{"id":9901,"date":"2023-03-16T09:22:01","date_gmt":"2023-03-16T09:22:01","guid":{"rendered":"https:\/\/www.sevenstarfx.com\/blog\/?p=9901"},"modified":"2023-03-16T09:22:01","modified_gmt":"2023-03-16T09:22:01","slug":"daily-market-outlook-16-march-2023","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-16-march-2023\/","title":{"rendered":"Daily Market Outlook, 16 March, 2023"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>US stocks pared losses late on Wednesday but the Dow and S&amp;P 500 still closed lower, as problems at Credit Suisse revived fears of a banking crisis, eclipsing bets on a smaller US rate hike this month.<\/p>\n<p>The Dow Jones Industrial Average fell 280.83 points to 31,874.57, the S&amp;P 500 lose 27.36% to 3,891.93 and the Nasdaq Composite add 5.90 points to 11,434.05<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan is decline 0.94% to 611.79 levels. The Australian index was lower by 1.46% to 6,965.50. Japanese Nikkei Index decline 0.80% today.<\/p>\n<p>European stocks were positive on Thrusday, with the Stoxx Europe 50 Index rose 0.61% to 4,057.45, Germany&#8217;s DAX advance 0.52% to 14,814.25, and France&#8217;s CAC ascend 0.57% to 6,924.37, and U.K.&#8217;s FTSE 100 add 0.47% to 7,375.30.<\/p>\n<p>Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields are positive 0.49% to 3.5110.<\/p>\n<p>Oil prices plunged by nearly 5 percent on Wednesday to settle at the lowest levels in more than a year on concerns that a crisis of confidence in the banking sector could trigger a recession and cut demand.<\/p>\n<p>Spot Brent crude oil ascend 0.54% to $74.09 per barrel. US West Texas Intermediate crude is up 0.43% to $67.88 a barrel.<\/p>\n<p>The yellow metal gold is decline 0.37% to 1,924.10 dollars per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex\u00a0<\/strong><\/span><\/h3>\n<p>The dollar rose on Wednesday on safe-haven buying after Credit Suisse&#8217;s stock tumbled following the disclosure of &#8220;weaknesses&#8221; in its financial reporting that renewed investor concerns that a full-blown global banking crisis may be brewing.<\/p>\n<p>Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which slipped 0.16% to 104.108.<\/p>\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that is up 0.33% today. This left the pair trading around $1.06100.<\/p>\n<p>The Japanese yen was negative against the U.S. dollar on Thrusday. Today USD\/JPY is slipped 0.45% to the 132.810 level.<\/p>\n<p>Another commodity-related currency mixed against the U.S dollar, AUD\/USD rose 0.50% to 0.66470, and NZD\/USD slipped 0.27% to 0.61680 level.<\/p>\n<hr \/>\n<h3><span style=\"color: #cf2e2e\">EUR\/USD Intraday: <\/span>Major trend on the upside<span style=\"color: #cf2e2e\"><br \/>\n<\/span><\/h3>\n<p><strong>Our pivot point is at 1.0615<\/strong><strong>0<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above pivot level with targets at 1.06560 &amp; 1.06870 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for a further downside to 1.05800 &amp; 1.05560.<\/p>\n<p><strong>Comment:<\/strong> RSI is above 50 levels and Pairs above its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-9896 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/EURUSD-8-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/EURUSD-8-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/EURUSD-8-300x137.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/EURUSD-8-768x350.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/EURUSD-8-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/EURUSD-8.jpg 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 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 upside<span style=\"color: #cf2e2e\"><br \/>\n<\/span><\/h3>\n<p><strong>Our pivot point is at 1.20880<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Buy positions above pivot with targets at 1.21280 &amp; 1.21570 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The price below pivot would call for further downside to 1.20520 &amp; 1.20270.<\/p>\n<p><strong>Comment<\/strong>:\u00a0 RSI is below 50 levels and Pairs below its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-9897 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/GBPUSD-8-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/GBPUSD-8-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/GBPUSD-8-300x137.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/GBPUSD-8-768x350.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/GBPUSD-8-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/GBPUSD-8.jpg 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 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>Support level at 132.910<span style=\"color: #cf2e2e\"><br \/>\n<\/span><\/h3>\n<p><strong>Our pivot point is at 132<\/strong><strong>.910<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action:<\/strong> Buy position above pivot with the target at 133.830 and 134.470 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of the pivot would call for 132.150 and 131.610.<\/p>\n<p><strong>Comment<\/strong>: MACD is above 50 level and Pairs above 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-9898 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/USDJPY-8-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/USDJPY-8-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/USDJPY-8-300x137.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/USDJPY-8-768x350.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/USDJPY-8-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/USDJPY-8.jpg 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 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 upside<\/h3>\n<p><strong>Our pivot point is at 0.66480<\/strong><\/p>\n<p><strong>Preferable Price Action:<\/strong> Buy positions above pivot with targets at 0.66760 &amp; 0.66950 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for a further downside with 0.66240 &amp; 0.66060 as targets.<\/p>\n<p><strong>Comment<\/strong>: RSI is above 50 levels and pairs above its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-9894 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/AUDUSD-8-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/AUDUSD-8-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/AUDUSD-8-300x137.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/AUDUSD-8-768x350.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/AUDUSD-8-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/AUDUSD-8.jpg 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 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>Trend on the downside<strong><br \/>\n<\/strong><\/h3>\n<p><strong>Our pivot point is at 69.02<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Below pivot sell oil with 67.31 &amp; 65.93 as targets.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Buy crude above pivot with targets at 70.52 and 71.84 in extension.<\/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-9895 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/CRUDEOIL-8-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/CRUDEOIL-8-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/CRUDEOIL-8-300x137.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/CRUDEOIL-8-768x350.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/CRUDEOIL-8-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/CRUDEOIL-8.jpg 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 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<\/h3>\n<p><strong>Our pivot point is 1916.20<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1937.70 and 1955.10<\/p>\n<p><strong>Alternative Price Action<\/strong>: If the price gives a downside breakout of a pivot, then the price extends to 1897.10 and 1882.30.<\/p>\n<p><strong>Comment<\/strong>: MACD is above 50 level and Pairs above its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-9900 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/XAUUSD-8-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/XAUUSD-8-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/XAUUSD-8-300x137.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/XAUUSD-8-768x350.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/XAUUSD-8-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/XAUUSD-8.jpg 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 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>In a consolidation zone<span style=\"color: #cf2e2e\"><br \/>\n<\/span><\/h3>\n<p><strong>Our pivot point is 31,974.00<br \/>\n<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below the pivot with targets at 31,810.00 &amp; 31,703.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 31,974.00 looks for further upside to 32,130.00 &amp; 32,253.00.<\/p>\n<p><strong>Comment<\/strong>: RSI is at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-9899 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/WS30-8-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/WS30-8-1024x466.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/WS30-8-300x137.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/WS30-8-768x350.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/WS30-8-1536x699.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/03\/WS30-8.jpg 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 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 US stocks pared losses late on Wednesday but the Dow and S&amp;P 500 still closed lower, as problems at Credit Suisse revived fears of a&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, 16 March, 2023 | Seven Star FX<\/title>\n<meta name=\"robots\" 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