{"id":12264,"date":"2024-03-12T09:38:08","date_gmt":"2024-03-12T09:38:08","guid":{"rendered":"https:\/\/www.sevenstarfx.com\/blog\/?p=12264"},"modified":"2024-03-12T09:38:08","modified_gmt":"2024-03-12T09:38:08","slug":"daily-market-outlook-12-mar-2024","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-12-mar-2024\/","title":{"rendered":"Daily Market Outlook, 12 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>A gauge of global stocks retreated for a second straight session on Monday, easing further from a record high ahead of U.S. inflation data this week which could heavily influence the Federal Reserve&#8217;s interest rate path.<\/p>\r\n\r\n\r\n\r\n<p>The Dow Jones Industrial Average rose 46.97 points to 38,769.66, the S&amp;P 500 lose 0.11% to 5,117.94 and the Nasdaq Composite subtract 65.84 points to 16,019.27.<\/p>\r\n\r\n\r\n\r\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan is advance 1.15% to 662.36 levels. The Australian index was higher by 0.11% to 7,712.50. Japanese Nikkei Index drop 0.05% today.<\/p>\r\n\r\n\r\n\r\n<p>European stocks were positive on Tuesday, with the Stoxx Europe 50 Index rose 0.19% to 4,939.95, Germany&#8217;s DAX ascend 0.16% to 17,783.55, and France&#8217;s CAC advance 0.10% to 8027.95 and U.K.&#8217;s FTSE 100 add 0.74% to 7,725.99.<\/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 0.22% to 4.099.<\/p>\r\n\r\n\r\n\r\n<p>Oil slipped on Monday, with global benchmark Brent dipping below $82 a barrel as concern faded about fighting in the Middle East disrupting supply and softening demand in China also weighed.<\/p>\r\n\r\n\r\n\r\n<p>Spot Brent crude oil Ascend 0.86% to $82.92 per barrel. US West Texas Intermediate crude is up 0.85% to $78.59 a barrel.<\/p>\r\n\r\n\r\n\r\n<p>The yellow metal gold is decline 0.27% to 2,182.65 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 slipped lower in early European trade Monday, trading near two-month lows ahead of the release of key U.S. inflation data for more clues over the timing of the start of the anticipated Federal Reserve rate-cutting cycle.<\/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 0.03% to 102.489.<\/p>\r\n\r\n\r\n\r\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that is up 0.03% today. This left the pair trading around $1.09290.<\/p>\r\n\r\n\r\n\r\n<p>The Japanese yen was positive against the U.S. dollar on Tuesday. Today USD\/JPY is surged 0.33% to the 147.420 level.<\/p>\r\n\r\n\r\n\r\n<p>Another commodity-related currency negative against the U.S dollar, AUD\/USD fell 0.02% to 0.66130, and NZD\/USD slipped 0.07% to 0.61620 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> Trend on the upside<\/h3>\r\n<p><strong>Our pivot point is at 1.09330<\/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 1.09490 &amp; 1.09610 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 1.09170 &amp; 1.09060.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment:<\/strong> RSI is above 50 levels 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-12268 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-3-1024x492.png\" alt=\"\" width=\"1024\" height=\"492\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-3-1024x492.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-3-300x144.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-3-768x369.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-3-1536x738.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-3.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 downside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 1.28290<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Sell positions below pivot with targets at 1.28020 &amp; 1.27820 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 1.28570 &amp; 1.28750.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>:\u00a0 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-12269 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-3-1024x492.png\" alt=\"\" width=\"1024\" height=\"492\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-3-1024x492.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-3-300x144.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-3-768x369.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-3-1536x738.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-3.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> Trend on the upside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 147.290<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price\u00a0Action:<\/strong> Buy position above pivot with the target at 147.880 and 148.280 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 146.690 and 146.280.<\/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-12270 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-3-1024x492.png\" alt=\"\" width=\"1024\" height=\"492\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-3-1024x492.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-3-300x144.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-3-768x369.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-3-1536x738.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-3.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> Support level at 0.66120<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 0.66120<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action:<\/strong> Buy positions above pivot with targets at 0.66320 &amp; 0.66470 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 0.65930 &amp; 0.65780 as targets.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: RSI is above 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-12266 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDUSD-1-1024x492.png\" alt=\"\" width=\"1024\" height=\"492\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDUSD-1-1024x492.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDUSD-1-300x144.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDUSD-1-768x369.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDUSD-1-1536x738.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDUSD-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> Trend on the upside<\/h3>\r\n<h3 class=\"wp-block-heading\"><strong style=\"font-size: 16px;\">Our pivot point is at 77.84<\/strong><\/h3>\r\n<p><strong>Preferable Price Action<\/strong>: Above pivot buy oil with 78.37 &amp; 78.75 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 77.25 and 76.84 in extension.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: MACD is positive territory 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-12267 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-3-1024x492.png\" alt=\"\" width=\"1024\" height=\"492\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-3-1024x492.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-3-300x144.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-3-768x369.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-3-1536x738.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-3.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 downside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is 2178.70<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Further downside to 2168.70 and 2161.10.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: If the price gives an upside breakout of a pivot, then the price extends to 2188.70 and 2196.40.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: MACD is above 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-12272 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-3-1024x492.png\" alt=\"\" width=\"1024\" height=\"492\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-3-1024x492.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-3-300x144.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-3-768x369.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-3-1536x738.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-3.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 upside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is 38,823.30<\/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 38,888.20 &amp; 38,940.50.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: Below 38,823.30 looks for further downside to 38,754.90 &amp; 38,703.60.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: RSI is above 50 levels and Pairs above its 20AM &amp; 55MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-12271 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-2-1024x492.png\" alt=\"\" width=\"1024\" height=\"492\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-2-1024x492.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-2-300x144.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-2-768x369.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-2-1536x738.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-2.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 A gauge of global stocks retreated for a second straight session on Monday, easing further from a record high ahead of U.S. inflation data this&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, 12 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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