{"id":5051,"date":"2021-08-16T08:53:29","date_gmt":"2021-08-16T08:53:29","guid":{"rendered":"https:\/\/www.sevenstarfx.com\/blog\/?p=5051"},"modified":"2021-08-17T08:23:36","modified_gmt":"2021-08-17T08:23:36","slug":"daily-market-outlook-16-august-2021","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-16-august-2021\/","title":{"rendered":"Daily Market Outlook, 16 August, 2021"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>The Dow Industrial and S&amp;P 500 edged up to closing records on Friday and notched a second straight week of gains, buoyed by a climb in Walt Disney shares, but a sharp drop in consumer sentiment kept gains in check.<\/p>\n<p>China\u2019s Ningbo-Zhoushan container port, the world\u2019s third-busiest, remained partially closed for a sixth day Monday, amid ongoing concern over whether the shutdown will disrupt trade from the region longer term.<\/p>\n<p>The Dow Jones Industrial Average rose 15.53 points (0.04%) to 35,515.38, the S&amp;P 500 gained 7.17 points (0.16%) to 4,468.00 and the Nasdaq Composite added 6.64 points (0.04%) to 14,822.90.<\/p>\n<p>Asian share markets made a cautious start to the week on Monday ahead of a raft of Chinese data that could confirm a slowdown in the giant economy, as much of the world races to stem the spread of the Delta variant of COVID-19 with vaccinations.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan lost 0.56% to 816.10 levels. Australian index lost 0.61% to 7,582.50. Japanese Nikkei traded 1.62% lower to 27,523.19.<\/p>\n<p>European stocks were lower on Monday, with the Stoxx Europe 50 Index flat to 4,226.15, Germany&#8217;s DAX rose 0.08% to 15,950.85, and France&#8217;s CAC up 0.16% to 6,893.73, and U.K.&#8217;s FTSE 100 up 0.29% to 7,214.15.<\/p>\n<p>Benchmark 10-year U.S. Treasury rose as demand for safe assets grows again, today 10-year bond yields lost 2.85% to 1.260.<\/p>\n<p>Oil prices fell more than 1% on Monday, dropping for a third session, as government-imposed restrictions on mobility to counter the spread of the Delta variant raised worries about a recovery in fuel demand.<\/p>\n<p>Spot Brent crude oil lost 1.27% to $69.69 per barrel. US West Texas Intermediate crude slipped 1.41% to $67.25 a barrel.<\/p>\n<p>The yellow metal traded 0.19% lower to 1774.85 dollars per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar held near a one-week low versus major peers on Monday, after slumping the most in almost seven weeks on Friday as diving U.S. consumer confidence hurt bets for an early tightening of Federal Reserve policy.<\/p>\n<p>Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, which rose 0.07% to 92.573.<\/p>\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that lost 0.05% today. This left the pairing trading around $1.17850<\/p>\n<p>The Japanese yen gained against the U.S. dollar on Monday as the stock pushes higher. Today US\/JPY slipped 0.14% to 109.410 level.<\/p>\n<p>Another commodity-related currency lower against the U.S dollar, AUD\/USD lost 0.44% to 0.73360, and NZD\/USD slipped 0.15% to 0.70270 level.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday: <\/span>Trend on the upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.17780<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take long positions above pivot level with targets at 1.18190 &amp; 1.18430 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for a further downside to 1.17390 &amp; 1.17140.<\/p>\n<p><strong>Comment: <\/strong>Pair above its 55MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-5053 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/EURUSD-11-1024x521.png\" alt=\"\" width=\"1024\" height=\"521\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/EURUSD-11-1024x521.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/EURUSD-11-300x153.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/EURUSD-11-768x391.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/EURUSD-11-1536x781.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/EURUSD-11.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 1.38340<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Buy positions above pivot with targets at 1.38770 &amp; 1.38990 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The price below pivot would call for further downside to 1.37930 &amp; 1.37720.<\/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-5054 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/GBPUSD-11-1024x522.png\" alt=\"\" width=\"1024\" height=\"522\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/GBPUSD-11-1024x522.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/GBPUSD-11-300x153.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/GBPUSD-11-768x391.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/GBPUSD-11-1536x783.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/GBPUSD-11.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 downside<\/strong><\/h3>\n<p><strong>Our pivot point is at 109.580<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Sell position below pivot with the target at 109.100 and 108.870 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The upside breakout of the pivot would call for 110.020 and 110.270.<\/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-5055 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/USDJPY-10-1024x521.png\" alt=\"\" width=\"1024\" height=\"521\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/USDJPY-10-1024x521.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/USDJPY-10-300x153.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/USDJPY-10-768x391.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/USDJPY-10-1536x782.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/USDJPY-10.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>In a consolidation zone<\/h3>\n<p><strong>Our pivot point is at 0.73550<\/strong><\/p>\n<p><strong>Preferable Price Action: <\/strong>\u00a0Sell Positions below pivot with targets at 0.73130 &amp; 0.72940 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for a further upside with 0.73970 &amp; 0.74160 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-5056 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/AUDUSD-10-1024x521.png\" alt=\"\" width=\"1024\" height=\"521\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/AUDUSD-10-1024x521.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/AUDUSD-10-300x153.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/AUDUSD-10-768x391.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/AUDUSD-10-1536x781.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/AUDUSD-10.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> Trend on the downside<\/strong><\/h3>\n<h4><strong>Our pivot point is at 67.74\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 65.80 &amp; 64.67 as targets.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Buy crude above pivot with targets at 69.85 and 70.98 in extension.<\/p>\n<p><strong>Comment<\/strong>: Crude is below its 55MA &amp; 20MA and MACD in the negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-5057 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/CRUDEOIL-10-1024x521.png\" alt=\"\" width=\"1024\" height=\"521\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/CRUDEOIL-10-1024x521.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/CRUDEOIL-10-300x153.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/CRUDEOIL-10-768x391.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/CRUDEOIL-10-1536x781.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/CRUDEOIL-10.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>Strong trend on the upside<\/strong><\/h3>\n<p><strong>Our pivot point is 1768.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1786.00 &amp; 1797.40.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If the price gives a downside breakout of a pivot, then the price extends to 1749.40 and 1737.40.<\/p>\n<p><strong>Comment<\/strong>: MACD in positive territory and price above its 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-5058 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/XAUUSD-11-1024x521.png\" alt=\"\" width=\"1024\" height=\"521\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/XAUUSD-11-1024x521.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/XAUUSD-11-300x153.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/XAUUSD-11-768x391.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/XAUUSD-11-1536x781.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/XAUUSD-11.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 35,347.00<\/h3>\n<p><strong>Our pivot point is 35,347.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take long positions above pivot with targets at 35,522.00 &amp; 35,623.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: below 35,347.00 looks for further downside to 35,187.00 &amp; 35,087.00.<\/p>\n<p><strong>Comment<\/strong>: Price above its 55MA and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-5059 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/WS-9-1024x522.png\" alt=\"\" width=\"1024\" height=\"522\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/WS-9-1024x522.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/WS-9-300x153.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/WS-9-768x392.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/WS-9-1536x784.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/08\/WS-9.png 1917w\" 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 Dow Industrial and S&amp;P 500 edged up to closing records on Friday and notched a second straight week of gains, buoyed by a climb&hellip; <\/p>\n","protected":false},"author":2,"featured_media":5066,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[124,204,10,28,41,26,33,203,72,50,31,101],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 16 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-16-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, 16 August, 2021 | Seven Star FX\" \/>\n<meta property=\"og:description\" content=\"Market Wrap: Stocks, Bonds, Commodities The Dow Industrial and S&amp;P 500 edged up to 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