{"id":14200,"date":"2024-10-08T08:28:27","date_gmt":"2024-10-08T08:28:27","guid":{"rendered":"https:\/\/www.sevenstarfx.com\/blog\/?p=14200"},"modified":"2024-10-08T08:28:27","modified_gmt":"2024-10-08T08:28:27","slug":"daily-market-outlook-8-october-2024","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-8-october-2024\/","title":{"rendered":"Daily Market Outlook, 8 October, 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>Most Asian currencies drifted lower on Tuesday, with the Chinese yuan weakening sharply as onshore trade resumed after a week-long holiday.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>The Dow Jones Industrial Average fail 398.51 points to 41,954.24, the S&amp;P 500 loss 0.96% to 5,695.94 and the Nasdaq Composite descend 213.95 points to 17,923.90.<\/p>\r\n\r\n\r\n\r\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan is down 2.33% to 754.77 levels. The Australian index was lower by 0.35% to 8,176.90. Japanese Nikkei Index decrease 1.26% today.<\/p>\r\n\r\n\r\n\r\n<p>European stocks were mixed on Tuesday, with the Stoxx Europe 50 Index increase 0.99% to 4,920.45 Germany&#8217;s DAX\u00a0 descend 0.77% to 18,948.25, and France&#8217;s CAC lower 1.09% to 7,493.68 and U.K.&#8217;s FTSE 100 loss 1.05% to 8,216.70.<\/p>\r\n\r\n\r\n\r\n<p>Benchmark 10-year U.S. Treasury fail as demand for safe assets slipped again, today 10-year bond yields 0.75% to 4.0010.<\/p>\r\n\r\n\r\n\r\n<p>\u00a0Oil prices fell in Asian trade on Tuesday, retreating after persistent concerns over a worsening conflict in the Middle East drove strong gains through the past week.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Spot Brent crude oil decrease 1.72% to $79.54 per barrel. US West Texas Intermediate crude is decrease 1.80% to $75.75 a barrel.<\/p>\r\n\r\n\r\n\r\n<p>The yellow metal gold is down 0.45% to 2,653.90 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 clung to seven-week highs against major currencies on Tuesday as investors pondered the outlook for U.S. rates after a strong jobs report last week dashed bets for large rate cuts, while escalating tensions in Middle East dented risk sentiment.<\/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 decrease 0.11% to 102.192.<\/p>\r\n\r\n\r\n\r\n<p>The Euro US Dollar (EUR\/USD) is a widely traded\u00a0 is up 0.06% today. This left the pair trading around $1.09810.<\/p>\r\n\r\n\r\n\r\n<p>The Japanese yen was will move negative against the U.S. dollar on Tuesday. Today USD\/JPY is trades pair that decrease 0.33% to the 147.690 level.<\/p>\r\n\r\n\r\n\r\n<p>Another commodity-related currency negative against the U.S dollar, AUD\/USD loss 0.47% to 0.67250, and NZD\/USD decrease 0.04% to 0.61210 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<h3 class=\"wp-block-heading\"><strong>Our pivot point is at <\/strong><strong>1.09790<\/strong><\/h3>\r\n\r\n\r\n\r\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above pivot level with targets at 1.09980 &amp; 1.10140 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 1.09600 &amp; 1.09440.<\/p>\r\n\r\n\r\n\r\n<p><strong>Comment:<\/strong> RSI is above 50 levels and pairs above its 55MA &amp; 20MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-14214 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/10\/EURUSD-6-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" \/><\/p>\r\n<p><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\"><\/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 downside<\/h3>\r\n<p class=\"has-text-align-center\">\r\n\r\n<\/p>\r\n<p><strong>Our pivot point is at 1.31580<\/strong><\/p>\r\n<p class=\"has-text-align-center\">\r\n\r\n<\/p>\r\n<p><strong>Preferable Price Action<\/strong>: Sell positions below pivot with targets at 1.30650 &amp; 1.30360 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 above pivot would call for further upside to 1.31290 &amp; 1.31580.<\/p>\r\n<p class=\"has-text-align-center\">\r\n\r\n<\/p>\r\n<p><strong>Comment<\/strong>: RSI is below 50 levels.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-14215 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/10\/GBPUSD-6-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" \/><\/p>\r\n<p><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<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 148.090<\/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 147.460 and 146.860 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 148.640 and 149.190.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Comment<\/strong>: MACD is below 50 levels and pairs below its 55MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-14216 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/10\/USDJPY-6-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" \/><\/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 downside<\/h3>\r\n<p class=\"wp-block-heading\"><strong>Our pivot point is at 0.67360<\/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> Sell positions below pivot with targets at 0.67130 &amp; 0.66910 in extension.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Alternative Price Action<\/strong>: Above pivot a further upside with 0.67590 &amp; 0.67810 as targets.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Comment<\/strong>: RSI is below 50 levels and pairs below its 55MA &amp; 20MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-14211 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/10\/AUDUSD-6-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" \/><\/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> Trend on the downside<\/h3>\r\n<p class=\"wp-block-heading\"><strong>Our pivot point is at 75.98<\/strong><\/p>\r\n<p><strong>Preferable Price Action<\/strong>: Below pivot sell oil with 74.85 &amp; 73.92 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 77.07 &amp; 77.94 in extension.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Comment<\/strong>: RSI is at below 50 levels and pairs below its 20MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-14213 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/10\/CRUDEOIL-6-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" \/><\/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 at 2638.00<\/strong><\/p>\r\n<p><strong>Preferable Price Action<\/strong>: Further downside to 2632.20 and 2627.30.<\/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 2643.60 and 2648.90.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Comment<\/strong>: MACD is below 50 levels and pairs below its 55MA &amp; 20MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-14219 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/10\/XAUUSD-6-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" \/><\/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>Trend on the downside<\/h3>\r\n<p><strong style=\"font-size: 16px;\">Our pivot point is 41,960.10<\/strong><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below the pivot with targets at 41,882.80 &amp; 41,806.30.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Alternative Price Action<\/strong>: Above 41,960.10\u00a0 looks for further upside to 42,038.20 &amp; 42,110.50.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>Comment<\/strong>: RSI is below 50 levels and pairs below its 55MA.<\/p>\r\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-14217 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2024\/10\/WS30-6-1024x495.png\" alt=\"\" width=\"1024\" height=\"495\" \/><\/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>\r\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities Most Asian currencies drifted lower on Tuesday, with the Chinese yuan weakening sharply as onshore trade resumed after a week-long holiday.\u00a0 The Dow Jones Industrial&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, 8 October, 2024 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, 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