Market Insights Podcast (24/04/2026): In today's episode, TraderNick and podcast host Jonny Hart discuss an apparent drop in market uncertainty as the Department of Justice announces that an criminal investigation Jerome Powell alleging fraudulent spending on Fed building renovations are to be dropped. Otherwise, we discuss developments in the Persian Gulf and digest the latest numbers from Canada, the US and the UK. Join Nick Syiek (TraderNick) and podcast host Jonny Hart as they review the latest market news and moves. MarketPulse provides up-to-the-minute analysis on forex, commodities and indices from around the world. MarketPulse is an award-winning news site that delivers round-the-clock commentary on a wide range of asset classes, as well as in-depth insights into the major economic trends and events that impact the markets. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

U.S. consumer sentiment fell to a record low of 49.8 points in April, the weakest reading in data going back to 1978.Inflation expectations rose sharply, with consumers now expecting prices to increase by 4.7% over the next year.Oil market disruptions linked to the war with Iran and the Strait of Hormuz have pushed Brent crude near USD 106 per barrel. U.S. consumer sentiment deteriorated sharply in April, falling to a record low. The University of Michigan Consumer Sentiment Index declined to 49.8 points from 53.3 points in March, marking the weakest reading in data going back to 1978. The decline was driven mainly by concerns over the economic consequences of the war with Iran, rising energy prices and persistent uncertainty about the geopolitical outlook.The deterioration was visible in both consumers’ assessment of current conditions and their expectations for the months ahead. The current conditions index fell to its lowest level in four months, while the expectations index dropped to its weakest level in almost a year. Particularly concerning is the assessment of households’ future financial situation, which reached its lowest level since May of the previous year. The data suggest that U.S. consumers are increasingly feeling the impact of higher energy costs and the risk of weaker economic conditions. United States Michigan Consumer Sentiment, source: Trading Economics Inflation expectations are rising againThe most important warning signal is the sharp increase in inflation expectations. Consumers now expect prices to rise by 4.7% over the next year, compared with 3.8% in March. Long-term inflation expectations, covering the next five to ten years, rose to 3.5%, the highest level since October. This suggests that fears of persistent price pressure are intensifying again, even though markets had previously expected inflation to gradually ease. US Consumer sentiment falls to record low, source: Bloomberg Fuel prices are the main source of concern. Around two-thirds of respondents expect gasoline prices to be higher in a year, with the average expected increase at nearly 50 cents per gallon. For households, this means a risk of higher everyday costs, while for the broader economy it raises the possibility of weaker consumer spending in the coming months. Although retail sales remain relatively solid, a further increase in energy prices could limit Americans’ willingness to spend.The Strait of Hormuz is disrupting the oil marketPressure on fuel prices is directly linked to the tense situation in the oil market. According to Goldman Sachs, oil production in Gulf countries is currently 14.5 million barrels per day lower than before the war, representing a 57% decline in regional output. The main problem remains the near-total halt in traffic through the Strait of Hormuz, one of the world’s most important oil transport routes.The disruption of this strategic passage is significantly reducing supply and keeping tension elevated in the global energy market. Goldman Sachs analysts estimate that even a full and safe reopening of the strait, combined with no further attacks, would not lead to an immediate return of production to previous levels. Restoring output could take several months, and the longer the disruption continues, the slower the normalization process may become.Brent crude trades near USD 105 per barrelBrent crude prices are rising for a fifth consecutive day and are heading for a weekly gain of around 17%. On Friday, Brent was trading near USD 105 per barrel, compared with less than USD 73 before the outbreak of the war. Although Brent remains below the conflict-period peak of nearly USD 120 per barrel, current levels still represent strong cost pressure for both consumers and businesses. Daily timeframe of Brent Crude Oil, source:TradingView Such a sharp rise in oil prices increases the risk of renewed inflation acceleration, especially if higher energy costs begin to feed through into transport, production and consumer goods prices. For U.S. households, this means greater financial uncertainty, while for the Federal Reserve it creates a more difficult policy environment. Rising inflation expectations and weaker consumer sentiment may complicate the assessment of whether the economy needs support or whether monetary policy should remain cautious. Risks to consumer spending are increasingThe University of Michigan data show that U.S. consumers are reacting more strongly to the consequences of the conflict with Iran and rising energy prices. The temporary ceasefire between the U.S. and Iran reduces the risk of further escalation, but the lack of a lasting agreement means uncertainty remains high. As long as the situation around the Strait of Hormuz remains unstable, oil prices may stay elevated and inflation concerns may continue to weigh on household sentiment.As a result, the U.S. economy is facing an increasingly complex challenge. On the one hand, consumption has not collapsed. On the other hand, record-low sentiment, rising inflation expectations and more expensive fuel increase the risk of weaker spending in the coming months. If energy prices remain high, pressure on household budgets could become one of the key factors limiting U.S. economic growth. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

US Stock Benchmarks wiggle around for the 4th consecutive session as fundamentals remain quite mixedTech however keeps dominating the charts and allows Nasdaq to extend to new record highsExploring Technical Levels for the Dow Jones, Nasdaq and S&P 500 US stock benchmarks are wiggling around for the fourth consecutive session as the underlying macroeconomic and geopolitical fundamentals remain quite mixed but one particular Index, standing out above all. The technology sector continues to rule the charts, aggressively pushing the Nasdaq to extend into fresh record highs while the rest of the market catches its breath.With major tech earnings officially kicking off yesterday and spanning all the way through next week, the sector is being propelled to new heights on the back of a strong trend of record reports, and yesterday's Intel surprise kept the promise that tech nowadays is just too big to fail. Intel 4H Chart – April 24, 2026. Source: TradingView While software companies are still struggling to find their footing in this environment, electronics and semiconductors are proving to be particularly dominant. This intense pocket of fundamental strength is single-handedly allowing the Nasdaq to heavily outperform all other global indexes. Current Market Performance (Index Futures) – 12:03 (April 24) In contrast, the broader market paints a much more hesitant picture (but getting more positive as the session goes). The Dow Jones remains quite stuck below the psychological 50,000 mark as traditional capital acts more defensively, while the S&P 500 is tentatively trying to test its own recent all-time highs without fully committing to a breakout.The fundamental picture heading into the weekend remains extremely blurry. High-stakes US-Iran diplomatic talks are widely expected to take place this weekend, yet no official date or time has been announced. Adding to the tension, President Trump is maintaining heavy pressure and saying that he has time to act on Iran, implying that he doesn't seem to be too concerned with the current infighting among Islamic regime diplomats. Meanwhile, the aggressive US naval blockade on the Strait of Hormuz continues unabated. This logistical stranglehold is keeping WTI Crude uncomfortably sticky above the $95 handle as traders brace for yet another high-anxiety weekend.Let's dive into intraday charts and trading levels for the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500. Discover:The calm before the storm? Key weekend risk incoming – Overnight Market CheckVolatile etf flows signal investor caution in the gold marketUSD/CHF Price Analysis: Bulls eye key resistance after base formationCurrent Session's Stock Heatmap Current picture for the Stock Market (12:08) – Source: TradingView – April 24, 2026 As you can see, it's really only Tech and Semiconductors that is stealing the show while other sectors pale in comparison.AMD (+15%) and Intel (+22%) are the largest gainers, boosting Nasdaq to +1.70% as we speak on the session. Impressive gains – Tech investors seem to have entirely forgotten the conflict already; something to be careful of in the upcoming week.Dow Jones 4H Chart and Trading Levels Dow Jones (CFD) 4H Chart – April 24, 2026 – Source: TradingView The Dow is finding some support at its 4H 50-period MA but is still looking to gather a decent buying momentum while it sees its higher beta tech-peers dancing higher.If nothing aggravating happens next week, the DJIA could be an interesting relative strength buy in the coming week. It should also hold relatively better in the event of a large risk-off move.Watch out for key earnings next week, and keep 49,500 in check (bullish above).Breaking 49,000 brings further strength to the sellers.Dow Jones technical levels for trading:Resistance LevelsWeekend Gap Fill Resistance 49,500 - 49,60049,900 to 50,000 Resistance and Early 2026 HighsAll-Time Highs 50,544Support Levels4H 50-period MA (49,080)Major Pivot – 49,000 to 49,200 (short-term bearish below)Momentum Support 48,500Pivotal Support at 48,000 (Mid-term Bearish below)Mini Support 47,400 to 47,600Nasdaq 4H Chart and Trading Levels Nasdaq (CFD) 4H Chart – April 24, 2026 – Source: TradingView Except if anything changes fundamentally, the Nasdaq looks technically gone for another strong phase of price discovery.Now extending well beyond its record highs, the Index is pushing towards 27,500 – Keep track of the Bull channel!Keep close track of sentiment to make sure to not fall behind on a pursued rally or be stuck at the highs in case the action turns bearish suddenly.Nasdaq technical levels of interest:Resistance LevelsDaily highs 27,30027,500 micro-resistance28,000 Major psychological resistance (and channel highs)Support LevelsMomentum Pivot at 27,000 (Short-term bearish below)Prior ATH Support 26,200 to 26,30025,400 to 25,500 Feb Range Intraday SupportWar Support 25,000 to 25,25024,450 to 24,550 Key SupportEarly 2025 ATH at 22,000 to 22,229 SupportS&P 500 4H Chart and Trading Levels S&P 500 (CFD) 4H Chart – April 24, 2026 – Source: TradingView Stuck in a consolidation near its all-time highs since the beginning of the week, the S&P 500 is pushing for a record break as we speak.If the tone doesn't sour heading into the weekend, the Index should easily extend 20-40 points extra into the first few days of next week.Watch the 50-period MA (7,080) in case the action brutally reverses (short-term bearish below).S&P 500 technical levels of interest:Resistance LevelsDaily highs 7,167New all-time resistance 7,150 – 7,160Next key potential resistance 7,200Support Levels7,100 psychological levelPrior ATH Pivot 7,000 to 7,020Minor Support 6,880 to 6,900Pivotal Support 6,750 to 6,7706,300 psychological level (War lows)Keep track of WTI Crude and the latest headlines throughout the week to stay ahead of the curve, with investors still confused about US-Iran negotiations.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Another day, another desperate wait for any sign of peace in the Middle East.Markets are gripped by uncertainty, and with no signs of clear progress in the negotiations, Participants are in a wait-and-see stance.Some overnight news maintained the fog around the Iranian diplomatic team, which has faced constant changes and challenges, with Parliament Speaker Ghalibaf (one of the main negotiatiors) being ousted from the negotiating team for pushing to include Nuclear issues during the talks. There goes Iranian diplomatic credibility once again, as it shies away from the talks.While the talks will surely take even more time to materialize, the US seemingly does not care much about extending the Ceasefire, as it allows the strategic Hormuz Blockade to persist, which is taking a huge toll on the Iranian economy. Damages from the US Blockade on Iran – Source: Open Source Intel (X) For those looking to learn more about the geopolitical effects of the strategy, I invite you to check this post.To resume, however, with no Tankers allowed to cross, Iranian energy commodities are stuck within their borders, stalling production and causing economic strain. While they were able to leverage their dominance over the Strait at the beginning of the conflict, monopolizing traffic, Iran now faces a major crisis if it isn't able to sustain its oil and Gas trade.In the meantime, US Crude orders (and Canadian) multiply, giving North Americans even more reasons to maintain the pressure.With Iranian diplomats now returning to Islamabad, a path for diplomacy seems to be opening, but it is still too early to confirm it. WTI Oil 4H Chart – April 24, 2026. Source: TradingView The more time goes, the more Oil prices have the chances to grind higher, pressured by the lack of concrete diplomatic advances.Still, as long as the commodity remains below $100, widespread panic is to be avoided.With prices diverging right after testing the psychological barrier, it seems that a more rangebound path will grip Markets; This time however, it seems that the action won't get below $92 until a solution lands.Let's check out even more charts to get ready for today's weekend risk session. Discover:Silver (XAG/USD) is under pressure from Ceasefire clouds – In-depth analysisUSD/CHF Price Analysis: Bulls eye key resistance after base formationChart alert: EUR/USD drifted down to 1.1665/1635 key support for potential bullish reversalNasdaq continues to outshine US Benchmarks, others struggle Stock Markets are diverging quite remarkably this morning, with Intel up another 20% after earnings, showing that State ownership in companies is yet another reason for investors to flock in such Stocks.A new version of the too big to fail, this time for Tech. Intel is up 320% since July! Intel Daily Chart – April 24, 2026. Source: TradingView Stock Market performance today (April 24) – Courtesy of Finviz Tech investors continue to absolutely dominate the picture as the sector gets a much softer influence from Middle East conflicts.For those looking to get access to Index technical levels, don't forget to log in to our Stock Market Check around the mid-session!Metals remain stuck Gold (XAU/USD) 4H Chart, April 24, 2026 – Source: TradingView Gold and other metals are the best at depicting the uncertainty and confusion across assets – After rejecting their intermediate tops, the precious commodities are now looking for a narrative to trade on.Don't forget to check out our past day Silver analysis.The US Dollar gives back some of its prior advantage FX performance today (April 24) – Courtesy of Finviz After reaching a key resistance level around 99.00, some profit-taking is occurring and quite frankly, FX remains stuck.For those looking for action, in case the action remains dull next week, look for Minor FX pairs.Check out our in-depth US Dollar and FX reviews right here:USD/JPY maintains a clear range ahead of Japanese CPI – FX AnalysisA temporary Ceasefire extension maintains a bullish action – North American Mid-Week Market UpdateAs always, make sure to follow talks around US-Iran negotiations.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

High volatility led to fluctuating ETF flows, with outflows emerging in MarchTotal ETF inflows in Q1 were significantly lower than a year earlierElevated prices are weakening jewelry demandGeopolitical risks and central bank actions remain key driversStrong start followed by corrections The first quarter in the gold market was marked by high volatility. Prices reached a record high of nearly USD 5,600 per ounce in January, followed by two sharp corrections. These price swings had a clear impact on investor behavior, particularly visible in flows into gold-backed ETFs. After strong inflows in January, February saw a noticeable slowdown, while March brought clear outflows, especially in North America. Inflows into gold-backed ETFs, weekly data, source: WGC Weak overall etf demand As a result, the entire first quarter ended with only modest net inflows, significantly lower than a year earlier. This may limit overall demand for gold, which in 2025 exceeded 5,000 tonnes and reached a record level, supported largely by strong purchases of bars and coins.High prices weigh on jewelry demand Elevated price levels are beginning to negatively affect jewelry demand. Gold is currently trading around USD 4,700 per ounce, well above the 2025 average, reducing consumer interest in this segment.Central banks remain a key factor Central bank activity continues to play an important role. For instance, the Turkish central bank was forced to significantly reduce its gold reserves in March to support its domestic currency amid tensions related to the conflict with Iran.Medium-term outlook remains positive Despite short-term weakness in physical demand, the medium-term outlook for gold remains favorable. Elevated geopolitical uncertainty and expectations of a more accommodative Federal Reserve policy could support further price increases in the coming months. Gold chart (CFD), daily data, source: Tradingview Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Key takeaways Pullback driven by geopolitical risk and USD strength: EUR/USD declined ~1.5% from its recent high as stalled US–Iran talks and rising oil prices boosted safe-haven demand for the US dollar.Macro backdrop turning supportive for euro: A steepening Eurozone–US rate differential suggests a relatively less dovish ECB versus the Fed, providing underlying support for EUR/USD.Technical setup points to potential rebound: Price is testing key support at 1.1665/1.1635 with bullish signals (trend above major MAs, RSI divergence, ascending channel), indicating a possible reversal unless support breaks. The EUR/USD hit a recent two-month high of 1.1849 printed on last Friday, 17 April 2026, and turned soft due to the stalled second round of US-Iran peace talks, where it declined by 1.5% to hit a low of 1.1669 on Thursday, 23 April 2026.Secondly, cracks have appeared in the extended ceasefire agreement, where both sides are using force to prevent oil tankers from transiting the Strait of Hormuz, which led to a 10% plus rally in oil prices, increasing the appeal of short-term safe haven demand status on the US dollar.Interestingly, the EUR/USD’s five-day decline from its recent two-month high has reached an inflection area for a potential bullish reversal from a technical analysis and intermarket perspective.Let’s uncover these factors in greater detail.Eurozone/US implied interest rate policy curve spread has steepened Fig. 1: Eurozone-US implied interest rate policy curve spread as of 23 Apr 2026 (Source: MacroMicro). The monthly implied future policy interest rate curves for the Eurozone and the US are calculated using short-term interest rate futures that are highly sensitive to the expectations on these countries’ central banks' monetary policiesThe current Eurozone/US implied interest rate policy curve spread for the period from May 2026 to September 2026 has steepened from three months ago, with the current September 2026 reading standing at -1.32% compared to -1.37% three months ago (see Fig. 1).These observations suggest that the ECB is likely to be less dovish or more hawkish than the Fed, which in turn could provide support for a potentially firmer EUR/USD.Let’s now focus on the potential short-term trajectory (1 to 3 days) of EUR/USD.EUR/USD – Minor uptrend phase from 13 March 2026 low remains intact Fig. 2: EUR/USD minor trend as of 24 Apr 2026 (Source: TradingView). Despite the five-day decline seen in the EUR/USD, its price actions are still trading above the 20-day, 50-day, and 200-day moving averages.Watch the 1.1665/1635 key short-term pivotal support, and a clearance above 1.1722 (potential upside trigger) may see the next intermediate resistances coming in at 1.1790, 1.1835, and 1.1890 (also a Fibonacci extension) (see Fig. 2).On the other hand, failure to hold at 1.1635 and an hourly close below it invalidates the bullish reversal scenario to see the continuation of the corrective decline to expose the next intermediate supports at 1.1575 and 1.1510.Key elements to support the near-term bullish bias on EUR/USD The five-day decline of the EUR/USD has reached the intersection area of the 20-day, 50-day, and 200-day moving averages, where the 20-day MA is now shaping an impending bullish crossover above the 50-day MA.The price actions of the EUR/USD have continued to oscillate within its minor ascending channel in place since the 30 March 2026 low.The hourly RSI momentum indicator has just shaped a bullish divergence condition at its oversold region on Thursday, 23 April 2026. