{"id":1209,"date":"2020-05-11T09:25:03","date_gmt":"2020-05-11T09:25:03","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=1209"},"modified":"2020-05-11T09:27:02","modified_gmt":"2020-05-11T09:27:02","slug":"daily-market-outlook-11-may-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-11-may-2020\/","title":{"rendered":"Daily Market Outlook, 11 May, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>Major US indices advanced on Friday and mark solid gains for the week after data on historic job losses due to the coronavirus crisis showed they were slightly fewer than feared.<\/p>\n<p>The US unemployment rate hit 14.7% in April, the highest rate since the Great Depression, as 20.5 million jobs vanished in the worst monthly loss on record.<\/p>\n<p>The Dow Jones Industrial Average soared 454.50 points (1.91%) to 24,331.70, the S&amp;P 500 higher 1.70%, to 2,929.75 and the Nasdaq Composite gained 141.55 points (1.58%) to 9,121.28.<\/p>\n<p>Asian shares followed Wall Street higher on Monday as investors looked ahead to more countries restarting their economies, even as some reported an unwelcome pick up in new coronavirus cases.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan rose 0.71% to 606.70 levels. Australian index rose 1.30% to 5,461.20 and Japanese market rose 1.05% to 20,390.66.<\/p>\n<p>European stocks were higher on Monday, with the Stoxx Europe 50 Index rose 0.28% to 2,916.88, Germany&#8217;s DAX added 1.44% to 10,940.20 and France&#8217;s CAC gained 0.15% to 4,555.44 and U.K.&#8217;s FTSE 100 advanced 0.76% to 5,980.55.<\/p>\n<p>Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield rose 1.67% to 0.693.<\/p>\n<p>Oil prices early morning lower 1.5% on Monday as a persistent glut continued to weigh on prices and the coronavirus pandemic eroded global oil demand even as some governments began to ease lockdowns.<\/p>\n<p>Brent crude oil down 1.55% to $31.000 per barrel. while US West Texas Intermediate (WTI) crude slipped 1.70% to $25.38 per barrel.<\/p>\n<p>The Yellow metal price in a small range from last one month. Today, gold prices down 0.40% to $1707 per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose 0.10% to 99.815.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair higher by 0.10% today. This left the pairing trading around $1.08420.<\/p>\n<p>The Japanese yen rose against the U.S. dollar on Monday as demand for safe currency rose. Today US\/JPY higher 0.42% to 107.090 level.<\/p>\n<p>Other commodity-related currency broadly edged higher against U.S dollar, AUD\/USD gained 0.11% to 0.65370 and NZD\/USD down 0.05% to 0.61130.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday: <\/span>Trend may change<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.08180<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take long positions above pivot level with targets at 1.08681 &amp; 1.08952 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside at 1.07665 &amp; 1.07394.<\/p>\n<p><strong>Comment: <\/strong>pair above 20MA &amp; 55MA and MACD in positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1210 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/EURUSD-6-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-6-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-6-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-6-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-6-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-6.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\">GBP\/USD Intraday: <\/span>Bias remains upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.24000<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Long positions above pivot with targets at 1.24501 &amp; 1.24802 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price below pivot would call for further downside to 1.23486 &amp; 1.23180.<\/p>\n<p><strong>Comment<\/strong>: The RSI indicator above 50 and pair above 50MA &amp; 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1211 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/GBPUSD-6-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-6-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-6-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-6-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-6-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-6.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><strong><span style=\"color: #cf2e2e\">JPY\/USD Intraday:<\/span> Support<\/strong>\u00a0at 106.800<\/h3>\n<p><strong>Our pivot point is at 106.800<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Long position above pivot with the target at 107.371 and 107.652 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 106.258 and 105.962.<\/p>\n<p><strong>Comment<\/strong>: Pair above 55MA and RSI at overbought zone.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1212 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/USDJPY-6-1024x574.png\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-6-1024x574.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-6-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-6-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-6-1536x861.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-6.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 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 upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 0.65200<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Long positions above pivot with targets at 0.65679 &amp; 0.65968 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside with 0.64704 &amp; 0.64403 as targets.<\/p>\n<p><strong>Comment<\/strong>: MACD in the positive zone and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1215 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/AUDUSD-6-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-6-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-6-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-6-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-6-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-6.png 1673w\" 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> In consolidation zone<\/strong><\/h3>\n<h4><strong>Our pivot point is at 24.90<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Buy crude above pivot with targets at 26.14 and 26.93 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivots sell Oil with 23.73 &amp; 22.93 as targets.<\/p>\n<p><strong>Comment<\/strong>: RSI at 50 level and price above 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1216 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/CRUDEOIL-6-1024x574.png\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-6-1024x574.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-6-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-6-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-6-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-6.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\">XAU\/USD Intraday:<\/span><\/strong> Support at 1700<\/h3>\n<p><strong>Our pivot point is at 1700.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1711.38 &amp; 1717.82 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 1688.51 and 1681.94.<\/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-1217 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/XAUUSD-6-1024x574.png\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-6-1024x574.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-6-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-6-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-6-1536x860.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-6.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><span style=\"color: #cf2e2e\"><span style=\"color: #cf2e2e\">Dow Jones\u00a0Intraday:<\/span><\/span> Trend upside<\/h3>\n<p><strong>Our pivot point is at 24300.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above pivot with targets at 24659.50 &amp; 24850.30 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below 24300.00 looks for further downside to 23918.67 &amp; 23719.46.<\/p>\n<p><strong>Comment<\/strong>: Index above\u00a0 20MA &amp; 55MA and also MACD in positive side.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1218 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/WS30-6-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-6-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-6-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-6-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-6-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-6.png 1675w\" 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 Major US indices advanced on Friday and mark solid gains for the week after data on historic job losses due to the coronavirus crisis showed&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, 11 May, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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