DBG Markets: Market Report for Jul 08, 2025

MARKET ANALYSIS

GOLD

Prices have tested the upper boundary of the range, finding increased chances for a sell continuation. This comes as trade tariffs return to the forefront of market focus, with the original July 9th deadline approaching. We are currently expecting the price to continue bearishly after this bounce off the structure. The MACD is now slowly showing a rise in selling volume, while the RSI is showing overbought levels with chances for prices to normalize the bullish momentum. However, the overall price action is still bearish, and we cannot call for a complete bullish shift until we see a clear structural break to the upside.

SILVER

Prices are finding increased chances for a bullish continuation. The MACD is finding increased bullish volume, and the RSI is normalizing the bullish momentum. It is important to note that while the movement is showing chances for a buy continuation, the pair is still in a consolidation. The EMA200 acting as a support for prices is an important factor to consider.

DXY

"The Dollar is finding increased bullish movement after it broke above important structures, shifting the overall structure back to buying. This move builds on the strength seen on Monday, which was driven by easing trade concerns at the time and reduced expectations for near-term Fed rate cuts following last week's stronger-than-expected jobs report.

However, the tariff situation has now escalated significantly. President Donald Trump announced updated tariff rates on 14 countries that have yet to secure trade deals with Washington. The list includes major exporters such as Japan and South Korea, both of which will face 25% levies. In a concurrent move, Trump also signed an executive order extending the reciprocal tariff deadline to August 1 from July 9, giving negotiators more time to reach agreements. In addition, he warned of an extra 10% tariff on countries aligning with what he described as the “Anti-American policies of BRICS,” as the bloc convened for a summit in Brazil. All we can do right now is wait for how this will resolve itself."

GBPUSD

The Pound is still consolidated, waiting to see how prices will progress from the current range. We will not make a call until a clear break of the price structure is found.

AUDUSD

The Aussie Dollar is experiencing a massive drop after last nights performance, shifting the overall market movement back to selling. This comes as the renewed trade war fears hit risk-on assets. The MACD is finding increased selling volume, and the RSI is also heading towards oversold levels. We now look for more bearish opportunities, especially if prices tap the EMA200 and fail to continue bullishly.

NZDUSD

Similar to the Aussie Dollar, the Kiwi has shifted its overall price momentum back to selling. The MACD and the RSI are reflecting a rise in bearish volume and momentum. We will look for more opportunities to sell this market, as the escalating tariff situation weighs heavily on risk-sensitive currencies.

EURUSD

Euro prices are finding increased chances for a buy continuation despite the immediate strength coming into the Dollar. The overall price action is respecting the EMA200 and the bullish price structure. However, it is still too early to decide upon a definite price movement, as it remains stuck in a range. We will wait to see how prices break through key structures before calling for a definitive move.

USDJPY

The Yen is losing ground against the Dollar [USD/JPY is rising], stumbling after they were named in the 25% tariff rise. The MACD and the RSI are finding increased bullish volume and momentum for the pair. We anticipate further buying to continue in the coming days. The EMA200 is also acting as effective support. With this in mind, we might see further weakness coming in for the Yen.

USDCHF

The Franc is currently testing the EMA200 [on USD/CHF] and is expected to drop further [meaning USD/CHF is expected to fall]. While the expansion on tariffs is expected to increase the strength of the Dollar in the immediate term, the after-effects are a worry for many investors and analysts. This insecurity on how the global economy will progress will affect the Dollar's strength. Thus, while the Franc is now seeing weakness against the Dollar's surge, if it bounces off the EMA200, there is a chance for it to continue bearishly or consolidate further. We assume prices are more likely to consolidate due to the Franc's safe-haven nature. We will wait to see how prices react.

USDCAD

The CAD has lost strength, and the pair [USD/CAD] is running bullishly. While we cannot call for an overall shift yet, based on how prices have quickly returned from below the 1.36612 level, there is now a chance for it to continue bullishly. Firstly, the MACD and the RSI are finding increased bullish volume and momentum. Secondly, the EMA200 is also acting as a support for prices. We anticipate further buying to continue in the coming days.