In recent market developments, Bitcoin (BTC) has achieved a significant breakthrough by breaching the falling wedge pattern. Simultaneously, gold continues to experience a downward trend, while the US dollar remains range bound. 

On the other hand, the New Zealand dollar (NZD) has emerged with a trade surplus and is determined to maintain its position against the US dollar. Let's explore these occurrences and their implications further.

The BTC Performance 

Overall, we are still in the retracement phase on Bitcoin, our initial support at 26130.97 maintained strength although under a lot of pressure. The Falling Wedge on the support level 26130.97 has been down. We now approach the first target at 31815.52.

If the price breaks and closes above 31816.52, more upside to the price level of 42547.38. Requires more patience for price action to occur, this specific example of price action provides evidence that one should have a more diverse portfolio to invest in as not all profits are taken every day.

The XAUUSD Performance

In a testimony before the US Congress, Fed Chairman Powell stated that nearly all FOMC participants expect that it will be appropriate to continue raising interest rates as the fight against inflation has a long way to go. Markets currently have a price for the Federal Reserve to raise rates again by 25bps in July before ending its tightening cycle.

Traders are now betting on two more hikes of 25bps over the remaining four meetings this year. A daily close below 1933.60 happened yesterday this could be the sustained move towards the initial target at price point 1908. Traders should be monitoring the DXY very closely as well as major pairs that correlate positively with the US Dollar Index for more probability of price action.

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The NZDJPY Performance 

Price is currently trending above 8 annual pivot points and has broken a strong valid resistance at price point 87.645. The New Zealand dollar edged up 0.1% to $0.6210 on Thursday, attempting to maintain gains from the prior session as the US dollar weakened to near a six-week low of around 102 after Fed Chair Jerome Powell's hawkish remarks during his semi-annual testimony to Congress.

New Zealand unexpectedly posted a trade surplus of NZD 46 million in May, beating market forecasts of a deficit of NZD 350 million, despite the latest result being much less than that registered in May 2022 of NZD 148 million. Targets analysed at point 1 are at price point 89.696. Target 2 sets at price point 93.328.

Final Thoughts On Today’s Analysis 

The recent market developments involving Bitcoin, gold, the US dollar, and the New Zealand dollar reveal interesting dynamics in the global financial landscape. BTC's breakthrough of the falling wedge pattern provides hope for cryptocurrency enthusiasts, while gold continues its decline amidst improving economic conditions. 

The US dollar remains range-bound, awaiting clearer signals for its next move, while the NZD boasts a trade surplus and strives to maintain its position against the USD, reflecting New Zealand's strong economic performance. These occurrences highlight the ever-evolving nature of financial markets and the need for investors to stay informed and adapt their strategies accordingly.