{"id":4939,"date":"2021-08-04T08:43:07","date_gmt":"2021-08-04T08:43:07","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=4939"},"modified":"2021-08-04T08:43:07","modified_gmt":"2021-08-04T08:43:07","slug":"daily-market-outlook-04-august-2021","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-04-august-2021\/","title":{"rendered":"Daily Market Outlook, 04 August, 2021"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>The\u00a0<span class=\"aqPopupWrapper js-hover-me-wrapper\">S&amp;P 500 index<\/span> closed at a record high on Tuesday on gains in Apple and healthcare stocks, despite concerns over a surge in the Delta variant of the coronavirus taking some shine off an upbeat corporate earnings season.<\/p>\n<p>The Dow Jones Industrial Average advance 278.24 points (0.80%) to 35,116.40, the S&amp;P 500 rose 35.99 points (0.82%) to 4,423.15 and the Nasdaq Composite added 80.2 points (0.55%) to 14,681.07.<\/p>\n<p>Asian shares advanced to one-week highs on Wednesday, led largely by strong U.S. corporate earnings, although the mood remained cautious as the rapidly spreading Delta variant of the coronavirus clouds the global economic outlook.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan advance 0.98% to 839.79 levels. Australian index rose 0.38% to 7,503.20. Japanese Nikkei slipped 0.21% to 27,584.08.<\/p>\n<p>European stocks were higher on Wednesday, with the Stoxx Europe 50 Index gained 0.51% to 4,138.97, Germany&#8217;s DAX rose 0.54% to 15,640.90, and France&#8217;s CAC up 0.51% to 6,758.00, and U.K.&#8217;s FTSE 100 up 0.39% to 7,133.05.<\/p>\n<p>Benchmark 10-year U.S. Treasury fell as demand for safe risk grows again, today 10-year bond yields gained 0.68% to 1.182.<\/p>\n<p>Oil prices fell for a third day on Wednesday on mounting concerns that the increasing spread of the Delta variant of the coronavirus in top consuming countries will cut fuel demand.<\/p>\n<p>Spot Brent crude oil slipped 0.32% to $72.66 per barrel. US West Texas Intermediate crude lost 0.28% to $71.06 a barrel.<\/p>\n<p>The yellow metal is lower 0.56% to 1811.95 dollars per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar was on the back foot against the safe-haven yen and Swiss franc on Tuesday after soft U.S. manufacturing data and rising concerns about the coronavirus Delta variant prompted traders to wind back bets on a strong economic recovery.<\/p>\n<p>Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, flat to 92.047.<\/p>\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that gained 0.06% today. This left the pairing trading around $1.18740.<\/p>\n<p>The Japanese yen gained against the U.S. dollar on Tuesday as the stock pushes lower. Today US\/JPY fell 0.15% to 109.110 level.<\/p>\n<p>Another commodity-related currency higher against the U.S dollar, AUD\/USD gained 0.48% to 0.73950, and NZD\/USD advancing 0.65% to 0.70110.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday: <\/span>Resistance at 1.18900<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.18900<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take short positions below pivot level with targets at 1.18450 &amp; 1.18150 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for a further upside to 1.19360 &amp; 1.19650.<\/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-4940 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/08\/EURUSD-2-1024x521.png\" alt=\"\" width=\"1024\" height=\"521\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/EURUSD-2-1024x521.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/EURUSD-2-300x153.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/EURUSD-2-768x391.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/EURUSD-2-1536x781.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/EURUSD-2.png 1919w\" 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>In a consolidation zone<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.39150<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Buy positions above pivot with targets at 1.39460 &amp; 1.39630 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The price below pivot would call for further downside to 1.38830 &amp; 1.38650.<\/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-4941 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/08\/GBPUSD-2-1024x520.png\" alt=\"\" width=\"1024\" height=\"520\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/GBPUSD-2-1024x520.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/GBPUSD-2-300x152.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/GBPUSD-2-768x390.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/GBPUSD-2-1536x780.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/GBPUSD-2.png 1919w\" 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> May trend reverse to 108.990<\/strong><\/h3>\n<p><strong>Our pivot point is at 108.990<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Buy position above pivot with the target at 109.350 and 109.570 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of the pivot would call for 108.640 and 108.410.