{"id":1931,"date":"2020-08-07T07:29:59","date_gmt":"2020-08-07T07:29:59","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=1931"},"modified":"2020-08-07T07:43:12","modified_gmt":"2020-08-07T07:43:12","slug":"daily-market-outlook-07-august-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-07-august-2020\/","title":{"rendered":"Daily Market Outlook, 07 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 Thursday, with the Nasdaq ending the session above 11,200 level for the first time as traders hoped for a new relief stimulus package at end of the week.<\/p>\n<p>The Dow Jones Industrial Average climbed 185.50 points (0.69%) to 27,387.05, the S&amp;P 500 higher 21.40 points (0.64%) to 3,349.20 and the Nasdaq Composite rose 109.70 points (1.00%) to 11,108.10.<\/p>\n<p>Asian major equity indices lower on Friday after U.S. President Donald Trump put a further ban on a deal with Tiktok and WeChat.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan lose 0.84% to 716.50 levels. Australian index fell 0.62% to 6,004.80 Japanese market lost 0.39% to 22,329.94.<\/p>\n<p>European stocks were lower on Thursday, with the Stoxx Europe 50 Index slipped 0.86% to 3,240.39, Germany&#8217;s DAX fell 0.54% to 12,591.68 and France&#8217;s CAC lose 0.98% to 4,885.13 and U.K.&#8217;s FTSE 100 down 1.27% to 6,026.94.<\/p>\n<p>Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield fell 2.11% to 0.525.<\/p>\n<p>Crude Oil prices flat on Thursday, Trader worries on fuel demand counteracted optimism about Iraq\u2019s further supply cuts, pushing the oil benchmarks in and out of the positive territory.<\/p>\n<p>Spot Brent crude Oil slipped 0.10% to $45.05 per barrel. US West Texas Intermediate crude futures were lost 0.14% to $41.44 a barrel.<\/p>\n<p>The yellow metal rose continuously from $1700 to $2070 level. Today traded 0.17% higher to $2,063.50 per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar advances against major currencies on Friday ahead of the U.S. economic data, which some traders fear could reinforce the view that recovery in the United State is slowing.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, higher 0.24% to 92.995.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair lower by 0.26% today. This left the pairing trading around $1.18440.<\/p>\n<p>The Japanese yen fell against the U.S. dollar on Wednesday as stock pushes higher. Today US\/JPY flat to 105.560 level.<\/p>\n<p>Other commodity-related currency broadly lower against U.S dollar, AUD\/USD fell 0.28% to 0.72130 and NZD\/USD down 0.24% to 0.66700.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:\u00a0 <\/span>May trend change temporary<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.18630<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Short positions below level with targets at 1.18116 &amp; 1.17825 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside at 1.19124 &amp; 1.19400.<\/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-1932 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/EURUSD-3-1024x573.png\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-3-1024x573.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-3-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-3-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-3-1536x859.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-3.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\">GBP\/USD Intraday:<\/span> Resistance at 1.31450<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.31450<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Short positions below pivot with targets at 1.30827 &amp; 1.30531 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price above pivot would call for further upside to 1.32094 &amp; 1.32366.<\/p>\n<p><strong>Comment<\/strong>: Price below 55MA &amp; 20MA and MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1933 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/GBPUSD-3-1024x574.png\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-3-1024x574.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-3-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-3-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-3-1536x861.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-3.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\">USD\/JPY Intraday:<\/span> Bias on the upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 105.430\u00a0<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Long position above pivot with the target at 105.751 and 105.906 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 105.114 and 104.957.<\/p>\n<p><strong>Comment<\/strong>: price above 20MA &amp; 55MA and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1934 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/USDJPY-3-1024x574.png\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-3-1024x574.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-3-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-3-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-3-1536x861.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-3.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 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 0.71950<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Long positions above pivot with targets at 0.72302 &amp; 0.72503 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside with 0.71595 &amp; 0.71395 as targets.<\/p>\n<p><strong>Comment<\/strong>: Pair above its 55MA and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1935 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/AUDUSD-3-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-3-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-3-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-3-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-3-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-3.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>Support at 41.65<\/strong><\/h3>\n<h4><strong>Our pivot point is at 41.65\u00a0<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Buy crude above pivot with targets at 42.40\u00a0 and 42.80 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivots sell Oil with 40.91 &amp; 40.51 as targets.<\/p>\n<p><strong>Comment<\/strong>: Crude below Its 20MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1936 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/CRUDEOIL-3-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-3-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-3-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-3-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-3-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-3.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 $2048<\/h3>\n<p><strong>Our pivot point is at 2048.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 2069.22 &amp; 2078.81 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 2026.44 and 2017.15.<\/p>\n<p><strong>Comment<\/strong>: RSI at 50 levels and price above its 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1937 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/XAUUSD-4-1024x572.png\" alt=\"\" width=\"1024\" height=\"572\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-4-1024x572.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-4-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-4-768x429.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-4-1536x858.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-4.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><span style=\"color: #cf2e2e\"><span style=\"color: #cf2e2e\">Dow Jones\u00a0Intraday:<\/span><\/span> Trend upside<\/h3>\n<p><strong>Our pivot point is at 27210.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above pivot with targets at 27455.66 &amp; 27601.99 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below 27210.00 looks for further downside to 26945.89 &amp; 26789.79.<\/p>\n<p><strong>Comment<\/strong>: Price above 20MA &amp; 55MA and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1938 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/WS30-3-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-3-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-3-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-3-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-3-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-3.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\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 Thursday, with the Nasdaq ending the session above 11,200 level for the first time as traders hoped for&hellip; <\/p>\n","protected":false},"author":2,"featured_media":1944,"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, 07 August, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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