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Precious metals have been the victim of a severe reality check since late January.Subjects of severe melt-ups since August 2025, following a slow but consistent grind higher from de-dollarization trends, the commodities got swept on all sides with extreme leverage and volatility. And in Financial Markets, it rarely translates into anything good – Silver lost about 50% of its value in a flash crash during mid-February. It has stalled its correction since, but the price action is still far from bullish.Fast-forward to the beginning of the US-Iran War; A key narrative was the safe-haven appeal of the precious commodities, particularly gold, which has historically performed well during periods of tension.But this safe-haven status was severely put in question during this conflict, as the asset class tumbled whenever Crude Oil and the US Dollar rallied, which were highly correlated with Stock Market movements.With these Market dynamics, the question of whether metals aren't actually risk assets at current valuations is a logical one. Metals performance since end 2025 – Source: TradingView. April 23, 2026 Still, Silver held relatively well, rebounding alongside other assets at the announcement of the Ceasefire and reaching +35% at its highs.The issue, however, is that even with Equity benchmarks consolidating at all-time highs, the grey metal just isn't able to form a consistent uptrend. XAG just rejected its $84 resistance yet again, getting pressured by the cloudy peace narrative.Will metals regain their safe-haven status in the event of a rebound in tensions?Difficult to say for now – what is sure is that they faced high pressure from rising oil prices, so keep Black Gold in check if you want to trade the commodity.We will dive into a Silver two-timeframe intraday analysis to prepare for a high-potential volatility event this coming weekend. Let's get right into it. Read More:Markets are stuck in the waiting for US-Iran talks – Market CheckGold (XAU/USD) Technical Analysis: Bulls defend $4700 support. Is a break above $4750 on the way?USD/JPY maintains a clear range ahead of Japanese CPI – FX AnalysisSilver (XAG/USD) Intraday timeframe Technical Analysis4H Chart and Technical Levels Silver 4H Chart, April 23, 2026 – Source: TradingView Silver retraced higher by 35% after reaching new $61 cycle lows during the war, but Participants used the rebound to take-profit on the dip.The precious metal is down 9.30%, has officially broken and retested its recovery bull channel, which is not giving a good look for bulls.Now testing the low of its major $75 Pivot point, there is an ongoing battel between short-term bulls and bears – To get a better idea of who will win on the short-run, we need to take a closer look.Levels to watch for Silver (XAG) trading:Resistance Levels:Major Resistance $83 to $84.50 Friday highs $83Higher timeframe Range Resistance $90 to $92$96.47 March highsSupport Levels:Pivot lows $74.50 - $75$70 Minor SupportDecember FOMC Minor Support $60 to $64 (Feb Lows)$61.10 War Lows$50 to $54 Major Support1H Chart Silver 1H Chart, April 23, 2026 – Source: TradingView Bears took the back control of the action since last Friday, forming a counter-trend bear channel which remains key to short-term trading.However, bulls are defending the Pivot Zone lows ($74.50 to $75) and will went to use this move to break above the 50-Hour MA ($77), acting as key area for sellers since the turn lower.Above this, the next short term resistance is at $79.A range could easily establish in this Pivot zone as long as the geopolitical situation remains cloudy.Breakout traders should watch for pushes above or below these key intraday levels.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Those who were looking for action this week barely got served.A single session of volatility occurred on Tuesday, when rumors of failing talks between the US and Iran could lead to a re-starting of the War as the Ceasefire deadline came close.But it wouldn't be a normal Tuesday without a classic Trump TACO.While both parties were preparing to resume the conflict, with 4 hours to the end of the Ceasefire, the President extended the Ceasefire without any clear deadline and allowed priorly anxious Markets to explode higher in overnight Futures trading.Since, however, Markets have been in an absolute deadlock, with rare movements across Metals, Stocks, Currencies and Cryptos (which couldn't find the momentum to sustain their past session's move).The latest narratives are pointing to infighting between the Revolutionary Guards and a more progressive governmental party in order to bring diplomats to the table.On the US side, they really are eager to push for a peace deal, so except if they fail to align a team for the talks, the process should still be towards peace (which is why Stocks are staying at relative highs).Check out this passive-aggressive Post by the President! Latest Truth Social Post from President Trump Nobody knows what the Islamic regime has in mind, so except for gamblers, Participants will have to remain patient and lean on current pricing to prepare for breakout plays when some news drop.Let's check out a few charts to get an idea of where to look. Discover:Gold (XAU/USD) Technical Analysis: Bulls defend $4700 support. Is a break above $4750 on the way?Chart alert: WTI crude oil at risk of mean reversion decline below $102.25 after 5% spikeIntel (INTC) Technical: Overstretched rally, corrective decline looms below 72.54/75.76 within major uptrendStock Markets are stuck at all-time highs Stock Markets haven't been able to generate much traction in recent sessions, and the flows should remain the same as long as no concrete news emerge for the peace in the Middle East Stock Market performance today – Courtesy of Finviz Nasdaq keeps grinding higher Nasdaq (CFD) 4H Chart – April 23, 2026 – Source: TradingView Tech investors have been fearless! Nasdaq is up close to 18% from its War lows. A shocking rise that left most investors scratching their heads – Watch out for a slow down in momentum, showing small bearish divergence.Monday's open will be essential, with more news expected by that time.The Dow Jones could actually reflect the positive but cautious stance from investors, while the Tech-heavy index gets pulled higher by pre-earnings inflows into Mag 7s'Check out intraday levels for Stock Markets right here.Silver rejects the $80 level Silver (XAG/USD) 4H Chart, April 23, 2026 – Source: TradingView Metals are really struggling to find traction in recent action with a fake-out above $80 and finding pressure from a still not advancing Middle East situation.Bears are taking the upper hand for now, having broken the bull channel from the Ceasefire ecstasy. Watch for a break of $74 for bearish acceleration.Traders will have to be cautious for continued profit-taking, but overall, it seems that the action is long-term rangebound ($65 to $85) for now.Don't forget to check out our morning Gold piece!Cryptos can't hold their move higher Bitcoin (BTC) 4H Chart, April 23, 2026 – Source: TradingView While they remain more bullish than bearish, they will have to maintain stronger momentum to make sure that these moves don't fade lower.Traders will have to see if they manage to retain a bid even if the narrative worsens.Don't forget to check out our past day Crypto analysis right here.The US Dollar rallies but keeps FX Markets in a deadlock DXY 4H Chart – April 23, 2026 – Source: TradingView The US Dollar has mean reverted highs after a test of its mid-range 98.00 Support.Bouncing to 2-week highs today, the move seems contained by the narrative and forming a downward channel – This pattern could be fragile particularly if the war was to resume in the absence of talks.Check out our in-depth US Dollar and FX reviews right here:USD/JPY maintains a clear range ahead of Japanese CPI – FX AnalysisA temporary Ceasefire extension maintains a bullish action – North American Mid-Week Market UpdateAs always, make sure to follow talks around US-Iran negotiations.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

