{"id":134434,"date":"2026-07-07T12:59:00","date_gmt":"2026-07-07T09:59:00","guid":{"rendered":"https:\/\/ironfx-com.wp-dev.int.theitops.net\/?p=134434"},"modified":"2026-07-07T12:59:24","modified_gmt":"2026-07-07T09:59:24","slug":"markets-still-in-a-wait-and-see-position","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/ms\/markets-still-in-a-wait-and-see-position\/","title":{"rendered":"Market\u2019s still in a wait and see position"},"content":{"rendered":"

RBNZ about to hike rates after three years<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n

The USD seems to have halted its bearish movement in the FX market, Meanwhile, JPY continues to remain dangerously weak, and any further weakening can enhance the possibility of Japan intervening in the markets to the Yen\u2019s rescue. In New Zealand RBNZ is expected to hike rates, while the market expects another hike, near October. If the bank hikes rates as expected and accompanies the decision with a hawkish tone, enhancing the market\u2019s expectations we may see the Kiwi getting some support.<\/p>\n\n\n\n

US stock markets remain uncertain\u00a0<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n

US stock markets continue to seem uncertain about their direction, with one exception being possibly Dow Jones. Nasdaq and S&P 500 were largely prevented from falling yesterday as Broadcom\u2019s share price got some support after the extension of the chip-providing contract with Apple, yet on a fundamental basis US equity markets are still in a wait and see position, with the Fed\u2019s stance being a key issue.\u00a0<\/p>\n\n\n\n

Oil prices remain stable despite tensions in the Gulf region<\/strong><\/h2>\n\n\n\n

Oil prices seem to remain stable despite Iran firing missiles at commercial ships in the Strait of Hormuz. The incident rose doubts about the safety of the oil shipping route, yet the market tends to remain optimistic. The oil price cut by Saudi Arabia, the widest in reportedly two decades and expectations for OPEC+ to increase oil production tended to ease market worries somewhat.<\/p>\n\n\n\n

Gold\u2019s price slips<\/strong><\/h2>\n\n\n\n

Gold\u2019s price slipped as the strengthening of the USD in the FX market tended to weigh on the precious metal\u2019s price. We still view the negative correlation of the USD with gold\u2019s price as active hence any further gains for the USD could weigh on gold\u2019s price and vice versa. Also we note the release of the Fed\u2019s June meeting minutes tomorrow as a potential market mover for gold.<\/p>\n\n\n\n

Other highlights for today<\/strong><\/strong><\/h2>\n\n\n\n

In today\u2019s European session, we get Germany\u2019s industrial output for May, UK\u2019s Halifax House prices for June, the Czech Republic\u2019s preliminary CPI rates for June, Canada\u2019s trade data for May and Ivey PMI figure for June and later on we get the API weekly crude oil inventories figure. In tomorrow\u2019s Asian session we get Japan\u2019s Current Account balance for May and on a monetary level we note that RBA Assistant Governor Hunter are scheduled to speak and in New Zealand, RBNZ is to release its interest rate decision.\u00a0<\/p>\n\n\n\n

Charts to keep an eye out<\/strong><\/h2>\n\n\n\n

NZD\/USD<\/u><\/strong> edged lower in today\u2019s Asian session nearing the 0.5680 (S1) support line. We tend to maintain our bias for a sideways motion of the pair, after its price action broke the down ward trendline guiding it. Yet the low position of the RSI indicator, implies some bearish tendencies in the market sentiment that could drag NZD\/USD\u2019s price action lower. Should the bears fully take over, we may see NZD\/USD breaking the 0.5680 (S1) support line and start aiming for the 0.5575 (S2) support level. For the bulls to establish their dominance, NZD\/USD would have to break the 0.5765 (R1) resistance line, thus opening the gates for the 0.5865 (R2) resistance level.<\/p>\n\n\n\n

Nasdaq<\/u><\/strong>\u2019s price edged lower unable to break the 29675 (R1) resistance line. The index\u2019s price action seems to have been condensed within the boundaries of a symmetrical triangle, a scenario that allows the break out of index\u2019s price action to either direction. Should the bears regain control over Nasdaq\u2019s price we may see it nearing the aiming if not breaking the 28200 (S1) support line. Should the bulls take over we may see Nasdaq\u2019s price breaking the 29675 (R1) resistance line and start aiming if not reaching the 30770 (R2) resistance level.<\/p>\n\n\n\n

\"An<\/figure>\n\n\n\n

NZD\/USD Daily Chart<\/strong><\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n
\"Technical<\/figure>\n\n\n\n
    \n
  • Support: 0.5680 (S1), 0.5575 (S2), 0.5485 (S3)<\/li>\n\n\n\n
  • Resistance: 0.5765 (R1), 0.5865 (R2), 0.5995 (R3)\u00a0<\/li>\n<\/ul>\n\n\n\n

    US100 Cash Daily Chart<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n
    \"Daily<\/figure>\n\n\n\n
      \n
    • Support: 28200 (S1), 26870 (S2), 25375 (S3)<\/li>\n\n\n\n
    • Resistance: 29675 (R1), 30770 (R2), 32500 (R3)\u00a0<\/li>\n<\/ul>\n\n\n\n

      Disclaimer:<\/p>\n\n\n\n

      This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>","protected":false},"excerpt":{"rendered":"

      RBNZ about to hike rates after three years The USD seems to have halted its bearish movement in the FX<\/p>","protected":false},"author":15,"featured_media":107933,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_daim_seo_power":"","_daim_enable_ail":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-134434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"\nMarket\u2019s still in a wait and see position<\/title>\n<meta name=\"description\" content=\"RBNZ rate decision, USD strength, oil stability, gold decline, and Nasdaq outlook shape today's forex and market update.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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