{"id":1917,"date":"2020-08-06T07:13:51","date_gmt":"2020-08-06T07:13:51","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=1917"},"modified":"2020-08-06T12:33:06","modified_gmt":"2020-08-06T12:33:06","slug":"daily-market-outlook-06-august-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-06-august-2020\/","title":{"rendered":"Daily Market Outlook, 06 August, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>American major stock index closed higher on Wednesday, after better than expected economic data, with sentiment boost by signs that a COVID-19 fiscal relief package may pass by end of the week.<\/p>\n<p>Dow Jones Industrial Average was gained 309.60 points (1.16%) at 27,138.10, the S&amp;P 500 rose 18.13 points (0.55%) at 3,324.70. The Nasdaq Composite higher 33.10 points (0.30%) at 10,974.21.<\/p>\n<p>Asian major equity indices mixed on Thursday after US and European equities rose overnight on strong earnings results and good economic data from the United states.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan gained 0.10% to 720.50 levels. Australian index rose 0.68% to 6,042.20 Japanese market lost 0.54% to 22,393.00.<\/p>\n<p>European stocks were higher on Wednesday, with the Stoxx Europe 50 Index higher 0.43% to 3,268.38, Germany&#8217;s DAX rose 0.47% to 12,660.25 and France&#8217;s CAC gained 0.90% to 4,933.34 and U.K.&#8217;s FTSE 100 up 1.14% to 6,104.72.<\/p>\n<p>Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield fell 0.94% to 0.538.<\/p>\n<p>Crude Oil prices rose to their highest level since March on Wednesday after American crude stockpile fell sharply and the dollar lose their value, but jumping coronavirus spread put traders worried about the demand outlook.<\/p>\n<p>Spot Brent crude oil gained 0.80% to $45.53 per barrel. US West Texas Intermediate crude futures were up 0.57% to $42.44 a barrel.<\/p>\n<p>The yellow metal rose continuously from $1700 level. Today traded 0.67% higher to $2048.50 per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar fell on Thursday as worries the U.S. economic rebound may lagging other countries due to a high level of coronavirus spread, correctly dollar at two-year low level.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, lower 0.27% to 92.597.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair higher by 0.28% today. This left the pairing trading around $1.18930.<\/p>\n<p>The Japanese yen fell against the U.S. dollar on Wednesday as stock pushes higher. Today US\/JPY slipped 0.10% to 105.480 level.<\/p>\n<p>Other commodity-related currency broadly higher against U.S dollar, AUD\/USD gained 0.22% to 0.72070 and NZD\/USD flat to 0.66430.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday: <\/span>Strong trend on the upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.18520<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Long positions above level with targets at 1.19084 &amp; 1.19380 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside at 1.17947 &amp; 1.17636.<\/p>\n<p><strong>Comment: <\/strong>Pair above 55MA &amp; 20MA and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1918 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/EURUSD-2-1024x572.png\" alt=\"\" width=\"1024\" height=\"572\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-2-1024x572.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-2-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-2-768x429.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-2-1536x858.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-2.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\">GBP\/USD Intraday:<\/span> Break Resistance level<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.31470<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Long positions above pivot with targets at 1.31959 &amp; 1.32250 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price below pivot would call for further downside to 1.30937 &amp; 1.30633.<\/p>\n<p><strong>Comment<\/strong>: Price above 20MA and MACD in positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1919 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/GBPUSD-2-1024x574.png\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-2-1024x574.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-2-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-2-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-2-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-2.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 105.360<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Long position above\u00a0 pivot with the target at 105.751 and 106.008 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 104.985 and 104.739.<\/p>\n<p><strong>Comment<\/strong>: price below 20MA &amp; 55MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1920 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/USDJPY-2-1024x572.png\" alt=\"\" width=\"1024\" height=\"572\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-2-1024x572.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-2-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-2-768x429.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-2-1536x859.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-2.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>\u00a0 Trend upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 0.71880<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Long positions above pivot with targets at 0.72200 &amp; 0.72402 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside with 0.71550 &amp; 0.71338 as targets.<\/p>\n<p><strong>Comment<\/strong>: Pair above its 55MA &amp; 20MA and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1921 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/AUDUSD-2-1024x573.png\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-2-1024x573.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-2-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-2-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-2-1536x859.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-2.png 1679w\" 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>Break resistance area<\/strong><\/h3>\n<h4><strong>Our pivot point is at 42.00<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Buy crude above pivot with targets at 42.95 and 43.45 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivots sell Oil with 41.03 &amp; 40.52 as targets.<\/p>\n<p><strong>Comment<\/strong>: Crude above Its 20MA &amp; 55MA and RSI at overbought levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1922 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/CRUDEOIL-2-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-2-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-2-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-2-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-2-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-2.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> Surpass $2000 hurdle<\/h3>\n<p><strong>Our pivot point is at 2044.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 2060.94 &amp; 2069.46 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 2026.50 and 2017.33.<\/p>\n<p><strong>Comment<\/strong>: RSI at the overbought level and price above its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1923 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/XAUUSD-3-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-3-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-3-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-3-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-3-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-3.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><span style=\"color: #cf2e2e\"><span style=\"color: #cf2e2e\">Dow Jones\u00a0Intraday:<\/span><\/span> Support at 27140.00<\/h3>\n<p><strong>Our pivot point is at 27140.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above pivot with targets at 27414.08 &amp; 27585.55 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below 27140.00 looks for further downside to 26862.90\u00a0 &amp; 26679.17.<\/p>\n<p><strong>Comment<\/strong>: Price above 20MA &amp; 55MA and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1924 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/WS30-2-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-2-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-2-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-2-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-2-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-2.png 1679w\" 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 major stock index closed higher on Wednesday, after better than expected economic data, with sentiment boost by signs that a COVID-19 fiscal relief package&hellip; <\/p>\n","protected":false},"author":2,"featured_media":1930,"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, 06 August, 2020 | Seven Star 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