DBG Markets: Market Report for Jul 10, 2025

Market Analysis

GOLD

GOLD is currently consolidating after testing the lower boundary. It is now testing the EMA200. While the consolidation is happening within the larger range, we expect further bearish movement as prices maintain a selling structure. For the time being, we will wait to see how the markets will progress in the coming days.

SILVER

Prices show weakness after multiple tests of the 36.7308 resistance level failed. Prices are currently seeing growth in bearish movement. There is still a chance for prices to maintain a consolidation as the price is within its range, but it is no longer being squeezed by the EMA200. We will wait for a clear break of structure.

DXY

The Dollar has slipped after the Federal Reserve, in the minutes from its June meeting released yesterday, signaled an openness to cut rates later this year. The minutes revealed that "many" participants judged that risks to the economic outlook were tilted to the downside due to trade tensions. Adding to this, the Dollar came under pressure from a sharp drop in Treasury yields, which was driven by strong demand in Wednesdays 10-year note auction. Technically, the MACD is showing growth for selling volume, and the RSI was quick to turn away from oversold levels, normalizing the selling momentum. However, despite these bearish signals, we will retain our broader bullish bias, as the overall price action has not yet broken its bullish structure.

GBPUSD

The Pound is currently finding increased chances for a sell continuation after a seemingly muted few days. The MACD is stagnant, but the RSI is still indicating overbought levels. Thus, we can assume that prices may still go south, unless a sudden upward burst is found that breaks relevant structures and shifts the trend. We will wait for a clearer market movement.

AUDUSD

The Aussie Dollar has gained as market analysts call for a shift in sentiment toward risk-on assets. The Reserve Bank of Australia's surprise decision to hold interest rates steady earlier this week continues to offer support. In her press conference, RBA Governor Michele Bullock flagged ongoing inflation risks from elevated unit labor costs and weak productivity. Separately, Deputy Governor Andrew Hauser also noted rising global uncertainty, with U.S. tariffs expected to weigh heavily on growth. This more hawkish-than-expected stance from the RBA provides a fundamental reason for the Aussie's strength.

However, it is clear that a bearish shift occurred in the market technically. Thus, even if fundamentals suggest strength, we will remain focused on the technical charts. The pair is still consolidated in a range established since Tuesday. We will wait to see a complete break in price and a return above 0.65618 before calling for a bullish shift. Until then, we are expecting more selling to come.

NZDUSD

The Kiwi remains consolidated, testing to see if prices can continue their bearish trend. The MACD is muted, but the RSI is finding increased chances for a sell continuation. We anticipate further selling after a potential test of the EMA200. Until then, we will wait.

EURUSD

Euro prices are showing increased chances of consolidation after failing to continue their bearish move. The MACD is seeing a steady rise in bullish volume, but the RSI is indicating overbought levels. Thus, we will wait for a clear break of either the upper or lower boundary before calling a specific direction.

USDJPY

The Yen is currently showing increased bearish movement [for USD/JPY], with the Yen gaining against the Dollar. The MACD is showing increased bearish gains while the RSI is also moving upward quickly even on small bullish price movements for the pair. Despite the overall price action remaining bullish for the pair, these bearish signals are notable. We will look for more opportunities to sell USD/JPY.

USDCHF

The Franc is maintaining its consolidation but has fallen from the higher boundary. The MACD and the RSI reflect the growth in bearish momentum and volume [for USD/CHF]. We anticipate further selling to continue in the coming days as the overall price action respects the bearish movement.

USDCAD

The CAD is currently experiencing weakness [USD/CAD is rising], with the MACD and the RSI reflecting this bullish growth for the pair. The overall price action has also shifted bullish. We expect further buying to continue in the coming days. This comes as well as trade wars heat up.