{"id":3486,"date":"2021-03-03T10:03:55","date_gmt":"2021-03-03T10:03:55","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=3486"},"modified":"2021-03-03T10:03:55","modified_gmt":"2021-03-03T10:03:55","slug":"daily-market-outlook-03-march-2021","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-03-march-2021\/","title":{"rendered":"Daily Market Outlook, 03 March, 2021"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>Wall Street ended lower on Tuesday, pulled down by Apple and Tesla, while materials stocks climbed as investors waited for the US Congress to approve another stimulus package.<\/p>\n<p>The Dow Jones Industrial Average fell 0.46% to end at 31,390.47 points, while the S&amp;P 500 lost 0.81% to 3,870.36. The Nasdaq Composite dropped 1.69% to 13,358.79.<\/p>\n<p>Asian shares edged higher on Wednesday as investors shrugged off concerns that stocks may have rallied too far too fast in the past year, and focused instead on optimism that more imminent U.S. stimulus will energize the global economic recovery.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan advance 1.60% to 920.50 levels. Australian index rose 0.82% to 6,818.00. Japanese Nikkei traded 0.51% higher to 29,559.10.<\/p>\n<p>European stocks were advance on Wednesday, with the Stoxx Europe 50 Index gained 0.80% to 3,737.30, Germany&#8217;s DAX rose 0.96% to 14,175.50 and France&#8217;s CAC higher 0.81% to 5,856.50 and U.K.&#8217;s FTSE 100 advance 1.24% to 6,696.75.<\/p>\n<p>Benchmark 10-year U.S. Treasury advance as demand for risky asset grow again, today 10-year bond yield fell 0.50% to 1.409.<\/p>\n<p>Oil prices were down in early trade on Wednesday, extending several days of losses, amid uncertainty over how much supply producing countries will push to restore to the market at a meeting this week while the coronavirus pandemic persists.<\/p>\n<p>Spot Brent crude Oil up 0.47% to $60.02 per barrel. US West Texas Intermediate crude gained 0.53% to $63.05 a barrel.<\/p>\n<p>The yellow metal traded 0.20% lower to 1732.15 dollars per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The safe-haven U.S. dollar remained broadly weaker on Wednesday as Treasury yields continued to retreat, restoring some calm to global markets and reigniting demand for riskier assets.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, gained 0.05% to 90.825.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair slipped 0.05% today. This left the pairing trading around $1.20840.<\/p>\n<p>The Japanese yen fell against the U.S. dollar on Tuesday as stock pushes lower. Today US\/JPY advanced 0.20% to 106.880 level.<\/p>\n<p>Other commodity-related currency mixed against U.S dollar, AUD\/USD higher 0.05% to 0.78210 and NZD\/USD flat to 0.72850.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:<\/span> Support at 1.20660<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.20660<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Long positions above pivot level with targets at 1.21000 &amp; 1.21250 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside at 1.20300 &amp; 1.20050.<\/p>\n<p><strong>Comment: <\/strong>Pair above its 55MA and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-3487 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/03\/EURUSD-3-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/EURUSD-3-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/EURUSD-3-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/EURUSD-3-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/EURUSD-3-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/EURUSD-3.png 1679w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;font-size: 11px\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>\u00a0\u00a0\u2013\u00a0<span style=\"color: #ff0000\">Red Lines Indicates Support Levels\u00a0<\/span><br \/>\n<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>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">GBP\/USD Intraday: <\/span>Support at 1.39120<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.39120<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Buy positions above pivot with targets at 1.39800 &amp; 1.40100 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The price below pivot would call for further downside to 1.38450 &amp; 1.38150.<\/p>\n<p><strong>Comment<\/strong>: Price above its 55MA and RSI near 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-3488 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/03\/GBPUSD-2-1024x572.png\" alt=\"\" width=\"1024\" height=\"572\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/GBPUSD-2-1024x572.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/GBPUSD-2-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/GBPUSD-2-768x429.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/GBPUSD-2-1536x858.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/GBPUSD-2.png 1679w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;font-size: 11px\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>\u00a0\u00a0\u2013\u00a0<span style=\"color: #ff0000\">Red Lines Indicates Support Levels\u00a0<\/span><br \/>\n<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>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">USD\/JPY Intraday:<\/span> Trend upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 106.730<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Buy position above with the target at 107.000 and 107.150 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 106.470 and 106.320.