{"id":10943,"date":"2023-08-16T09:22:02","date_gmt":"2023-08-16T09:22:02","guid":{"rendered":"https:\/\/www.sevenstarfx.com\/blog\/?p=10943"},"modified":"2023-08-18T06:37:28","modified_gmt":"2023-08-18T06:37:28","slug":"daily-market-outlook-16-aug-2023","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-16-aug-2023\/","title":{"rendered":"Daily Market Outlook, 16 Aug, 2023"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n\n\n\n<p>Stock futures are near flat Wednesday night as investors came off a losing session that marked the latest leg down in an August slump.<\/p>\n\n\n\n<p>The Dow Jones Industrial Average fell 361.24 points to 34,946.39, the S&amp;P 500 lose 1.16% to 4,437.86 and the Nasdaq Composite subtract 157.28 points to 13,631.05.<\/p>\n\n\n\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan is decline 0.83% to 618.03 levels. The Australian index was lower by 1.50% to 7,195.20. Japanese Nikkei Index drop 1.39% today.<\/p>\n\n\n\n<p>European stocks were positive on Wednesday, with the Stoxx Europe 50 Index rose 0.24% to 4,297.25, Germany&#8217;s DAX ascend 0.17% to 15,794.95, and France&#8217;s CAC advance 0.34% to 7,292.71 and U.K.&#8217;s FTSE 100 subtract 0.10% to 7,382.25.<\/p>\n\n\n\n<p>Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields negative 0.80% to 4.1900.<\/p>\n\n\n\n<p>Oil prices fell over 1 percent on Tuesday on sluggish Chinese economic data coupled with fears that Beijing\u2019s unexpected cut in key policy rates was not sufficiently substantial to rejuvenate the country\u2019s sputtering post-pandemic recovery.<\/p>\n\n\n\n<p>Spot Brent crude oil drop 0.16% to $84.75 per barrel. US West Texas Intermediate crude is down 0.16% to $80.87 a barrel.<\/p>\n\n\n\n<p>The yellow metal gold is advance 0.04% to 1,936.05 dollars per ounce.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e\"><strong>Market <span style=\"color: #cf2e2e\">Wrap:<\/span> Forex<\/strong><\/span><\/h3>\n\n\n\n<p>The U.S. dollar rose in early European trade Wednesday, trading near a five-week high on concerns the Federal Reserve could keep raising interest rates, while property sector concerns weighed on the Chinese yuan.<\/p>\n\n\n\n<p>Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which slipped 0.22% to 102.870.<\/p>\n\n\n\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that is up 0.20% today. This left the pair trading around $1.09260.<\/p>\n\n\n\n<p>The Japanese yen was negative against the U.S. dollar on Tuesday. Today USD\/JPY is slipped 0.02% to the 145.540 level.<\/p>\n\n\n\n<p>Another commodity-related currency positive against the U.S dollar, AUD\/USD rose 0.31% to 0.64740, and NZD\/USD surged 0.64% to 0.59870 level.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e\">EUR\/USD Intraday:<\/span> Support level at 1.09040<\/h3>\n\n\n\n<p><strong>Our pivot point is at 1.09040<\/strong><\/p>\n\n\n\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above pivot level with targets at 1.09600 &amp; 1.09990 in extension.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for a further downside to 1.08610 &amp; 1.08320.<\/p>\n\n\n\n<p><strong>Comment:<\/strong> RSI is above 50 levels and Pairs above 20MA.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10938 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/EURUSD-11-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/EURUSD-11-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/EURUSD-11-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/EURUSD-11-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/EURUSD-11-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/EURUSD-11.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><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><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\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e\">GBP\/USD Intraday:<\/span> Major trend on the upside<\/h3>\n\n\n\n<p><strong>Our pivot point is at 1.27150<\/strong><\/p>\n\n\n\n<p><strong>Preferable Price Action<\/strong>: Buy positions above pivot with targets at 1.27600 &amp; 1.27900 in extension.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: The price below pivot would call for further downside to 1.26760 &amp; 1.26470.<\/p>\n\n\n\n<p><strong>Comment<\/strong>:&nbsp; RSI is above 50 levels and Pairs above its 20MA &amp; 55MA.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10939 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/GBPUSD-11-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/GBPUSD-11-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/GBPUSD-11-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/GBPUSD-11-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/GBPUSD-11-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/GBPUSD-11.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><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><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\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e\">USD\/JPY Intraday:<\/span> Resistance level at 145.670<\/h3>\n\n\n\n<p><strong>Our pivot point is at 145.670<\/strong><\/p>\n\n\n\n<p><strong>Preferable Price&nbsp;Action:<\/strong> Sell position below pivot with the target at 146.190 and 146.580 in extension.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of the pivot would call for 145.060 and 144.640.<\/p>\n\n\n\n<p><strong>Comment<\/strong>: MACD is below 50 level and Pairs below its 20MA &amp; 55MA.