<\/p>\n<p><strong>Comment<\/strong>: price above its 55MA and MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4942 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/08\/USDJPY-2-1024x521.png\" alt=\"\" width=\"1024\" height=\"521\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/USDJPY-2-1024x521.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/USDJPY-2-300x153.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/USDJPY-2-768x391.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/USDJPY-2-1536x781.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/USDJPY-2.png 1919w\" 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 0.73860<\/h3>\n<p><strong>Our pivot point is at 0.73860<\/strong><\/p>\n<p><strong>Preferable Price Action: <\/strong>\u00a0Buy Positions above pivot with targets at 0.74220 &amp; 0.74440 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for a further downside with 0.73490 &amp; 0.73290 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-4943 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/08\/AUDUSD-2-1024x521.png\" alt=\"\" width=\"1024\" height=\"521\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/AUDUSD-2-1024x521.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/AUDUSD-2-300x153.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/AUDUSD-2-768x391.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/AUDUSD-2-1536x781.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/AUDUSD-2.png 1919w\" 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> Resistance area at 71.08<\/strong><\/h3>\n<h4><strong>Our pivot point is at 71.08\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Below pivots sell Oil with 68.98 &amp; 67.86 as targets.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Buy crude above pivot with targets at 72.90 and 73.95 in extension.<\/p>\n<p><strong>Comment<\/strong>: Crude is below its 55MA and MACD in the negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4944 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/08\/CRUDEOIL-2-1024x520.png\" alt=\"\" width=\"1024\" height=\"520\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/CRUDEOIL-2-1024x520.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/CRUDEOIL-2-300x152.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/CRUDEOIL-2-768x390.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/CRUDEOIL-2-1536x780.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/CRUDEOIL-2.png 1919w\" 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> <\/strong><strong>In a consolidation area<\/strong><\/h3>\n<p><strong>Our pivot point is 1811.70<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1820.70 &amp; 1824.90.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If the price gives a downside breakout of a pivot, then the price extends to 1803.00 and 1798.80.<\/p>\n<p><strong>Comment<\/strong>: MACD in positive territory and price above it&#8217;s 20MA &amp; 50MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4945 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/08\/XAUUSD-2-1024x521.png\" alt=\"\" width=\"1024\" height=\"521\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/XAUUSD-2-1024x521.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/XAUUSD-2-300x153.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/XAUUSD-2-768x391.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/XAUUSD-2-1536x781.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/XAUUSD-2.png 1919w\" 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> In a consolidation zone<\/h3>\n<p><strong>Our pivot point is 35,025.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take long positions above pivot with targets at 35,185.00 &amp; 35,284.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below 35,025.00 looks for further upside to 34,862.00 &amp; 34,764.00.<\/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-4946 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/08\/WS-2-1024x521.png\" alt=\"\" width=\"1024\" height=\"521\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/WS-2-1024x521.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/WS-2-300x153.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/WS-2-768x391.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/WS-2-1536x782.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/WS-2.png 1918w\" 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 The\u00a0S&amp;P 500 index closed at a record high on Tuesday on gains in Apple and healthcare stocks, despite concerns over a surge in the Delta&hellip; <\/p>\n","protected":false},"author":2,"featured_media":4953,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[124,182,184,186,10,28,41,26,183,33,185,72,50,31,101],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 04 August, 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-04-august-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Daily Market Outlook, 04 August, 2021 | Seven Star FX\" \/>\n<meta property=\"og:description\" content=\"Market Wrap: Stocks, Bonds, Commodities The\u00a0S&amp;P 500 index closed at a 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