The price is consolidating tightly between the crucial $4,700 support and the $4,750 resistance level.Price action is consolidating around key structural levels, suggesting a breakout from the $4,700–$4,750 range is imminent and will dictate the direction for the rest of the week.Bullish/Bearish Triggers: A sustained break above $4,804 signals the end of the corrective phase, while a decisive hourly close below $4,700 could trigger a sell-off toward $4,601.Most Read: USD/JPY maintains a clear range ahead of Japanese CPI – FX AnalysisGold has experienced a period of significant uncertainty this week as tensions in the Middle East remain on a knife edge. As we head into the upcoming sessions, price action is consolidating around key structural levels, suggesting a breakout may be imminent. Will traders commit without a resolution in the Middle East?Daily Chart: Long-Term Bullish Structure Remains Intact Looking at the Daily timeframe, Gold remains in a primary uptrend, supported by its position well above the 200-day Simple Moving Average (MA) currently sitting at $4238. However, the recent price action shows a significant cooling off from the $5,400 peaks.The $4,700 level has emerged as a crucial floor for the bulls. This level previously acted as resistance and has now flipped to support, reinforced by the 100-day MA (blue line) which is currently tracking just above $4735. The RSI is hovering near the 47 mark, indicating a neutral momentum phase, neither overbought nor oversold, giving the metal plenty of room to move in either direction without immediate exhaustion.Gold (XAU/USD) Daily Chart, April 23, 2026 Source: TradingView H4 Chart: Falling Wedge or Bearish Continuation? Moving down to the 4-hour chart, the picture becomes more nuanced. Price is currently oscillating within a descending channel or a large "falling wedge" pattern.While traditionally a bullish reversal pattern, the H4 chart shows Gold struggling to reclaim the 100 and 200 MAs.The immediate hurdle for bulls is the $4804 resistance zone. A sustained break above this level and the upper boundary of the descending channel would be the first major signal that the corrective phase is over and the broader uptrend is resuming.Gold (XAU/USD) Four-Hour Chart, April 23, 2026 Source: TradingView H1 Chart: Intra-day Scenarios and Key Levels The 1-hour chart provides a clearer view of the immediate battleground. We are seeing a tight consolidation between the $4700 support and the $4750 resistance area.Bullish Scenario: For a bullish move to materialize in the upcoming sessions, buyers need to clear the immediate intraday resistance at $4750.A break above the descending trendline on this timeframe would open the door for a retest of $4772 (200 MA) and eventually the major psychological barrier at $4800. A "Bull" signal on the RSI Divergence indicator suggests that downward momentum is fading, supporting a potential bounce.Bearish Scenario: On the flip side, the bears remain in control of the short-term trend. If Gold fails to break above the H1 descending trendline, a retest of the $4700 support is likely.A decisive hourly close below $4,700 would be a significant technical blow, potentially triggering a sell-off toward the next structural support at $4601.Gold (XAU/USD) One-Hour Chart, April 23, 2026 Source: TradingView Key Levels to Watch:Resistance: $4750, $4804, $4899Support: $4700, $4601, $4500Gold is at a crossroads. The daily trend remains bullish, but the intraday charts show a market looking for a catalyst. Traders should watch the $4700 – $4750 range closely. A breakout on either side of this corridor will likely dictate the direction for the remainder of the week.Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

USD/JPY is often playing tricks on FX traders, and this time it is completely avoiding volatility after gigantic up-and-down moves.The Currency pair is known for its erratic price action, highly affected by movements in rates, global trade, and inflation, as well as regional and geopolitical developments, all of which have been severely affected since the beginning of the US-Iran conflict.Seen as a major safe-haven currency since the early 2000s, profiting from lower yields in times of panic, the JPY could not find any appeal during this conflict.Even as stock markets initially sold off, risk-off assets and currencies failed to gain traction, with the US Dollar and WTI Crude drawing all the attention.Believing the conflict would stay focused on the Middle East, a wider flight to safety was avoided. But the economic damage to Europe, and in the case of today's USD/JPY outlook, Japan and Asia, is still heavy, and that led to massive rallies in the US Dollar against currencies from these regions.You can see the strong correlation between USD/JPY and Oil movements in our recent analysis of the pair.Add to this narrative a striking stall in inflation in Japan, which was the only path to justify a return to less accommodative policy, and Traders really found a natural terrain to race back to Japan shorts. Recent Japanese CPI data – Courtesy of Trading Economics The Japanese CPI, releasing tonight at 19:30 (ET), is expected to rebound, as supply-side inflationary pressures could once again slowly push Japanese consumer prices higher.The Bank of Japan mentioned conflict-led inflation a few times but reportedly still leans toward a pause at the upcoming meeting, while hinting at a higher chance of a 25 bps hike in June to allow for further analysis of the war's impact. So, unless CPI beats expectations by a lot, this pricing shouldn't change much.With the second round of talks, delayed for almost a week and a half, set to resume tomorrow and continue throughout the weekend, this will be a decisive moment for the FX pair.Forming a clear 2,000 pip hesitation range in recent action, traders are waiting to see if a proper peace solution is met (implying a break lower in the range) or if the war is to resume, which would add further chances to revisit 2026 highs (above 160.00).Let's dive right into an intraday-timeframe analysis for the Gopher – more commonly named, USD/JPY. Read More:Markets Today: UK PMI beats as input costs soar, DXY advances & Gold grinds lower. US PMI & Middle East tensions in focusChart alert: WTI crude oil at risk of mean reversion decline below $102.25 after 5% spikeA temporary Ceasefire extension maintains a bullish action – North American Mid-Week Market UpdateUSD/JPY Multi-Timeframe Analysis4H Chart USD/JPY 4H Chart. April 23, 2026 – Source: TradingView Instead of entering a corrective phase, as was forecasted by the break below key MAs and bull channel, USD/JPY maintained a clearly rangebound picture as the US Dollar completely stalled its correction.Since reaching new 2026 highs on March 27, the pair has been stuck in a clear 2,000 pip range between 157.50 and 159.50 (+/- 100 pips).While the consolidation is solid, as seen with the flattening 50 and 200 Moving Averages, traders will have to remain cautious as the narrative could change during the weekend.Currently at the resistance, USD/JPY has more chances to reject lower, but any headlines regarding a compromised peace process would push for a breakout towards 160.50.Let's take a closer look.1H Chart and Technical Levels USD/JPY 1H Chart. April 23, 2026 – Source: TradingView As can be seen on the 1H timeframe, the range has seen swift up-and-down movement, tumbling to support last Friday and exploding back to retest resistance.With today's North American session not expected to provide any meaningful change, traders should remain patient.If the CPI data comes hotter, expect to see a drop below 159.43 (50-Hour MA) which could provide decent sell-stop entries – Extending below 158.80 should see bearish acceleration.Watch out if the action breaks 159.80The weekend break will provide high volatility movement on Monday, so watch your size ahead of the key developments.Resistance levels159.50 to 159.70 2026 Major Resistance (range highs)159.78 daily highsApril 2024 160.00 to 160.40 Major ResistanceJune Mini resistance 160.70 to 161.00Support levels159.43 (50-Hour MA)Mid-range pivot 158.75 bull above, bear belowDecember highs Major Pivot 157.50 to 158.00 (range lows)156.00 Pivotal Support155.00 Mini-SupportSafe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Key takeaways False alarm-driven spike fades quickly: WTI crude surged 5% on unverified reports of an attack in Tehran but retraced most gains after confirmation it was a drill, highlighting headline-driven volatility amid a fragile US–Iran ceasefire.Market signals point to limited upside: Declining implied volatility and reduced backwardation suggest easing supply stress and cap near-term bullish momentum, reinforcing the view that the recent spike is largely “noise.”Technicals favour mean reversion decline: Oil is testing range resistance near the 20-day MA, with bearish momentum signals (RSI divergence) indicating downside risk toward $90.50 and potentially $86–82 unless $102.25 is decisively broken. The US-Iran ceasefire agreement extension by US President Trump to an indefinite period is in a “fragile state”, as the US waits for Iran’s new proposal to kickstart another round of peace talks.The US and Iran have continued to be locked in a battle for control of the Strait of Hormuz, a crucial chokepoint for global energy flows, with both sides blocking the waterway in a “game of poker” to gain leverage during the extended ceasefire.On Wednesday, 22 April 2026, Iranian navy forces fired on commercial ships in the Strait of Hormuz while the US intercepted two Iranian-registered oil tankers.WTI crude oil futures rallied 5% on a false alarm attack in Tehran Fig. 1: West Texas crude oil futures minor trend as of 23 Apr 2026 (Source: TradingView). Fig. 2: Social media post on X that highlighted a false alarm attack in Tehran as of 23 Apr 2026 (Source: X). In today's (Thursday, 23 April 2026) early Asian session at around 8.00 am Singapore time, there was an unconfirmed social media post on X that highlighted sounds of an explosion heard across Iran, leading to fears that the US-Iran extended ceasefire has ended (see Fig. 2).West Texas crude oil futures traded on NYMEX spiked up almost 5% within 15 minutes to print an intraday high of $97.22/barrel (see Fig. 1), leading to minor risk-off activities in today’s Asian session; (S&P 500 E-mini futures -0.5%, Japan’s Nikkei 225 +0.4%, Hong Kong’s Hang Seng Index – 1.1%, AUD/USD -0.2%) at this time of writing.Thereafter, a social post on X stated that the earlier explosions turned out to be a drill and a test on the Iranian air defence system, and there were no attacks in Tehran.The price action of the West