{"id":1523,"date":"2020-06-16T07:29:06","date_gmt":"2020-06-16T07:29:06","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=1523"},"modified":"2020-06-16T07:29:06","modified_gmt":"2020-06-16T07:29:06","slug":"daily-market-outlook-16-june-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-16-june-2020\/","title":{"rendered":"Daily Market Outlook, 16 June, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>Wall Street closed higher on Monday following an announcement by the U.S. Federal Reserve regarding its corporate bond purchasing program that boosted investor confidence, which had been wavering amid a spike in new COVID-19 cases.<\/p>\n<p>he Fed on Monday announced tweaks to its bond-buying program, widening the range of eligible assets to include all U.S. corporate bonds that satisfied certain criteria.<\/p>\n<p>The Dow Jones Industrial Average higher 0.62% to 25,763.16, the S&amp;P 500 advanced 0.83%, to 3,066.59 and the Nasdaq Composite gained 1.43% to 9,726.02.<\/p>\n<p>Asian stocks were set to follow a late Wall Street surge on Tuesday, after the Federal Reserve&#8217;s fresh move to support financial markets through the coronavirus pandemic cheered investors.<\/p>\n<p>The Fed on Monday announced tweaks to its bond-buying program, widening the range of eligible assets to include all U.S. corporate bonds that satisfied certain criteria.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan down 1.91% to 627.20 levels. Australian index soared 4.19% to 5,962.30. Japan&#8217;s Nikkei advanced 4.97% to 22,600.50<\/p>\n<p>European stocks were lower on Monday, with the Stoxx Europe 50 Index slipped 0.55% to 3,136.40, Germany&#8217;s DAX lost 0.32% to 11,911.35 and France&#8217;s CAC fell 0.49% to 4,815.72 and U.K.&#8217;s FTSE 100 down 0.66% to 6,064.70.<\/p>\n<p>Benchmark 10-year U.S. Treasury rose as demand for safe asset grow again, today 10-year bond yield rose 7.24% to 0.753.<\/p>\n<p>Oil prices dipped on Tuesday on jitters that a rise in coronavirus infections around the world could hurt fuel demand, but hopes that production cuts could be extended kept declines in check.<\/p>\n<p>Spot Brent crude oil rose 0.20% to $39.77 per barrel. US West Texas Intermediate crude futures were gain 0.15% to $37.14 a barrel.<\/p>\n<p>Today, Bullion prices higher 0.42% to $1728.30 per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar nursed losses on Tuesday after the U.S. Federal Reserve announced it would begin broad buying of corporate debt, boosting investor sentiment and appetite for riskier currencies.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, lower 0.20% to 96.455.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair gain 0.15% today. This left the pairing trading around $1.13380. The pound traded 0.55% higher to 1.26730.<\/p>\n<p>The Japanese yen fell against the U.S. dollar on Tuesday as demand for risky currency rose. Today US\/JPY gain 0.17% to 107.500.<\/p>\n<p>Other commodity-related currency broadly edged lower against U.S dollar, AUD\/USD higher 0.46% to 0.69480 and NZD\/USD rose 0.13% to 0.64800.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday: <\/span>Support at 1.12920<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.12920<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Long\u00a0 positions above pivot level with targets at 1.13554 &amp; 1.13802 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside at 1.12318 &amp; 1.12052.<\/p>\n<p><strong>Comment: <\/strong>Pair above 20MA &amp; 55MA and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1525 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/06\/EURUSD-11-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/EURUSD-11-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/EURUSD-11-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/EURUSD-11-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/EURUSD-11-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/EURUSD-11.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\">GBP\/USD Intraday: <\/span>Trend upside\u00a0<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.26200<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Long positions above pivot with targets at 1.26814\u00a0 &amp; 1.27203 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price below pivot would call for further downside to 1.25581 &amp; 1.25188.<\/p>\n<p><strong>Comment<\/strong>: Price above20MA &amp; 55MA and MACD in positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1526 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/06\/GBPUSD-11-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/GBPUSD-11-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/GBPUSD-11-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/GBPUSD-11-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/GBPUSD-11-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/GBPUSD-11.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\">USD\/JPY Intraday:<\/span> Temporary pullback\u00a0<\/strong><\/h3>\n<p><strong>Our pivot point is at 107.220<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Long position above pivot with the target at 107.658 and 107.856 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 106.793 and 106.579.<\/p>\n<p><strong>Comment<\/strong>: Pair above 20MA and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1527 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/06\/USDJPY-11-1024x574.png\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/USDJPY-11-1024x574.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/USDJPY-11-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/USDJPY-11-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/USDJPY-11-1536x861.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/USDJPY-11.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 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> Break resistance level<\/strong><\/h3>\n<p><strong>Our pivot point is at 0.69100<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Long positions above pivot with targets at 0.69555 &amp; 0.69808 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside with 0.68642 &amp; 0.68389 as targets.<\/p>\n<p><strong>Comment<\/strong>: MACD in the positive zone and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1528 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/06\/AUDUSD-11-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/AUDUSD-11-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/AUDUSD-11-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/AUDUSD-11-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/AUDUSD-11-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/AUDUSD-11.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\">CRUDEOIL Intraday: <\/span>Bias on Upside<\/strong><\/h3>\n<h4><strong>Our pivot point is at 36.70\u00a0\u00a0<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Buy crude above pivot with targets at 38.15\u00a0 and 38.90 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivots sell Oil with 35.25 &amp; 34.44 as targets.<\/p>\n<p><strong>Comment<\/strong>: Bias on the upside for Oil as trend upside.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1529 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/06\/CRUDEOIL-11-1024x572.png\" alt=\"\" width=\"1024\" height=\"572\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/CRUDEOIL-11-1024x572.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/CRUDEOIL-11-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/CRUDEOIL-11-768x429.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/CRUDEOIL-11-1536x858.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/CRUDEOIL-11.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\">XAU\/USD Intraday:<\/span><\/strong> Break support area<\/h3>\n<p><strong>Our pivot point is at 1732.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further downside to 1720.00 &amp; 1714.06 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives upside\u00a0 breakout of a pivot, then price extends to 1743.82 and 1749.30.<\/p>\n<p><strong>Comment<\/strong>: RSI below 50 level mark and below 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1530 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/06\/XAUUSD-11-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/XAUUSD-11-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/XAUUSD-11-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/XAUUSD-11-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/XAUUSD-11-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/XAUUSD-11.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><span style=\"color: #cf2e2e\"><span style=\"color: #cf2e2e\">Dow Jones\u00a0Intraday:<\/span><\/span> Strong trend on upside<\/h3>\n<p><strong>Our pivot point is at 25900.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above pivot with targets at 26421.72 &amp; 26677.00 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below 25900.00 looks for further downside to 25383.32 &amp; 25103.19.<\/p>\n<p><strong>Comment<\/strong>: Price above 20MA and 55MA and MACD in positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1531 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/06\/WS30-11-1024x574.png\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/WS30-11-1024x574.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/WS30-11-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/WS30-11-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/WS30-11-1536x861.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/WS30-11.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\u2013 Black represents the price when the report was produced7<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities Wall Street closed higher on Monday following an announcement by the U.S. Federal Reserve regarding its corporate bond purchasing program that boosted investor confidence, which&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, 16 June, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, 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