{"id":12212,"date":"2024-02-29T09:26:17","date_gmt":"2024-02-29T09:26:17","guid":{"rendered":"https:\/\/www.sevenstarfx.com\/blog\/?p=12212"},"modified":"2024-02-29T09:26:17","modified_gmt":"2024-02-29T09:26:17","slug":"daily-market-outlook-29-feb-2024","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-29-feb-2024\/","title":{"rendered":"Daily Market Outlook, 29 Feb, 2024"},"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>US stocks ended with modest losses on Monday, as the focus shifted after last week&#8217;s AI-fuelled rally to upcoming economic data that could affect the timing of the Federal Reserve&#8217;s expected interest rate cut.<\/p>\r\n\r\n\r\n\r\n<p>The Dow Jones Industrial Average fell 62.30 points to 39,069.23, the S&amp;P 500 lose 0.38% to 5,069.53 and the Nasdaq Composite subtract 20.57 points to 15,976.25.<\/p>\r\n\r\n\r\n\r\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan is advance 0.08% to 642.41 levels. The Australian index was higher by 0.13% to 7,663.00. Japanese Nikkei Index asceend 0.17% today.<\/p>\r\n\r\n\r\n\r\n<p>European stocks were positive on Thursday, with the Stoxx Europe 50 Index rose 0.22% to 4,874.75, Germany&#8217;s DAX ascend 0.36% to 17,487.95, and France&#8217;s CAC advance 0.03% to 7,931.38 and U.K.&#8217;s FTSE 100 add 0.02% to 7,685.16.<\/p>\r\n\r\n\r\n\r\n<p>Benchmark 10-year U.S. Treasury fell as deman for safe assets ascend again, today 10-year bond yields negative 0.74% to 4.2670.<\/p>\r\n\r\n\r\n\r\n<p>Oil prices on Tuesday built on gains made a day earlier amid attacks on shipping in the Red Sea that have exacerbated supply worries.<\/p>\r\n\r\n\r\n\r\n<p>Spot Brent crude oil drop 0.16% to $81.54 per barrel. US West Texas Intermediate crude is down 0.09% to $77.50 a barrel.<\/p>\r\n\r\n\r\n\r\n<p>The yellow metal gold is advance 0.40% to 2,046.05 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 dollar traded on the back foot on Tuesday, as markets looked ahead to a week of key U.S. economic data that will provide fresh signals on how soon the Federal Reserve may begin cutting interest rates.<\/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 0.16% to 103.590.<\/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 $1.08590.<\/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 0.34% to the 150.170 level.<\/p>\r\n\r\n\r\n\r\n<p>Another commodity-related currency positive against the U.S dollar, AUD\/USD rose 0.21% to 0.65530, and NZD\/USD slipped 0.06% to 0.61690 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> Support level at 1.08480<\/h3>\r\n<p><strong>Our pivot point is at 1.08480<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above pivot level with targets at 1.08650 &amp; 1.08760 in extension.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for a further downside to 1.08350 &amp; 1.08260.<\/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-12202 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/EURUSD-1024x474.jpg\" alt=\"\" width=\"1024\" height=\"474\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/EURUSD-1024x474.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/EURUSD-300x139.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/EURUSD-768x356.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/EURUSD-1536x712.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/EURUSD.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> Major support level at 1.26800<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 1.26800<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Buy positions above pivot with targets at 1.26970 &amp; 1.27090 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 1.26660 &amp; 1.26540.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>:\u00a0 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-12203 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/GBPUSD-1024x474.jpg\" alt=\"\" width=\"1024\" height=\"474\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/GBPUSD-1024x474.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/GBPUSD-300x139.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/GBPUSD-768x356.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/GBPUSD-1536x712.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/GBPUSD.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 150.530<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price\u00a0Action:<\/strong> Sell position below pivot with the target at 150.330 and 150.200 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 150.690 and 150.830.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: MACD is below 50 level 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-12204 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/USDJPY-1024x474.jpg\" alt=\"\" width=\"1024\" height=\"474\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/USDJPY-1024x474.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/USDJPY-300x139.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/USDJPY-768x356.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/USDJPY-1536x712.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/USDJPY.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> Major trend in the upside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 0.65500<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action:<\/strong> Buy positions above pivot with targets at 0.65620 &amp; 0.65720 in extension.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for a further downside with 0.65370 &amp; 0.65280 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-12200 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/AUDUSD-1024x474.jpg\" alt=\"\" width=\"1024\" height=\"474\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/AUDUSD-1024x474.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/AUDUSD-300x139.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/AUDUSD-768x356.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/AUDUSD-1536x712.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/AUDUSD.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 77.43<\/strong><\/p>\r\n<p><strong>Preferable Price Action<\/strong>: Above pivot buy oil with 77.98 &amp; 78.37 as targets.<\/p>\r\n\r\n\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: Sell crude below pivot with targets at 76.98 and 76.64 in extension.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: MACD is positive territory and Pairs above its 20AM &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-12201 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/CRUDEOIL-1024x474.jpg\" alt=\"\" width=\"1024\" height=\"474\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/CRUDEOIL-1024x474.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/CRUDEOIL-300x139.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/CRUDEOIL-768x356.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/CRUDEOIL-1536x712.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/CRUDEOIL.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 2033.70<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Further upside to 2037.40 and 2040.20.<\/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 2030.10 and 2027.60.<\/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-12206 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/XAUUSD-1024x474.jpg\" alt=\"\" width=\"1024\" height=\"474\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/XAUUSD-1024x474.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/XAUUSD-300x139.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/XAUUSD-768x356.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/XAUUSD-1536x712.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/XAUUSD.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> In a consolidation zone<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is 39,049.00<\/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 39,195.00 &amp; 39,301.00.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: Below 39,049.00 looks for further downside to 38,924.00 &amp; 38,844.00.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: RSI is below 50 levels and Pairs below 55MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-12205 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/WS30-1024x474.jpg\" alt=\"\" width=\"1024\" height=\"474\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/WS30-1024x474.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/WS30-300x139.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/WS30-768x356.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/WS30-1536x712.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/02\/WS30.jpg 1917w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><\/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 US stocks ended with modest losses on Monday, as the focus shifted after last week&#8217;s AI-fuelled rally to upcoming economic data that could affect the&hellip; <\/p>\n","protected":false},"author":1,"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, 22 Feb, 2024<\/title>\n<meta name=\"description\" content=\"Learn effective forex trading strategies and stay updated with the latest market trends. 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