{"id":11171,"date":"2023-08-31T08:47:22","date_gmt":"2023-08-31T08:47:22","guid":{"rendered":"https:\/\/www.sevenstarfx.com\/blog\/?p=11171"},"modified":"2023-08-31T08:47:33","modified_gmt":"2023-08-31T08:47:33","slug":"daily-market-outlook-31-aug-2023","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-31-aug-2023\/","title":{"rendered":"Daily Market Outlook, 31 Aug, 2023"},"content":{"rendered":"\r\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\r\n\r\n\r\n\r\n<p>S&amp;P 500 futures were flat Wednesday night after the broad market index notched a fourth-straight positive day.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>The Dow Jones Industrial Average rose 37.57 points to 34,890.24, the S&amp;P 500 gain 0.38% to 4,514.87 and the Nasdaq Composite add 75.55 points to 14,019.31.<\/p>\r\n\r\n\r\n\r\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan is decline 0.38% to 622.46 levels. The Australian index was higher by 0.10% to 7,305.30. Japanese Nikkei Index ascend 0.74% today.<\/p>\r\n\r\n\r\n\r\n<p>European stocks were positive on Thursday, with the Stoxx Europe 50 Index rose 0.29% to 4,327.45, Germany&#8217;s DAX ascend 0.58% to 15,983.15, and France&#8217;s CAC advance 0.14% to 7,374.63 and U.K.&#8217;s FTSE 100 add 0.02% to 7,472.71.<\/p>\r\n\r\n\r\n\r\n<p>Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields negative 0.19% to 4.1070.<\/p>\r\n\r\n\r\n\r\n<p>Oil prices extended gains on Wednesday after U.S. government data showed tighter-than-expected crude supplies in the world\u2019s biggest fuel consumer, while a hurricane in the Gulf of Mexico kept investors on edge.<\/p>\r\n\r\n\r\n\r\n<p>Spot Brent crude oil ascend 0.21% to $85.42 per barrel. US West Texas Intermediate crude is up 0.28% to $81.86 a barrel.<\/p>\r\n\r\n\r\n\r\n<p>The yellow metal gold is decline 0.07% to 1,971.55 dollars per ounce.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e\"><strong>Market <span style=\"color: #cf2e2e\">Wrap:<\/span> Forex<\/strong><\/span><\/h3>\r\n\r\n\r\n\r\n<p>The U.S. dollar stabilized in early European trade Thursday, after hefty losses this week as signs of a cooling U.S. economy pointed to limited headroom for the Federal Reserve to keep raising interest rates.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which surged 0.22% to 103.322.<\/p>\r\n\r\n\r\n\r\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that is down 0.34% today. This left the pair trading around $1.08870.<\/p>\r\n\r\n\r\n\r\n<p>The Japanese yen was negative against the U.S. dollar on Thursday. Today USD\/JPY is slipped 0.28% to the 145.810 level.<\/p>\r\n\r\n\r\n\r\n<p>Another commodity-related currency mixed against the U.S dollar, AUD\/USD fell 0.02% to 0.64740, and NZD\/USD surged 0.07% to 0.59590 level.<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e\">EUR\/USD Intraday:<\/span> Major trend on the downside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 1.09100<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot level with targets at 1.08700 &amp; 1.08470 in extension.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for a further upside to 1.09450 &amp; 1.09680.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment:<\/strong> RSI is below 50 levels and Pairs below its 20MA &amp; 55MA.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-11166 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/EURUSD-22-1024x487.jpg\" alt=\"\" width=\"1024\" height=\"487\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/EURUSD-22-1024x487.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/EURUSD-22-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/EURUSD-22-768x365.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/EURUSD-22-1536x731.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/EURUSD-22.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\r\n\r\n\r\n\r\n<p class=\"has-text-align-center\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>\u00a0\u00a0\u2013\u00a0<span style=\"color: #ff0000\">Red Lines Indicate Support Levels\u00a0<\/span><br \/><span style=\"color: #3366ff\">Light Blue is a Pivot Point<\/span>\u00a0\u00a0\u00a0\u2013 Black represents the price when the report was produced<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e\">GBP\/USD Intraday:<\/span> Resistance level at 1.27230<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 1.27230<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Sell positions below pivot with targets at 1.26870 &amp; 1.26640 in extension.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: The price above pivot would call for further upside to 1.27550 &amp; 1.27790.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>:\u00a0 RSI is below 50 levels and Pairs below 20MA.\u00a0<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-11167 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/GBPUSD-22-1024x487.jpg\" alt=\"\" width=\"1024\" height=\"487\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/GBPUSD-22-1024x487.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/GBPUSD-22-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/GBPUSD-22-768x365.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/GBPUSD-22-1536x731.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/GBPUSD-22.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\r\n\r\n\r\n\r\n<p class=\"has-text-align-center\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>\u00a0\u00a0\u2013\u00a0<span style=\"color: #ff0000\">Red Lines Indicate Support Levels\u00a0<\/span><br \/><span style=\"color: #3366ff\">Light Blue is a Pivot Point<\/span>\u00a0\u00a0\u00a0\u2013 Black represents the price when the report was produced<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e\">USD\/JPY Intraday:<\/span> Trend on the downside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 145.980<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price\u00a0Action:<\/strong> Sell position below pivot with the target at 145.520 and 145.270 in extension.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: The upside breakout of the pivot would call for 146.390 and 146.660.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: MACD is below 50 level and Pairs below 55MA.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-11168 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/USDJPY-22-1024x487.jpg\" alt=\"\" width=\"1024\" height=\"487\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/USDJPY-22-1024x487.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/USDJPY-22-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/USDJPY-22-768x365.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/USDJPY-22-1536x731.