{"id":8332,"date":"2022-08-02T09:03:36","date_gmt":"2022-08-02T09:03:36","guid":{"rendered":"https:\/\/www.sevenstarfx.com\/blog\/?p=8332"},"modified":"2022-08-02T09:03:36","modified_gmt":"2022-08-02T09:03:36","slug":"daily-market-outlook-02-august-2022","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-02-august-2022\/","title":{"rendered":"Daily Market Outlook, 02 August, 2022"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>Wall Street ended a three-day winning streak and crude prices plunged on Monday as economic data from the US, Europe and China showed demand weakening under inflation pressures, while the looming possibility of recession curbed risk appetite.<\/p>\n<p>The Dow Jones Industrial Average fell 46.73 points to 32,798.40, the S&amp;P 500 lose 11.66 points to 4,118.63 and the Nasdaq Composite <span data-dobid=\"hdw\">subtract<\/span> 21.71 points to 12,368.98.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan is drop 1.23% to 634.07 levels. Australian index higher 0.07% to 6,998.10. Japanese Nikkei Index drop 1.42% to 27,594.73.<\/p>\n<p>European stocks were negative on Tuesday, with the Stoxx Europe 50 Index fell 0.76% to 3,678.35, Germany&#8217;s DAX decline 0.63% to 13,390.93, and France&#8217;s CAC drop 0.50% to 6,405.36, and U.K.&#8217;s FTSE 100 surge 0.16% to 7,423.90.<\/p>\n<p>Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a negative 2.05% to 2.5520.<\/p>\n<p>Oil prices edged lower on Tuesday, extending losses from the previous session, as investors worried about global oil demand following weak manufacturing data in several countries.<\/p>\n<p>Spot Brent crude oil subtract 0.65% to $99.37 per barrel. US West Texas Intermediate crude is down 0.48% to $93.45 a barrel.<\/p>\n<p>The yellow metal gold is advance 0.10% to 1,789.50 dollars per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex\u00a0<\/strong><\/span><\/h3>\n<p>The U.S. dollar edged higher Tuesday, helped by raised geopolitical tensions, but still dropped to a two-month low against the Japanese yen as the market continued to factor in a less aggressive Federal Reserve\u2019s tightening path.<\/p>\n<p>Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is rose 0.07% to 105.390.<\/p>\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that is down 0.19% today. This left the pair trading around $1.02420.<\/p>\n<p>The Japanese yen was positive against the U.S. dollar on Tuesday as the stock up. Today USD\/JPY is drop 0.54% to 132.890 level.<\/p>\n<p>Another commodity-related currency negative against the U.S dollar, AUD\/USD lose 1.48% to 0.69190, and NZD\/USD down 0.83 to 0.62780 level.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:<\/span><\/strong> Resistance level at 1.02800<\/h3>\n<p><strong>Our pivot point is at 1.02800<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot level with targets at 1.01810 &amp; 1.01300 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for a further upside to 1.03570 &amp; 1.04050.<\/p>\n<p><strong>Comment:<\/strong> RSI below 50 levels and Pairs below its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-8327 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/EURUSD-1-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/EURUSD-1-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/EURUSD-1-300x136.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/EURUSD-1-768x349.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/EURUSD-1-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/EURUSD-1.jpg 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 Indicate 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\">GBP\/USD Intraday: <\/span>Trend on the downside<\/h3>\n<p><strong>Our pivot point is at 1.22500<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Sell positions below pivot with targets at 1.21280 &amp; 1.20420 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The price above pivot would call for further upside to 1.23530 &amp; 1.24370.<\/p>\n<p><strong>Comment<\/strong>:\u00a0 RSI below 50 levels and pair below its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-8328 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/GBPUSD-1-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/GBPUSD-1-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/GBPUSD-1-300x136.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/GBPUSD-1-768x349.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/GBPUSD-1-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/GBPUSD-1.jpg 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 Indicate 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\">USD\/JPY Intraday: <\/span>Trend on the downside<span style=\"color: #cf2e2e\"><br \/>\n<\/span><\/h3>\n<p><strong>Our pivot point is at 131.870<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Sell position below pivot with the target at 129.210 and 127.200 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The upside breakout of the pivot would call for 134.100 and 136.040.<\/p>\n<p><strong>Comment<\/strong>: MACD is negative territory and Pair below 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-8329 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/USDJPY-1-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/USDJPY-1-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/USDJPY-1-300x137.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/USDJPY-1-768x350.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/USDJPY-1-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/USDJPY-1.jpg 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 Indicate 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>Major trend on the downside<span style=\"color: #000000\"><br \/>\n<\/span><\/h3>\n<p><strong>Our pivot point is at 0.69680<\/strong><\/p>\n<p><strong>Preferable Price Action:<\/strong> Sell Positions below pivot with targets at 0.68840 &amp; 0.68220 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for a further upside with 0.70380 &amp; 0.71000 as targets.<\/p>\n<p><strong>Comment<\/strong>: RSI below 50 levels and Pair below its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-8325 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/AUDUSD-1-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/AUDUSD-1-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/AUDUSD-1-300x137.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/AUDUSD-1-768x350.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/AUDUSD-1-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/AUDUSD-1.jpg 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 Indicate 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\">CRUDEOIL Intraday: <\/span>Major resistance level at 93.88<\/h3>\n<p><strong>Our pivot point is at 93.88<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Below pivots sell oil with 89.89 &amp; 87.31 as targets.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Buy crude above pivot with targets at 96.88 and 99.54 in extension.<\/p>\n<p><strong>Comment<\/strong>: MACD is in the negative territory and Pairs below 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-8326 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/CRUDEOIL-1-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/CRUDEOIL-1-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/CRUDEOIL-1-300x137.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/CRUDEOIL-1-768x350.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/CRUDEOIL-1-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/CRUDEOIL-1.jpg 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 Indicate 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\">XAU\/USD Intraday: <\/span>Trend on the downside<span style=\"color: #cf2e2e\"><br \/>\n<\/span><\/h3>\n<p><strong>Our pivot point is 1784.30<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further downside to 1749.70 and 1728.50<\/p>\n<p><strong>Alternative Price Action<\/strong>: If the price gives an upside breakout of a pivot, then the price extends to 1810.20 and 1830.30.<\/p>\n<p><strong>Comment<\/strong>: MACD is negative territory and Pairs below 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-8331 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/XAUUSD-1-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/XAUUSD-1-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/XAUUSD-1-300x137.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/XAUUSD-1-768x350.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/XAUUSD-1-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/XAUUSD-1.jpg 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 Indicate 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<hr \/>\n<h3><span style=\"color: #cf2e2e\">Dow Jones Intraday: <\/span>Trend on the downside<span style=\"color: #cf2e2e\"><br \/>\n<\/span><\/h3>\n<p><strong>Our pivot point is 32,768.00<br \/>\n<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot with targets at 32,416.00 &amp; 32,181.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 32,768.00 looks for further upside to 33,074.00 &amp; 33,309.00.<\/p>\n<p><strong>Comment<\/strong>: RSI below 50 levels and Pair below its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-8330 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/WS30-1-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/WS30-1-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/WS30-1-300x137.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/WS30-1-768x350.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/WS30-1-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/WS30-1.jpg 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 Indicate 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 ended a three-day winning streak and crude prices plunged on Monday as economic data from the US, Europe and China showed demand weakening&hellip; <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[124,89,329,10,28,3,155,220,26,328,33,327,72,323,31,101],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 02 August, 2022 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, 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