{"id":1222,"date":"2020-05-12T07:22:45","date_gmt":"2020-05-12T07:22:45","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=1222"},"modified":"2020-05-12T07:22:45","modified_gmt":"2020-05-12T07:22:45","slug":"daily-market-outlook-12-may-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-12-may-2020\/","title":{"rendered":"Daily Market Outlook, 12 May, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>American indices closed slightly higher on Monday as traders looked beyond new spikes in coronavirus infections to focus on expectations that an economy crippled by mandated shutdowns will soon be re-opened for business.<\/p>\n<p>Dow Jones Industrial Average slipped 0.47% to end at 24,222.52 points, while the S&amp;P 500 remain flat to 2,930.19. The Nasdaq Composite advanced 0.80% to 9,192.40.<\/p>\n<p>Asian major stock indices were slipped on Tuesday, giving up their gains from the previous trading day as fears of a second wave of COVID-19 infections rose among investor.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan down 0.86% to 602.70 levels. Australian index down 1.07% to 5,403.20 and Japanese market rose 0.20% to 20,390.50.<\/p>\n<p>European stocks were lower on Monday, with the Stoxx Europe 50 Index slipped 0.84% to 2,883.75, Germany&#8217;s DAX decline 0.73% to 10,824.20 and France&#8217;s CAC down 1.31% to 4,490.22 and U.K.&#8217;s FTSE 100 advanced 0.10% to 5,939.73.<\/p>\n<p>Benchmark 10-year U.S. Treasury rose as demand for safe asset grow again, today 10-year bond yield plunged 4.21% to 0.695.<\/p>\n<p>Oil futures rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June in a bid to help drain the glut in the global market that has built up as the coronavirus pandemic crushed fuel demand.<\/p>\n<p>Brent crude oil rose 0.44% to $30.250 per barrel. while US West Texas Intermediate (WTI) crude advanced 1.10% to $25.23 per barrel.<\/p>\n<p>The Yellow metal\u00a0was rose early morning\u00a0<span data-contrast=\"none\">on Tuesday,\u00a0reversing its two-straight day of decline\u00a0<\/span><span data-contrast=\"none\">amid mounting fears of a\u00a0<\/span><span data-contrast=\"none\">second wave of COVID-19 cases.<\/span> Today, gold prices up 0.30% to $1700.50 per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar index was jumped against its rivals on Monday, as U.S. Treasury yields rose as sentiment on risk turned positive amid efforts by governments to reopen their economies.<\/p>\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 100.275.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair higher by 0.10% today. This left the pairing trading around $1.08130. The pound traded 0.10% down to 1.23210.<\/p>\n<p>The Japanese yen rose against the U.S. dollar on Tuesday as demand for safe currency rose. Today US\/JPY slipped 0.20% to 107.470 level.<\/p>\n<p>Other commodity-related currency broadly edged lower against U.S dollar, AUD\/USD declined 0.33% to 0.64660 and NZD\/USD lost 0.16% to 0.60690.<\/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 1.08350<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Short positions below pivot level with targets at 1.07925 &amp; 1.07683 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside at 1.08774 &amp; 1.09001.<\/p>\n<p><strong>Comment: <\/strong>pair below 55MA and MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1224 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/EURUSD-7-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-7-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-7-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-7-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-7-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-7.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\">GBP\/USD Intraday: <\/span>Bias remains upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.23000<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Long positions above pivot with targets at 1.23597 &amp; 1.23907 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price below pivot would call for further downside to 1.22418 &amp; 1.22134.<\/p>\n<p><strong>Comment<\/strong>: The RSI indicator above 50 and pair above 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1225 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/GBPUSD-7-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-7-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-7-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-7-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-7-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-7.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<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">JPY\/USD Intraday:<\/span> Trend upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 107.350<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Long position above pivot with the target at 107.805 and 108.100 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 106.869 and 106.564.<\/p>\n<p><strong>Comment<\/strong>: Pair above 20MA and RSI above 50 level mark.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1226 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/USDJPY-7-1024x574.png\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-7-1024x574.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-7-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-7-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-7-1536x861.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-7.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> Resistance at 0.649000<\/strong><\/h3>\n<p><strong>Our pivot point is at 0.64900<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Short positions below pivot with targets at 0.64461 &amp; 0.64212 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside with 0.65347 &amp; 0.65581 as targets.<\/p>\n<p><strong>Comment<\/strong>: MACD in the negative zone and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1227 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/AUDUSD-7-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-7-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-7-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-7-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-7-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-7.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\">CRUDEOIL Intraday:<\/span> In a consolidation zone<\/strong><\/h3>\n<h4><strong>Our pivot point is at 24.95\u00a0<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Buy crude above pivot with targets at 25.91 and 26.44 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivots sell Oil with 23.98 &amp; 23.46 as targets.<\/p>\n<p><strong>Comment<\/strong>: RSI above 50 level and price above 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1228 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/CRUDEOIL-7-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-7-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-7-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-7-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-7-1536x866.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-7.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\">XAU\/USD Intraday:<\/span><\/strong> Support at 1693<\/h3>\n<p><strong>Our pivot point is at 1693.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1704.61 &amp; 1710.26 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 1682.01 and 1676.29.<\/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-1229 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/XAUUSD-7-1024x573.png\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-7-1024x573.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-7-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-7-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-7-1536x859.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-7.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> Resistance at 24,180<\/h3>\n<p><strong>Our pivot point is at 24180.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot with targets at 23809.23 &amp; 23561.38 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 24180.00 looks for further upside to 24550.39 &amp; 24788.70.<\/p>\n<p><strong>Comment<\/strong>: Indexbelow 20MA &amp; 55MA and also MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1230 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/WS30-7-1024x573.png\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-7-1024x573.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-7-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-7-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-7-1536x860.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-7.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 American indices closed slightly higher on Monday as traders looked beyond new spikes in coronavirus infections to focus on expectations that an economy crippled by&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, 12 May, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, 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