{"id":4250,"date":"2021-05-21T10:03:35","date_gmt":"2021-05-21T10:03:35","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=4250"},"modified":"2021-05-21T10:03:35","modified_gmt":"2021-05-21T10:03:35","slug":"daily-market-outlook-21-may-2021","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-21-may-2021\/","title":{"rendered":"Daily Market Outlook, 21 May, 2021"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>Stock indices rose around the globe on Thursday, with the S&amp;P 500 climbing more than 1% led by sharp gains in technology shares, while U.S. Treasury yields fell after a weaker-than-expected U.S. business activity reading.<\/p>\n<p>The Dow Jones Industrial Average rose 188.11 points (0.55%) to 34,084.15, the S&amp;P 500 gained 43.44 points (1.06%) to 4,159.12 and the Nasdaq Composite added 236.00 points (1.77%) to 13,535.74.<\/p>\n<p>Asian tech and growth stocks rallied on Friday, following Wall Street&#8217;s overnight lead, as investors tempered fears about hot inflation and the prospects of an early tapering of stimulus by the Federal Reserve.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan gained 0.22% to 865.26 levels. Australian index rose 0.15% to 7,030.30. Japanese Nikkei traded 0.78% higher to 28,317.83.<\/p>\n<p>European stocks were higher on Friday, with the Stoxx Europe 50 Index rose 0.16% to 4,006.40, Germany&#8217;s DAX gained 0.15% to 15,393.25 and France&#8217;s CAC higher 0.33% to 6,364.10, and U.K.&#8217;s FTSE 100 slipped 0.40% to 6,991.95.<\/p>\n<p>Benchmark 10-year U.S. Treasury rose as demand for safe assets grows again, today 10-year bond yields slumped 0.97% to 1.618.<\/p>\n<p>Oil prices nudged up on Friday, recovering from three days of losses as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress on talks to revive a 2015 nuclear deal.<\/p>\n<p>Spot Brent crude oil lower 0.34% to $64.89 per barrel. US West Texas Intermediate crude advance 0.31% to $61.91 a barrel.<\/p>\n<p>The yellow metal traded lower 0.29% to 1876.30 dollars per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar hovered around recent lows on Friday and was set to notch a modest weekly drop as traders&#8217; concerns at taper talk in Federal Reserve minutes faded, though a pullback in commodity prices and nerves about virus outbreaks kept losses in check.<\/p>\n<p>Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, flat to 89.800.<\/p>\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that fell 0.07% today. This left the pairing trading around $1.22160.<\/p>\n<p>The Japanese yen rose against the U.S. dollar on Friday as the stock pushes lower. Today US\/JPY fell 0.10% to 108.640 level.<\/p>\n<p>Another commodity-related currency lower against the U.S dollar, AUD\/USD down 0.39% to 0.77440, and NZD\/USD lost 0.31% to 0.71780.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday: <\/span>Support at 1.21110<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.21110<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take long positions above pivot level with targets at 1.22400 &amp; 1.22550 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside to 1.21810 &amp; 1.21650.<\/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-4252 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/EURUSD-13-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-13-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-13-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-13-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-13-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-13.png 1677w\" 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 1.41710<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.41710<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Buy positions above pivot with targets at 1.42300 &amp; 1.42600 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The price below pivot would call for further downside to 1.41100 &amp; 1.40800.<\/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-4253 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/GBPUSD-14-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-14-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-14-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-14-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-14-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-14.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 downside<\/strong><\/h3>\n<p><strong>Our pivot point is at 108.930<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Sell position below with the target at 108.500 and 108.300 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The upside breakout of pivot would call for 109.350 and 109.550.<\/p>\n<p><strong>Comment<\/strong>: price below its 20MA &amp; 55MA and MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4254 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/USDJPY-13-1024x574.png\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-13-1024x574.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-13-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-13-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-13-1536x861.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-13.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> Resistance at 0.77800<\/h3>\n<p><strong>Our pivot point is at 0.77800<\/strong><\/p>\n<p><strong>Preferable Price Action:<\/strong> Sell Positions below pivot with targets at 0.77390 &amp; 0.77150 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside with 0.78200 &amp; 0.78440 as targets.<\/p>\n<p><strong>Comment<\/strong>: Pair below its 55MA and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4255 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/AUDUSD-14-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-14-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-14-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-14-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-14-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-14.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 downside<\/strong><\/h3>\n<h4><strong>Our pivot point is at 63.30<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Below pivots sell Oil with 61.60 &amp; 60.80 as targets.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Buy crude above pivot with targets at 65.00 and 65.90 in extension.<\/p>\n<p><strong>Comment<\/strong>: Crude is at its 55MA and MACD in the negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4256 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/CRUDEOIL-13-1024x572.png\" alt=\"\" width=\"1024\" height=\"572\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-13-1024x572.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-13-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-13-768x429.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-13-1536x858.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-13.png 1678w\" 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 1871.00<\/strong><\/h3>\n<p><strong>Our pivot point is 1871.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1882.00 &amp; 1887.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If the price gives a downside breakout of a pivot, then the price extends to 1860.00 and 1855.00.<\/p>\n<p><strong>Comment<\/strong>: MACD in positive territory and price above its 55MA &amp; 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4257 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/XAUUSD-13-1024x578.png\" alt=\"\" width=\"1024\" height=\"578\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-13-1024x578.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-13-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-13-768x434.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-13-1536x867.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-13.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 upside<\/h3>\n<p><strong>Our pivot point is 34,020.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above pivot with targets at 34,270.00 &amp; 34,400.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below 34,020.00 looks for further downside to 33,760.00 &amp; 33,630.00.<\/p>\n<p><strong>Comment<\/strong>: Price above 20MA &amp; 55MA and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4258 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/WS30-12-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-12-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-12-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-12-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-12-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-12.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\u2013 Black represents the price when the report was produced7<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities Stock indices rose around the globe on Thursday, with the S&amp;P 500 climbing more than 1% led by sharp gains in technology shares, while U.S.&hellip; <\/p>\n","protected":false},"author":2,"featured_media":4260,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[124,17,111,10,28,41,129,35,53,33,72,50,31,101],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 21 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-21-may-2021\/\" \/>\n<meta property=\"og:locale\" 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