Dollar Plunges to 98.56, Gold Surges Above $4,600, Oil Gains 6% on Iran Sanctions, ASX Under 9,100

[RichieVo]

Date: August 24, 2026

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Executive Summary​

The US dollar tumbled to 98.56 – its lowest level in three months – after the Treasury doubled its bond buyback program, pressuring yields and the greenback. Gold surged past $4,600/oz, marking its third consecutive weekly gain. WTI crude rose nearly 6% as Trump prepares to announce "economic D-Day" sanctions against Iran. The ASX200 closed the week at 9,059, its second weekly decline, while the Dow Jones recovered after a sharp selloff. All eyes now turn to Australian CPI and US inflation data this week.

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US Dollar – Plunges to 3-Month Low​

DXY crashed to 98.56 after the Treasury doubled its long-term bond buyback program, signaling active intervention to control yields. The 200-day EMA at 99.75 has turned into resistance. RSI at 18 – oversold, but no confirmed reversal signal yet.
Key levels: Support 98.50–98.00; Resistance 99.00–99.75.
Outlook: Bearish. Searching for a bottom.

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WTI Crude – Up 6% on Week, Eyeing Iran Sanctions​

WTI crude trades near $86.18/bbl, up nearly 6% for the week. Trump is set to announce "economic D-Day" sanctions aimed at isolating Iran's economy. US-Iran tensions remain elevated, keeping supply risks alive. RSI shows bearish divergence, raising correction risks.
Key levels: Support 85.00–82.00; Resistance 88.00–90.00.
Outlook: Bullish but overbought short-term.

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Gold – Surges Above $4,600​

Gold trades above $4,600/oz, up for a third consecutive week. Treasury bond buyback program drove yields and the dollar lower. Central bank buying, particularly from China, continues to provide support. RSI is approaching overbought territory.
Key levels: Support 4,500–4,450; Resistance 4,650–4,700.
Outlook: Bullish, but cautious near overbought levels.

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USD/JPY – Stuck Near 159​

USD/JPY trades near 159. Japan's CPI accelerated for a second consecutive month, reinforcing BoJ September rate hike expectations. The 160.00 level remains a strong psychological barrier. Intervention risk remains elevated.
Key levels: Support 158.00–157.00; Resistance 160.00–161.00.
Outlook: Neutral. Range-bound.

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ASX200 – Second Weekly Decline​

ASX200 closed at 9,059, down for a second consecutive week. Markets are awaiting July CPI data due this week. If CPI surprises to the upside, RBA rate hike expectations could increase, pressuring equities.
Key levels: Support 9,000–8,900; Resistance 9,100–9,200.
Outlook: Neutral, awaiting CPI.

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Dow Jones – Recovers After Sharp Selloff​

The Dow Jones rose 0.98% to 53,277 after Thursday's steep decline. Strong US services PMI data helped support the recovery. However, bond yields remain elevated (10Y at 4.75%), posing ongoing risks.
Key levels: Support 52,800–52,500; Resistance 53,500–54,000.
Outlook: Neutral.

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Currency Pairs – Key Levels​

• EUR/USD: 1.1670–1.1710 – Hỗ trợ 1.1600–1.1550; Kháng cự 1.1730–1.1800
• GBP/USD: 1.3655–1.3675 – Hỗ trợ 1.3600–1.3550; Kháng cự 1.3700–1.3750
• AUD/USD: 0.7160–0.7180 – Hỗ trợ 0.7100–0.7060; Kháng cự 0.7200–0.7250
• USD/JPY: 159.00–159.10 – Hỗ trợ 158.00–157.00; Kháng cự 160.00–161.00

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Key Events This Week​

Date	Event	Notes
Wednesday (Aug 26)	AU CPI (July)	Key data for RBA expectations
Thursday (Aug 27)	US GDP (Q2)	US economic growth
Friday (Aug 28)	US Core PCE	Fed's preferred inflation gauge
Jackson Hole Symposium	Fed Chair Speech	Policy direction clues

• DXY: Bearish below 99
• Gold: Bullish above $4,600, watch overbought levels
• Oil: Bullish but correction risk rising
• USD/JPY: Range-bound, intervention risk
• ASX200: Awaiting CPI data
• Dow Jones: Recovering, yields remain a risk