{"id":10836,"date":"2023-08-03T09:21:46","date_gmt":"2023-08-03T09:21:46","guid":{"rendered":"https:\/\/www.sevenstarfx.com\/blog\/?p=10836"},"modified":"2023-08-18T06:03:01","modified_gmt":"2023-08-18T06:03:01","slug":"daily-market-outlook-03-aug-2023","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-03-aug-2023\/","title":{"rendered":"Daily Market Outlook, 03 Aug, 2023"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>Stocks hit selloff mode Wednesday, and the&nbsp;Nasdaq Composite&nbsp;registered its&nbsp;worst day since February, after Fitch downgraded the long-term rating for the US and risk-off sentiment resurfaced.<\/p>\n<p>The Dow Jones Industrial Average fell 348.16 points to 35,282.52, the S&amp;P 500 lose 1.38% to 4,513.39 and the Nasdaq Composite subtract 310.47 points to 13,973.45.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan is drop 0.47% to 646.98 levels. The Australian index was lower by 0.58% to 7,311.70. Japanese Nikkei Index drop 1.61% today.<\/p>\n<p>European stocks were negative on Thursday, with the Stoxx Europe 50 Index fell 0.69% to 4,306.65, Germany&#8217;s DAX drop 0.75% to 15,902.05, and France&#8217;s CAC decline 0.79% to 7,257.44 and U.K.&#8217;s FTSE 100 subtract 1.23% to 7,469.46.<\/p>\n<p>Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields positive 1.86% to 4.1500.<\/p>\n<p>Oil prices eased on August 2 after sharp gains, but remained near their highest levels since April, as crude and fuel product inventory data showed robust US demand and offset concerns about the Chinese economy.<\/p>\n<p>Spot Brent crude oil drop 0.24% to $82.99 per barrel. US West Texas Intermediate crude is down 0.23% to $79.30 a barrel.<\/p>\n<p>The yellow metal gold is decline 0.13% to 1,972.45 dollars per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market <span style=\"color: #cf2e2e\">Wrap:<\/span> Forex<\/strong><\/span><\/h3>\n<p>The dollar scaled a four-week peak against major peers on Thursday after upbeat labour market data a day earlier, while sterling edged lower ahead of an expected rate hike from the Bank of England.<\/p>\n<p>Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which surged 0.05% to 102.440.<\/p>\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that is up 0.02% today. This left the pair trading around $1.09380.<\/p>\n<p>The Japanese yen was negative against the U.S. dollar on Thursday. Today USD\/JPY is slipped 0.29% to the 142.880 level.<\/p>\n<p>Another commodity-related currency negative against the U.S dollar, AUD\/USD fell 0.23% to 0.65240, and NZD\/USD slipped 0.07% to 0.60750 level.<\/p>\n<hr>\n<h3><span style=\"color: #cf2e2e\">EUR\/USD Intraday:<\/span> Trend on the downside<\/h3>\n<p><strong>Our pivot point is at 1.0941<\/strong><strong>0<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot level with targets at 1.09010 &amp; 1.08760 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for a further upside to 1.09790 &amp; 1.10080.<\/p>\n<p><strong>Comment:<\/strong> RSI is below 50 levels and Pairs below its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10831 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/EURUSD-2-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/EURUSD-2-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/EURUSD-2-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/EURUSD-2-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/EURUSD-2-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/EURUSD-2.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;font-size: 11px\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>&nbsp;&nbsp;\u2013&nbsp;<span style=\"color: #ff0000\">Red Lines Indicate Support Levels&nbsp;<\/span><br \/>\n<span style=\"color: #3366ff\">Light Blue is a Pivot Point<\/span>&nbsp;&nbsp;&nbsp;\u2013 Black represents the price when the report was produced<\/p>\n<hr>\n<h3><span style=\"color: #cf2e2e\">GBP\/USD Intraday:<\/span> Resistance level at 1.27230<\/h3>\n<p><strong>Our pivot point is at 1.27230<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Sell positions below pivot with targets at 1.26620 &amp; 1.26290 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The price above pivot would call for further upside to 1.27730 &amp; 1.28110.<\/p>\n<p><strong>Comment<\/strong>:&nbsp; RSI is below 50 levels and Pairs below its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10832 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/GBPUSD-2-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/GBPUSD-2-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/GBPUSD-2-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/GBPUSD-2-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/GBPUSD-2-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/GBPUSD-2.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;font-size: 11px\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>&nbsp;&nbsp;\u2013&nbsp;<span style=\"color: #ff0000\">Red Lines Indicate Support Levels&nbsp;<\/span><br \/>\n<span style=\"color: #3366ff\">Light Blue is a Pivot Point<\/span>&nbsp;&nbsp;&nbsp;\u2013 Black represents the price when the report was produced<\/p>\n<hr>\n<h3><span style=\"color: #cf2e2e\">USD\/JPY Intraday:<\/span> Support level at 143.310<\/h3>\n<p><strong>Our pivot point is at 143<\/strong><strong>.310<\/strong><\/p>\n<p><strong>Preferable Price&nbsp;<\/strong><strong>Action:<\/strong> Buy position above pivot with the target at 144.150 and 144.740 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of the pivot would call for 142.600 and 142.060.<\/p>\n<p><strong>Comment<\/strong>: MACD is at 50 level and Pairs above 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10833 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/USDJPY-2-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/USDJPY-2-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/USDJPY-2-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/USDJPY-2-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/USDJPY-2-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/USDJPY-2.