<\/p>\n<p><strong>Comment<\/strong>: price above 20MA &amp; 55MA and MACD in positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-3489 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/03\/USDJPY-2-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/USDJPY-2-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/USDJPY-2-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/USDJPY-2-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/USDJPY-2-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/USDJPY-2.png 1679w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;font-size: 11px\"><span style=\"color: #008000\">Green Lines Indicate Re<\/span><span style=\"color: #008000\">sistance Levels<\/span>\u00a0\u00a0\u2013\u00a0<span style=\"color: #ff0000\">Red Lines Indicates Support <\/span><span style=\"color: #ff0000\">Levels\u00a0<\/span><\/p>\n<p style=\"text-align: center;font-size: 11px\"><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>\n<hr \/>\n<h3><span style=\"color: #cf2e2e\">AUD\/USD Intraday:<\/span> Break resistance levels<\/h3>\n<p><strong>Our pivot point is at 0.77860<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Buy Positions above pivot with targets at 0.78470 &amp; 0.78720 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside with 0.77250 &amp; 0.77000 as targets.<\/p>\n<p><strong>Comment<\/strong>: Pair above its 20MA &amp; 55MA an RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-3490 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/03\/AUDUSD-2-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/AUDUSD-2-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/AUDUSD-2-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/AUDUSD-2-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/AUDUSD-2-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/AUDUSD-2.png 1679w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;font-size: 11px\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>\u00a0\u00a0\u2013\u00a0<span style=\"color: #ff0000\">Red Lines Indicates Support Levels\u00a0<\/span><br \/>\n<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>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">CRUDEOIL Intraday: <\/span>Trend\u00a0on the downside\u00a0<\/strong><\/h3>\n<h4><strong>Our pivot point is at 60.35<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Below pivots sell Oil with 59.40 &amp; 58.70 as targets.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Buy crude above pivot with targets at 61.30 and 62.00 in extension.<\/p>\n<p><strong>Comment<\/strong>: Crude below its 55MA\u00a0 and MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-3491 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/03\/CRUDEOIL-2-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/CRUDEOIL-2-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/CRUDEOIL-2-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/CRUDEOIL-2-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/CRUDEOIL-2-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/CRUDEOIL-2.png 1679w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;font-size: 11px\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>\u00a0\u00a0\u2013\u00a0<span style=\"color: #ff0000\">Red Lines Indicates Support Levels\u00a0<\/span><br \/>\n<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>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">XAU\/USD Intraday:<\/span> Bias on the downside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1743.50<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further downside to 1727.00 &amp; 1718.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If the price gives an upside breakout of a pivot, then the price extends to 1760.00 and 1769.00.<\/p>\n<p><strong>Comment<\/strong>: MACD in positive territory and price above 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-3492 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/03\/XAUUSD-2-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/XAUUSD-2-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/XAUUSD-2-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/XAUUSD-2-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/XAUUSD-2-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/XAUUSD-2.png 1679w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;font-size: 11px\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>\u00a0\u00a0\u2013\u00a0<span style=\"color: #ff0000\">Red Lines Indicates Support Levels\u00a0<\/span><br \/>\n<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>\n<hr \/>\n<h3><span style=\"color: #cf2e2e\"><span style=\"color: #cf2e2e\">Dow Jones Intraday:<\/span><\/span> Support at 31,390.00<\/h3>\n<p><strong>Our pivot point is 31,390.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above pivot with targets at 31,650.00 &amp; 31,780.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below 31,390.00 looks for further downside to 31,130.00 &amp; 31,000.00.<\/p>\n<p><strong>Comment<\/strong>: Price above its 20MA &amp; 55MA and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-3493 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/03\/WS30-2-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/WS30-2-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/WS30-2-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/WS30-2-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/WS30-2-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/WS30-2.png 1679w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;font-size: 11px\"><span style=\"color: #008000\">Green Lines Indicate Resistance Levels<\/span>\u00a0\u00a0\u2013\u00a0<span style=\"color: #ff0000\">Red Lines Indicates Support Levels\u00a0<\/span><br \/>\n<span style=\"color: #3366ff\">Light Blue is a Pivot Point<\/span> \u00a0\u00a0\u2013 Black represents the price when the report was produced7<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities Wall Street ended lower on Tuesday, pulled down by Apple and Tesla, while materials stocks climbed as investors waited for the US Congress to approve&hellip; <\/p>\n","protected":false},"author":2,"featured_media":3498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[17,102,8,10,21,3,53,33,85,72,50,101],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 03 March, 2021 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, 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