Wall Street Mixed: Dow Falls, Nasdaq Hits New High on Nvidia Surge

Market Overview

United Kingdom

The British pound (GBP) rose to its highest level since January 2022 against the USD, as the greenback weakened following dovish remarks from Fed Chair Powell and other officials. Powell warned that tariffs could push inflation higher, prompting the Fed to pause its rate-cut cycle.

Markets now expect the Fed to begin cutting rates in September, totaling 62 basis points this year. Attention also turns to the July 9 U.S. tariff negotiation deadline — a possible extension could further pressure the USD and support the GBP.    

Australia

The Australian dollar (AUD) edged higher despite a sharp drop in May inflation — headline CPI came in at 2.1% vs. 2.3% forecast, and core inflation fell to 2.4%, the lowest since 2021, with notable cooling in service and housing costs.

Markets now price in a 90% chance of a 25bps rate cut by the RBA at its July 8 meeting, with expectations that the 2025 rate floor will lie between 2.85%–3.10%.Improved global risk sentiment following the Middle East ceasefire also supported the AUD, despite the dovish policy outlook.

Bitcoin (BTCUSD)

Fundamental Analysis

The upside momentum was driven by Middle East ceasefire news and capital rotating back into altcoins, with WIF surging +24%.

The Fear & Greed Index returned to neutral, reflecting cautious investor sentiment. However, technicals suggest a potential breakout as the medium-term uptrend structure remains intact.

On the macro front, Australian police warned of a rise in Bitcoin ATM scams, particularly targeting elderly victims — highlighting security concerns that continue to weigh on broader public confidence.

Technical Analysis

BTC has broken out from the strong support zone at $102,374 – $105,281 and is now approaching a nearby resistance area.

The price structure is forming higher lows, with BTC currently testing the previous high near $109,356.Volume surged at the $98,240 bottom, confirming strong buying interest. It has remained elevated during the recent rally, indicating that capital inflows are still supporting the uptrend.

Dow Jones(US30)

Fundamental Analysis

The Dow Jones slipped 0.25% to 42,928 after three straight gains, as investors weighed Fed Chair Powell’s comments on tariffs and the outlook for steady interest rates.

Wall Street was mixed: the Nasdaq rose 0.3% thanks to a new all-time high from Nvidia (+4.3%), while real estate and consumer sectors declined. Treasury yields held steady, and the USD weakened.

Oil prices rose, boosting market sentiment following a U.S.-brokered Israel–Iran ceasefire. However, foreign capital continued to flow out of U.S. markets.

Technical Analysis

After forming a bottom around 42,063, price surged strongly, breaking above all three EMAs (34, 89, and 200), signaling that the short-term uptrend is gaining momentum.

The current price structure is showing higher highs and higher lows, confirming the continuation of the bullish trend.Volume spiked as price broke above the EMA 200 and the previous accumulation zone, reinforcing the presence of strong buying pressure.

Gold Spot (XAUUSD)

Fundamental Analysis

Gold edged up to $3,338/oz as concerns over the upcoming expiration of U.S. tariff grace periods in early July boosted safe-haven demand.

A weaker USD and cautious remarks from Fed Chair Powell — who signaled no rush to cut rates — also supported gold. However, short-term sentiment leans toward profit-taking, as Middle East tensions ease and bond yields tick slightly higher.Year-to-date, gold is up over 26%.

Technical Analysis

Currently, XAU/USD is in a mild downtrend, undergoing a correction after peaking near $3,450 and failing to reclaim the key supply zone at $3,380 – $3,400. The market structure shows lower highs, with repeated appearances of Bearish Order Blocks (OBs).

The zone between $3,212 – $3,245 has seen significant trading volume, confirming it as a critical support area

 

 

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