{"id":1999,"date":"2020-08-19T07:53:26","date_gmt":"2020-08-19T07:53:26","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=1999"},"modified":"2020-08-19T08:59:51","modified_gmt":"2020-08-19T08:59:51","slug":"daily-market-outlook-19-august-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-19-august-2020\/","title":{"rendered":"Daily Market Outlook, 19 August, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>The S&amp;P 500 closed at a record high on Tuesday, rebounding from huge losses triggered by the coronavirus pandemic and crowning one of the most dramatic recoveries in the index\u2019s history.<\/p>\n<p>The Dow Jones Industrial Average fell 66.84 points (0.24%) to 27,778.07, the S&amp;P 500 gained 7.79 points (0.23%) to 3,389.78 and the Nasdaq Composite added 81.12 points (0.73%) to 11,210.84.<\/p>\n<p>Asian equities were mostly firmer on Wednesday after a strong Wall Street session in which the S&amp;P 500 hit an all-time high, rebounding from huge losses caused by the coronavirus pandemic.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan lost 0.41% to 719.10 levels. Australian index rose 0.72% to 6,167.60. Japanese Nikkei up 0.26% to 23,110.60.<\/p>\n<p>European stocks were higher on Wednesday, with the Stoxx Europe 50 Index rose 0.30% to 3,297.15, Germany&#8217;s DAX gained 0.20% to 12,908.25 and France&#8217;s CAC up 0.35% to 4,955.93 and U.K.&#8217;s FTSE 100 rose 0.20% to 6,087.66.<\/p>\n<p>Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield down 2.25% to 0.654.<\/p>\n<p>Oil prices slid on Wednesday as concerns grew that U.S. fuel demand may not recover quickly amid stalled talks on a post-coronavirus economic stimulus package, overshadowing a bigger-than-expected drawdown in U.S. crude stocks.<\/p>\n<p>Spot Brent crude Oil fell 0.70% to $45.14 per barrel. US West Texas Intermediate crude futures were down 0.65% to $42.85 a barrel.<\/p>\n<p>The yellow metal slipped on Wednesday, traded 0.81% lower to $1988.20 per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar struggled to recoup heavy overnight losses on Wednesday after it slipped to 27-month low the previous session as uncertainties about an economic recovery and the U.S. fiscal stimulus package weighed.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, higher 0.10% to 92.315.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair higher by 0.05% today. This left the pairing trading around $1.19320.<\/p>\n<p>The Japanese yen fell against the U.S. dollar on Tuesday as stock pushes higher. Today US\/JPY rose 0.10% to 105.520 level.<\/p>\n<p>Other commodity related currency broadly higher against U.S dollar, AUD\/USD up 0.18% to 0.72530 and NZD\/USD gained 0.36% to 0.66230.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:\u00a0 <\/span>Major trend upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.19200<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Long positions above level with targets at 1.19564 &amp; 1.19776 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside at 1.18834 &amp; 1.18602.<\/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-2000 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/EURUSD-8-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-8-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-8-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-8-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-8-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-8.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\">GBP\/USD Intraday:<\/span> Strong trend upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.32330\u00a0<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Long positions above pivot with targets at 1.32803 &amp; 1.33059 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price below pivot would call for further downside to 1.31833\u00a0 &amp; 1.31564.<\/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-2001 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/GBPUSD-8-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-8-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-8-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-8-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-8-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-8.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 Trend on downside<\/strong><\/h3>\n<p><strong>Our pivot point is at 105.700<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Short position below pivot with the target at 105.305 and 105.050 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The upside breakout of pivot would call for 106.094 and 106.357.<\/p>\n<p><strong>Comment<\/strong>: price below 20MA &amp; 55MA and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2002 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/USDJPY-8-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-8-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-8-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-8-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-8-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-8.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 0.72340<\/strong><\/h3>\n<p><strong>Our pivot point is at 0.72340\u00a0<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Long positions above pivot with targets at 0.72753 &amp; 0.73000 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside with 0.71901 &amp; 0.71647 as targets.<\/p>\n<p><strong>Comment<\/strong>: Pair above its 22MA &amp; 55MA and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2003 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/AUDUSD-8-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-8-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-8-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-8-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-8-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-8.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>Break resistance level<\/strong><\/h3>\n<h4><strong>Our pivot point is at 42.60<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Buy crude above pivot with targets at 43.00 and 43.20 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivots sell Oil with 42.21 &amp; 42.00 as targets.<\/p>\n<p><strong>Comment<\/strong>: Crude above Its 20MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2004 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/CRUDEOIL-8-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-8-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-8-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-8-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-8-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-8.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>Support at 1977.20<\/h3>\n<p><strong>Our pivot point is at 1977.20\u00a0<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1995.39 &amp; 2005.73 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 1958.78\u00a0 and 1947.74.<\/p>\n<p><strong>Comment<\/strong>: RSI at oversold levels and price below its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2005 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/XAUUSD-9-1024x574.png\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-9-1024x574.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-9-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-9-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-9-1536x861.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-9.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> Bias on the downside<\/h3>\n<p><strong>Our pivot point is at 27920.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot with targets at 27671.25 &amp; 27573.27 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 27920.00 looks for further upside to 28154.23\u00a0 &amp; 28246.32.<\/p>\n<p><strong>Comment<\/strong>: Price below 20MA &amp; 55MA and RSI below 50\u00a0 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2006 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/WS30-8-1024x573.png\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-8-1024x573.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-8-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-8-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-8-1536x860.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-8.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 The S&amp;P 500 closed at a record high on Tuesday, rebounding from huge losses triggered by the coronavirus pandemic and crowning one of the most&hellip; <\/p>\n","protected":false},"author":2,"featured_media":2009,"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, 19 August, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, 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