{"id":13399,"date":"2024-07-04T09:11:54","date_gmt":"2024-07-04T09:11:54","guid":{"rendered":"https:\/\/www.sevenstarfx.com\/blog\/?p=13399"},"modified":"2024-07-04T09:11:54","modified_gmt":"2024-07-04T09:11:54","slug":"daily-market-outlook-4-july-2024","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-4-july-2024\/","title":{"rendered":"Daily Market Outlook, 4 July, 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 U.S. dollar slipped lower in early European trade Thursday as weak economic data raised expectations of interest rate cuts by the Federal Reserve, while sterling edged higher as the U.K. went to the polls.<\/p>\r\n\r\n\r\n\r\n<p>The Dow Jones Industrial Average fell 23.85 points to 39,308.00, the S&amp;P 500 gain 0.51% to 5,537.02 and the Nasdaq Composite ascend 159.54 points to 18,188.30.<\/p>\r\n\r\n\r\n\r\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan is up 1.11% to 708.92 levels. The Australian index was higher by 1.19% to 7,831.80. Japanese Nikkei Index increase 0.81% today.<\/p>\r\n\r\n\r\n\r\n<p>European stocks were positive on Thursday, with the Stoxx Europe 50 Index increase 0.44% to 4,987.75, Germany&#8217;s DAX\u00a0 ascend 0.38% to 18,449.55, and France&#8217;s CAC higher 0.76% to 7,689.74 and\u00a0 U.K.&#8217;s FTSE 100 gain 0.74% to 8,231.87.<\/p>\r\n\r\n\r\n\r\n<p>Benchmark 10-year U.S. Treasury rose as demand for safe assets slipped again, today 10-year bond yields increase 0.46% to 4.3640.<\/p>\r\n\r\n\r\n\r\n<p>Oil prices fell from two-month highs on Thursday, as traders collected some profits from a strong run-up this week, while soft U.S. economic data raised some concerns over long-term demand.<\/p>\r\n\r\n\r\n\r\n<p>Spot Brent crude oil decrease 0.63% to $86.79 per barrel. US West Texas Intermediate crude is decrease 0.72% to $83.28 a barrel.<\/p>\r\n\r\n\r\n\r\n<p>The yellow metal gold is down 0.20% to 2,364.70 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>The U.S. dollar retreated in early European trade Thursday after Federal Reserve Chair Jerome Powell flagged progress towards bringing down inflation, while the euro edged higher ahead of the second round of the French parliamentary vote.<\/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 ascend 0.15% to 104.919.<\/p>\r\n\r\n\r\n\r\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that is increase 0.12% today. This left the pair trading around $1.07990.<\/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 trades pair that decreases 0.23% to the 161.310 level.<\/p>\r\n\r\n\r\n\r\n<p>Another commodity-related currency positive against the U.S dollar, AUD\/USD increase 0.21% to 0.67180, and NZD\/USD increase 0.19% to 0.61140 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 1.07870<\/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 1.08060 &amp; 1.08210 in extension.<\/p>\r\n\r\n\r\n\r\n<p><strong>Alternative Price Action<\/strong>: Sell pivot looks for a further downside to 1.07680 &amp; 1.07520.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment:<\/strong> RSI is above 50 levels and pairs are above its 55MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-13394 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/07\/EURUSD-3-1024x478.png\" alt=\"\" width=\"1024\" height=\"478\" \/><\/p>\r\n<p class=\"has-text-align-center\"><\/p>\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<p class=\"has-text-align-center\">\r\n\r\n<\/p>\r\n<p class=\"has-text-align-center\">\r\n\r\n<\/p>\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n<p class=\"has-text-align-center\">\r\n\r\n<\/p>\r\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e;\">GBP\/USD Intraday: <\/span>Trend on the upside<\/h3>\r\n<p class=\"has-text-align-center\">\r\n\r\n<\/p>\r\n<p><strong>Our pivot point is at 1.27440<\/strong><\/p>\r\n<p class=\"has-text-align-center\">\r\n\r\n<\/p>\r\n<p><strong>Preferable Price Action<\/strong>: Buy positions above pivot with targets at 1.27660 &amp; 1.27830 in extension.<\/p>\r\n<p class=\"has-text-align-center\">\r\n\r\n<\/p>\r\n<p><strong>Alternative Price Action<\/strong>: The price below pivot would call for further downside to 1.27220 &amp; 1.27030.<\/p>\r\n<p class=\"has-text-align-center\">\r\n\r\n<\/p>\r\n<p><strong>Comment<\/strong>: RSI is above 50 levels and pairs are above its 55MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-13395 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/07\/GBPUSD-3-1024x478.png\" alt=\"\" width=\"1024\" height=\"478\" \/><\/p>\r\n<p>\r\n\r\n<\/p>\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<p>\r\n\r\n<\/p>\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n<p>\r\n\r\n<\/p>\r\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e;\">USD\/JPY Intraday:<\/span> Trend on the downside<\/h3>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Our pivot point is at 161.460<\/strong><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Preferable Price Action: <\/strong>Sell position below pivot with the target at 161.080 and 160.770 in extension.