Texas crude oil futures has trimmed its intraday gains to 1.3% to trade at an intraday level of $94.27/barrel.Technical analysis suggests that the current spike up in West Texas oil is more likely a “noise”, and the minor sideways range configuration since 14 April 2026 to 17 Apr 2026 remains intact.Here are the key factors to support this narrative.WTI crude implied volatility remains subdued, and backwardation has reduced Fig. 3: WTI crude oil ETF volatility index & WTI calendar spread as of 22 Apr 2026 (Source: MacroMicro). The WTI crude oil ETF volatility index (OVX) measures the market’s expected 30-day implied volatility in crude oil prices, derived from near-term USO ETF options.So far, it has started to print a series of “lower highs” since the 7 April 2026 level of 98.79, towards a value of 76.77 as of 22 April 2026, putting a near-term ceiling on higher oil prices (see Fig. 3).The recent steep rallies in oil prices seen during the onset of the US-Iran war have been accompanied by a negative WTI crude oil calendar spread, where the 12-month futures price is less than the spot price.A negative spread (backwardation) signals perceived near-term supply shortages, where immediate demand is pushing spot prices above futures.The backwardation (WTI 12-month futures minus spot) is now at -19.90 as of 22 April 2026, less than its recent peak backwardation level of -41.57, printed earlier on 2 April 2026 (see Fig. 2).Let’s now focus on the potential short-term trajectory (1 to 3 days) of WTI crude oil.WTI Crude Oil – Retested 20-day moving average resistance, at risk of mean reversion decline Fig. 4: West Texas oil CFD minor trend as of 23 Apr 2026 (Source: TradingView). The recent push-up seen on the West Texas oil CFD (a proxy of the WTI crude oil futures) from its range support zone of $86.50/81.94 has reached its range resistance zone of $96.44/98.35 (also the 20-day moving average).At risk of a mean reversion decline back towards the range bottom, watch the $102.25 short-term pivotal resistance at $102.25, and a break below $90.50 reinforces the minor mean reversion decline scenario to retest the range support zone of $86.50/81.94 (also the 50-day moving average) (see Fig. 4).However, a clearance with an hourly close above $102.25 invalidates the bullish scenario for a squeeze up towards the next intermediate resistance at $107.12/110.87.Key elements to support the near-term bearish bias on WTI crude oil The hourly RSI momentum indicator has flashed out a prior bearish divergence condition at its overbought zone (above the 70 level) and staged an exit below it.The 22% rally from its 17 April 2026 low of $81.94 has reached the 50% Fibonacci retracement of the prior down move from the 7 April 2026 high to 17 April 2026 low that confluences with the 20-day moving average resistance. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for April 22 The recent peace rally seen across Stock Markets, particularly in the US, is easily one of the most hated and misunderstood move since the 2022 bear-market rebound.The narrative hasn't changed the slightest but there has been a clear lack of progress or any sign of clarity regarding what's coming next with the streak of back and forth passive-aggressive negotiations (which have still yet to begin).The US side is still very eager to reach a deal, but Iran is surprisingly very resilient despite the heavy chokehold that the US blockade is inflicting on their economy – The latest demands from the Islamic regime are to lift the blockade in order to move on with the talks.Many conditions are being required to move on to the next phase of the peace process, but rumors are pointing to revolutionary guards and Iranian government parties just unable to reach a consensus.In the meantime, tech-buyers are still buoyant and pushing the Nasdaq, Tech Mega Caps and Cryptocurrencies in a gigantic rebound that is brushing all types of late short-sellers and doubters aside.Nevertheless, one thing to be wary about is the fact that both the Dow Jones and S&P 500 haven't able to join the rally – A lack of Market breadth?Surely, but it just continues the trend of local plays in Stock Markets where investors flock into relatively undervalued sectors – And looking at recent earnings reports, they tend to attack anticipating dip-buyers. So after the major earnings week, current levels will have to be confirmed (particularly if the War continues). Read More:Cryptos breakout of bear trends, but will it continue? Bitcoin (BTC) & Ethereum (ETH) OutlookNasdaq breaks a new record after Ceasefire extension – Dow Jones and US Stock Market OutlookA temporary Ceasefire extension maintains a bullish action – North American Mid-Week Market UpdateStock Market Heatmap for the Session Market Close Heatmap – Source: TradingView – April 22, 2026 The session close heatmap is once again proving how important Tech stocks are to the general Market sentiment.With Semiconductors and softwares still extending their stellar rebounds, Wall Street shines bright. Only the more defensive Producer Manufacturing, Communications and Transportation sectors are hurting.On the former, watch out for short-covering which extends the current move in softwares but this could imply a lack of depth in coming times.Key Earnings releases tomorrow (April 23) Earnings release for April 23, 2026 – Source: Nasdaq.com Tesla earnings just got released and continue to underpin the idea that the US Consumer isn't showing the slightest concern in early 2026 – You can check out more on their recent report right here.Tomorrow will continue the new phase of the earnings season with some more traditional names reporting including SAP, Sanofi and American ExpressCross-Assets Daily Performance Cross-Asset Daily Performance, April 22, 2026 – Source: TradingView Nasdaq and Cryptos are the only assets showing any sign of consistency in recent trading, persistently extending despite a still very cloudy narrative.Metals are unfolding some of their past session selloff, but nothing too convincing.Around here, WTI retakes the crown for the most essential asset to look ahead of the US-Iran talks, finally forecasted by President to take place on FridayA picture of today's performance for major currencies Currency Performance, April 22, 2026 – Source: OANDA Labs FX is remaining very muted with the currency Market now much more patient ahead of the next phase of the War narrative.The Swiss Franc has been getting obliterated today, so keep an eye on these flows for those looking for action (with the Aussie Dollar still extending).A look at Economic data releasing in tonight and tomorrow's sessions For all market-moving economic releases and events, see the MarketPulse Economic Calendar. Tomorrow welcomes an important PMI session (EU, UK, US), that Traders and economists will watch closely as the World still awaits a clearer situation in the Middle EastAs always, make sure to follow talks around US-Iran negotiations, with the negotiations starting again tomorrow.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Bitcoin reaches $79,000 in daily trading and tests a breakout of its main October descending channelProfiting from the rebound and new inflows in tech, exploring if Crypto has enough momentum to keep bouncingExploring a Technical Analysis and trading levels for Bitcoin and Ethereum Only 13 days since our last Crypto in-depth analysis, Bitcoin has surged an additional $7,000, (10%!) and Ethereum has broken through several major resistance levels, back to $2,400. While altcoins are slowly gathering momentum, the spotlight remains firmly on the largest, highest-cap cryptocurrencies, with the rest still struggling to catch up as Investors still aim to pick up the highest quality names in case the narrative shifted again for the worst. Nevertheless, the total crypto market cap is extending gains at levels similar to last Friday, clearly dominating the February lows – A very positive sign but this move will need further traction to avoid forming a short-term double top. Total Crypto Market Cap – Daily Chart. April 22, 2026 – Source: TradingView Extending beyond $2.65T will be key for the next phase of the rebound.The coming days will present a particularly key test with the well-anticipated peace talks; In the event of a tumble in negotiations, Participants will be watching closely to see if crypto truly behaves as the safe haven its proponents claim, or if it remains just another risk asset.So far, cryptocurrencies have maintained a strong correlation with the Nasdaq. However, while the tech index has reclaimed its all-time highs, Bitcoin is now testing a major breakout at $79,000 as it challenges the upper boundary of its main October descending channel. The big question now is whether cryptos will decouple from equities in the event of a stock market downturn—a factor that could determine if Bitcoin and its peers are truly poised to return to record highs.Profiting from renewed tech sector inflows, the priorly dormant Crypto markets are exploring whether there is enough momentum to sustain this bounce.Let's dive right into a technical analysis and key trading levels for both Bitcoin and Ethereum to spot if a clear breakout in indeed into play from here. Read More:Markets steady with ceasefire talks in the balance, Warsh confirmation hearingA new era for the Fed? Looking back on Kevin Warsh's US Senate hearing & Market reactionsNasdaq breaks a new record after Ceasefire extension – Dow Jones and US Stock Market OutlookBitcoin (BTC) 4H Chart and Technical Levels Bitcoin (BTC) 4H Chart, April 22, 2026 – Source: TradingView Bitcoin is now clearly extending above its $75,000 long-term pivot, a quintessential level of action for the Bulls to dominate the next phase and an even better run as traders finally broke out of the October bear channel.For buyers to continue the run, with the RSI momentum coming closer to overbought, they will have to at least break above the $80,000 level – They do have the intermediate momentum in hand however.Failing to break the level could however provide a decent opportunity for profit-takers to stall the move.Levels of interest for BTC trading:Support Levels:$75,000 Key long-term Pivot (acting as resistance)$70,000 Short-term momentum Pivot (50 and 200-4H MA)$60,000 to $63,000 Main 2024 support (recent double bottom)$59,935 February Lows$52,000 to $58,000 Next support and 200-Week MA ($55,000 Mid-point)$40,000 Mid-2024 breakout supportResistance Levels:$79,100 Daily Highs$80,000 to $83,000 mini-resistance$90,000 to $95,000 minor Resistance$98,000 to $100,000 Pivotal ResistanceCurrent ATH Resistance $124,000 to $126,000Ethereum (ETH) 4H Chart and Technical Levels Ethereum (ETH) 4H Chart, April 22, 2026– Source: TradingView The rebound in Ethereum remains very consistent, having also officially broken out of its descending channel.ETH bulls will have to breach the $2,450 highs reached last Friday to confirm a breakout, but overall are well in control of the action.Entering the $2,500 pivotal resistance within the next week should maintain high odds of a continued breakout – With Momentum not close to overbought, ETH buyers still have space to push.Shorter timeframes are hinting at a slowdown, so traders will have to be careful for the next phase.Levels of interest for ETH trading:Support Levels:4H 50 and 200 MA $2,118Channel lows $2,000$1,700 to $1,800 Pre-Bounce 2025 Key Support (testing)$1,744 February 6 lows$1,380 to $1,500 2025 Support2025 Lows $1,384Resistance Levels:March 4 Highs $2,201 (breaking!)