{"id":1381,"date":"2020-05-29T08:30:20","date_gmt":"2020-05-29T08:30:20","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=1381"},"modified":"2020-05-29T08:30:20","modified_gmt":"2020-05-29T08:30:20","slug":"daily-market-outlook-29-may-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-29-may-2020\/","title":{"rendered":"Daily Market Outlook, 29 May, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>Wall Street ended lower on Thursday following a late-session reversal, with Facebook weighing on the market after President Donald Trump said he would sign an executive order related to social media companies and would hold a news conference on China on Friday.<\/p>\n<p>The Dow Jones Industrial Average slipped 147.75 points (0.60%) to 25,400.30, the S&amp;P 500 down 0.22%, to 3,029.80 and the Nasdaq Composite declined 0.45%, to 9,369.20.<\/p>\n<p>Asian stocks ended the week as well as the month of May on a mostly down note as tensions between the U.S. and China continue to rise, reducing investor risk appetite.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan up 0.10% to 597.50 levels. Australian index plunged 1.63% to 5,755.70. Japan&#8217;s Nikkei led the way with a fell 0.20% to 21,877.89.<\/p>\n<p>European stocks were higher on Thursday, with the Stoxx Europe 50 Index rose 1.43% to 3,094.47, Germany&#8217;s DAX gains 1.06% to 11,781.13 and France&#8217;s CAC advanced 1.76% to 4,771.39 and U.K.&#8217;s FTSE higher 1.21% to 6,218.79.<\/p>\n<p>The bond market remains priced for maximum caution. Yields on benchmark 10-year U.S. Treasuries fell 3 basis points to 0.6705% on Friday. That is more than 100 basis points below where they began 2020. Yields fall when prices rise.<\/p>\n<p>Oil prices edged lower on Friday after US inventory data showed lacklustre fuel demand in the world\u2019s largest oil consumer while worsening US-China tensions weighed on global financial markets.<\/p>\n<p>Spot Brent crude oil down 1.60% to $35.72 per barrel. US West Texas Intermediate crude futures were fell 0.78% to $33.19 a barrel.<\/p>\n<p>Today, gold prices advanced 0.33% to $1719 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, lower 0.05% to 98.312.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair higher by 0.15% today. This left the pairing trading around $1.10920. The pound gain 0.20% to 1.23390.<\/p>\n<p>The Japanese yen rose against the U.S. dollar on Friday as demand for safe currency rose. Today US\/JPY lost 0.42% to 107.190.<\/p>\n<p>Other commodity-related currency broadly edged higher against U.S dollar, AUD\/USD rose 0.25% to 0.66520 and NZD\/USD up 0.10% to 0.62090.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:<\/span> Trend Upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.10750<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Long positions above pivot level with targets at 1.11145 &amp; 1.11349 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside at 1.10351 &amp; 1.10122.<\/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-1383 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/EURUSD-20-1024x579.png\" alt=\"\" width=\"1024\" height=\"579\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-20-1024x579.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-20-300x170.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-20-768x434.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-20-1536x869.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/EURUSD-20.png 1667w\" 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 on the upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.23200<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Long positions above pivot with targets at 1.23726 &amp; 1.23976\u00a0 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price below pivot would call for further downside to 1.22637 &amp; 1.22375.<\/p>\n<p><strong>Comment<\/strong>: MACD in the positive zone and pair above 20MA &amp;\u00a0 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1384 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/GBPUSD-20-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-20-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-20-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-20-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-20-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/GBPUSD-20.png 1667w\" 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> Bias on the downside<\/strong><\/h3>\n<p><strong>Our pivot point is at 107.350<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Short position below pivot with the target at 106.959 and 106.754 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The upside breakout of pivot would call for 107.738 and 107.933.<\/p>\n<p><strong>Comment<\/strong>: Pair below 55MA &amp; 20MA and RSI at oversold levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1385 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/USDJPY-20-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-20-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-20-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-20-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-20-1536x866.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/USDJPY-20.png 1667w\" 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 0.66750<\/strong><\/h3>\n<p><strong>Our pivot point is at 0.66750<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Short positions below pivot with targets at 0.66371 &amp; 0.66120 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside with 0.67130 &amp; 0.67376 as targets.<\/p>\n<p><strong>Comment<\/strong>: MACD in the negative zone and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1386 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/AUDUSD-20-1024x581.png\" alt=\"\" width=\"1024\" height=\"581\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-20-1024x581.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-20-300x170.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-20-768x436.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-20-1536x872.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/AUDUSD-20.png 1668w\" 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> support at 32.75<\/strong><\/h3>\n<h4><strong>Our pivot point is at 32.75<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Buy crude above pivot with targets at 33.78 and 34.29 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivots sell Oil with 31.73 &amp; 31.21 as targets.<\/p>\n<p><strong>Comment<\/strong>: MACD in the negative zone and price above 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1387 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/CRUDEOIL-20-1024x579.png\" alt=\"\" width=\"1024\" height=\"579\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-20-1024x579.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-20-300x170.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-20-768x434.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-20-1536x868.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/CRUDEOIL-20.png 1667w\" 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 the upside<\/h3>\n<p><strong>Our pivot point is at 1712.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1724.02\u00a0 &amp; 1728.55 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 1700.34 and 1695.59.<\/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-1388 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/XAUUSD-20-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-20-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-20-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-20-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-20-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/XAUUSD-20.png 1669w\" 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 down<\/h3>\n<p><strong>Our pivot point is at 25550.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot with targets at 25156.63 &amp; 24960.78 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 25550.00 looks for further upside to 25838.08 &amp; 26028.57.<\/p>\n<p><strong>Comment<\/strong>: Index below 20MA &amp; 55MA and also MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1389 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/05\/WS30-20-1024x578.png\" alt=\"\" width=\"1024\" height=\"578\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-20-1024x578.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-20-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-20-768x434.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-20-1536x867.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/05\/WS30-20.png 1668w\" 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\u2013 Black represents the price when the report was produced7<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities Wall Street ended lower on Thursday following a late-session reversal, with Facebook weighing on the market after President Donald Trump said he would sign an&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, 29 May, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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