Market Analysis Summary - July 10, 2026
Key Takeaways
Recent tensions in the Middle East, particularly regarding oil tanker traffic through the Strait of Hormuz, have raised concerns but markets have largely remained stable. President Trump indicated that Iran has reached out to the U.S. for negotiations following recent military actions, leading to a perception that the risks of escalation are currently limited. As a result, U.S. tech stocks saw a rebound, and gold prices increased due to dip buying.
Global Market Review
U.S. equities experienced gains on Thursday, with the technology sector leading the charge. Notably, Micron's performance positively influenced chip stocks, contributing to a rise in the Dow (0.26%), S&P 500 (0.8%), and Nasdaq (1.3%). The U.S. dollar weakened for the second consecutive day, while gold prices rose over 1% after reaching one-week lows. Conversely, U.S. crude oil futures dropped nearly 4% as traders awaited further developments regarding U.S.-Iran relations.
Key Economic Events
- 14:00 - EU Germany CPI Final for June (YoY expected at 2.3%)
- 16:00 - IEA Monthly Oil Market Report
- 20:30 - Canada Unemployment Rate for June (expected to hold at 6.6%)
Market Analysis
EUR/USD
Resistance: 1.1473 / 1.1490 | Support: 1.1417 / 1.1399
The EUR/USD pair extended gains to 1.1440, supported by dollar weakness. A breakout above the 20-day moving average could target last week’s high at 1.1473.
GBP/USD
Resistance: 1.3461 / 1.3498 | Support: 1.3377 / 1.3339
The GBP/USD pair broke above 1.3400, driven by the UK leadership transition and expectations for further Bank of England hikes.
USD/JPY
Resistance: 162.45 / 162.71 | Support: 161.60 / 161.34
The USD/JPY pair retreated from 40-year highs, influenced by dollar weakness and intervention fears.
US Crude Oil Futures
Resistance: 73.97 / 75.06 | Support: 69.43 / 68.38
Oil prices fell after two days of gains as inflation and demand concerns resurfaced, with traders assessing the ongoing Middle East conflict.
Spot Gold
Resistance: 4173 / 4203 | Support: 4073 / 4042
Gold rebounded above $4,100, supported by bargain buying after recent declines.
Dow Jones Futures
Resistance: 52,830 / 53,069 | Support: 52,069 / 51,834
Despite geopolitical tensions, U.S. equities rebounded, with the Dow ending its losing streak.
NASDAQ 100
Resistance: 29,896 / 30,087 | Support: 29,312 / 29,071
The Nasdaq rose over 1%, driven by a strong performance in semiconductor stocks.
Bitcoin (BTC/USD)
Resistance: 64,663 / 65,467 | Support: 62,018 / 61,201
Bitcoin rose, supported by improved risk sentiment and falling oil prices.
Conclusion
Overall, the markets are currently navigating through geopolitical tensions with a focus on economic data releases. The rebound in tech stocks and gold prices indicates a cautious optimism among investors.