{"id":1618,"date":"2020-06-29T08:47:34","date_gmt":"2020-06-29T08:47:34","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=1618"},"modified":"2020-06-29T08:47:34","modified_gmt":"2020-06-29T08:47:34","slug":"daily-market-outlook-29-june-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-29-june-2020\/","title":{"rendered":"Daily Market Outlook, 29 June, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>Wall Street\u2019s major indexes tumbled more than 2% on Friday as several US states reimpose business restrictions in response to a surge in coronavirus cases.<\/p>\n<p>The Dow Jones Industrial Average plunged 731.15 points (2.84%) to 25,015.60, the S&amp;P 500 dropped 74.69 points (2.43%) to 3,009.10 and the Nasdaq Composite declined 260.20 points (2.59%) to 9,758.15.<\/p>\n<p>Asian share markets got off to a shaky start on Monday as the relentless spread of the coronavirus finally made investors question their optimism on the global economy, benefiting safe harbour bonds and the US dollar.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan lost 1.22% to 625.30 levels. Australian index lost 1.51% to 5,815. Japan&#8217;s Nikkei fell 2.30% to 21,995.10.<\/p>\n<p>European stocks were lower on Friday, with the Stoxx Europe 50 Index lost 0.46% to 3204.17, Germany&#8217;s DAX plunged 0.73% to 12,089.39 and France&#8217;s CAC slipped 0.18% to 4,909.64 and U.K.&#8217;s FTSE 100 rose 0.28% to 6,163.86.<\/p>\n<p>Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield advance 1.55% to 0.648.<\/p>\n<p>Oil prices slid for a second straight session on Monday as coronavirus cases rose in the United States and other places, leading some countries to resume partial lockdowns that could hurt fuel demand.<\/p>\n<p>Spot Brent crude oil slipped 1.54% to $40.30 per barrel. US West Texas Intermediate crude futures were fell 1.77% to $37.80 a barrel.<\/p>\n<p>The yellow metal made a new high after eight years. Today, Bullion prices higher 0.30% to $1771.30 per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar struggled to make headway on Monday, and riskier currencies inched ahead, as investor sentiment swung between hopes for global economic recovery and fears that a fresh wave of coronavirus cases could undermine the revival.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair rose 0.42% today. This left the pairing trading around $1.12650.<\/p>\n<p>The Japanese yen advanced against the U.S. dollar on Wednesday. Today USD\/JPY lower 0.15% to 107.070 level.<\/p>\n<p>Other commodity-related currency broadly higher against U.S dollar, AUD\/USD gained 0.40%\u00a0 to 0.68880 and NZD\/USD rose 0.26% to 0.64440.<\/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 1.12300<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Long positions above pivot level with targets at 1.12700 &amp; 1.12952 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside at 1.11903 &amp; 1.11671.<\/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-1620 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/06\/EURUSD-19-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/EURUSD-19-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/EURUSD-19-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/EURUSD-19-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/EURUSD-19-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/EURUSD-19.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>Break Support Area<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.23765<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Short positions below pivot with targets at 1.23206 &amp; 1.22948 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price above pivot would call for further upside to 1.24354 &amp; 1.24623.<\/p>\n<p><strong>Comment<\/strong>: Price below 20MA &amp; 55MA and MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1621 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/06\/GBPUSD-19-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/GBPUSD-19-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/GBPUSD-19-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/GBPUSD-19-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/GBPUSD-19-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/GBPUSD-19.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> Bias on the upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 107.00<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Long position above pivot with the target at 107.371 and 107.573 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 106.638 and 106.438.<\/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-1622 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/06\/USDJPY-19-1024x573.png\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/USDJPY-19-1024x573.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/USDJPY-19-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/USDJPY-19-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/USDJPY-19-1536x860.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/USDJPY-19.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 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 0.68900\u00a0<\/strong><\/h3>\n<p><strong>Our pivot point is at 0.68900<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Short positions below pivot with targets at 0.68502 &amp; 0.68301 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside with 0.69292 &amp; 0.69486 as targets.<\/p>\n<p><strong>Comment<\/strong>: Pair below 55MA &amp; 20MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1623 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/06\/AUDUSD-19-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/AUDUSD-19-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/AUDUSD-19-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/AUDUSD-19-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/AUDUSD-19-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/AUDUSD-19.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 change to down<\/strong><\/h3>\n<h4><strong>Our pivot point is at 38.45<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Sell crude below pivot with targets at 37.20 and 36.61 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivots buy Oil with 39.62 &amp; 40.21 as targets.<\/p>\n<p><strong>Comment<\/strong>: Crude below Its 20MA &amp; 55MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1624 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/06\/CRUDEOIL-19-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/CRUDEOIL-19-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/CRUDEOIL-19-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/CRUDEOIL-19-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/CRUDEOIL-19-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/CRUDEOIL-19.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 1765.00<\/h3>\n<p><strong>Our pivot point is at 1765.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1775.03 &amp; 1779.45 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 1755.41 and 1750.83.<\/p>\n<p><strong>Comment<\/strong>: RSI above 50 level mark and above 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1625 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/06\/XAUUSD-19-1024x573.png\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/XAUUSD-19-1024x573.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/XAUUSD-19-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/XAUUSD-19-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/XAUUSD-19-1536x860.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/XAUUSD-19.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 25,250<\/h3>\n<p><strong>Our pivot point is at 25250.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot with targets at 24858.29 &amp; 24607.27 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 25250.00 looks for further upside to 25646.30 &amp; 25904.67.<\/p>\n<p><strong>Comment<\/strong>: Price below 55MA and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1626 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/06\/WS30-19-1024x574.png\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/WS30-19-1024x574.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/WS30-19-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/WS30-19-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/WS30-19-1536x861.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/06\/WS30-19.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\u2019s major indexes tumbled more than 2% on Friday as several US states reimpose business restrictions in response to a surge in coronavirus cases.&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 June, 2020 | Seven Star FX<\/title>\n<meta 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