$2,300 June War Key Pivot (bullish above)$2,500 to $2,700 June 2025 Key Support now Resistance (Channel Highs)$3,000 to $3,200 Major momentum Pivot (Test of the $3,000)$4,950 Current new All-time highsThe narrative is easing, but keep track of WTI Crude and the latest headlines to stay ahead of the game.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Market Insights Podcast (22/04/2026): In today's episode, Nick and Jonny discuss a relative calm in the markets as US-Iran ceasefire negotiations hang in the balance, as well as dissecting Kevin Warsh's confirmation hearing and potential implications for US monetary policy. Join Nick Syiek (TraderNick) and podcast host Jonny Hart as they review the latest market news and moves. MarketPulse provides up-to-the-minute analysis on forex, commodities and indices from around the world. MarketPulse is an award-winning news site that delivers round-the-clock commentary on a wide range of asset classes, as well as in-depth insights into the major economic trends and events that impact the markets. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

US Stock Benchmarks corrected yesterday from a reappearing angst regarding the Ceasefire and Kevin Warsh's hawkish hearingDonald Trump saved the day by announcing yet another short-term extension to the CeasefireExploring Technical Levels for the Dow Jones, Nasdaq and S&P 500 US stock benchmarks experienced a sharp correction yesterday, dragged down by reappearing angst over a collapsing US-Iran ceasefire and incoming Fed Chair Kevin Warsh’s hawkish Senate hearing. However, President Trump quickly swooped in to save the day, announcing yet another short-term extension to the fragile truce.While Trump has yet to set an official timeline for this new ceasefire extension, recent reports suggest that high-stakes talks with the Iranian delegation are now possible by Friday. This crucial geopolitical lifeline allowed investors to aggressively buy the dip and erase the pain from yesterday's selloff. By doing so, buyers successfully voided the ominous double-top formation that was threatening the Nasdaq, sending the tech-heavy index skyrocketing back to fresh all-time highs – the S&P 500 is still threatened by its double-top however.Technology continues to relentlessly lead the broader market. The Nasdaq is currently outperforming all other global benchmarks as US bulls keep flexing their insatiable risk appetite. This tech-lead rally is directly spilling over into the crypto space as well, with Bitcoin surging to new highs and closing in fast on the massive $80,000 milestone.Expect volatility to remain elevated as markets eagerly await further confirmation regarding Friday's potential diplomatic meetings and traders will have to see proper developments to maintain the current optimism. Let's dive into intraday charts and trading levels for the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500. Discover:A temporary Ceasefire extension maintains a bullish action – North American Mid-Week Market UpdateTesla (TSLA) Technical: Bearish reaction from 200-day MA with weak relative strengthA new era for the Fed? Looking back on Kevin Warsh's US Senate hearing & Market reactionsCurrent Session's Stock Heatmap Current picture for the Stock Market (11:21) – Source: TradingView – April 22, 2026 The Stock Market is mostly green, but under some heavy sectorial inequality as investors still focus on local targeted plays, with a preference for value in the already high-cap Magnificent 7s, outperforming all other Stocks and helping to propel Nasdaq on top.Dow Jones 2H Chart and Trading Levels Dow Jones (CFD) 2H Chart – April 22, 2026 – Source: TradingView The DJIA is slowly creeping higher but still lacks some conviction.Bulls will want to see an extension above 49,600 to confirm a test of 50,000.However, as long at the action remains above the 2H 50-period MA, bulls remain in control.Dow Jones technical levels for trading:Resistance LevelsWeekend Gap Fill Resistance 49,500 - 49,600 (testing)49,900 to 50,000 Resistance and Early 2026 HighsAll-Time Highs 50,544Support Levels2H 50-period MA (49,300)Major Pivot – 49,000 to 49,200 (short-term bearish below)Momentum Support 48,500Pivotal Support at 48,000 (Mid-term Bearish below)Mini Support 47,400 to 47,600Nasdaq 2H Chart and Trading Levels Nasdaq (CFD) 2H Chart – April 22, 2026 – Source: TradingView Nasdaq is officially breaching some new all-time highs and running towards 27,000.Momentum is stalling about 100 points to the psychological level with RSI reaching overbought conditions, so a newfound momentum will have to be found.Still, the path of least resistance on the short-run is to the upside for the index.The situation turns more bearish short-term if sellers bring back the action below 26,580 (2H 50-period MA)Nasdaq technical levels of interest:Resistance LevelsDaily resistance 26,600 to 26,750New all-time highs 26,736Potential Resistance at 27,000Support Levels26,580 (2H 50-period MA)Prior ATH Pivot 26,200 to 26,300 (Short-term bearish below)25,400 to 25,500 Feb Range Intraday SupportWar Support 25,000 to 25,25024,450 to 24,550 Key SupportEarly 2025 ATH at 22,000 to 22,229 SupportS&P 500 2H Chart and Trading Levels S&P 500 (CFD) 2H Chart – April 22, 2026 – Source: TradingView The S&P 500 is attempting an extension to retest its all-time highs, but the momentum is not coinciding with a proper bullish price action.The daily highs are at 7,138 and those will have to be surpassed in order to properly undo the Double top formation.S&P 500 technical levels of interest:Resistance LevelsDaily highs 7,138New all-time resistance 7,150Next key potential resistance 7,200Support Levels7,100 psychological level and 2H 50-period MAPrior ATH Pivot 7,000 to 7,020December ATH Mini support 6,945 to 6,975Minor Support 6,880 to 6,900Pivotal Support 6,750 to 6,7706,680 to 6,700 Key Support6,300 psychological level (War lows)Keep track of WTI Crude and the latest headlines throughout the week to stay ahead of the curve, with investors still confused about US-Iran negotiations.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

UK inflation climbed to 3.3% in March 2026The inflation surge, linked to geopolitical tensions, reinforces the Bank of England's necessity to maintain a restrictive policy stanceSecond round inflation effects on food and services may only be felt in the months aheadThe GBP/USD pair has transitioned into a constructive recovery phase after breaking a descending channelMost Read: Tesla (TSLA) Q1 2026 Earnings Preview: Is the ‘AI powerhouse’ narrative enough to offset waning auto demand?The UK’s inflationary landscape saw a fresh uptick in March 2026, with the annual rate climbing to 3.3%. This print comes after two months of stability at 3%, and while the move was largely anticipated by markets, it marks the highest reading we’ve seen in three months.From a technical and fundamental standpoint, the primary catalyst remains the volatility in the energy sector. Geopolitical tensions, specifically the ongoing conflict with Iran, continue to ripple through the supply chain. Transport costs surged by 4.7% the fastest pace of growth since late 2022, with motor fuels jumping 4.9%. For consumers at the pump, this translated to a painful 8.6p per litre increase in petrol and a staggering 17.6p rise for diesel. Source: ONS Key Data Highlights:Housing & Household Services: Rose to 4.3% (up from 4.2%), underpinned by a massive 95.3% surge in domestic heating oil, a level of acceleration not seen since September 2022.Food & Beverages: Continued their upward trajectory, hitting 3.7% vs. the previous 3.3%.Services: Remained sticky at 4.5%, reflecting broader inflationary pressures in the domestic economy.The Outlier: Clothing prices provided a rare bit of relief, falling by 0.8%, the sharpest decline for the sector since March 2021.On a month-on-month basis, the CPI increased by 0.7%, signaling that the "inflation storm" may not have fully passed just yet.While the current data reveals a lot it does not show second round effects of the war in the Middle East on inflation. The impact on food and services may only start to show up in the coming months.Implications for the Bank of England For the Bank of England, these figures likely confirm that a restrictive policy stance remains necessary. The surge in energy and food costs offsets the cooling we’ve seen in discretionary items like clothing.From a trading perspective, keep a close eye on the GBP/USD and FTSE 100, persistent inflation coupled with geopolitical risk often leads to intraday consolidation as markets weigh the likelihood of "higher for longer" rates against slowing growth momentum.As I’ve noted in previous outlooks, the path to the 2% target remains fraught