{"id":12366,"date":"2024-03-22T09:01:02","date_gmt":"2024-03-22T09:01:02","guid":{"rendered":"https:\/\/www.sevenstarfx.com\/blog\/?p=12366"},"modified":"2024-03-22T09:01:02","modified_gmt":"2024-03-22T09:01:02","slug":"daily-market-outlook-22-mar-2024","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-22-mar-2024\/","title":{"rendered":"Daily Market Outlook, 22 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>Global share benchmarks rallied farther into uncharted territory on Thursday and yields on government debt mainly fell after the Swiss National Bank became the first major central bank to ease policy in this cycle, a day after the Federal Reserve maintained its outlook for 2024 rate cuts.<\/p>\r\n\r\n\r\n\r\n<p>The Dow Jones Industrial Average rose 269.24 points to 39,781.37, the S&amp;P 500 gain 0.32% to 5,241.53 and the Nasdaq Composite surged 32.43 points to 16,401.84.<\/p>\r\n\r\n\r\n\r\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan is decline 0.96% to 653.52 levels. The Australian index was lower by 11.40% to 7,770.60. Japanese Nikkei Index ascend 0.15% today.<\/p>\r\n\r\n\r\n\r\n<p>European stocks were mixed on Friday , with the Stoxx Europe 50 Index fell 0.45% to 5,029.55, Germany&#8217;s DAX ascend 0.05% to 18,182.35, and France&#8217;s CAC decline 0.35% to 8,150.96 and U.K.&#8217;s FTSE 100 add 0.51% to 7,923.13.<\/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 0.68% to 4.2420.<\/p>\r\n\r\n\r\n\r\n<p>Oil prices sank in early Asian trading on Friday on the possibility of a nearing Gaza ceasefire, which could loosen global supply, at the same time a stronger U.S. dollar and faltering gasoline dampened demand sentiment.<\/p>\r\n\r\n\r\n\r\n<p>Spot Brent crude oil drop 0.29% to $85.52 per barrel. US West Texas Intermediate crude is down 0.26% to $80.87 a barrel.<\/p>\r\n\r\n\r\n\r\n<p>The yellow metal gold is decline 0.75% to 2,168.30 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 fell sharply on Friday, coming under pressure from a rebound in the dollar as an unexpected interest rate cut by the Swiss National Bank pushed currency traders squarely into the greenback.\u00a0\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 0.39% to 104.080.<\/p>\r\n\r\n\r\n\r\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that is down 0.43% today. This left the pair trading around $1.08130.<\/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 slipped 0.08% to the 151.500 level.<\/p>\r\n\r\n\r\n\r\n<p>Another commodity-related currency negative against the U.S dollar, AUD\/USD fell 0.85% to 0.65130, and NZD\/USD slipped 0.59% to 0.60060 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 downside<\/h3>\r\n<p><strong>Our pivot point is at 1.08450<\/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 1.08230 &amp; 1.08040 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 1.08680 &amp; 1.08860.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment:<\/strong> RSI is below 50 levels and pairs below its 20MA &amp; 55MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-12361 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-12-1024x493.png\" alt=\"\" width=\"1024\" height=\"493\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-12-1024x493.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-12-300x144.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-12-768x370.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-12-1536x740.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/EURUSD-12.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> Major trend on the downside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 1.26400<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Sell positions below pivot with targets at 1.26110 &amp; 1.25880 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 1.26700 &amp; 1.26960.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>:\u00a0 RSI is below 50 levels and pairs below its 20MA &amp; 55MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-12362 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-12-1024x493.png\" alt=\"\" width=\"1024\" height=\"493\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-12-1024x493.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-12-300x144.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-12-768x370.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-12-1536x740.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/GBPUSD-12.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> Trend on the downside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 151.540<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price\u00a0Action:<\/strong> Sell position below pivot with the target at 151.160 and 150.830 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 151.890 and 152.160.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: MACD 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-12363 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-12-1024x493.png\" alt=\"\" width=\"1024\" height=\"493\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-12-1024x493.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-12-300x144.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-12-768x370.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-12-1536x740.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/USDJPY-12.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> Major trend on the downside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is at 0.65280<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action:<\/strong> Sell positions below pivot with targets at 0.65090 &amp; 0.64920 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 0.65480 &amp; 0.65640 as targets.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: RSI is below 50 levels 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-12359 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDUSD-10-1024x493.png\" alt=\"\" width=\"1024\" height=\"493\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDUSD-10-1024x493.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDUSD-10-300x144.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDUSD-10-768x370.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDUSD-10-1536x740.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/AUDUSD-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;\">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 80.67<\/strong><\/h3>\r\n<p><strong>Preferable Price Action<\/strong>: Below pivot sell oil with 80.19 &amp; 79.84 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 81.11 and 81.49 in extension.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: MACD is negative territory and Pairs below its 20MA &amp; 55MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-12360 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-6-1024x493.png\" alt=\"\" width=\"1024\" height=\"493\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-6-1024x493.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-6-300x144.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-6-768x370.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-6-1536x740.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/CRUDEOIL-6.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 downside<\/h3>\r\n\r\n\r\n\r\n<p><strong>Our pivot point is 2172.50<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Further downside to 2162.10 and 2154.50.<\/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 2183.70 and 2191.80.<\/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-12365 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-12-1024x493.png\" alt=\"\" width=\"1024\" height=\"493\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-12-1024x493.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-12-300x144.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-12-768x370.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-12-1536x740.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/XAUUSD-12.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> Resistance level at 39,855.60<\/h3>\r\n<h3 class=\"wp-block-heading\"><strong style=\"font-size: 16px;\">Our pivot point is 39,855.60<\/strong><\/h3>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below the pivot with targets at 39,680.80 &amp; 39,544.10.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: Above 39,855.60 looks for further upside to 40,010.30 &amp; 40,146.70.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment<\/strong>: RSI is at 50 levels.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-12364 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-11-1024x493.png\" alt=\"\" width=\"1024\" height=\"493\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-11-1024x493.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-11-300x144.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-11-768x370.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-11-1536x740.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/03\/WS30-11.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 Global share benchmarks rallied farther into uncharted territory on Thursday and yields on government debt mainly fell after the Swiss National Bank became the first&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 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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