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Alternative Price Action<\/strong>: The upside breakout of the pivot would call for 161.850 and 162.140.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Comment<\/strong>: MACD is below 50 levels and Pairs below its 20MA &amp; 55MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-13396 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/07\/USDJPY-3-1024x478.png\" alt=\"\" width=\"1024\" height=\"478\" \/><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<figure class=\"wp-block-image\"><\/figure>\r\n<p>\r\n\r\n<\/p>\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<p>\r\n\r\n<\/p>\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n<p>\r\n\r\n<\/p>\r\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e;\">AUD\/USD Intraday: <\/span>Trend on the upside<\/h3>\r\n<p class=\"wp-block-heading\"><strong>Our pivot point is at 0.67130<\/strong><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Preferable Price Action:<\/strong> Buy positions above pivot with targets at 0.67320 &amp; 0.67460 in extension.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Alternative Price Action<\/strong>: Below pivot a further downside with 0.66940 &amp; 0.66780 as targets.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Comment<\/strong>: RSI is above 50 levels and pairs above its 55MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-13392 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/07\/AUDUSD-3-1024x478.png\" alt=\"\" width=\"1024\" height=\"478\" \/><\/p>\r\n<p>\r\n\r\n\r\n\r\n<\/p>\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<p>\r\n\r\n<\/p>\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n<p>\r\n\r\n<\/p>\r\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e;\">CRUDEOIL Intraday:<\/span>\u00a0 Trend on the downside<\/h3>\r\n<p class=\"wp-block-heading\"><strong>Our pivot point is at 82.94<\/strong><\/p>\r\n<p><strong>Preferable Price Action<\/strong>: Below pivot sell oil with 82.39 &amp; 81.96 as targets.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Alternative Price Action<\/strong>: Buy crude above pivot with targets at 83.48 and 83.91 in extension.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Comment<\/strong>: RSI is below 50 levels and pairs below its 20MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-13393 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/07\/CRUDEOIL-3-1024x478.png\" alt=\"\" width=\"1024\" height=\"478\" \/><\/p>\r\n<p>\r\n\r\n<\/p>\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<p>\r\n\r\n<\/p>\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n<p>\r\n\r\n<\/p>\r\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e;\">XAU\/USD Intraday: <\/span>Trend on the downside\u00a0<\/h3>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Our pivot point is 2358.30<\/strong><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Preferable Price Action<\/strong>: Further downside to 2350.60 and 2344.60.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Alternative Price Action<\/strong>: If the price gives an upside breakout of a pivot, then the price extends to 2365.70 and 2370.90.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Comment<\/strong>: MACD is below 50 levels and Pairs below its 20MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-13398 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/07\/XAUUSD-3-1024x478.png\" alt=\"\" width=\"1024\" height=\"478\" \/><\/p>\r\n<p>\r\n\r\n\r\n\r\n<\/p>\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<p>\r\n\r\n<\/p>\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n<p>\r\n\r\n<\/p>\r\n<h3 class=\"wp-block-heading\"><span style=\"color: #cf2e2e;\">Dow Jones Intraday: <\/span>Support level at 39,297.50<\/h3>\r\n<p><strong style=\"font-size: 16px;\">Our pivot point is <\/strong><strong>39,297.50<\/strong><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above the pivot with targets at 39,383.60 &amp; 39,453.70.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Alternative Price Action<\/strong>: Below 39,297.50 looks for further downside to 39,215.70 &amp; 39,148.50.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Comment<\/strong>: RSI is above 50 levels and pairs above its 20MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-13397 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/07\/WS30-3-1024x478.png\" alt=\"\" width=\"1024\" height=\"478\" \/><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<figure class=\"wp-block-image\"><\/figure>\r\n<p>\r\n\r\n<\/p>\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<p><\/p>","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities The U.S. dollar slipped lower in early European trade Thursday as weak economic data raised expectations of interest rate cuts by the Federal Reserve, while&hellip; <\/p>\n","protected":false},"author":3,"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, 4 July, 2024 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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