{"id":10741,"date":"2023-07-20T09:37:21","date_gmt":"2023-07-20T09:37:21","guid":{"rendered":"https:\/\/www.sevenstarfx.com\/blog\/?p=10741"},"modified":"2023-07-20T09:37:21","modified_gmt":"2023-07-20T09:37:21","slug":"daily-market-outlook-20-july-2023","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-20-july-2023\/","title":{"rendered":"Daily Market Outlook, 20 July, 2023"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>Australia&#8217;s Zip Co Ltd said on Thursday it faced a jump in bad debts at home grounds, its biggest market by revenue, during the March-June quarter due to poor domestic consumer credit and discrepancies with third-party payment processors.<\/p>\n<p>The Dow Jones Industrial Average rose 109.28 points to 35,061.21, the S&amp;P 500 gain 0.24% to 4,565.72 and the Nasdaq Composite add 4.38 points to 14,358.02.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan is decline 0.24% to 646.46 levels. The Australian index was higher by 0.02% to 7,325.00. Japanese Nikkei Index decline 1.31% today.<\/p>\n<p>European stocks were mixed on Thursday, with the Stoxx Europe 50 Index fell 0.08% to 4,358.85, Germany&#8217;s DAX advance 0.14% to 16,131.25, and France&#8217;s CAC ascend 0.25% to 7,344.79 and U.K.&#8217;s FTSE 100 add 0.62% to 7,634.96.<\/p>\n<p>Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields positive 1.15% to 3.7870.<\/p>\n<p>Oil prices were little changed on Thursday as a lower-than-expected drop in\u00a0<span class=\"aqPopupWrapper js-hover-me-wrapper\">U.S. crude<\/span>\u00a0inventories and a potentially weaker demand outlook kept investors cautious.<\/p>\n<p>Spot Brent crude oil ascend 0.15% to $79.58 per barrel. US West Texas Intermediate crude is up 0.20% to $75.44 a barrel.<\/p>\n<p>The yellow metal gold is advance 0.13% to 1,983.45 dollars per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market <span style=\"color: #cf2e2e\">Wrap:<\/span> Forex<\/strong><\/span><\/h3>\n<p>The U.S. dollar edged lower in early European hours Thursday as its rebound stalled, while the Australian dollar bounced on strong employment data and sterling remained weak.<\/p>\n<p>Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which slipped 0.08% to 99.900.<\/p>\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that is up 0.13% today. This left the pair trading around $1.12120.<\/p>\n<p>The Japanese yen was negative against the U.S. dollar on Thursday. Today USD\/JPY is slipped 0.16% to the 139.420 level.<\/p>\n<p>Another commodity-related currency positive against the U.S dollar, AUD\/USD rose 0.83% to 0.68310, and NZD\/USD surged 0.40% to 0.62880 level.<\/p>\n<hr \/>\n<h3><span style=\"color: #cf2e2e\">EUR\/USD Intraday:<\/span> In a consolidation zone<\/h3>\n<p><strong>Our pivot point is at 1.1220<\/strong><strong>0<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot level with targets at 1.11940 &amp; 1.11770 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for a further upside to 1.12410 &amp; 1.12570.<\/p>\n<p><strong>Comment:<\/strong> RSI is at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10736 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/EURUSD-13-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/EURUSD-13-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/EURUSD-13-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/EURUSD-13-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/EURUSD-13-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/EURUSD-13.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> Major trend on the downside<\/h3>\n<p><strong>Our pivot point is at 1.29460<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Sell positions below pivot with targets at 1.28710 &amp; 1.28280 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The price above pivot would call for further upside to 1.30090 &amp; 1.30560.<\/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-10737 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/GBPUSD-13-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/GBPUSD-13-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/GBPUSD-13-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/GBPUSD-13-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/GBPUSD-13-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/GBPUSD-13.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> Resistance level at 139.690<\/h3>\n<p><strong>Our pivot point is at 139<\/strong><strong>.690<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action:<\/strong> Sell position below pivot with the target at 139.110 and 138.760 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The upside breakout of the pivot would call for 140.220 and 140.550.<\/p>\n<p><strong>Comment<\/strong>: MACD is below 50 level and Pairs below 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10738 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/USDJPY-13-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/USDJPY-13-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/USDJPY-13-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/USDJPY-13-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/USDJPY-13-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/USDJPY-13.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<\/h3>\n<p><strong>Our pivot point is at 0.68170<\/strong><\/p>\n<p><strong>Preferable Price Action:<\/strong> Buy positions above pivot with targets at 0.68470 &amp; 0.68690 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for a further downside with 0.67910 &amp; 0.67720 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-10734 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/AUDUSD-13-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/AUDUSD-13-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/AUDUSD-13-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/AUDUSD-13-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/AUDUSD-13-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/AUDUSD-13.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> Trend on the downside<strong><br \/>\n<\/strong><\/h3>\n<p><strong>Our pivot point is at 75.49<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Below pivot sell oil with 74.86 &amp; 74.44 as targets.<\/p>\n<p><strong>Alternative Price Action<\/strong>:Buy crude above pivot with targets at 76.06 and 76.49 in extension.<\/p>\n<p><strong>Comment<\/strong>: MACD is negative territory and Pairs below 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10735 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/CRUDEOIL-13-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/CRUDEOIL-13-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/CRUDEOIL-13-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/CRUDEOIL-13-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/CRUDEOIL-13-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/CRUDEOIL-13.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<\/h3>\n<p><strong>Our pivot point is 1979.20<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1988.40 and 1994.30.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If the price gives a downside breakout of a pivot, then the price extends to 1971.60 and 1966.50.<\/p>\n<p><strong>Comment<\/strong>: MACD is above 50 level and Pairs above 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10740 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/XAUUSD-13-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/XAUUSD-13-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/XAUUSD-13-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/XAUUSD-13-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/XAUUSD-13-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/XAUUSD-13.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\">Dow Jones Intraday:<\/span> In a consolidation zone<\/h3>\n<p><strong>Our pivot point is 35,121.00<br \/>\n<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below the pivot with targets at 34,979.00 &amp; 34,890.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 35,121.00 looks for further upside to 35,248.00 &amp; 35,335.00.<\/p>\n<p><strong>Comment<\/strong>: RSI is at 50 levels and Pairs below 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-10739 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/WS30-13-1024x488.jpg\" alt=\"\" width=\"1024\" height=\"488\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/WS30-13-1024x488.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/WS30-13-300x143.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/WS30-13-768x366.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/WS30-13-1536x732.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/07\/WS30-13.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","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities Australia&#8217;s Zip Co Ltd said on Thursday it faced a jump in bad debts at home grounds, its biggest market by revenue, during the March-June&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, 20 July, 2023 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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