{"id":12258,"date":"2024-03-11T09:38:54","date_gmt":"2024-03-11T09:38:54","guid":{"rendered":"https:\/\/www.sevenstarfx.com\/blog\/?p=12258"},"modified":"2024-03-11T09:38:54","modified_gmt":"2024-03-11T09:38:54","slug":"daily-market-outlook-11-mar-2024","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-11-mar-2024\/","title":{"rendered":"Daily Market Outlook, 11 Mar, 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>The S&amp;P 500 and Nasdaq closed lower on Friday after touching record highs during the session, with high-flying chip stocks going reverse and a mixed labour market report showing more new jobs than expected with a rising unemployment rate.<\/p>\r\n\r\n\r\n\r\n<p>The Dow Jones Industrial Average fell 68.66 points to 38,722.69, the S&amp;P 500 lose 0.65% to 5,123.69 and the Nasdaq Composite subtract 188.26 points to 16,085.11.<\/p>\r\n\r\n\r\n\r\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan is advance 0.36% to 655.08 levels. The Australian index was lower by 1.82% to 7,704.20. Japanese Nikkei Index drop 2.11% today.<\/p>\r\n\r\n\r\n\r\n<p>European stocks were negative on Monday, with the Stoxx Europe 50 Index fell 0.74% to 4,925.35, Germany&#8217;s DAX drop 0.72% to 17,681.25, and France&#8217;s CAC decline 0.34% to 7999.57 and U.K.&#8217;s FTSE 100 subtract 0.16% to 7,645.60.<\/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 0.42% to 4.071.<\/p>\r\n\r\n\r\n\r\n<p>Oil prices extended last week&#8217;s losses on Monday on concern about slow demand in China, although lingering geopolitical risk surrounding the Middle East and Russia limited the decline.<\/p>\r\n\r\n\r\n\r\n<p>Spot Brent crude oil Ascend 0.27% to $82.28 per barrel. US West Texas Intermediate crude is up 0.21% to $78.17 a barrel.<\/p>\r\n\r\n\r\n\r\n<p>The yellow metal gold is decline 0.09% to 2,183.75 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 modestly weaker against most major peers on Friday, and was on pace for its worst weekly showing against the euro this year after mixed data kept an anticipated June interest rate cut from the Federal Reserve on the table.<\/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 0.04% to 102.299.<\/p>\r\n\r\n\r\n\r\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that is up 0.05% today. This left the pair trading around $1.09430.<\/p>\r\n\r\n\r\n\r\n<p>The Japanese yen was negative against the U.S. dollar on Monday. Today USD\/JPY is slipped 0.25% to the 146.700 level.<\/p>\r\n\r\n\r\n\r\n<p>Another commodity-related currency mixed against the U.S dollar, AUD\/USD fell 0.18% to 0.66140, and NZD\/USD surged 0.02% to 0.61740 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> Resistance level at 1.09480<\/h3>\r\n<p><strong>Our pivot point is at 1.09480<\/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 1.09280 &amp; 1.09140 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 1.09660 &amp; 1.09810.<\/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-12248 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-2-1024x494.png\" alt=\"\" width=\"1024\" height=\"494\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-2-1024x494.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-2-300x145.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-2-768x371.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-2-1536x741.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-2.png 1919w\" 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 1.28440<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Buy positions above pivot with targets at 1.28710 &amp; 1.28910 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 1.28160 &amp; 1.27920.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>:\u00a0 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-12249 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-2-1024x494.png\" alt=\"\" width=\"1024\" height=\"494\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-2-1024x494.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-2-300x145.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-2-768x371.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-2-1536x741.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-2.png 1919w\" 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> Resistance level at 147.150<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 147.150<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price\u00a0Action:<\/strong> Sell position below pivot with the target at 146.590 and 146.240 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 147.780 and 148.220.<\/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-12250 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-2-1024x494.png\" alt=\"\" width=\"1024\" height=\"494\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-2-1024x494.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-2-300x145.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-2-768x371.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-2-1536x741.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-2.png 1919w\" 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 0.66270<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action:<\/strong> Sell positions below pivot with targets at 0.66050 &amp; 0.65890 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 0.66470 &amp; 0.66640 as targets.<\/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\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-12246 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDSUD-1-1024x494.png\" alt=\"\" width=\"1024\" height=\"494\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDSUD-1-1024x494.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDSUD-1-300x145.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDSUD-1-768x371.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDSUD-1-1536x741.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDSUD-1.png 1919w\" 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> In a consolidation zone<\/h3>\r\n<h3 class=\"wp-block-heading\"><strong style=\"font-size: 16px;\">Our pivot point is at 77.24<\/strong><\/h3>\r\n<p><strong>Preferable Price Action<\/strong>: Above pivot buy oil with 77.81 &amp; 78.22 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 76.71 and 76.30 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-12247 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-2-1024x494.png\" alt=\"\" width=\"1024\" height=\"494\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-2-1024x494.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-2-300x145.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-2-768x371.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-2-1536x741.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-2.png 1919w\" 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 2175.60<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Further upside to 2186.60 and 2194.70.<\/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 2164.10 and 2155.50.<\/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-12252 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-2-1024x494.png\" alt=\"\" width=\"1024\" height=\"494\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-2-1024x494.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-2-300x145.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-2-768x371.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-2-1536x741.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-2.png 1919w\" 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 38,711.10<\/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 38,638.30 &amp; 38,584.40.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: Above 38,711.10 looks for further upside to 38,783.60 &amp; 38,836.50.<\/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-12251 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-1-1024x494.png\" alt=\"\" width=\"1024\" height=\"494\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-1-1024x494.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-1-300x145.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-1-768x371.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-1-1536x741.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-1.png 1919w\" 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 The S&amp;P 500 and Nasdaq closed lower on Friday after touching record highs during the session, with high-flying chip stocks going reverse and a mixed&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, 11 Mar, 2024<\/title>\n<meta name=\"description\" content=\"Learn effective forex trading strategies and stay updated with the latest market trends. 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