{"id":1698,"date":"2020-07-08T07:27:26","date_gmt":"2020-07-08T07:27:26","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=1698"},"modified":"2020-07-08T08:18:06","modified_gmt":"2020-07-08T08:18:06","slug":"daily-market-outlook-08-july-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-08-july-2020\/","title":{"rendered":"Daily Market Outlook, 08 July, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>American Stock market slipped on Thursday, as investors took profits a day after the S&amp;P 500 logged its longest streak of gains this year and as coronavirus cases continuously rose in US some states.<\/p>\n<p>The Dow Jones Industrial Average declined 397.20 points (1.50%) to 25,890.20, the S&amp;P 500 fell 35 points (1.10%) to 3,145.30 and the Nasdaq Composite slipped 90 points (0.85%) to 10,343.90.<\/p>\n<p>Asian major stock indices were set for a mixed opening on Wednesday, as an increase in new coronavirus cases in some parts of the world put worried over the economic recovery, leading some Traders to cash in on recent gains ahead of the earnings season.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan rose 0.99% to 695.30 levels. Australian index slipped 1.54% to 5,920.30. Japan&#8217;s Nikkei fell 0.78% to 22,438.65.<\/p>\n<p>European stocks were lower on Tuesday, with the Stoxx Europe 50 Index fell 0.47% to 3,306.10, Germany&#8217;s DAX down 0.37% to 12,567.20 and France&#8217;s CAC slipped 0.57% to 5,015.87 and U.K.&#8217;s FTSE 100 flat to 6,172.30.<\/p>\n<p>Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield rose 0.30% to 0.650.<\/p>\n<p>Oil prices eased in early trade as industry data showing a build in US crude stockpiles and a forecast for US crude output to fall less than anticipated in 2020 added to worries about oversupply.<\/p>\n<p>Spot Brent crude Oil fell 0.25% to $42.98 per barrel. US West Texas Intermediate crude futures were down 0.32% to $40.49 a barrel.<\/p>\n<p>Gold continuously rose from last one month and made $1798 high after 9 year.<\/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, down 0.10% to 96.830.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair rose 0.15% today. This left the pairing trading around $1.12860.<\/p>\n<p>The Japanese yen down against the U.S. dollar on Wednesday as stock pushes higher. Today US\/JPY flat to 107.530 level.<\/p>\n<p>Other commodity related currency broadly lower against U.S dollar, AUD\/USD lost 0.25% to 0.69550 and NZD\/USD down 0.12% to 0.65450.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday: <\/span>Bias on the downside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.12880<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Short positions below level with targets at 1.12509 &amp; 1.12355 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside at 1.13258 &amp; 1.13411.<\/p>\n<p><strong>Comment: <\/strong>Pair below 55MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1700 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/07\/EURUSD-5-1024x573.png\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/EURUSD-5-1024x573.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/EURUSD-5-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/EURUSD-5-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/EURUSD-5-1536x860.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/EURUSD-5.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\">GBP\/USD Intraday: <\/span>Support at 1.25360<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.25360<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Long positions above pivot with targets at 1.25788 &amp; 1.26003 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price below pivot would call for further downside to 1.24905 &amp; 1.24682.<\/p>\n<p><strong>Comment<\/strong>: Price above 20MA &amp; 55MA and MACD in positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1701 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/07\/GBPUSD-5-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/GBPUSD-5-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/GBPUSD-5-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/GBPUSD-5-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/GBPUSD-5-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/GBPUSD-5.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\">USD\/JPY Intraday:<\/span> Bias on the upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 107.420<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Long position above pivot with the target at 107.724 and 107.872 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 107.123 and 106.981.<\/p>\n<p><strong>Comment<\/strong>: Pair above 55MA and MACD in the positive zone.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1702 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/07\/USDJPY-5-1024x573.png\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/USDJPY-5-1024x573.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/USDJPY-5-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/USDJPY-5-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/USDJPY-5-1536x860.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/USDJPY-5.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> Support at 0.69220<\/strong><\/h3>\n<p><strong>Our pivot point is at 0.69220\u00a0<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Long positions above pivot with targets at 0.69527 &amp; 0.69738 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside with 0.68913 &amp; 0.68721 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-1703 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/07\/AUDUSD-5-1024x573.png\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/AUDUSD-5-1024x573.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/AUDUSD-5-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/AUDUSD-5-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/AUDUSD-5-1536x860.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/AUDUSD-5.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>Resistance at 40.95<\/strong><\/h3>\n<h4><strong>Our pivot point is at 40.95\u00a0<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Sell crude below pivot with targets at 40.00 and 39.57 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivots buy Oil with 41.83 &amp; 42.21 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-1704 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/07\/CRUDEOIL-5-1024x574.png\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/CRUDEOIL-5-1024x574.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/CRUDEOIL-5-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/CRUDEOIL-5-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/CRUDEOIL-5-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/CRUDEOIL-5.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> Strong Trend upside<\/h3>\n<p><strong>Our pivot point is at 1792.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1798.08 &amp; 1801.22 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 1785.56 and 1782.15.<\/p>\n<p><strong>Comment<\/strong>: RSI above 50 level mark and price above its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1705 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/07\/XAUUSD-5-1024x573.png\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/XAUUSD-5-1024x573.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/XAUUSD-5-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/XAUUSD-5-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/XAUUSD-5-1536x860.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/XAUUSD-5.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><span style=\"color: #cf2e2e\"><span style=\"color: #cf2e2e\">Dow Jones\u00a0Intraday:<\/span><\/span> Trend downside<\/h3>\n<p><strong>Our pivot point is at 26090.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot with targets at 25703.60 &amp; 25524.69 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 26090.00 looks for further upside to 26484.51 &amp; 26654.11.<\/p>\n<p><strong>Comment<\/strong>: Price below 55MA &amp; 20MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1706 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/07\/WS30-6-1024x573.png\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/WS30-6-1024x573.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/WS30-6-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/WS30-6-768x429.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/WS30-6-1536x859.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/07\/WS30-6.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\u2013 Black represents the price when the report was produced7<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities American Stock market slipped on Thursday, as investors took profits a day after the S&amp;P 500 logged its longest streak of gains this year and&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":[71,8,10,21,55,3,33,72,50],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 08 July, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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