharp short-term decline. Holding above US$100 and recovering buy signals on the short-term charts are positive for the daily uptrend.
However, the hourly chart remains neutral. If it turns bullish, buying on dips in line with the daily trend can resume. If it turns bearish, the risk of a break below US$100 will increase.
Natural Gas: 2.850
All timeframes show strong sell signals.
Natural gas has rapidly shifted from broad-based buying two days ago into a clear downtrend. Selling on rallies is now favoured over attempting countertrend buying.
Because signals have changed sharply over a short period, it is preferable to wait for a short-term rebound rather than chase the downside.
Equity Indices
Dow Jones: 51,778.04
The 5-minute, 15-minute and daily charts are strongly bearish, while the hourly chart is bearish.
Although the Dow has rebounded from the previous day, technical conditions remain weak. Sell signals are aligned from the short-term charts through to the daily chart, keeping the basic bias towards selling on rallies.
S&P 500: 7,637.76
The 5-minute and daily charts are neutral, while the 15-minute and hourly charts are strongly bullish.
The index has improved substantially from yesterday’s broad-based sell signals. Buying on dips is favoured on the short-term and hourly charts, although the daily direction has yet to be confirmed.
A daily-chart turn to bullish would confirm a more sustained recovery.
Nasdaq 100: 29,446.98
The 5-minute and daily charts are bullish, while the 15-minute and hourly charts are strongly bullish.
The Nasdaq 100 has completely reversed from yesterday’s broad sell signals. It is the strongest equity index today, underlining the relative strength of US technology shares.
Buying on dips is favoured. However, after a rise of around 1.7% from the previous day, short-term profit-taking should be expected.
DAX: 25,490.41
All timeframes show strong sell signals.
The DAX has reversed sharply from an hourly buy signal yesterday into broad-based selling. It is now a clear candidate for selling on rallies among European equities.
FTSE 100: 10,713.78
The 5-minute, 15-minute and hourly charts are strongly bearish, while the daily chart is bearish.
Despite limited price movement, technical conditions have deteriorated sharply. The bias is bearish from the short term through to the daily chart, favouring selling on rallies.
CAC 40: 8,107.61
All timeframes show strong sell signals.
As with the DAX and FTSE 100, the CAC 40 highlights broad weakness in European equities. Selling on rallies remains favoured until a clear reversal signal emerges.
Nikkei 225: 65,114.00
The 5-minute chart is strongly bearish, the 15-minute chart is neutral, the hourly chart is strongly bullish, and the daily chart is bullish.
The Nikkei has regained 65,000, with a clear upward bias from the medium term through to the daily chart. It is currently undergoing a short-term correction following its advance.
If the 5-minute sell signal fades and the 15-minute chart turns bullish, it could become a buying-on-dips candidate.
FX Markets
EUR/USD: 1.1468
All timeframes show strong sell signals.
Euro selling and dollar buying are fully aligned. With EUR/USD remaining below 1.1500, selling on rallies remains favoured.
GBP/USD: 1.3356
All timeframes show strong sell signals.
Sterling selling and dollar buying remain clear following the Bank of England meeting. GBP/USD is a sell-on-rallies candidate alongside EUR/USD.
USD/JPY: 157.78
The 5-minute chart is neutral, the 15-minute chart is bullish, and the hourly and daily charts are strongly bullish.
Yen selling accelerated after the BOJ meeting, bringing USD/JPY into alignment to the upside from the short-term charts through to the daily chart. The pair has risen sharply from the 155 range yesterday.
Buying on dips is favoured. However, after such a large move in a short period, it is preferable to wait for a short-term correction rather than chase prices near 158.
USD/CHF: 0.8252
The 5-minute chart is neutral, the 15-minute chart is bullish, and the hourly and daily charts are strongly bullish.
The uptrend driven by dollar buying and Swiss franc selling remains intact. It is a potential buying-on-dips candidate following a short-term correction.
AUD/USD: 0.7125
The 5-minute and daily charts are neutral, while the 15-minute and hourly charts are bullish.
The Australian dollar remains relatively resilient despite a broadly strong dollar. AUD/USD is rising on the short-term and hourly charts. A turn to bullish on the daily chart would increase confidence in buying on dips.
NZD/USD: 0.5714
All timeframes show strong sell signals.
New Zealand dollar selling and dollar buying are fully aligned. NZD/USD is one of the weakest major dollar pairs.
Cross-Yen Pairs
EUR/JPY: 180.97
The 5-minute chart is strongly bearish, the 15-minute and daily charts are neutral, and the hourly chart is strongly bullish.
Following a strong rise driven by yen selling, EUR/JPY is seeing short-term profit-taking. It remains a buying-on-dips candidate from an hourly-chart perspective.
