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US-Iran Progress Boosts Market Sentiment

(By ATFX Analyst Team)

Key Takeaways

On Monday, President Trump said the U.S. and Iran are engaged in “good dialogue,” with the possibility of reaching an agreement to end the conflict. Signs of easing tensions sent oil prices sharply lower. U.S. equities were mixed ahead of key tech earnings, the dollar retreated on improved risk appetite, while gold gained.

Today, RBA Governor Bullock’s speech will provide insight into the central bank’s next steps, particularly whether it will maintain a cautious stance after pausing rate hikes and highlight inflation uncertainty. Tonight, the U.S. Conference Board Consumer Confidence Index will reveal the true state of U.S. consumers, with July expected to improve further from June.

 

Global Market Review 28/07/2026

  • U.S. equities closed mixed Monday: Dow +0.5%, S&P 500 +0.02%, Nasdaq ‑0.18%.
  • Treasury yields fell, and the dollar weakened against major currencies.
  • Gold rose 0.56% to $4,075/oz, supported by easing U.S.–Iran tensions.
  • Oil plunged over 9%, closing at its lowest in more than a week, after the U.S. unexpectedly paused airstrikes on Iran.

Key Events Today:

  • 11:05 RBA Gov Bullock Speech ***
  • 22:00 US CB Consumer Confidence JUL **
  • 22:00 US Richmond Fed Manufacturing Index JUL **

July 29 (GMT+8)

Microsoft, Meta Earnings Report ***

  • 04:30 API Crude Oil Stock Change ***
  • 09:30 AU CPI YoY JUN **
  • 20:30 EIA Crude Oil Stocks Chang **

 

Markets Analysis 28/07/2026

20260728 EURUSD Keys Instruments

  • Resistance: 1.1408 / 1.1422
  • Support: 1.1362 / 1.1348

EUR/USD broke above 1.1400 on Monday but retreated, closing lower. Middle East tensions remain in focus, offering temporary support.

Analyst View: After declines, EUR/USD is near last week’s lows. Watch whether support holds between 1.1360 and the 10‑day MA at 1.1400.

Bias: Low‑range consolidation

20260728 GBPUSD Keys Instruments

  • Resistance: 1.3350 / 1.3399
  • Support: 1.3251 / 1.3203

Sterling rose then fell on Monday, breaking below 1.3300 for the first time since early July, hitting monthly lows.

Analyst View: A break below 1.3300 expands the downside channel. Bears may target 1.3250; a break would open late‑June lows.

Bias: Pressured

20260728 USDJPY Keys Instruments

  • Resistance: 164.02 / 164.29
  • Support: 163.39 / 163.11

USD/JPY hovered near 40‑year highs but below 164.00. Traders await Fed and BoJ meetings for guidance.

Analyst View: Consolidating in a narrow high‑level range. Key resistance above 164; support near 163.10 (10‑day MA).

Bias: Range trading

20260728 US Crude Oil Futures (SEP) Keys Instruments

  • Resistance: 87.22 / 90.38
  • Support: 77.14 / 74.03

Oil extended Friday’s retreat, plunging to its largest single‑day drop in nearly two months as U.S.–Iran paused strikes, easing supply fears.

Analyst View: Fell below 10‑day MA, now resistance at $84.14. Bears may push toward support below $80.

Bias: Pressured

20260728 Spot Gold (XAU/USD) Keys Instruments

  • Resistance: 4104 / 4142
  • Support: 4043 / 4012

20260728 Spot Silver (XAG/USD) Keys Instruments

  • Resistance: 59.02 / 59.75
  • Support: 55.92 / 55.34

Gold and silver rose Monday as easing U.S.–Iran tensions reduced inflation fears and tempered Fed hike expectations.

Analyst View: Gold retested 10‑day MA support Tuesday. A break lower risks $4,000; holding support could retest resistance above $4,100.

Bias: Weak rebound

20260728 Dow Jones Futures Keys Instruments

  • Resistance: 52,533 / 52,823
  • Support: 51,830 / 51,600

U.S. equities mixed Monday. Dow rebounded over 260 points as risk appetite improved on easing tensions, ahead of the Fed decision.

Analyst View: Dow consolidated near 10‑day MA after gains. May attempt another rebound, but momentum looks mild.

Bias: Mild rebound

20260728 NASDAQ 100 Keys Instruments

  • Resistance: 28,229 / 28,372
  • Support: 27,746 / 27,632

Nasdaq fell Monday despite improved sentiment, as semiconductor stocks weakened. Tech majors traded mixed ahead of earnings.

Analyst View: Nasdaq hit its lowest since early May, holding near 28,000 support. Watch for rebound potential if sentiment improves.

Bias: Low‑level consolidation

20260728 Bitcoin (BTC/USD) Keys Instruments

  • Resistance: 64,735 / 65,831
  • Support: 62,325 / 61,248

Bitcoin fell to its lowest in 11 days on Tuesday, pressured by rate hike fears. Heavy ETF outflows last week underscored a fragile recovery.

Analyst View: Failed to extend gains, breaking below 10‑and 20‑day MAs. Bears may push toward $62,000.

Bias: Pressured

Enjoy trading! The content is for reference only. Please ensure that you understand the risk.

 

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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