DXY – Plunges on Disappointing NFP
The US Dollar Index tumbled to 100.55 after June Nonfarm Payrolls came in at just +57K – far below the 110K forecast and 172K previous. The dollar recovered some losses but remains under pressure.Key Levels:
- Support: 100.34 (25-day MA) – 100.00
- Resistance: 101.80 – 102.14
Gold – Surges Past $4,100
Gold jumped to $4,120/oz as the weak NFP reduced Fed rate hike expectations. Geopolitical tensions (US-Iran) also provided safe-haven support.Key Levels:
- Support: $4,047 – $4,000
- Resistance: $4,128 (14-day MA) – $4,185 – $4,200
WTI Crude – Supply Pressure Caps Gains
WTI is trading near $68.26/bbl as supply from Iran and Russia surges. Iran has shipped over 40 million barrels since the US lifted its blockade, and Russian exports are at record highs. The Strait of Hormuz is seeing over 10 million barrels per day in traffic.Key Levels:
- Support: $66.00 – $65.00
- Resistance: $70.00 – $74.50
Equities – Mixed Signals
NZX 50: Fell 0.2% to 13,582, weighed by telecom and consumer sectors. Spark NZ and Chorus led declines.Geopolitics – US-Iran Talks in Focus
Talks in Doha continue, with both sides seeking a lasting solution. However, Iran remains firm on controlling the Strait of Hormuz. Any breakdown could trigger a fresh spike in oil and gold prices.Key Takeaways
- **Gold ($4,120):** Bullish above $4,100 – target $4,185–$4,200
- **Oil ($68.26):** Bearish below $70 – support at $66–$65
- DXY (100.55): Weak NFP pressures dollar – next support at 100.00