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;font-size: 11px\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>&nbsp;&nbsp;\u2013&nbsp;<span style=\"color: #ff0000\">Red Lines Indicate Support Levels&nbsp;<\/span><br \/>\n<span style=\"color: #3366ff\">Light Blue is a Pivot Point<\/span>&nbsp;&nbsp;&nbsp;\u2013 Black represents the price when the report was produced<\/p>\n<hr>\n<h3><span style=\"color: #cf2e2e\">AUD\/USD Intraday:<\/span> Trend on the downside<\/h3>\n<p><strong>Our pivot point is at 0.65480<\/strong><\/p>\n<p><strong>Preferable Price Action:<\/strong> Sell positions below pivot with targets at 0.64970 &amp; 0.64630 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for a further upside with 0.65940 &amp; 0.66310 as targets.<\/p>\n<p><strong>Comment<\/strong>: RSI is below 50 levels and Pairs below its 20AM &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10829 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/AUDUSD-2-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/AUDUSD-2-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/AUDUSD-2-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/AUDUSD-2-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/AUDUSD-2-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/AUDUSD-2.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;font-size: 11px\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>&nbsp;&nbsp;\u2013&nbsp;<span style=\"color: #ff0000\">Red Lines Indicate Support Levels&nbsp;<\/span><br \/>\n<span style=\"color: #3366ff\">Light Blue is a Pivot Point<\/span>&nbsp;&nbsp;&nbsp;\u2013 Black represents the price when the report was produced<\/p>\n<hr>\n<h3><span style=\"color: #cf2e2e\">CRUDEOIL Intraday:<\/span> Major trend on the downside<strong><br \/>\n<\/strong><\/h3>\n<p><strong>Our pivot point is at 79.33<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Below pivot sell oil with 78.35 &amp; 77.74 as targets.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Buy crude above pivot with targets at 80.26 and 80.94 in extension.<\/p>\n<p><strong>Comment<\/strong>: MACD is negative territory and Pairs below its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10830 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/CRUDEOIL-2-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/CRUDEOIL-2-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/CRUDEOIL-2-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/CRUDEOIL-2-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/CRUDEOIL-2-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/CRUDEOIL-2.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;font-size: 11px\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>&nbsp;&nbsp;\u2013&nbsp;<span style=\"color: #ff0000\">Red Lines Indicate Support Levels&nbsp;<\/span><br \/>\n<span style=\"color: #3366ff\">Light Blue is a Pivot Point<\/span>&nbsp;&nbsp;&nbsp;\u2013 Black represents the price when the report was produced<\/p>\n<hr>\n<h3><span style=\"color: #cf2e2e\">XAU\/USD Intraday:<\/span> Trend on the downside<\/h3>\n<p><strong>Our pivot point is 1937.50<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further downside to 1926.80 and 1920.80.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If the price gives an upside breakout of a pivot, then the price extends to 1945.90 and 1952.50.<\/p>\n<p><strong>Comment<\/strong>: MACD is below 50 level and Pairs below its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10835 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/XAUUSD-2-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/XAUUSD-2-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/XAUUSD-2-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/XAUUSD-2-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/XAUUSD-2-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/XAUUSD-2.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;font-size: 11px\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>&nbsp;&nbsp;\u2013&nbsp;<span style=\"color: #ff0000\">Red Lines Indicate Support Levels&nbsp;<\/span><br \/>\n<span style=\"color: #3366ff\">Light Blue is a Pivot Point<\/span>&nbsp;&nbsp;&nbsp;\u2013 Black represents the price when the report was produced<\/p>\n<hr>\n<h3><span style=\"color: #cf2e2e\">Dow Jones Intraday:<\/span> Major trend on the downside<\/h3>\n<p><strong>Our pivot point is 35,282.00<br \/>\n<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below the pivot with targets at 35,164.00 &amp; 35,092.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 35,282.00 looks for further upside to 35,388.00 &amp; 35,469.00.<\/p>\n<p><strong>Comment<\/strong>: RSI is below 50 levels and Pairs below its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10834 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/WS30-2-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/WS30-2-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/WS30-2-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/WS30-2-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/WS30-2-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/WS30-2.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;font-size: 11px\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>&nbsp;&nbsp;\u2013&nbsp;<span style=\"color: #ff0000\">Red Lines Indicate Support Levels&nbsp;<\/span><br \/>\n<span style=\"color: #3366ff\">Light Blue is a Pivot Point<\/span>&nbsp;&nbsp;&nbsp;\u2013 Black represents the price when the report was produced<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities Stocks hit selloff mode Wednesday, and the&nbsp;Nasdaq Composite&nbsp;registered its&nbsp;worst day since February, after Fitch downgraded the long-term rating for the US and risk-off sentiment resurfaced.&hellip; <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[124,89,329,10,28,3,155,220,26,328,33,327,72,323,31,101],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 03 Aug, 2023 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, 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