{"id":8482,"date":"2022-08-24T08:19:57","date_gmt":"2022-08-24T08:19:57","guid":{"rendered":"https:\/\/www.sevenstarfx.com\/blog\/?p=8482"},"modified":"2022-08-24T08:19:57","modified_gmt":"2022-08-24T08:19:57","slug":"daily-market-outlook-24-august-2022","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-24-august-2022\/","title":{"rendered":"Daily Market Outlook, 24 August, 2022"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>Wall Street ended down on Tuesday as investors focused on data showing a slowing economy ahead of a US Federal Reserve gathering later this week in Jackson Hole, Wyoming.<\/p>\n<p>The Dow Jones Industrial Average fell 154.02 points to 32,909.59, the S&amp;P 500 lose 9.26 points to 4,128.73 and the Nasdaq Composite <span data-dobid=\"hdw\">subtract<\/span> 0.27 points to 12,381.30.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan is drop 0.80% to 627.72 levels. Australian index higher 0.52% to 6,998.10. Japanese Nikkei Index drop 0.49% to 28,313.47.<\/p>\n<p>European stocks were negative on Wednesday, with the Stoxx Europe 50 Index fell 0.17% to 3,646.45, Germany&#8217;s DAX decline 0.28% to 13,156.85, and France&#8217;s CAC drop 0.20% to 6,349.42, and U.K.&#8217;s FTSE 100 sliped 0.55% to 7,447.72.<\/p>\n<p>Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a negative 0.44% to 3.0410.<\/p>\n<p>Oil prices surged by nearly 4 percent on Tuesday after Saudi Arabia floated the idea of OPEC+ output cuts to support prices in the case of returning Iranian crude and with the prospect of a drop in US inventories.<\/p>\n<p>Spot Brent crude oil add 1.11% to $101.31 per barrel. US West Texas Intermediate crude is up 1.05% to $94.72 a barrel.<\/p>\n<p>The yellow metal gold is decline 0.01% to 1,760.85 dollars per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex\u00a0<\/strong><\/span><\/h3>\n<p>The U.S. dollar steadied just below recent peaks on Wednesday, as investors waited to hear from the Federal Reserve and pondered whether weak U.S. data may slow the pace of rate hikes.<\/p>\n<p>Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is rose 0.05% to 108.610.<\/p>\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that is down 0.20% today. This left the pair trading around $0.99470.<\/p>\n<p>The Japanese yen was positive against the U.S. dollar on Wednesday as the stock up. Today USD\/JPY is drop 0.19% to 136.510 level.<\/p>\n<p>Another commodity-related currency negative against the U.S dollar, AUD\/USD lose 0.13% to 0.69200, and NZD\/USD down 0.27 to 0.61950 level.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:<\/span><\/strong> Trend on the downside<\/h3>\n<p><strong>Our pivot point is at 0.99800<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot level with targets at 0.98860 &amp; 0.98200 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for a further upside to 1.00530 &amp; 1.01160.<\/p>\n<p><strong>Comment:<\/strong> RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-8477 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/EURUSD-17-1024x465.jpg\" alt=\"\" width=\"1024\" height=\"465\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/EURUSD-17-1024x465.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/EURUSD-17-300x136.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/EURUSD-17-768x349.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/EURUSD-17-1536x698.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/EURUSD-17.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>Support level at 1.18120<span style=\"color: #cf2e2e\"><br \/>\n<\/span><\/h3>\n<p><strong>Our pivot point is at 1.18120<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Buy positions above pivot with targets at 1.18730 &amp; 1.19250 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The price below pivot would call for further downside to 1.17590 &amp; 1.17060.<\/p>\n<p><strong>Comment<\/strong>:\u00a0 RSI above 50 levels and Pairs above its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-8478 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/GBPUSD-17-1024x465.jpg\" alt=\"\" width=\"1024\" height=\"465\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/GBPUSD-17-1024x465.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/GBPUSD-17-300x136.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/GBPUSD-17-768x349.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/GBPUSD-17-1536x698.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/GBPUSD-17.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 136.930<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Sell position below pivot with the target at 136.150 and 135.660 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The upside breakout of the pivot would call for 137.590 and 138.100.<\/p>\n<p><strong>Comment<\/strong>: MACD is negative territory and Pairs below its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-8479 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/USDJPY-17-1024x465.jpg\" alt=\"\" width=\"1024\" height=\"465\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/USDJPY-17-1024x465.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/USDJPY-17-300x136.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/USDJPY-17-768x349.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/USDJPY-17-1536x698.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/USDJPY-17.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\">AUD\/USD Intraday: <\/span>Trend on the upside<span style=\"color: #000000\"><br \/>\n<\/span><\/h3>\n<p><strong>Our pivot point is at 0.69060<\/strong><\/p>\n<p><strong>Preferable Price Action:<\/strong> Buy Positions above pivot with targets at 0.69490 &amp; 0.69770 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for a further downside with 0.68730 &amp; 0.68490 as targets.<\/p>\n<p><strong>Comment<\/strong>: RSI above 50 levels and Pairs above its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-8475 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/AUDUSD-17-1024x465.jpg\" alt=\"\" width=\"1024\" height=\"465\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/AUDUSD-17-1024x465.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/AUDUSD-17-300x136.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/AUDUSD-17-768x349.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/AUDUSD-17-1536x698.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/AUDUSD-17.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\">CRUDEOIL Intraday: <\/span>Major support level at 93.58<strong><br \/>\n<\/strong><\/h3>\n<p><strong>Our pivot point is at 93.58<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Above pivots buy oil with 96.76 &amp; 98.94 as targets.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Sell crude below pivot with targets at 90.92 and 88.76 in extension.<\/p>\n<p><strong>Comment<\/strong>: MACD is in the positive territory and Pairs above its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-8476 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/CRUDEOIL-17-1024x465.jpg\" alt=\"\" width=\"1024\" height=\"465\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/CRUDEOIL-17-1024x465.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/CRUDEOIL-17-300x136.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/CRUDEOIL-17-768x349.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/CRUDEOIL-17-1536x698.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/CRUDEOIL-17.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\">XAU\/USD Intraday: <\/span>Trend on the upside<span style=\"color: #cf2e2e\"><br \/>\n<\/span><\/h3>\n<p><strong>Our pivot point is 1745.10<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1760.50 and 1773.20<\/p>\n<p><strong>Alternative Price Action<\/strong>: If the price gives a downside breakout of a pivot, then the price extends to 1728.50 and 1716.40.<\/p>\n<p><strong>Comment<\/strong>: MACD is positive territory and Pairs above 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-8481 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/XAUUSD-17-1024x465.jpg\" alt=\"\" width=\"1024\" height=\"465\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/XAUUSD-17-1024x465.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/XAUUSD-17-300x136.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/XAUUSD-17-768x349.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/XAUUSD-17-1536x698.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/XAUUSD-17.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\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 32,935.00<br \/>\n<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot with targets at 32,646.00 &amp; 32,407.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 32,935.00 looks for further upside to 33,214.00 &amp; 33,472.00.<\/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-8480 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/WS30-17-1024x465.jpg\" alt=\"\" width=\"1024\" height=\"465\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/WS30-17-1024x465.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/WS30-17-300x136.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/WS30-17-768x349.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/WS30-17-1536x698.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2022\/08\/WS30-17.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\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 down on Tuesday as investors focused on data showing a slowing economy ahead of a US Federal Reserve gathering later this week&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 - 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