{"id":4646,"date":"2021-07-05T09:16:48","date_gmt":"2021-07-05T09:16:48","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=4646"},"modified":"2021-07-05T09:16:48","modified_gmt":"2021-07-05T09:16:48","slug":"daily-market-outlook-05-july-2021","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-05-july-2021\/","title":{"rendered":"Daily Market Outlook, 05 July, 2021"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>Wall Street scaled new highs on Friday, with the S&amp;P closing up for a seventh straight day, after jobs data for June showed robust hiring yet persistent weakness in the labor market that will keep the Federal Reserve from raising interest rates any time soon.<\/p>\n<p>The Dow Jones Industrial Average rose 152.82 points (0.44%) to 34,786.35, the S&amp;P 500 gained 32.40 points (0.75%) to 4,352.34 and the Nasdaq Composite added 116.95 points (0.81%) to 14,639.33.<\/p>\n<p>Most Asian stocks gained on Monday, extending the rally that took global equities to a record high after a U.S. jobs report signaled the economic recovery remained intact but didn&#8217;t yet warrant any immediate withdrawal of Federal Reserve stimulus.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan fell 0.05% to 874.41 levels. Australian index rose 0.10% to 7,315.00. Japanese Nikkei traded lower 0.64% to 28,598.20.<\/p>\n<p>European stocks were lower on Monday, with the Stoxx Europe 50 Index fell 0.58% to 4,060.38, Germany&#8217;s DAX lost 0.61% to 15,.30, and France&#8217;s CAC slipped 0.18% to 6,540.80, and U.K.&#8217;s FTSE 100 advance 0.05% to 7,127.26.<\/p>\n<p>Benchmark 10-year U.S. Treasury rose as demand for safe risk grows again, today 10-year bond yields slipped 0.10% to 1.431.<\/p>\n<p>Brent oil was steady near $76 a barrel at the open in Asia ahead of another round of critical OPEC+ talks slated for later Monday to break a stalemate over raising production.<\/p>\n<p>Spot Brent crude oil rose 0.16% to $76.28 per barrel. US West Texas Intermediate crude advance 0.16% to $75.28 a barrel.<\/p>\n<p>The yellow metal higher 0.53% to 1792.30 dollars per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar took a breather on Monday, after recent gains ran into a speed bump when details of last week&#8217;s U.S. jobs report soothed jitters about the timing of U.S. interest rate hikes.<\/p>\n<p>Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, down 0.22% to 92.207.<\/p>\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that gained 0.05% today. This left the pairing trading around $1.18690.<\/p>\n<p>The Japanese yen gained against the U.S. dollar on Monday as the stock pushes higher. Today US\/JPY lost 0.15% to 111.860 level.<\/p>\n<p>Another commodity-related currency higher against the U.S dollar, AUD\/USD up 0.11% to 0.75320, and NZD\/USD flat to 0.70260.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday: <\/span>Break resistance level<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.18520<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take long positions above pivot level with targets at 1.18870 &amp; 1.19040 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for a further downside to 1.18140 &amp; 1.17970.<\/p>\n<p><strong>Comment: <\/strong>Pair above its 55MA &amp; 20MA and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4652 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/07\/EURUSD-3-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/EURUSD-3-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/EURUSD-3-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/EURUSD-3-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/EURUSD-3-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/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><\/strong><strong>Trend on the upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.38180<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Buy positions above pivot with targets at 1.38680 &amp; 1.38940 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The price below pivot would call for further downside to 1.37720 &amp; 1.37440.<\/p>\n<p><strong>Comment<\/strong>: Price above its 55MA &amp; 20MA and RSI at overbought levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4653 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/07\/GBPUSD-2-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/GBPUSD-2-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/GBPUSD-2-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/GBPUSD-2-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/GBPUSD-2-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/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><\/strong><strong>Trend on the downside<\/strong><\/h3>\n<p><strong>Our pivot point is at 111.240<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action:<\/strong> Sell position below pivot with the target at 110.840 and 110.590 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The upside breakout of the pivot would call for 111.610 and 110.860.<\/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-4654 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/07\/USDJPY-2-1024x578.png\" alt=\"\" width=\"1024\" height=\"578\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/USDJPY-2-1024x578.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/USDJPY-2-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/USDJPY-2-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/USDJPY-2-1536x866.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/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 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>Support at 0.75110<\/h3>\n<p><strong>Our pivot point is at 0.75110<\/strong><\/p>\n<p><strong>Preferable Price Action:<\/strong> Buy Positions above pivot with targets at 0.75410 &amp; 0.75550 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for a further downside with 0.74800 &amp; 0.74640 as targets.<\/p>\n<p><strong>Comment<\/strong>: Pair above its 20MA &amp; 55MA and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4655 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/07\/AUDUSD-2-1024x578.png\" alt=\"\" width=\"1024\" height=\"578\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/AUDUSD-2-1024x578.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/AUDUSD-2-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/AUDUSD-2-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/AUDUSD-2-1536x866.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/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>T<\/strong><strong>rend on the upside<\/strong><\/h3>\n<h4><strong>Our pivot point is at 74.37<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Above pivots buy Oil with 75.84 &amp; 76.53 as targets.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Sell crude below pivot with targets at 72.77 and 72.07 in extension.<\/p>\n<p><strong>Comment<\/strong>: Crude is above its 20MA &amp; 55MA and MACD in the positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4656 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/07\/CRUDEOIL-2-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/CRUDEOIL-2-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/CRUDEOIL-2-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/CRUDEOIL-2-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/CRUDEOIL-2-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/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> Support at 1785.60<\/strong><\/h3>\n<p><strong>Our pivot point is 1784.60<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1797.00 &amp; 1803.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If the price gives a downside breakout of a pivot, then the price extends to 1771.50 and 1765.60.<\/p>\n<p><strong>Comment<\/strong>: MACD in positive territory and price above its 20MA &amp; 50MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4657 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/07\/XAUUSD-2-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/XAUUSD-2-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/XAUUSD-2-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/XAUUSD-2-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/XAUUSD-2-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/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> Strong Trend on the upside<\/h3>\n<p><strong>Our pivot point is 34,624.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Buy positions below pivot with targets at 34,808.00 &amp; 34,890.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below 34,624.00 looks for further downside to 34,442.00 &amp; 34,350.00.<\/p>\n<p><strong>Comment<\/strong>: Price above its 20MA &amp; 55MA and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4658 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/07\/WS-2-1024x579.png\" alt=\"\" width=\"1024\" height=\"579\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/WS-2-1024x579.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/WS-2-300x170.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/WS-2-768x434.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/WS-2-1536x868.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/07\/WS-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 produced<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities Wall Street scaled new highs on Friday, with the S&amp;P closing up for a seventh straight day, after jobs data for June showed robust hiring&hellip; <\/p>\n","protected":false},"author":2,"featured_media":4650,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[147,149,146,10,28,41,26,33,148,72,50,31,101],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 05 July, 2021 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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