GBP/JPY: 210.73
The 5-minute chart is strongly bearish, the 15-minute chart is neutral, the hourly chart is strongly bullish, and the daily chart is strongly bearish.
The hourly rebound conflicts with the daily downtrend. Rather than chasing the move, it is better to wait for clearer confirmation from the daily trend.
CHF/JPY: 191.27
The 5-minute chart is strongly bearish, the 15-minute chart is neutral, the hourly chart is strongly bullish, and the daily chart is strongly bearish.
The pair is recovering on yen selling, but the Swiss franc itself remains weak, making its direction less stable than that of other cross-yen pairs.
AUD/JPY: 112.41
The 5-minute chart is bearish, the 15-minute chart is bullish, the hourly chart is strongly bullish, and the daily chart is bullish.
Australian dollar resilience and yen weakness are reinforcing each other, making AUD/JPY the strongest cross-yen pair. It is a buying-on-dips candidate after a short-term correction.
NZD/JPY: 90.15
The 5-minute chart is strongly bearish, the 15-minute chart is neutral, the hourly chart is strongly bullish, and the daily chart is strongly bearish.
The pair has rebounded on yen weakness, but underlying New Zealand dollar weakness has prevented the move from developing into a daily-chart uptrend.
CAD/JPY: 112.70
The 5-minute, 15-minute and daily charts are neutral, while the hourly chart is strongly bullish.
The rebound in oil and yen weakness are providing support, but the short-term direction remains unclear. Buying on dips in line with the hourly chart should wait for improvement in the 15-minute chart.
Other Currency Pairs
EUR/GBP: 0.8587
The 5-minute and 15-minute charts are strongly bearish, the hourly chart is bearish, and the daily chart is strongly bullish.
Sterling is stronger than the euro on the short-term and hourly charts, while the daily chart still favours the euro. The conflict between timeframes is substantial, making this more suitable for short-term trading.
AUD/NZD: 1.2471
All timeframes show strong buy signals.
Australian dollar buying and New Zealand dollar selling are fully aligned. This is the clearest relative-currency trend in the FX market today.
EUR/CHF: 0.9464
The 5-minute and 15-minute charts are strongly bearish, the hourly chart is neutral, and the daily chart is strongly bullish.
EUR/CHF is undergoing a short-term correction within a daily uptrend. Buying on dips should be considered only after the hourly chart turns bullish again.
BTC/USD: 78,111
The 5-minute and daily charts are neutral, the 15-minute chart is bullish, and the hourly chart is strongly bullish.
BTC/USD has rebounded from the US$76,000 range and technical conditions have improved from the short term through to the hourly chart. The daily chart is still neutral, so a full bullish reversal has not yet been confirmed, but it is a potential buying-on-dips candidate.
Strength Rankings
S Rank
• Silver
• AUD/NZD
• Nasdaq 100
• USD/JPY hourly and daily charts
A Rank
• Gold
• WTI crude
• USD/CHF
• AUD/JPY
• Nikkei 225 hourly and daily charts
• BTC/USD hourly chart
Weakness Rankings
S Rank
• Natural gas
• EUR/USD
• GBP/USD
• NZD/USD
• DAX
• FTSE 100
• CAC 40
A Rank
• Dow Jones
• EUR/GBP short term
• GBP/JPY daily chart
• CHF/JPY daily chart
• NZD/JPY daily chart
Trading Strategy
Bullish Bias
• Silver
• AUD/NZD
• Nasdaq 100
• USD/JPY
• USD/CHF
• AUD/JPY
Buying-on-Dips Candidates
• Gold
• WTI crude
• S&P 500
• Nikkei 225
• BTC/USD
• AUD/USD
Selling-on-Rallies Candidates
• Natural gas
• EUR/USD
• GBP/USD
• NZD/USD
• DAX
• FTSE 100
• CAC 40
• Dow Jones
Markets Requiring Directional Confirmation
• EUR/JPY
• GBP/JPY
• CHF/JPY
• NZD/JPY
• CAD/JPY
• EUR/GBP
• EUR/CHF
Key Points to Watch
Gold and silver are increasingly establishing a medium- to long-term bullish bias. Silver is bullish across all timeframes, but after rising around 5% from the previous day, waiting for a pullback is preferable to chasing higher prices.
WTI crude is holding above US$100 and rebounding. A bullish turn on the hourly chart would confirm the resumption of the daily uptrend.
Natural gas is strongly bearish across all timeframes. As buy and sell signals have switched frequently recently, be alert to wider moves during any rebound.
The Nasdaq 100 and Nikkei 225 are strong, while the Dow and European equities are weak. This is a market better suited to using regional and sectoral relative-strength differences rather than treating all equity indices as one trade.
Dollar strength and yen weakness are the core FX themes. Holding multiple long-dollar and short-yen positions simultaneously can concentrate risk in the same underlying theme.
