{"id":4166,"date":"2021-05-12T09:05:40","date_gmt":"2021-05-12T09:05:40","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=4166"},"modified":"2021-05-13T09:25:33","modified_gmt":"2021-05-13T09:25:33","slug":"daily-market-outlook-12-may-2021","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-12-may-2021\/","title":{"rendered":"Daily Market Outlook, 12 May, 2021"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>U.S. stocks hit a one-month low on Tuesday as speculation that rising inflation pressure could prompt interest rate hikes sooner rather than later dragged on shares and hobbled the dollar, which hovered near a 2-1\/2-month low.<\/p>\n<p>The Dow Jones Industrial Average was down 34.94 points (0.10%) at 34,742.82, while the S&amp;P 500 was fell 44 points (1.04%) at 4,232.21 and the Nasdaq Composite has slumped 350.38 points (2.55%) at 13,401.86.<\/p>\n<p>Asian shares fell for a second straight session on Wednesday to one-month lows as investors speculated surging commodity prices and growing inflationary pressure in the United States could lead to earlier rate hikes and higher bond yields globally.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan decline 1.79% to 860.59 levels. Australian index slipped 1.06% to 7,097.00. Japanese Nikkei plunged 3.08% to 28,608.60.<\/p>\n<p>European stocks were lower on Wednesday, with the Stoxx Europe 50 Index declined 1.64% to 3,957.60, Germany&#8217;s DAX fell 1.73% to 15,133.90, and France&#8217;s CAC lower 1.63% to 6,280.40, and U.K.&#8217;s FTSE 100 down 2.02% to 6,979.30.<\/p>\n<p>Benchmark 10-year U.S. Treasury rose as demand for risky assets grows again, today 10-year bond yields jumped 0.90% to 1.616.<\/p>\n<p>Oil prices settled higher on Monday after a major U.S. fuel pipeline said it could largely restart within the week after a cyberattack forced its shutdown.<\/p>\n<p>Spot Brent crude oil declined 1.04% to $67.60 per barrel. US West Texas Intermediate crude lower 1.12% to $64.19 a barrel.<\/p>\n<p>The yellow metal traded lower 0.10% to 1834.90 dollars per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The U.S. dollar hovered near its lowest levels of the year on Wednesday as traders hung on to bets that the Federal Reserve would remain steadfast in its easy policy settings ahead of data expected to show a sharp rise in annual U.S. inflation.<\/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 90.230.<\/p>\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that rose 0.14% today. This left the pairing trading around $1.21440.<\/p>\n<p>The Japanese yen fell against the U.S. dollar on Wednesday as the stock pushes lower. Today US\/JPY rose 0.16% to 108.950 level.<\/p>\n<p>Another commodity-related currency lower against the U.S dollar, AUD\/USD flat to 0.78280 and NZD\/USD down 0.21% to 0.72570.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:<\/span> In consolidation zone<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.21590<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take short positions below pivot level with targets at 1.21220 &amp; 1.21020 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside to 1.21950 &amp; 1.22150.<\/p>\n<p><strong>Comment: <\/strong>Pair above its 20MA and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4167 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/EURUSD-8-1024x574.png\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-8-1024x574.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-8-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-8-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-8-1536x861.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-8.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>\u00a0Support at 1.41120<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.41120<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Buy positions above pivot with targets at 1.41780 &amp; 1.42080 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The price below pivot would call for further downside to 1.40440 &amp; 1.40140.<\/p>\n<p><strong>Comment<\/strong>: Price above its 55MA &amp; 20MA and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4169 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/GBPUSD-9-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-9-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-9-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-9-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-9-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-9.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> Resistance at 108.900<\/strong><\/h3>\n<p><strong>Our pivot point is at 108.900<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Sell position below with the target at 108.680 and 108.580 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The upside breakout of pivot would call for 109.120 and 109.220.<\/p>\n<p><strong>Comment<\/strong>: price below its 20MA and MACD in positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4170 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/USDJPY-8-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-8-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-8-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-8-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-8-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-8.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\">AUD\/USD Intraday:<\/span> Trend on the downside<\/h3>\n<p><strong>Our pivot point is at 0.78320<\/strong><\/p>\n<p><strong>Preferable Price Action:<\/strong> Sell Positions below pivot with targets at 0.77900 &amp; 0.77700 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside with 0.78720 &amp; 0.78920 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-4175 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/AUDUSD-9-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-9-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-9-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-9-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-9-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-9.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> Break resistance area<\/strong><\/h3>\n<h4><strong>Our pivot point is at 65.35<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Above pivots buy Oil with 66.40 &amp; 66.90 as targets.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Sell crude below pivot with targets at 64.30 and 63.80 in extension.<\/p>\n<p><strong>Comment<\/strong>: Crude above 20MA &amp; 55MA and MACD in the positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4172 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/CRUDEOIL-8-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-8-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-8-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-8-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-8-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-8.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> Support at 1827.40<\/strong><\/h3>\n<p><strong>Our pivot point is at 1727.40<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1835.60 &amp; 1840.50<\/p>\n<p><strong>Alternative Price Action<\/strong>: If the price gives a downside breakout of a pivot, then the price extends to 1819.20 and 1814.10.<\/p>\n<p><strong>Comment<\/strong>: MACD in negative territory and price at 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4173 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/XAUUSD-8-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-8-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-8-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-8-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-8-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-8.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 downside<\/h3>\n<p><strong>Our pivot point is 34,360.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot with targets at 34,040.00 &amp; 33,880.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 34,360.00 looks for further upside to 34,680.00 &amp; 34,840.00.<\/p>\n<p><strong>Comment<\/strong>: Price below 20MA &amp; 55MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4174 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/WS30-7-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-7-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-7-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-7-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-7-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-7.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 U.S. stocks hit a one-month low on Tuesday as speculation that rising inflation pressure could prompt interest rate hikes sooner rather than later dragged on&hellip; <\/p>\n","protected":false},"author":2,"featured_media":4185,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[17,111,10,28,41,112,35,53,33,122,72,50,101],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 12 May, 2021 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-12-may-2021\/\" \/>\n<meta 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