Forex Signals Brief June 10: Can Tesla and Tech Stocks Continue Yesterday’s Rally?

Quick overview

Yesterday tech stocks rallied higher led by TSLA as US-China chats improved investor confidence, which will likely continue today as well.

Markets Sway in Quiet Trade as US Dollar Softens

With much of continental Europe observing a holiday, global markets moved in a restrained but volatile fashion on Monday. The absence of major US economic data left currencies and risk assets to respond to international developments, most notably renewed optimism around US-China trade talks.

In currency markets, the US dollar slipped modestly by the close of day, pressured by falling Treasury yields and rising demand for commodity-linked currencies. The New Zealand dollar (NZD) and Australian dollar (AUD) led the way higher, lifted by speculation that progress is being made in trade discussions between Washington and Beijing.

US-China Trade Talks Gain Traction

Negotiators from the United States and China convened in London for more than six hours, with early reports describing the discussions as “fruitful.” Talks are scheduled to continue into Tuesday, with market participants hoping for a breakthrough on issues ranging from export controls to rare earth supply chains.

This renewed dialogue helped underpin risk appetite in equities and commodities despite the lack of immediate headlines.

Treasury Yields Slip, Stocks Show Mixed Direction

Bond markets in the US were choppy, initially pushing yields higher before retreating later in the day. The 10-year Treasury yield dipped 3.2 basis points to 4.448%, while the 30-year yield eased 1.8 basis points to 4.944%. These moves contributed to the modest weakening in the US dollar, as softer yields often reduce the greenback’s yield advantage.

Stocks were similarly mixed. The Dow Jones Industrial Average ended virtually unchanged at 42,761.76, while the S&P 500 edged up 0.09%, and the Nasdaq Composite gained 0.31%. Notably, Apple Inc. weighed on the tech-heavy Nasdaq, falling 1.21% after its annual WWDC keynote failed to impress, particularly on the AI front.

Commodities: Oil Holds Above Key Technical Levels

Crude oil prices climbed and closed above a critical midpoint level, reinforcing a bullish technical bias. WTI crude settled at $65.29, comfortably above the $64.71 midpoint that has served as a key reference since 2021. This marks the first close above that level since early April, adding momentum to the idea of an extended recovery in energy markets.

Bitcoin Strengthens on Institutional Tailwinds

Cryptocurrencies once again reflected shifting macro dynamics. Bitcoin (BTC) rose by $2,974 to $108,767, driven in part by MicroStrategy’s $1 billion equity raise, which is earmarked for additional BTC purchases. The firm maintains its position as the largest publicly held holder of Bitcoin.

Meanwhile, BlackRock’s Bitcoin ETF continued its historic run, surpassing $70 billion in assets under management—a record for the fastest-growing ETF in history, hitting the milestone in just 341 days.

Tuesday Forex Outlook – Australia and UK: Diverging Economic Signals

In Australia, the Westpac Consumer Confidence Index rose 2.2%, rebounding from earlier weakness linked to tariff concerns. The latest reading reflects a blend of factors, including a surprise 25-basis-point rate cut by the RBA, a brighter inflation outlook, and a softer-than-expected Q1 GDP report. Analysts at Westpac suggest these crosscurrents point to persistent economic headwinds but also a more stable market environment, which could support future consumer sentiment.

In contrast, the UK labor market outlook continues to dim. Forecasts for the average earnings index (3m/y) were revised to 5.3%, slightly lower than the previous 5.5%. The claimant count is expected to rise to 9.5K, while the unemployment rate may increase from 4.5% to 4.6%. Data collection issues remain a concern, leading many economists to treat these readings cautiously. Nonetheless, the broader trend suggests cooling employment and slower wage growth, supporting expectations that the Bank of England will delay its next rate cut until November.

Last week, markets were slower than what we’ve seen in recent months, with gold retreating as a result, the EUR/USD jumping close to 1.15 but returned back to 1.14 this week, and stock markets continued upward too. The moves weren’t too big, but we opened 37 trading signals in total, finishing the week with 25 winning signals and 12 losing ones.

Gold Stays Rangebound but Supported

In precious metals, gold remains in a consolidation phase, although technical support has held firm. The 50-day simple moving average, currently around $3,255, continues to act as a floor for price action. With volatility narrowing, traders are watching closely for a break above $3,400, which could trigger a retest of April’s highs at $3,500. A drop below $3,120, however, could entice new buying interest.

Currency Oddity: USD/JPY Diverges from Bond Yields

A curious divergence emerged in the USD/JPY currency pair. Despite falling US Treasury yields—typically a bearish signal for the dollar—the pair rose from 143.40 to 144.31. Analysts attributed the move to Japanese capital outflows and large-scale portfolio reallocations, suggesting that geopolitical and investment dynamics are overriding traditional rate-driven correlations.

USD/JPY – Daily Chart

Cryptocurrency Update

Bitcoin Soars to $110K Again

Cryptocurrencies are echoing the broader macro narrative. Bitcoin surged past $110,000 earlier in the week, climbing more than 6% over several sessions. Its role as a perceived hedge against U.S. economic instability, ballooning debt, and global tensions continues to attract investors. However, the rally met resistance at the 20-day moving average, and BTC has since retreated to $100,000.

BTC/USD – Daily chart

Ethereum Retests the 200 SMA

Ethereum also participated in the uptrend, gaining over 20% since April, supported by renewed institutional enthusiasm following the successful rollout of the Pectra upgrade. The enhancement—focused on improving wallet functionality and staking operations—has added both technical momentum and longer-term utility appeal to Ether. Nonetheless, the 200-day SMA remains a key resistance level, with ETH/USD seeing rejection from that threshold in its latest attempt to climb higher.

ETH/USD – Daily Chart

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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