{"id":1974,"date":"2020-08-17T09:25:47","date_gmt":"2020-08-17T09:25:47","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=1974"},"modified":"2020-08-17T09:25:47","modified_gmt":"2020-08-17T09:25:47","slug":"daily-market-outlook-17-august-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-17-august-2020\/","title":{"rendered":"Daily Market Outlook, 17 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 nearly flat on Friday despite coming close again to its record closing high, as data on the U.S. economy added to uncertainty over the recovery after major crisis.<\/p>\n<p>The Dow Jones Industrial Average gained 34.25 points (0.13%) to 27,931.02, the S&amp;P 500 flat to 3,372.90 and the Nasdaq Composite decline 23.40 points (0.22%) to 11,019.40.<\/p>\n<p>Asian major equity indices are higher on Monday as traders waited to see if the recent sell-off in longer-dated U.S. Treasuries would extend, and rebound in Chinese market.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan gain 0.61% to 717.90 levels. Australian index down 0.81% to 6,076.40. Japanese Nikkei lose 0.83% to 23,096.75.<\/p>\n<p>European stocks were lower on Friday, with the Stoxx Europe 50 Index fell 1.13% to 3,305.05, Germany&#8217;s DAX lost 0.86% to 12,901.34 and France&#8217;s CAC plunged 1.58% to 4,962.93 and U.K.&#8217;s FTSE 100 slipped 1.55% to 6,090.04.<\/p>\n<p>Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield down 2.10% to 0.695.<\/p>\n<p>Oil was gained on Monday news that China plans to increase imports of U.S. crude in the coming months but new COVID-19 outbreaks capped gains.<\/p>\n<p>Spot Brent crude Oil gain 0.80% to $45.16 per barrel. US West Texas Intermediate crude futures were rose 0.90% to $42.39 a barrel.<\/p>\n<p>The yellow metal gained on Tuesday, traded 0.42% higher to $1948 per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar was down on Monday in the Asian session but capped its losses after a meeting between the U.S. and Chinese officials were delayed, originally scheduled for Saturday.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, lower 0.12% to 92.965.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair higher by 0.15% today. This left the pairing trading around $1.18600.<\/p>\n<p>The Japanese yen fell against the U.S. dollar on Monday as stock pushes higher. Today US\/JPY down 0.05% to 106.550 level.<\/p>\n<p>Other commodity related currency broadly higher against U.S dollar, AUD\/USD up 0.18% to 0.71830 and NZD\/USD flat to 0.65380.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:\u00a0 <\/span>Minor trend change to up<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.18440<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Long positions above level with targets at 1.18802 &amp; 1.19000 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside at 1.18072 &amp; 1.17859.<\/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-1975 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/EURUSD-6-1024x573.png\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-6-1024x573.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-6-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-6-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-6-1536x860.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-6.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> Support at 1.30880<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.30880<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Long positions above pivot with targets at 1.31400 &amp; 1.31649 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price below pivot would call for further downside to 1.30359 &amp; 1.30100.<\/p>\n<p><strong>Comment<\/strong>: Price above 55MA &amp; 20MA and MACD in positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1976 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/GBPUSD-6-1024x573.png\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-6-1024x573.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-6-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-6-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-6-1536x859.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-6.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>\u00a0 Resistance at 106.640<\/strong><\/h3>\n<p><strong>Our pivot point is at 106.640<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Short position below pivot with the target at 106.251\u00a0 and 106.059 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The upside breakout of pivot would call for 107.030 and 107.226.<\/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-1977 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/USDJPY-6-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-6-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-6-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-6-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-6-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-6.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> Break resistance level<\/strong><\/h3>\n<p><strong>Our pivot point is at 0.71600<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Long positions above pivot with targets at 0.71998 &amp; 0.72203 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside with 0.71200 &amp; 0.70984 as targets.<\/p>\n<p><strong>Comment<\/strong>: Pair above its 22MA &amp; 55MA and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1978 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/AUDUSD-6-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-6-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-6-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-6-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-6-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-6.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\">CRUDEOIL Intraday: <\/span>Bias on the upside<\/strong><\/h3>\n<h4><strong>Our pivot point is at 42.35<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Buy crude above pivot with targets at 42.90 and 43.20 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivots sell Oil with 41.80 &amp; 41.50 as targets.<\/p>\n<p><strong>Comment<\/strong>: Crude above Its 55MA and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1979 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/CRUDEOIL-6-1024x571.png\" alt=\"\" width=\"1024\" height=\"571\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-6-1024x571.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-6-300x167.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-6-768x429.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-6-1536x857.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-6.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\">XAU\/USD Intraday: <\/span><\/strong>Trend upside<\/h3>\n<p><strong>Our pivot point is at 1944.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1960.63 &amp; 1968.50 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 1926.44 and 1918.00.<\/p>\n<p><strong>Comment<\/strong>: RSI at overbought levels and price above its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1980 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/XAUUSD-7-1024x573.png\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-7-1024x573.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-7-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-7-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-7-1536x859.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-7.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> Resistance at 28000.90<\/h3>\n<p><strong>Our pivot point is at 28000.90<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot with targets at 27800.57 &amp; 27701.23 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 28000.90 looks for further upside to 28201.80 &amp; 28296.17.<\/p>\n<p><strong>Comment<\/strong>: Price below 20MA and RSI at 50\u00a0 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1981 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/WS30-6-1024x579.png\" alt=\"\" width=\"1024\" height=\"579\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-6-1024x579.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-6-300x170.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-6-768x434.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-6-1536x868.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-6.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\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 nearly flat on Friday despite coming close again to its record closing high, as data on the U.S. economy added&hellip; <\/p>\n","protected":false},"author":2,"featured_media":1984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[71,74,8,10,21,55,3,73,33,72,50],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 17 August, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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