Dollar Extends Rally, Gold and Oil Slide, Hang Seng Breaks 11‑Month Low

[RichieVo]

June 24, 2026

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US Dollar – Bullish Momentum Continues​

The US Dollar Index (DXY) traded near 101.30-101.45, its highest level since May 2025, as markets priced in a more hawkish Fed outlook. Deutsche Bank and Bank of America Global Research have both revised their forecasts to include a rate hike in September.
Key levels: Support at 100.50-100.00; resistance at 101.50-102.00.
Outlook: Bullish above 100.00. PCE data on Thursday will be the next catalyst.

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Gold – Under Pressure, Testing $4,100​

Gold fell to $4,105 per ounce, pressured by a strong dollar and rising rate expectations. The metal has lost the $4,200 level and is now testing the $4,100 support zone.
Key levels: Support at $4,067-$4,024; resistance at $4,182-$4,200.
Outlook: Bearish below $4,200. A break below $4,024 could open $4,000.

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Oil – Extending Losses on Supply Hopes​

WTI crude fell below $73 per barrel, reaching a three‑month low, after the US granted Iran a 60‑day licence to sell oil into international markets. Shipping through the Strait of Hormuz has increased, and Iran has shipped more than 30 million barrels over the past week.
Key levels: Support at $72.00-$71.50-$70.00; resistance at $75.50-$77.00.
Outlook: Bearish but approaching strong support. A rebound toward $75-$77 is possible.

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ASX200 – Four-Day Losing Streak​

The ASX200 fell 0.3% to 8,787, its fourth consecutive decline. Materials (+1.6%) and technology (+1.1%) led gains, but REITs (-1.5%) and consumer staples (-1.3%) weighed. The index is now testing the 200-day moving average near 8,775.
Key levels: Support at 8,760-8,765; resistance at 8,800-8,815.
Outlook: Range‑bound. A break below 8,755 could open 8,720.

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Hang Seng – Breaks 11‑Month Low​

The Hang Seng Index fell 1.82% to 23,336, breaking below the previous low of 23,444 and confirming a descending channel. Technology heavyweights led the decline: Tencent -1.7%, Xiaomi -2.7%, JD.com -4.6%.

Key levels: Support at 23,250-23,000; resistance at 23,600-23,700.

Outlook: Bearish. A break below 23,000 could extend losses toward 22,600.

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Currency Pairs – Key Levels​

• AUD/USD: 0.6908 – testing 0.6900 support. Break could open 0.6855.
• GBP/USD: 1.3190 – UK PM Starmer resigns. Support at 1.3150-1.3100.
• USD/JPY: 161.70 – intervention risk. Resistance at 162.00.
• EUR/USD: 1.1370 – weak. Support at 1.1350-1.1300.

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Four narratives driving markets:

1. Hawkish Fed – supporting the dollar, pressuring gold.
2. US‑Iran oil licence – easing supply concerns, weighing on oil.
3. UK political uncertainty – weighing on sterling.
4. Asian tech sell‑off – dragging Hang Seng to 11‑month lows.

• Gold: Bearish below $4,200. Support at $4,000.
• Oil: Bearish but oversold. Rebound possible toward $75-$77.
• Dollar: Bullish above 100.00. PCE is key.
• Hang Seng: Bearish. Avoid catching a falling knife.