U.S.–Iran Escalates Strikes; Markets Open the Week Cautiously

(By ATFX Analyst Team)

Global Market Review 20/07/2026

• U.S. equities extended losses Friday: Dow ‑0.93% weekly, S&P 500 ‑1.55%, Nasdaq ‑2.9%.
• The dollar ended flat on Friday, down 0.2% on the week.
• Spot gold rebounded by over 1% on Friday but fell ~2.5% for the week, its largest drop in over a month.
• WTI crude rose more than 2% Friday, hitting highs since mid‑June as U.S.–Iran strikes escalated in the Gulf.

Key Events Today:

Japan Holiday

• 14:00 EU GERMANY PPI YoY JUN **
• 20:30 CA CPI YoY JUN **
• 22:00 US CB Leading Index MoM JUN **

July 21（GMT+8）

• 14:00 GB Unemployment Rate MAY **
• 17:00 EU ZEW Economic Sentiment Index JUL **

Markets Analysis 20/07/2026

• Resistance: 1.1459 / 1.1473
• Support: 1.1414 / 1.1400

EUR/USD steadied Friday but opened lower Monday as U.S.–Iran tensions escalated.

Analyst View: Testing 10‑day MA support. A break lower would target the 20‑day MA and potentially below 1.1400.

Bias: Short‑term weak

• Resistance: 1.3498 / 1.3537
• Support: 1.3377 / 1.3339

Sterling fell for a second day on Friday. Burnham formally replaces Starmer as UK Prime Minister today, which may lend some support.

Analyst View: Watch 10‑day MA support at 1.3422. A break lower would extend the correction; holding support could refocus on 1.3500.

Bias: Short‑term weak

• Resistance: 162.71 / 162.87
• Support: 162.33 / 162.17

USD/JPY hovered near 162 on Friday, close to multi‑decade highs, with intervention risks keeping trade cautious.

Analyst View: Early Monday highs faded, but support held at the 10‑day MA. Maintaining above this level is key to staying in the high range.

Bias: High‑level consolidation

• Resistance: 85.00 / 86.30
• Support: 82.42 / 80.76

Oil extended gains Monday, hitting its highest level since June 12 as tensions in the Middle East threatened supply.

Analyst View: Upside opened further after a gap higher. Watch resistance above $85; fresh headlines needed to break higher.

Bias: Short‑term bullish

• Resistance: 4043 / 4073
• Support: 3982 / 3943

• Resistance: 57.61 / 58.51
• Support: 54.70 / 53.78

Gold reclaimed above $4,000 on Friday but posted its largest weekly drop in over a month. Silver fell to its lowest level since November 2025.

Analyst View: Gold opened lower on Monday, staying near last week’s lows. Daily MAs remain key resistance, keeping trade weak.

Bias: Weak trading

• Resistance: 52,539 / 52,831
• Support: 51,833 / 51,601

U.S. equities fell Friday as Middle East tensions fueled inflation risks. Dow dropped for a second day, hitting early‑month lows.

Analyst View: Breaking below key MAs, with the 20‑day MA near 52,200 now acting as resistance. Watch for further downside below 52,000.

Bias: Short‑term pressured

• Resistance: 28,993 / 29,132
• Support: 28,402 / 28,225

Tech stocks fell on Friday. Apple is negotiating with the DOJ over antitrust issues, while SpaceX dropped more than 5% after a launch halt. Nasdaq fell over 1%.

Analyst View: Dropped to lows since June 9, holding above prior support. Watch for retests of the previous low.

Bias: Short‑term pressured

• Resistance: 65,576 / 66,485
• Support: 63,508 / 62,584

Bitcoin recovered toward $65k on Saturday after sliding with tech stocks. Risk appetite was pressured by new developments in Chinese AI and fading hopes for U.S. crypto legislation.

Analyst View: Still consolidating near $65k. Holding the 10‑day MA is key to breaking out of the narrow range.

Bias: Range consolidation

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