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/USDJPY-22.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\r\n\r\n\r\n\r\n<p class=\"has-text-align-center\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>\u00a0\u00a0\u2013\u00a0<span style=\"color: #ff0000\">Red Lines Indicate Support Levels\u00a0<\/span><br \/><span style=\"color: #3366ff\">Light Blue is a Pivot Point<\/span>\u00a0\u00a0\u00a0\u2013 Black represents the price when the report was produced<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e\">AUD\/USD Intraday:<\/span> Trend on the downside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 0.64880<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action:<\/strong> Sell positions below pivot with targets at 0.64550 &amp; 0.64240 in extension.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for a further upside with 0.65160 &amp; 0.65370 as targets.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: RSI is below 50 levels and Pairs below 20MA.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-11164 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/AUDUSD-22-1024x487.jpg\" alt=\"\" width=\"1024\" height=\"487\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/AUDUSD-22-1024x487.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/AUDUSD-22-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/AUDUSD-22-768x365.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/AUDUSD-22-1536x731.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/AUDUSD-22.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\r\n\r\n\r\n\r\n<p class=\"has-text-align-center\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>\u00a0\u00a0\u2013\u00a0<span style=\"color: #ff0000\">Red Lines Indicate Support Levels\u00a0<\/span><br \/><span style=\"color: #3366ff\">Light Blue is a Pivot Point<\/span>\u00a0\u00a0\u00a0\u2013 Black represents the price when the report was produced<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e\">CRUDEOIL Intraday:<\/span> Major support level at 81.26<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 81.26<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Above pivot buy oil with 81.96 &amp; 82.48 as targets.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: Sell crude below pivot with targets at 80.67 and 80.16 in extension.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: MACD is positive territory.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-11165 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/CRUDEOIL-22-1024x487.jpg\" alt=\"\" width=\"1024\" height=\"487\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/CRUDEOIL-22-1024x487.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/CRUDEOIL-22-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/CRUDEOIL-22-768x365.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/CRUDEOIL-22-1536x731.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/CRUDEOIL-22.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\r\n\r\n\r\n\r\n<p class=\"has-text-align-center\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>\u00a0\u00a0\u2013\u00a0<span style=\"color: #ff0000\">Red Lines Indicate Support Levels\u00a0<\/span><br \/><span style=\"color: #3366ff\">Light Blue is a Pivot Point<\/span>\u00a0\u00a0\u00a0\u2013 Black represents the price when the report was produced<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e\">XAU\/USD Intraday:<\/span> Trend on the upside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is 1942.90<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1951.20 and 1956.70.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: If the price gives a downside breakout of a pivot, then the price extends to 1935.40 and 1929.80.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: MACD is above 50 level and Pairs above 55MA.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-11170 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/XAUUSD-22-1024x487.jpg\" alt=\"\" width=\"1024\" height=\"487\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/XAUUSD-22-1024x487.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/XAUUSD-22-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/XAUUSD-22-768x365.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/XAUUSD-22-1536x731.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/XAUUSD-22.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\r\n\r\n\r\n\r\n<p class=\"has-text-align-center\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>\u00a0\u00a0\u2013\u00a0<span style=\"color: #ff0000\">Red Lines Indicate Support Levels\u00a0<\/span><br \/><span style=\"color: #3366ff\">Light Blue is a Pivot Point<\/span>\u00a0\u00a0\u00a0\u2013 Black represents the price when the report was produced<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e\">Dow Jones Intraday:<\/span> Trend on the upside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is 34,915.00<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above the pivot with targets at 35,103.00 &amp; 35,222.00.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: Below 34,915.00 looks for further downside to 34,764.00 &amp; 34,636.00.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: RSI is above 50 levels and Pairs above 55MA.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-11169 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/WS30-22-1024x487.jpg\" alt=\"\" width=\"1024\" height=\"487\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/WS30-22-1024x487.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/WS30-22-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/WS30-22-768x365.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/WS30-22-1536x731.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/08\/WS30-22.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\r\n\r\n\r\n\r\n<p class=\"has-text-align-center\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>\u00a0\u00a0\u2013\u00a0<span style=\"color: #ff0000\">Red Lines Indicate Support Levels\u00a0<\/span><br \/><span style=\"color: #3366ff\">Light Blue is a Pivot Point<\/span>\u00a0\u00a0\u00a0\u2013 Black represents the price when the report was produced<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities S&amp;P 500 futures were flat Wednesday night after the broad market index notched a fourth-straight positive day.\u00a0 The Dow Jones Industrial Average rose 37.57 points&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, 31 Aug, 2023<\/title>\n<meta name=\"description\" content=\"Learn effective forex trading strategies and stay updated with the latest market trends. 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