Technical analysis of the Dow as it resumes its ascent while GBP/USD probes resistance and US natural gas prices fall out of bed.
DailyFX Real Time News 2026-07-10 11:14:55
Context: The Dow Jones Industrial Average has resumed its ascent, with a current bullish outlook while above the 52,075-to-52,032 region, and is expected to revisit its 25 June high at 52,661 and potentially reach the 55,000 region. Meanwhile, GBP/USD continues its recovery, probing resistance at the mid-June high at $1.3461, and US natural gas futures prices have dropped significantly. These market movements occur amid various global economic and geopolitical developments.
Key Facts
- The Dow Jones Industrial Average retraced lower from a record high of 53,294 but found support at this week's 52,075 low, and is expected to revisit the 25 June high at 52,661 if it continues to hold.
- SK Hynix, a South Korean memory chipmaker, priced its American Depositary Receipts at $149, raising approximately $26.5 billion in what is expected to become the world's second-largest initial public offering.
- Micron announced plans to invest more than $250 billion in the US by 2035, helping propel the Philadelphia Semiconductor Index 3% higher and the Nasdaq gaining 1.3% overnight.
- The Japanese currency strengthened to ¥161.69 per dollar after Finance Minister Satsuki Katayama said the government would encourage pension funds to increase allocations to domestic assets, supporting Japanese government bonds.
- US natural gas futures dropped significantly on Thursday but are trying to find support around their 15 June low at 286.2, with potential resistance between the 295.1-to-297.2 17-to-24 June lows.