{"id":11226,"date":"2023-09-08T09:01:42","date_gmt":"2023-09-08T09:01:42","guid":{"rendered":"https:\/\/www.sevenstarfx.com\/blog\/?p=11226"},"modified":"2023-09-08T09:01:42","modified_gmt":"2023-09-08T09:01:42","slug":"daily-market-outlook-08-sep-2023","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-08-sep-2023\/","title":{"rendered":"Daily Market Outlook, 08 Sep, 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>The\u00a0Nasdaq Composite\u00a0fell for a\u00a0fourth session Thursday\u00a0as concerns resurfaced over the Federal Reserve\u2019s interest rate policy path, and whether policymakers will enact another hike this year.<\/p>\r\n\r\n\r\n\r\n<p>The Dow Jones Industrial Average rose 57.54 points to 34,500.73, the S&amp;P 500 lose 0.32% to 4,451.14 and the Nasdaq Composite subtract 123.64 points to 13,748.83.<\/p>\r\n\r\n\r\n\r\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan is decline 0.02% to 619.78 levels. The Australian index was lower by 0.20% to 7,156.70. Japanese Nikkei Index drop 1.21% today.<\/p>\r\n\r\n\r\n\r\n<p>European stocks were negative on Friday, with the Stoxx Europe 50 Index fell 0.57% to 4,197.95, Germany&#8217;s DAX drop 0.47% to 15,645.35, and France&#8217;s CAC decline 0.46% to 7,163.13 and U.K.&#8217;s FTSE 100 subtract 0.39% to 7,413.54.<\/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 0.38% to 4.2470.<\/p>\r\n\r\n\r\n\r\n<p>Oil prices eased on Thursday as an uncertain economic outlook for China outweighed expectations of tighter supplies from extended supply cuts in Saudi Arabia and Russia.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Spot Brent crude oil drop 0.07% to $89.88 per barrel. US West Texas Intermediate crude is down 0.21% to $86.69 a barrel.<\/p>\r\n\r\n\r\n\r\n<p>The yellow metal gold is advance 0.24% to 1,947.25 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 steadied near a six-month peak in early European trade Thursday, boosted by signs of a resilient U.S. economy even as the global outlook weakened.\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 slipped 0.10% to 104.920.<\/p>\r\n\r\n\r\n\r\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that is up 0.11% today. This left the pair trading around $1.07110.<\/p>\r\n\r\n\r\n\r\n<p>The Japanese yen was negative against the U.S. dollar on Friday. Today USD\/JPY is surged 0.08% to the 147.410 level.<\/p>\r\n\r\n\r\n\r\n<p>Another commodity-related currency positive against the U.S dollar, AUD\/USD rose 0.25% to 0.63920, and NZD\/USD surged 0.47% to 0.59030 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> In a consolidation zone<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 1.07220<\/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 1.06920 &amp; 1.06750 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 1.07470 &amp; 1.07660.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment:<\/strong> RSI is at 50 levels.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-11221 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/EURUSD-5-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/EURUSD-5-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/EURUSD-5-300x136.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/EURUSD-5-768x349.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/EURUSD-5-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/EURUSD-5.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> Trend on the upside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 1.24850<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Buy positions above pivot with targets at 1.25280 &amp; 1.25560 in extension.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: The price below pivot would call for further downside to 1.24460 &amp; 1.24190.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>:\u00a0 RSI is above 50 levels and Pairs above 55MA.\u00a0<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-11222 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/GBPUSD-5-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/GBPUSD-5-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/GBPUSD-5-300x136.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/GBPUSD-5-768x349.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/GBPUSD-5-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/GBPUSD-5.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> Support level at 147.200<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 147.200<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price\u00a0Action:<\/strong> Buy position above pivot with the target at 147.780 and 148.190 in extension.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of the pivot would call for 146.730 and 146.390.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: MACD is above 50 level and Pairs above 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-11223 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/USDJPY-5-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/USDJPY-5-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/USDJPY-5-300x136.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/USDJPY-5-768x349.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/USDJPY-5-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/USDJPY-5.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 upside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 0.63850<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action:<\/strong> Buy positions above pivot with targets at 0.64090 &amp; 0.64250 in extension.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for a further upside with 0.63650 &amp; 0.63520 as targets.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: RSI is above 50 levels and Pairs above 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-11219 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/AUDUSD-5-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/AUDUSD-5-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/AUDUSD-5-300x136.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/AUDUSD-5-768x349.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/AUDUSD-5-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/AUDUSD-5.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> Trend on the upside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 85.91<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Above pivot buy oil with 86.57 &amp; 87.07 as targets.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: Sell crude below pivot with targets at 85.34 and 84.94 in extension.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: MACD is positive territory and Pairs above 20MA.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-11220 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/CRUDEOIL-5-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/CRUDEOIL-5-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/CRUDEOIL-5-300x136.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/CRUDEOIL-5-768x349.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/CRUDEOIL-5-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/CRUDEOIL-5.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 1922.40<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1929.40 and 1934.70.<\/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 1916.40 and 1912.30.<\/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-11225 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/XAUUSD-5-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/XAUUSD-5-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/XAUUSD-5-300x136.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/XAUUSD-5-768x349.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/XAUUSD-5-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/XAUUSD-5.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 downside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is 34,518.00<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below the pivot with targets at 34,400.00 &amp; 34,311.00.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: Above 34,518.00 looks for further upside to 34,625.00 &amp; 34,705.00.<\/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-11224 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/WS30-5-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/WS30-5-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/WS30-5-300x136.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/WS30-5-768x349.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/WS30-5-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/09\/WS30-5.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 The\u00a0Nasdaq Composite\u00a0fell for a\u00a0fourth session Thursday\u00a0as concerns resurfaced over the Federal Reserve\u2019s interest rate policy path, and whether policymakers will enact another hike this year.&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, 08 sep, 2023<\/title>\n<meta name=\"description\" content=\"Learn effective forex trading strategies and stay updated with the latest market trends. 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