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10940 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/USDJPY-11-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/USDJPY-11-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/USDJPY-11-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/USDJPY-11-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/USDJPY-11-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/USDJPY-11.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><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><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\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e\">AUD\/USD Intraday:<\/span> Trend on the upside<\/h3>\n\n\n\n<p><strong>Our pivot point is at 0.64570<\/strong><\/p>\n\n\n\n<p><strong>Preferable Price Action:<\/strong> Buy positions above pivot with targets at 0.65150 &amp; 0.65520 in extension.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for a further downside with 0.64040 &amp; 0.63700 as targets.<\/p>\n\n\n\n<p><strong>Comment<\/strong>: RSI is above 50 levels and Pairs above 20MA.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10936 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/AUDUSD-11-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/AUDUSD-11-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/AUDUSD-11-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/AUDUSD-11-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/AUDUSD-11-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/AUDUSD-11.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><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><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\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e\">CRUDEOIL Intraday:<\/span> Support level at 80.16<\/h3>\n\n\n\n<p><strong>Our pivot point is at 80.16<\/strong><\/p>\n\n\n\n<p><strong>Preferable Price Action<\/strong>: Above pivot buy oil with 81.34 &amp; 82.26 as targets.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: Sell crude below pivot with targets at 79.08 and 78.311 in extension.<\/p>\n\n\n\n<p><strong>Comment<\/strong>: MACD is positive territory and Pairs above 20MA.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10937 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/CRUDEOIL-11-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/CRUDEOIL-11-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/CRUDEOIL-11-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/CRUDEOIL-11-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/CRUDEOIL-11-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/CRUDEOIL-11.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><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><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\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e\">XAU\/USD Intraday:<\/span> In a consolidation zone<\/h3>\n\n\n\n<p><strong>Our pivot point is 1902.00<\/strong><\/p>\n\n\n\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1909.50 and 1914.90.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: If the price gives a downside breakout of a pivot, then the price extends to 1895.70 and 1891.10.<\/p>\n\n\n\n<p><strong>Comment<\/strong>: MACD is above 50 level and Pairs above 20MA.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10942 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/XAUUSD-11-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/XAUUSD-11-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/XAUUSD-11-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/XAUUSD-11-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/XAUUSD-11-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/XAUUSD-11.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><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><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\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e\">Dow Jones Intraday:<\/span> Trend on the upside&nbsp;<\/h3>\n\n\n\n<p><strong>Our pivot point is 34,934.00<\/strong><\/p>\n\n\n\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above the pivot with targets at 35,116.00 &amp; 35,247.00.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: Below 34,934.00 looks for further downside to 34,772.00 &amp; 34,670.00.<\/p>\n\n\n\n<p><strong>Comment<\/strong>: RSI is above 50 levels and Pairs above 20MA.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10941 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/WS30-11-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/WS30-11-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/WS30-11-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/WS30-11-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/WS30-11-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/WS30-11.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><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><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 Stock futures are near flat Wednesday night as investors came off a losing session that marked the latest leg down in an August slump. The&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, 16 Aug, 2023<\/title>\n<meta name=\"description\" content=\"Learn effective forex trading strategies and stay updated with the latest market trends. Our blog offers in-depth technical analysis, forex charts, and expert insights to help you make informed trading decisions. Enhance your forex trading skills and boost your profits with our comprehensive forex technical blog. 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