with external shocks. Until we see a meaningful de-escalation in the Middle East, energy-led volatility will likely remain the dominant theme for the UK economy like many of its peers.The Initial Market Reaction Markets seemed to shrug off today's data with GBP/USD remaining largely flat after the release.The daily chart for GBP/USD highlights a significant structural shift as we move through April 2026. Following a breakout from a dominant descending channel (dark navy lines) earlier this month, the pair has transitioned from a bearish regime into a constructive recovery phase.Key Technical Highlights:Moving Average Reclaim: Price action remains comfortably above the 100-day SMA (blue) at 1.3455 and the 200-day SMA (black) at 1.3413. This "support sandwich" serves as a foundational floor for the current uptrend.The 1.3500 Pivot: GBP/USD is currently consolidating around the 1.3500 psychological level. Bulls must maintain daily closes above this handle to sustain momentum toward the next major resistance at 1.3584.Momentum Indicators: The Daily RSI is trending healthily at 57.9, suggesting ample "white space" for further gains before reaching overbought territory.Outlook: A decisive break above 1.3584 opens the door for a run toward 1.3700, while a slip below 1.3400 would neutralize the current bullish bias..GBP/USD Daily Chart, April 22, 2026 Source: TradingView.com Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Key Takeaways Underperformance despite market rally: Tesla (TSLA) has lagged the broader “Magnificent 7” rebound post US–Iran ceasefire, down ~4% versus strong gains in peers, and remains deeply negative year-to-date (-14.1%), signaling weak relative strength.Bearish technical structure intact: Price action shows rejection at the 200-day moving average and hints of a developing “Double Top,” reinforcing a medium-term bearish bias below 417.40, with downside risk toward 337–288 if 363.80 breaks.Weak momentum and relative strength: Indicators confirm bearish conditions, declining relative strength vs S&P 500, RSI rejection at resistance, and fading upside momentum, suggesting continued underperformance unless a decisive break above 417.40 occurs. Tesla, the first US mega-cap stock (the Magnificent 7 group), will report its Q1 2026 earnings results after the close of today’s (Wednesday, 22 Apr 2026) US trading session.The consensus forecast anticipates a slight increase in earnings growth, from $ 0.27 to $0.35 earnings per share (EPS) in Q1, representing a 30% rise over the same quarter a year ago.Read more: Tesla (TSLA) Q1 2026 Earnings Preview: Is the ‘AI powerhouse’ narrative enough to offset waning auto demand?Tesla has lagged the market and is the worst performer among the Magnificent 7 Fig. 1: Magnificent 7 & US stock indices YTD performances as of 21 Apr 2026 (Source: MacroMicro). Fig. 2: Magnificent 7 & US stock indices performances from 27 Feb 2026 to 21 Apr 2026 (Source: MacroMicro). Since the ceasefire of the US-Iran war on 8 April 2026, the bullish animal spirits have reemerged in the US stock market, as the Magnificent 7 group of mega-cap stocks rallied, taking reference from the pre-war baseline of 27 February 2026 to Tuesday, 21 April 2026, led by Amazon (+19%), Nvidia (+12.8%), and Microsoft (+8%).In contrast, Tesla underperformed, with a loss of 4%, and it also underperformed year-to-date (as of April 21, 2026), with a double-digit loss of 14.1% (see Fig. 1 & Fig. 2).Medium-term technical outlook of Tesla (TSLA) (1 to 3 weeks) Fig. 3: Tesla (TSLA) medium-term trend as of 21 Apr 2026 (Source: TradingView). Bearish bias below 417.40 key medium-term pivotal resistance. A break below 363.80 intermediate support opens the scope for further potential weakness to expose the medium-term supports at 337.25/328.20 (also the 61.8% Fibonacci retracement of prior up move from 7 April 2025 low to 22 December 2025 high) and 300.05/288.80 (also the 76.4% Fibonacci retracement of prior up move from 7 April 2025 low to 22 December 2025 high) (see Fig. 3).On the flip side, a clearance with a daily close above 417.40 invalidates the bearish scenario for a further recovery towards 437.40/450.20 follow by a potential retest at its current all-time high of 498.83.Key elements to support the medium-term bearish bias on Tesla (TSLA) The price actions of TSLA since 18 December 2024 high of 488.54 has started to form an impending major “Double Top” bearish reversal configuration.The recent 21% rebound from its 7 April 2026 low has stalled and shaped a bearish reaction right after a retest on the key 200-day moving average.The daily volatility-adjusted relative strength (VARS) of Tesla against the S&P 500 exchange-traded fund has trended lower below its zero line since 26 January 2026, which suggests the ongoing medium-term underperformance of TSLA against the SPY remains intact.The daily RSI momentum indicator of TSLA has just staged a bearish reaction from its descending resistance at the 60 level, which suggests the lack of upside momentum. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for April 21 Stock Markets faced a brutal dual-threat reality-check today, as shifting monetary policy and collapsing geopolitical diplomacy combined to trigger a violent late-session selloff.The trading session was already under heavy pressure following incoming Federal Reserve Chair Kevin Warsh's Senate confirmation hearing.Warsh delivered a resolute but mixed-feelings message, emphasizing the need for a reform of Fed processes while hypocritically defending the central bank's absolute independence (but not answering some critical answers on the issue).By signalling a definitive end to the era of elevated balanced sheets Warsh forced equity bulls onto the defensive early in the day and sparked a notable intraday pullback.However, the real fundamental damage arrived just before the closing bell.With the critical April 22 ceasefire deadline looming at Midnight Pakistan time, reports suddenly hit the wire that the high-stakes US-Iran diplomatic negotiations scheduled in Islamabad had been abruptly canceled.The Iranian side were apparently reluctant to save the deal – Nevertheless, President Trump just announced a Ceasefire extension. Talk about a bipolar end to the session!Stocks crashed into the late session as the euphoric peace trade—which had just driven US Markets to all-time highs—burnt its feathers.Algorithms and institutional traders scrambled to de-risk, dragging major indices to new lows at the close, while Crude Oil prices did the exact opposite.But as per usual, the US President saved the day by announcing another Ceasefire extension, helping Futures to rebound (right after the Market close however, a classic play from the Administration).Things are not expected to become much clearer for the time being, so Traders will have to remain on edge until a proper path to diplomacy gets reached. Read More:A new era for the Fed? Looking back on Kevin Warsh's US Senate hearing & Market reactionsFed's Warsh and Ceasefire-end triggers Market Double tops – Dow Jones and US Stock Market OutlookThe Dollar is forecasting tougher times ahead – EUR/USD, AUD/USD & Dollar Index (DXY) overviewStock Market Heatmap for the Session Market Close Heatmap – Source: TradingView – April 21, 2026 The Market close heatmap could be quite misleading as Trump just TACO'd again right after the close – So while the performance looks quite negative, a rebound could potentially erase some of the late session drops.The price action in Stocks is still quite mixed, so any new all-time highs in the immediate timeframe would be unrealistic.Key Earnings releases tomorrow (April 21) Earnings release for April 22, 2026 – Source: Nasdaq.com Consumer earnings continue in tomorrow's session, so traders will be able to get a clearer picture of the narrative and projections for upcoming quarters.Cross-Assets Daily Performance Cross-Asset Daily Performance, April 21, 2026 – Source: TradingView Metals and European Stocks are feeling the heat, as they quite more realistically priced the uncertainty looming with the US-Iran Ceasefire.A concrete timeline for the ceasefire extension is to be provided, and for the rest, we will see tomorrow as this has been a quite unexpected turn in narrative.A picture of today's performance for major currencies Currency Performance, April 21, 2026 – Source: OANDA Labs The US Dollar slowly grinded at the top of the FX board, but Trump's latest TACO just reversed the move higher.Except for the Kiwi Dollar, jumping from the recent beat in NZ inflation, the rest of FX action was quite dull.A look at Economic data releasing in tonight and tomorrow's sessions For all market-moving economic releases and events, see the MarketPulse Economic Calendar. The upcoming session will be huge for the GBP (with the UK continuing their relentless data releases this week) and the ECB (and European assets, particularly with the Ceasefire in a volatile deadlock).As always, make sure to follow talks around US-Iran negotiations, with the negotiations starting again tomorrow.