{"id":3596,"date":"2021-03-16T09:15:29","date_gmt":"2021-03-16T09:15:29","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=3596"},"modified":"2021-03-16T09:15:29","modified_gmt":"2021-03-16T09:15:29","slug":"daily-market-outlook-16-march-2021","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-16-march-2021\/","title":{"rendered":"Daily Market Outlook, 16 March, 2021"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>The S&amp;P 500 and Dow Jones Industrial Average closed at a record high on Monday as traders eyed an economic recovery from the coronavirus impact and awaited cues from the Federal Reserve this week amid caution over rising borrowing costs.<\/p>\n<p>The Dow Jones Industrial Average rose 0.53% to end at 32,953.46 points, while the S&amp;P 500 gained 0.65% to 3,968.94. The Nasdaq Composite climbed 1.05% to 13,459.71.<\/p>\n<p>Asian major indices were set to open higher on Tuesday after Wall Street\u2019s main indices closed at record highs and investors awaited comments from the U.S. central bank\u2019s meeting later this week.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan rose 0.60% to 886.00 levels. Australian index advances 0.80% to 6,827.10. Japanese Nikkei traded 0.52% higher to 29,921.10.<\/p>\n<p>European stocks were advance on Tuesday, with the Stoxx Europe 50 Index gained 0.34% to 3,841.75, Germany&#8217;s DAX rose 0.46% to 14,526.90 and France&#8217;s CAC higher 0.17% to 6,046.20 and U.K.&#8217;s FTSE 100 advance 0.42% to 6,778.80.<\/p>\n<p>Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield rose 0.24% to 1.611.<\/p>\n<p>Oil prices edged lower on Monday, pulling back from early gains fostered on strong Chinese economic news and ongoing supply restraint from major oil producers.<\/p>\n<p>Spot Brent crude oil lost 1.04% to $64.71 per barrel. US West Texas Intermediate crude declined 1.06% to $68.15 a barrel.<\/p>\n<p>The yellow metal traded 0.22% lower to 1727.20 dollars per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The U.S. dollar clung to small gains on Tuesday as caution reigned in currency markets ahead of major central bank meetings, beginning with a two-day Federal Reserve gathering due to start later in the global day.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, gained 0.14% to 91.957.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair lost 0.10% today. This left the pairing trading around $1.19170.<\/p>\n<p>The Japanese yen fell against the U.S. dollar on Tuesday as stock pushes higher. Today US\/JPY rose 0.10% to 109.200 level.<\/p>\n<p>Other commodity-related currency slipped against the U.S dollar, AUD\/USD lower 0.34% to 0.77270 and NZD\/USD down 0.25% to 0.71830.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:<\/span> Major resistance at 1.19370<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.19370<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take short positions below pivot level with targets at 1.19050 &amp; 1.18880 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside to 1.19700 &amp; 1.19870.<\/p>\n<p><strong>Comment: <\/strong>Pair below its 20MA &amp; 55MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-3597 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/03\/EURUSD-12-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/EURUSD-12-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/EURUSD-12-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/EURUSD-12-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/EURUSD-12-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/EURUSD-12.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>Trend\u00a0on the downside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.38880<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Sell positions below pivot with targets at 1.38250 &amp; 1.37950 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The price above pivot would call for further upside to 1.39480 &amp; 1.39780.<\/p>\n<p><strong>Comment<\/strong>: Price below its 55MA &amp; 20MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-3598 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/03\/GBPUSD-10-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/GBPUSD-10-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/GBPUSD-10-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/GBPUSD-10-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/GBPUSD-10-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/GBPUSD-10.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> Support at 109.080<\/strong><\/h3>\n<p><strong>Our pivot point is at 109.080<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Buy position above with the target at 109.340 and 109.490 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 108.810 and 108.660.<\/p>\n<p><strong>Comment<\/strong>: price above 20MA &amp; 50MA and MACD in positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-3600 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/03\/USDJPY-12-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/USDJPY-12-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/USDJPY-12-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/USDJPY-12-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/USDJPY-12-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/USDJPY-12.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> Resistance at 0.77560<\/h3>\n<p><strong>Our pivot point is at 0.77560<\/strong><\/p>\n<p><strong>Preferable Price Action:<\/strong> Sell Positions below pivot with targets at 0.77230 &amp;0.77050 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside with 0.77860 &amp; 0.78030 as targets.<\/p>\n<p><strong>Comment<\/strong>: Pair below its 20MA &amp; 55MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-3601 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/03\/AUDUSD-11-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/AUDUSD-11-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/AUDUSD-11-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/AUDUSD-11-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/AUDUSD-11-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/AUDUSD-11.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 on the downside<\/strong><\/h3>\n<h4><strong>Our pivot point is at 65.35<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Below pivots sell Oil with 64.30 &amp; 63.70 as targets.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Buy crude above pivot with targets at 66.40 and 67.00 in extension.<\/p>\n<p><strong>Comment<\/strong>: Crude below its 20MA &amp; 55MA and MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-3602 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/03\/CRUDEOIL-10-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/CRUDEOIL-10-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/CRUDEOIL-10-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/CRUDEOIL-10-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/CRUDEOIL-10-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/CRUDEOIL-10.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> Trend on the Upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1726.40<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1734.10 &amp; 1739.20.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If the price gives a downside breakout of a pivot, then the price extends to 1718.30\u00a0 and 1713.10.<\/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-3603 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/03\/XAUUSD-10-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/XAUUSD-10-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/XAUUSD-10-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/XAUUSD-10-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/XAUUSD-10-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/XAUUSD-10.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>Trend on the upside<\/h3>\n<p><strong>Our pivot point is 32,860.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above pivot with targets at 33,050.00 &amp; 33,200.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below 32,860.00 looks for further downside to 32,670.00 &amp; 32,520.00.<\/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-3604 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/03\/WS30-10-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/WS30-10-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/WS30-10-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/WS30-10-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/WS30-10-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/03\/WS30-10.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 The S&amp;P 500 and Dow Jones Industrial Average closed at a record high on Monday as traders eyed an economic recovery from the coronavirus impact&hellip; <\/p>\n","protected":false},"author":2,"featured_media":3606,"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, 16 March, 2021 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, 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