{"id":12346,"date":"2024-03-20T09:18:28","date_gmt":"2024-03-20T09:18:28","guid":{"rendered":"https:\/\/www.sevenstarfx.com\/blog\/?p=12346"},"modified":"2024-03-20T09:18:28","modified_gmt":"2024-03-20T09:18:28","slug":"daily-market-outlook-20-mar-2024","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-20-mar-2024\/","title":{"rendered":"Daily Market Outlook, 20 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>Wall Street&#8217;s three major indexes closed higher on Tuesday after shares in hotshot chipmaker Nvidia shook off early losses and investors looked ahead to the Federal Reserve&#8217;s policy meeting conclusion on Wednesday for clues on interest rate policy.<\/p>\r\n\r\n\r\n\r\n<p>The Dow Jones Industrial Average rose 320.33 points to 39,110.76, the S&amp;P 500 gain 0.56% to 5,178.51 and the Nasdaq Composite surged 63.34 points to 16,166.79.<\/p>\r\n\r\n\r\n\r\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan is advance 0.17% to 647.67 levels. The Australian index was lower by 0.10% to 7,695.80. Japanese Nikkei Index ascend 0.66% today.<\/p>\r\n\r\n\r\n\r\n<p>European stocks were mixed on Wednesday, with the Stoxx Europe 50 Index fell 0.34% to 4,990.85, Germany&#8217;s DAX ascend 0.02% to 17,991.95, and France&#8217;s CAC decline 0.76% to 8,138.65 and U.K.&#8217;s FTSE 100 subtract 0.18% to 7,723.45.<\/p>\r\n\r\n\r\n\r\n<p>Benchmark 10-year U.S. Treasury fell as demand for safe assets drop again, today 10-year bond yields negative 0.21% to 4.2750.<\/p>\r\n\r\n\r\n\r\n<p>Oil prices edged lower in early Asian trading on Wednesday, as a stronger dollar curbed investor appetite while traders took some money off the table after benchmarks rallied to multi-month highs in each of the past two sessions.<\/p>\r\n\r\n\r\n\r\n<p>Spot Brent crude oil drop 0.72% to $86.75 per barrel. US West Texas Intermediate crude is down 0.81% to $82.06 a barrel.<\/p>\r\n\r\n\r\n\r\n<p>The yellow metal gold is decline 0.05% to 2,158.70 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>Most Asian currencies moved little on Wednesday amid caution before more signals on interest rate cuts from the Federal Reserve due later in the day, with the dollar sitting at two-week highs.\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 0.19% to 103.685.<\/p>\r\n\r\n\r\n\r\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that is down 0.23% today. This left the pair trading around $1.08450.<\/p>\r\n\r\n\r\n\r\n<p>The Japanese yen was positive against the U.S. dollar on Wednesday. Today USD\/JPY is surged 0.45% to the 151.550 level.<\/p>\r\n\r\n\r\n\r\n<p>Another commodity-related currency negative against the U.S dollar, AUD\/USD fell 0.17% to 0.65180, and NZD\/USD slipped 0.31% to 0.60320 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 1.08620<\/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 1.08800 &amp; 1.08920 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 1.08440 &amp; 1.08320.<\/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<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-12341 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-10-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-10-1024x495.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-10-300x145.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-10-768x371.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-10-1536x743.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-10.png 1919w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\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> Support level at 1.27160<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 1.27160<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Buy positions above pivot with targets at 1.27420 &amp; 1.27600 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 1.26930 &amp; 1.26730.<\/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<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-12342 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-10-1024x494.png\" alt=\"\" width=\"1024\" height=\"494\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-10-1024x494.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-10-300x145.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-10-768x370.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-10-1536x740.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-10.png 1919w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\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> Major trend on the upside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 151.280<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price\u00a0Action:<\/strong> Buy position above pivot with the target at 151.870 and 152.310 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 150.620 and 150.090.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: MACD 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-12343 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-10-1024x494.png\" alt=\"\" width=\"1024\" height=\"494\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-10-1024x494.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-10-300x145.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-10-768x370.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-10-1536x740.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-10.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 upside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 0.65260<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action:<\/strong> Buy positions above pivot with targets at 0.65520 &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 0.65040 &amp; 0.64840 as targets.<\/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-12339 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDUSD-8-1024x494.png\" alt=\"\" width=\"1024\" height=\"494\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDUSD-8-1024x494.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDUSD-8-300x145.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDUSD-8-768x370.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDUSD-8-1536x740.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDUSD-8.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 downside<\/h3>\r\n<h3 class=\"wp-block-heading\"><strong style=\"font-size: 16px;\">Our pivot point is at 82.65<\/strong><\/h3>\r\n<p><strong>Preferable Price Action<\/strong>: Below pivot sell oil with 82.08 &amp; 81.61 as targets.<\/p>\r\n\r\n\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: Buy crude above pivot with targets at 83.21 and 83.69 in extension.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: MACD is negative territory and Pairs below 20MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-12340 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-4-1024x494.png\" alt=\"\" width=\"1024\" height=\"494\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-4-1024x494.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-4-300x145.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-4-768x370.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-4-1536x740.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-4.png 1919w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\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 2157.70<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Further upside to 2161.70 and 2165.00.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: If the price gives an downside breakout of a pivot, then the price extends to 2153.50 and 2150.40.<\/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-12345 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-10-1024x494.png\" alt=\"\" width=\"1024\" height=\"494\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-10-1024x494.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-10-300x145.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-10-768x370.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-10-1536x740.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-10.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> Support level at 39,097.10<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is 39,097.10<\/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 39,198.40 &amp; 39,263.50.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: Below 39,097.10 looks for further downside to 39,006.60 &amp; 38,929.70.<\/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<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-12344 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-9-1024x494.png\" alt=\"\" width=\"1024\" height=\"494\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-9-1024x494.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-9-300x145.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-9-768x370.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-9-1536x740.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-9.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 Wall Street&#8217;s three major indexes closed higher on Tuesday after shares in hotshot chipmaker Nvidia shook off early losses and investors looked ahead to 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, 20 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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