{"id":1149,"date":"2020-05-04T07:22:36","date_gmt":"2020-05-04T07:22:36","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=1149"},"modified":"2020-05-04T07:22:36","modified_gmt":"2020-05-04T07:22:36","slug":"daily-market-outlook-04-may-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-04-may-2020\/","title":{"rendered":"Daily Market Outlook, 04 May, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>US major stock indices sold off sharply on Friday after President Donald Trump statement of new tariffs against China in response to the COVID-19 pandemic. All three major American indices closed down well over 2% and for the week they all lost ground.<\/p>\n<p>The Dow Jones Industrial Average slipped 621.80 points (2.55%) to 23,724.20, the S&amp;P 500 declined 82 points (2.82%) to 2,831, and the Nasdaq Composite fell 284.50points (3.2%) to 8,605.<\/p>\n<p>Asian major markets traded lower on Monday, with the Japanese and Chinese market closed for holidays.<\/p>\n<p>China has posted its first-quarter GDP contraction since such records began a generation ago, and report a plunge in April export orders last week.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan down 2.93% to 588.70 levels. Australian index rose 1.41% to 5,319.80.<\/p>\n<p>European stocks were lower on Monday, with the Stoxx Europe 50 Index fell 3.41% to 2,829.10, Germany&#8217;s DAX down 2.97% to 10,536.75 and France&#8217;s CAC slipped 0.87% to 4,415.22 and U.K.&#8217;s FTSE 100 lower 0.80% to 5,723.80.<\/p>\n<p>Benchmark 10-year U.S. Treasury advanced as demand for safe asset grow again, today 10-year bond yield lower 3.22% to 0.619.<\/p>\n<p>Crude Oil prices fell in the early morning on Monday, fear of US-China trade tension could hold back a world economic recovery even as coronavirus pandemic lockdowns start to ease in some countries.<\/p>\n<p>Brent crude oil rose 8.34% to $26.600 per barrel. while US West Texas Intermediate (WTI) crude soared 15.14% to $19.28 per barrel.<\/p>\n<p>The Yellow metal rose as demand for risky asset down. Today, gold prices higher 0.90% to $1705 per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar inched higher on Monday as a U.S.-China divide over the origin of the coronavirus put the brakes on optimism about an economic re-start as countries around the world ease restrictions.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, advanced 0.32% to 99.415.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair lower by 0.45% today. This left the pairing trading around $1.09380.<\/p>\n<p>The Japanese yen rose against the U.S. dollar on Monday as stock pushes lower. Today US\/JPY lower 0.20% to 106.800 level.<\/p>\n<p>Other commodity-related currency broadly edged lower against U.S dollar, AUD\/USD down 0.40% to 0.63390 and NZD\/USD slipped 0.50% to 0.60370.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday: <\/span>Trend Upside continues<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.09000<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take long positions above pivot level with targets at 1.09756 &amp; 1.10104 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside at 1.08282 &amp; 1.07934.<\/p>\n<p><strong>Comment: <\/strong>pair below 20MA and MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1151 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/EURUSD-1-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-1-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-1-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-1-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-1-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-1.png 1674w\" 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>Resistance at 1.24800<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.24800<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Short positions below pivot with targets at 1.24122 &amp; 1.23769 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price above pivot would call for further upside to 1.25454 &amp; 1.25817.<\/p>\n<p><strong>Comment<\/strong>: The RSI indicator at oversold level and pair below 50MA &amp; 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1152 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/GBPUSD-1-1024x573.png\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-1-1024x573.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-1-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-1-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-1-1536x860.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-1.png 1679w\" 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\">JPY\/USD Intraday: <\/span><\/strong>In a consolidation zone<\/h3>\n<p><strong>Our pivot point is at 106.600<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Long position above pivot with the target at 107.102 and 107.445 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 106.104 and 105.769.<\/p>\n<p><strong>Comment<\/strong>: Pair above 20MA and RSI at 50 levels mark.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1153 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/USDJPY-1-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-1-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-1-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-1-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-1-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-1.png 1678w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;font-size: 11px\"><span style=\"color: #008000\">Green Lines Indicate Re<\/span><span style=\"color: #008000\">sistance Levels<\/span>\u00a0\u00a0\u2013\u00a0<span style=\"color: #ff0000\">Red Lines Indicates Support <\/span><span style=\"color: #ff0000\">Levels\u00a0<\/span><\/p>\n<p style=\"text-align: center;font-size: 11px\"><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\">AUD\/USD Intraday:<\/span> Bias on the downside<\/strong><\/h3>\n<p><strong>Our pivot point is at 0.64050<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Short positions below pivot with targets at 0.63546 &amp; 0.63200 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside with 0.64546 &amp; 0.64891 as targets.<\/p>\n<p><strong>Comment<\/strong>: MACD in the negative zone and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1154 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/AUDUSD-1-1024x574.png\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-1-1024x574.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-1-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-1-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-1-1536x861.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-1.png 1676w\" 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 Upside<\/strong><\/h3>\n<h3><strong>Our pivot point is at 19.55<\/strong><\/h3>\n<p><strong>Preferable Price Action<\/strong>: Buy crude above pivot with targets at 21.36 and 22.35 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivots sell Oil with 17.74 &amp; 16.70 as targets.<\/p>\n<p><strong>Comment<\/strong>: RSI at 50 level mark and price above 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1155 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/CRUDEOIL-1-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-1-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-1-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-1-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-1-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-1.png 1678w\" 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> Bias on upside<\/h3>\n<p><strong>Our pivot point is at 1692.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1712.02 &amp; 1720.08 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 1673.88 and 1665.67.<\/p>\n<p><strong>Comment<\/strong>: RSI above 50 level mark and price above 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1156 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/XAUUSD-1-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-1-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-1-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-1-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-1-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-1.png 1677w\" 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\u00a0Intraday:<\/span><\/span> Trend may change to downside<\/h3>\n<p><strong>Our pivot point is at 23750.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot with targets at 23302.54 &amp; 23002.43 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 23750.00 looks for further upside to 24212.63 &amp; 24505.36.<\/p>\n<p><strong>Comment<\/strong>: Index below 55MA and also MACD in negative side.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1157 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/WS30-1-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-1-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-1-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-1-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-1-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-1.png 1676w\" 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","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities US major stock indices sold off sharply on Friday after President Donald Trump statement of new tariffs against China in response to the COVID-19 pandemic.&hellip; <\/p>\n","protected":false},"author":2,"featured_media":310,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[8,10,21,42,3,61,33,50],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 04 May, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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