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Today welcomed one of the final steps for Kevin Warsh to replace Jerome Powell as Chairman for the Federal Reserve – A process that initially was supposed to occur on May 15th.However, the Trump Administration decided to spice things up with a Powell investigation that sent yet another wave of chaos in February.But this is relatively small detail, but one that would annoy the President even more as the investigation would prevent Kevin Warsh's validation to pursue (check out the piece linked above to learn more). Odds for Kevin Warsh to start his mandate on time – From 85% to the current 33%. Source: Polymarket Highlights from Kevin Warsh's morning Senate hearing The highly anticipated Senate confirmation hearing for incoming Federal Reserve Chair Kevin Warsh took center stage this morning, and Wall Street is now frowning. Stepping into the spotlight amid a backdrop of high geopolitical volatility, Warsh delivered a mixed address that instantly sent ripples across asset classes and triggered a decent market pullback.At the core of his testimony was a bold declaration regarding monetary policy: Warsh explicitly stated his desire to reform the Federal Reserve, with notable calls for a review on Forward Guidance (that he wants to drop entirely) and a new inflation framework.Rejecting the policy complacency of recent years (showing his disagreement for post-COVID policy), he signaled a structural shift in how the central bank will measure and react to price stability – Warsh's toughest point of view is on the Fed's Balance Sheet, that he wants to see reduced heavily over coming years.This would definitely not be as positive for Stock Markets.For markets that have grown accustomed to a highly accommodating Fed, this was a decent reality check – Wall Street really loves Jerome Powell and his exit will be surely regretted by some. Some tough questions, particularly from Senator Warren, on his swinging hawkishness, blasted the Fed Chair nominee – and he definitely dodged the answers.Nevertheless, Warsh aggressively reinstated the narrative of strong Federal Reserve independence – but this one will have to be proven as he never really answered on disagreeing with the President and other similar questions.Add to the lingering uncertainty with the Middle East, and the market reaction got quite decisive. Equities took a decent hit as the reality of a more rigid Fed policy set in. The Dow Jones Industrial Average led the intraday pullback, reflecting deep institutional caution as investors rapidly reassess the broader US economic outlook and a potential return to Middle East tensions. With the critical April 22 US-Iran ceasefire deadline looming just hours away, Warsh's unyielding stance on inflation and institutional independence has thrown yet another puzzle for Participants to play around with. Vice-President J.D Vance has been reported to travel to Pakistan tomorrow morning (providing a de-facto extension of the Ceasefire, if he really is departing).What is sure, is that the easy money era has officially been put on notice.Let's dive into the major movers of this busy, and quite risk-averse session Discover:Fed's Warsh and Ceasefire-end triggers Market Double tops – Dow Jones and US Stock Market OutlookThe Dollar is forecasting tougher times ahead – EUR/USD, AUD/USD & Dollar Index (DXY) overviewTesla (TSLA) Q1 2026 Earnings Preview: Is the ‘AI powerhouse’ narrative enough to offset waning auto demand? Financial Markets are swinging more hawkish with the latest developments, but reactions have remained relatively restrainedEnergy Markets WTI (US) Oil prices have grinded higher in recent hours but remain below the key $93 pivot. WTI (US) Oil CFD Daily Chart, April 21, 2026 – Source: TradingView The action in WTI remains stuck between $87 and $95 and should stay like that until Participants learn more on the Iran issue.Metals Markets Metal Futures Daily Performance, April 21, 2026 – Courtesy of Finviz Metals are somehow quite offered in today's session, with drops of close to 3% around the board. Looking at reactions in the US Dollar and other Markets, it could just be profit-taking on the dip-buying at key technical levels, supplemented by some angst regarding the Balance Sheet reducing. Gold CFD 4H Chart, April 21, 2026 – Source: TradingView Gold found pressure at $4,900 which got exacerbated by the 4H 200-period MA.Don't forget to check out our recent XAU/USD and XAG/USD to spot trading levels:Metals in focus with Ceasefire uncertainty – Silver (XAG/USD) & Gold (XAU/USD) intraday outlookUS Dollar Dollar Index (DXY) 4H Chart, April 21, 2026 – Source: TradingView The US Dollar caught a decent bounce during the Kevin Warsh hearing – hope that some of you explored our USD Analysis on time to catch the first leg.Now retesting the 4H 50-period MA, the next move will be quite interesting (decent point for long entries on the USD, but watch out for volatile catalysts ahead).Stock Markets Stock Market Futures Daily Performance, April 21, 2026 – Courtesy of Finviz Stock Markets are in the red today but the reactions are for now still broadly contained.Be careful tomorrow as things should be rocky, particularly if the second round of US-Iran talks fail to materialize. Dow Jones CFD 30M Chart, April 21, 2026 – Source: TradingView Don't forget to check out our Stock Market intraday analysis to learn more on fundamentals and technicals for the coming period ahead. Safe Trades and keep track of the evolution of the conflict ahead!Follow Elior on Twitter/X for additional Market News, Insights and Interactions @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

The central narrative has shifted from Tesla as a pure EV manufacturer to an AI and robotics powerhouseQ1 expectations are tempered due to missed delivery estimates, making automotive gross margins, expected to stay above 17-18% the "make or break" metric.A major focus is the company's pivot toward AI, with CapEx projected to exceed $20 billion in 2026 to support three pillars: Full Self-Driving (FSD), the Cybercab/Robotaxi network, and Optimus/Dojo.Stock momentum depends on providing a concrete roadmap for Robotaxi revenue and AI monetization plans.Most Read: Chart alert: Bullish flag formation in Copper (XCU/USD) as 2nd US-Iran peace talks loomTesla (TSLA) is set to report its first-quarter earnings for 2026 on Wednesday, April 22, after the closing bell. The narrative surrounding Tesla has shifted dramatically over the last year, moving away from a pure-play electric vehicle (EV) manufacturer toward an ambitious AI and robotics powerhouse.However, as the "Magnificent Seven" member prepares to open its books, the market remains divided: Is Tesla a high-growth tech platform deserving of its premium valuation, or a capital-intensive car company grappling with cooling demand?What Wall Street Expects Expectations for Q1 are tempered following a delivery report that missed consensus estimates. Tesla delivered 358,023 vehicles in the first quarter, a 6.3% year-over-year increase, but roughly 7,600 units shy of the 365,645 expected by the Street.Earnings Per Share (EPS): Consensus estimates are centered around $0.36 to $0.37. Some analysts, such as those at Refinitiv, are more bearish, projecting a "Smart Estimate" as low as $0.30.Revenue: Wall Street is looking for approximately $21.9 billion to $22.7 billion. While this represents year-over-year growth of roughly 13%, it is a sequential decline from Q4 2025.Margins: This remains the "make or break" metric. With ongoing price adjustments and increased competition from Chinese rivals like BYD, investors will be laser-focused on whether automotive gross margins can stay above the psychological 17-18% floor.Key Narrative: Car Company or AI Infrastructure? The central theme of this earnings call will likely be the pivot toward AI. Elon Musk has signaled that Tesla’s future valuation is inextricably linked to autonomy.Market participants should look for updates on three specific AI pillars:Full Self-Driving (FSD) v14 & Global Expansion: Following recent regulatory approvals for FSD (Supervised) in Europe, any commentary on take-rates and the rollout of the "Self-Driving App" will be vital. Tesla is increasingly leaning on software-as-a-service (SaaS) revenue to offset hardware margin pressure.The Cybercab & Robotaxi Network: With Tesla sending Cybercab prototypes from Giga Texas to various testing locations, the timeline for a commercial robotaxi launch in cities like Dallas or Houston will be a major stock catalyst.Optimus & Dojo: CapEx for 2026 is projected to exceed $20 billion, a massive jump from $8.5 billion in 2025. Much of this is earmarked for AI compute and the Optimus humanoid robot program. Investors will want to know if this spending is yielding tangible efficiency gains or if it’s a "black hole" for cash flow in the near term.Focus Areas for Market Participants Inventory Levels: Tesla produced roughly 50,000 more cars than it delivered in Q1. This "supply-demand gap" is a growing concern, suggesting that even with price cuts, the global EV market remains saturated.Energy Storage: While vehicle deliveries lagged, Tesla’s energy division has historically been a bright spot. However, reports indicate energy deployments may have dropped sequentially in Q1; a rebound here is necessary to support the "diversified energy company" thesis.The "Hey Grok" Integration: The 2026 Spring Update introduced "Hey Grok" voice commands, integrating Musk's xAI into the Tesla ecosystem. This highlights the deepening ties between Tesla and Musk’s other ventures, a point of both excitement and corporate governance debate.Potential Market Reaction Tesla enters this earnings print with a technical setup that suggests high volatility. The stock has been trading in a broad range, sensitive to every update regarding FSD safety and production scale.The Bull Case: If Tesla manages to beat the lowered EPS bar of $0.30-$0.36 and Musk provides a concrete, near-term roadmap for Robotaxi revenue, we could see a rally toward the December 2025 highs around $490-$500 resistance levels. A focus on "software-like" margins would reassure growth investors.The Bear Case: Should margins continue to slide toward 15% without a clear recovery plan for the core auto business, the stock could test recent support levels. Bears will argue that the $20 billion CapEx plan is too aggressive given the cooling demand for EVs in Europe and North America.Key support levels that could come into focus rest around the $355-$360 mark and lower than that at around the $336 mark (YTD Lows).Tesla TSLA Daily Chart, April 21, 2026 Source: TradingView Tesla’s Q1 2026 earnings will be less about the cars delivered and more about the vision sold. In a market that is increasingly rewarding AI execution, Tesla needs to prove that its massive infrastructure spend is more than just a hedge against a slowing car market.For the stock to regain its momentum, the "AI Powerhouse" narrative needs to be backed by improving software margins and a credible path to autonomy. As always with Tesla, expect the unexpected when the clock hits 4:00 PM ET on Wednesday.Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.