{"id":5010,"date":"2021-08-11T09:07:01","date_gmt":"2021-08-11T09:07:01","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=5010"},"modified":"2021-08-11T09:07:01","modified_gmt":"2021-08-11T09:07:01","slug":"daily-market-outlook-11-august-2021","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-11-august-2021\/","title":{"rendered":"Daily Market Outlook, 11 August, 2021"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>Wall Street rose on Tuesday, with both the blue-chip Dow and benchmark\u00a0<span class=\"aqPopupWrapper js-hover-me-wrapper\">S&amp;P 500<\/span>\u00a0closing at record highs, as economically sensitive value stocks gained with the U.S. Senate&#8217;s passage of a $1 trillion bipartisan infrastructure package.<\/p>\n<p>The Dow Jones Industrial Average rose 162.82 points (0.46%) to 35,264.67, the S&amp;P 500 gained 4.40 points (0.10%) to 4,436.75 and the Nasdaq Composite droped 72.1 points (0.49%) to 14,788.10.<\/p>\n<p>Asia Pacific stocks were mostly up on Wednesday morning. Gains remained modest as investors continued to assess the impact of rising COVID-19 cases and central bank asset tapering on the global economy.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan lost 0.36% to 833.19 levels. Australian index gained 0.29% to 7,584.30. Japanese Nikkei traded 0.65% higher to 28,080.50.<\/p>\n<p>European stocks were higher on Wednesday, with the Stoxx Europe 50 Index gained 0.10% to 4,192.13, Germany&#8217;s DAX rose 0.05% to 15,773.30, and France&#8217;s CAC up 0.18% to 6,832.50, and U.K.&#8217;s FTSE 100 up 0.27% to 7,180.50.<\/p>\n<p>Benchmark 10-year U.S. Treasury rose as demand for safe assets grows again, today 10-year bond yields gained 2.28% to 1.373.<\/p>\n<p>Oil prices dipped on Wednesday as analysts cut their forecasts for fuel demand in China following mobility curbs from the spread of the highly infectious Delta variant of the coronavirus, offsetting a bullish outlook for U.S. fuel demand.<\/p>\n<p>Spot Brent crude oil advance 0.10% to $70.72 per barrel. US West Texas Intermediate crude gained 0.06% to $68.33 a barrel.<\/p>\n<p>The yellow metal traded 0.06% higher to 1732.85 dollars per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar and U.S. yields extended gains in Asia on Wednesday, spurred by tapering talk, while Asian shares traded sideways on fears about the spread of the coronavirus despite a record close on Wall Street.<\/p>\n<p>Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, gained 0.10% to 93.148.<\/p>\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that lost 0.03% today. This left the pairing trading around $1.17130<\/p>\n<p>The Japanese yen fell against the U.S. dollar on Wednesday as the stock pushes higher. Today US\/JPY rose 0.21% to 110.770 level.<\/p>\n<p>Another commodity-related currency lower against the U.S dollar, AUD\/USD lost 0.30% to 0.73280, and NZD\/USD slipped 0.11% to 0.69970.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday: <\/span>Trend on the downside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.17360<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take short positions below pivot level with targets at 1.16930 &amp; 1.16680 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for a further upside to 1.17780 &amp; 1.18040.<\/p>\n<p><strong>Comment: <\/strong>Pair below its 55MA &amp; 20MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-5012 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/EURUSD-7-1024x521.png\" alt=\"\" width=\"1024\" height=\"521\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/EURUSD-7-1024x521.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/EURUSD-7-300x153.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/EURUSD-7-768x391.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/EURUSD-7-1536x781.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/EURUSD-7.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>Break support level<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.38500<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Sell positions below pivot with targets at 1.37910 &amp; 1.37570 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The price above pivot would call for further upside to 1.39100 &amp; 1.39460.<\/p>\n<p><strong>Comment<\/strong>: Price below its 20MA &amp; 55MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-5013 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/GBPUSD-8-1024x521.png\" alt=\"\" width=\"1024\" height=\"521\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/GBPUSD-8-1024x521.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/GBPUSD-8-300x153.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/GBPUSD-8-768x391.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/GBPUSD-8-1536x782.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/GBPUSD-8.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> Trend on the upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 110.550<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Buy position above pivot with the target at 111.070 and 111.350 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of the pivot would call for 110.030 and 109.730.