(By ATFX Analyst Team)
SummaryU.S. President Donald Trump announced an indefinite extension of the ceasefire with Iran just hours before it was due to expire, though it remains unclear whether Iran and Israel will accept the move. Stronger-than-expected U.S. retail sales reinforced expectations that the Federal Reserve will keep rates unchanged this year, while Kevin Warsh stressed that he would protect the Fed’s independence if appointed. Today’s market focus will centre on the expiry of the two-week ceasefire agreement between the U.S. and Iran, with investors closely watching Iran’s response after Trump announced an indefinite extension. In the UK, attention turns to March CPI and PPI. Year-on-year CPI is expected to rise further to 3.3% from 3.0%, suggesting inflation pressures may continue to delay Bank of England rate cuts. |
Global Market Review 22/04/2026
U.S. stocks closed lower on Tuesday, giving back earlier intraday gains as renewed concerns over the Middle East conflict overshadowed initial optimism from a round of strong corporate earnings. The Dow fell 0.59%, the Nasdaq declined 0.59%, and the S&P 500 dropped 0.63%. U.S. Treasuries fell for a second straight session, while the U.S. dollar climbed to a one-week high.
Gold prices extended their decline, falling to the lowest level in more than a week. Spot gold dropped 2.2% to settle at $4,711.67 per ounce. After President Trump announced that the ceasefire with Iran would be extended until Tehran submits a proposal, international oil prices ended the day higher in volatile trade, with WTI crude futures rising 5%.
Key Events Today:
- Temporary U.S.–Iran ceasefire expires ***
- NYMEX May crude oil futures contract expires ***
- 04:30 US API Weekly Crude Oil Stock ***
- 14:00 GB CPI & PPI YoY MAR***
- 22:00 EU Consumer Confidence Flash APR **
- 22:30 EIA Weekly Crude Oil Stock **
Tomorrow:
- 07:00 AU Manufacturing & Services & Composite PMI Flash APR **
- 08:30 JP Manufacturing & Services & Composite PMI Flash APR **
- 16:00 EU Manufacturing & Services & Composite PMI Flash APR **
- 16:30 GB Manufacturing & Services & Composite PMI Flash APR **
- 20:30 US Initial Jobless Claims ***
- 21:45 US Manufacturing & Services & Composite PMI Flash APR ***
Markets Analysis 22/04/2026
- Resistance: 1.1773/1.1835
- Support: 1.1724/1.1674
EURUSD slipped to 1.1736 as the dollar firmed amid renewed Middle East uncertainty and stronger U.S. retail sales. Even so, losses remained limited as markets still hoped diplomacy could resume after the ceasefire extension.
Analyst View: EURUSD is no longer advancing cleanly after failing near 1.1835. The pair still has support below, but with price slipping back towards 1.1724–1.1674, the market now appears to be easing off rather than preparing for an immediate fresh breakout.
Bias: Capped below 1.1760
- Resistance: 1.3555/1.3603
- Support: 1.3432/1.3395
GBPUSD eased to 1.3493 as safe-haven demand lifted the dollar and traders reduced risk exposure. Sterling remained under mild pressure, with geopolitical tensions and firmer U.S. data outweighing broader hopes for a negotiated outcome.
Analyst View: GBPUSD is wobbling rather than breaking down. The pair has lost some upward momentum, but as long as 1.3395–1.3432 continues to catch dips, this looks more like a tired pullback than a clean bearish reversal.
Bias: Heavy near the 1.3500 handle
- Resistance: 159.71/160.04
- Support: 158.69/158.27
USDJPY rose towards 159.39 as the yen weakened despite regional tensions, while the dollar drew support from higher yields and stronger U.S. data. The pair remained near the upper end of its range, keeping intervention concerns alive.
Analyst View: USDJPY is trying to lift again, but it still feels boxed in. Buyers are testing the upper range, yet unless 159.71–160.04 gives way, this looks more like another hesitant grind than a genuine breakout.
Bias: Mildly bullish above 159
- Resistance: 97.12/101.06
- Support: 80.50/76.49
WTI jumped back towards $90.40 after Iran refused to attend second-round talks and war risk returned to the fore. With Hormuz shipping still largely stalled, crude remained highly reactive to headlines despite lingering demand concerns.
Analyst View: Oil has bounced off the lows, but the recovery still feels incomplete. The market is stabilising, not fully healing. Unless WTI can trade back above 97.12–101.06, the rebound may struggle to become more durable.
Bias: Hovering around $90
- Resistance: 4805/4939
- Support: 4671/4537
- Resistance: 79.32/82.51
- Support: 74.27/71.73
Gold slid towards $4,727 as rising Treasury yields, a firmer dollar, and renewed oil-driven inflation fears weighed on sentiment. The metal remained under pressure as traders reassessed Fed easing odds amid fresh geopolitical uncertainty.
Analyst View: Gold is trying to hold its ground, but it no longer has the same upward momentum. The market is stabilising around $4,671; unless it can reclaim $4,805–$4,939, this still looks more like consolidation following pressure than a confident renewed advance.
Bias: Range consolidation
- Resistance: 49705/50513
- Support: 48428/47784
The Dow fell 0.59% as renewed tensions in Iran erased early optimism and pushed investors back into caution. Energy shares outperformed, but broader sentiment weakened as geopolitical risk overshadowed earnings support.
Analyst View: The Dow is still holding up, but the move has begun to look more laboured near 49,705–50,513. Buyers have not stepped away, yet this could be a market pausing under resistance rather than one ready to break higher immediately.
Bias: Range trading at elevated levels
- Resistance: 26887/27182
- Support: 26308/25933
The NAS100 lost 0.59% as geopolitical anxiety and fading peace hopes prompted traders to trim risk. Earnings optimism was not enough to offset broader caution, especially as oil and yields both moved higher.
Analyst View: The NAS100 remains underpinned, but the pace of the rebound is beginning to moderate as price approaches 26,887–27,182. The broader structure still favours buyers; however, this phase of the move is likely to require consolidation rather than a straightforward continuation.
Bias: Range trading at elevated levels
- Resistance: 77293/78313
- Support: 74861/73419
Bitcoin slipped slightly towards $75,500 as renewed uncertainty over U.S.-Iran talks dented risk appetite. Still, the pullback remained limited, with technical momentum holding up and the market continuing to view the $73,500–$75,500 area as a key near-term battleground.
Analyst View: Bitcoin is holding above its near-term support band, keeping the broader tone constructive. That said, price is approaching an area where upside momentum could become less fluid, so continuation may require more patience than momentum.
Bias: Mildly bullish
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