<\/p>\n<p><strong>Comment<\/strong>: price above its 20MA &amp; 55MA and MACD in positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-5014 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/USDJPY-7-1024x520.png\" alt=\"\" width=\"1024\" height=\"520\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/USDJPY-7-1024x520.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/USDJPY-7-300x152.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/USDJPY-7-768x390.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/USDJPY-7-1536x780.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/USDJPY-7.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>Resistance at 0.73510<\/h3>\n<p><strong>Our pivot point is at 0.73510<\/strong><\/p>\n<p><strong>Preferable Price Action: <\/strong>\u00a0Sell Positions below pivot with targets at 0.73080 &amp; 0.72840 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: above pivot looks for a further upside with 0.73940 &amp; 0.74200 as targets.<\/p>\n<p><strong>Comment<\/strong>: Pair below its 55MA &amp; 20MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-5015 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/AUDUSD-7-1024x521.png\" alt=\"\" width=\"1024\" height=\"521\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/AUDUSD-7-1024x521.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/AUDUSD-7-300x153.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/AUDUSD-7-768x391.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/AUDUSD-7-1536x782.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/AUDUSD-7.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\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 upside<\/strong><\/h3>\n<h4><strong>Our pivot point is at 67.66\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>: Above pivots buy Oil with 69.04 &amp; 69.63 as targets.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Sell crude below pivot with targets at 66.31 and 65.72 in extension.<\/p>\n<p><strong>Comment<\/strong>: Crude is above its 55MA &amp; 20MA and MACD in the positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-5016 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/CRUDEOIL-7-1024x521.png\" alt=\"\" width=\"1024\" height=\"521\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/CRUDEOIL-7-1024x521.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/CRUDEOIL-7-300x153.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/CRUDEOIL-7-768x391.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/CRUDEOIL-7-1536x781.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/CRUDEOIL-7.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>Support at 1724.80<\/strong><\/h3>\n<p><strong>Our pivot point is 1724.80<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1756.60 &amp; 1775.60.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If the price gives a downside breakout of a pivot, then the price extends to 1690.20 and 1671.40.<\/p>\n<p><strong>Comment<\/strong>: MACD in positive territory and price above it&#8217;s 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-5017 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/XAUUSD-8-1024x520.png\" alt=\"\" width=\"1024\" height=\"520\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/XAUUSD-8-1024x520.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/XAUUSD-8-300x152.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/XAUUSD-8-768x390.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/XAUUSD-8-1536x780.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/XAUUSD-8.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>Support at 35,179.00<\/h3>\n<p><strong>Our pivot point is 35,179.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take long positions above pivot with targets at 35,307.00 &amp; 35,392.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: below 35,179.00 looks for further downside to 35,036.00 &amp; 34,959.00.<\/p>\n<p><strong>Comment<\/strong>: Price above its 55MA and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-5018 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/WS-7-1024x521.png\" alt=\"\" width=\"1024\" height=\"521\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/WS-7-1024x521.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/WS-7-300x153.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/WS-7-768x391.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/WS-7-1536x782.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/WS-7.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 Wall Street rose on Tuesday, with both the blue-chip Dow and benchmark\u00a0S&amp;P 500\u00a0closing at record highs, as economically sensitive value stocks gained with the U.S.&hellip; <\/p>\n","protected":false},"author":2,"featured_media":5020,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[198,124,10,28,41,199,26,33,197,193,72,50,189,31,101],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 11 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-11-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, 11 August, 2021 | Seven Star FX\" \/>\n<meta property=\"og:description\" content=\"Market Wrap: Stocks, Bonds, Commodities Wall Street rose on Tuesday, with both 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