{"id":2100,"date":"2020-08-31T08:27:21","date_gmt":"2020-08-31T08:27:21","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=2100"},"modified":"2020-08-31T11:14:21","modified_gmt":"2020-08-31T11:14:21","slug":"daily-market-outlook-31-august-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-31-august-2020\/","title":{"rendered":"Daily Market Outlook, 31 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 and the Dow advanced but the Nasdaq closed lower on Thursday as investors digested the US Federal Reserve\u2019s new strategy to adopt an average inflation target and restore the United States to full employment, as well as a promising development in the fight to contain the coronavirus pandemic.<\/p>\n<p>The Dow Jones Industrial Average rose 160.40 points (0.57%) to 28,492.30, the S&amp;P 500 gained 5.82 points (0.17%) to 3,484.55 and the Nasdaq Composite dropped 39.72 points (0.34%) to 11,625.34.<\/p>\n<p>Asian equities are likely to have a bumpy ride on Friday after US stocks scaled new peaks for a third straight day and bond yields surged on the Federal Reserve\u2019s average-inflation strategy, as well as a promising development in curbing the coronavirus pandemic.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan gained 0.53% to 737.50 levels. Australian index down 0.86% to 6,073.80. Japanese Nikkei fell 1.41% to 22,882.65.<\/p>\n<p>European stocks were mixed on Friday, with the Stoxx Europe 50 Index lost 0.37% to 3,316.75, Germany&#8217;s DAX fell 0.34% to 13,050.50 and France&#8217;s CAC slipped 0.41% to 4,995.43 and U.K.&#8217;s FTSE 100 flat to 5,992.44.<\/p>\n<p>Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield surged 3.04% to 0.769.<\/p>\n<p>Oil prices fell in early trade on Friday as a massive hurricane raced inland past the heart of the U.S. oil industry in Louisiana and Texas, with a storm surge weaker than predicted.<\/p>\n<p>Spot Brent crude oil fell 0.46% to $45.39 per barrel. US West Texas Intermediate crude down 0.53% to $42.83 a barrel.<\/p>\n<p>The yellow metal traded 1.30% higher to 1950.15 dollars per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar held gains against major currencies on Friday, after the Federal Reserve&#8217;s aggressive new strategy to lift employment and increased tolerance for higher inflation pushed U.S. bond yields up.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, lower 0.52% to 92.502.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair higher by 0.60% today. This left the pairing trading around $1.18890.<\/p>\n<p>The Japanese yen gained against the U.S. dollar on Friday as stock pushes higher. Today US\/JPY down 0.47% to 106.050 level.<\/p>\n<p>Other commodity-related currency gained against U.S dollar, AUD\/USD rose 0.73% to 0.73120 and NZD\/USD advance 0.60% to 0.66760.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:\u00a0 <\/span>Support at 1.18800<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.18800<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Long positions above level with targets at 1.19280 &amp; 1.19605 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside at 1.18308 &amp; 1.17986.<\/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-2101 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/EURUSD-1024x575.jpg\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-1024x575.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-768x432.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD-1536x863.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/EURUSD.jpg 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> Trend upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.33040<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Long positions above pivot with targets at 1.33600 &amp; 1.33901\u00a0 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price below pivot would call for further downside to 1.32454 &amp; 1.32138.<\/p>\n<p><strong>Comment<\/strong>: Price above 55MA and MACD in positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2102 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/GBPUSD-1-1024x572.jpg\" alt=\"\" width=\"1024\" height=\"572\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-1-1024x572.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-1-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-1-768x429.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-1-1536x859.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/GBPUSD-1.jpg 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\">USD\/JPY Intraday:<\/span> Support at 105.300<\/strong><\/h3>\n<p><strong>Our pivot point is at 105.300<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Long position above pivot with the target at 106.001 and 106.305 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 104.599 and 104.297.<\/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-2103 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/USDJPY-1-1024x575.jpg\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-1-1024x575.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-1-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-1-768x431.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-1-1536x862.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/USDJPY-1.jpg 1678w\" 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> Major Trend upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 0.73230<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Long positions above pivot with targets at 0.73705 &amp; 0.73930 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside with 0.72751 &amp; 0.72511 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-2104 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/AUDUSD-1-1024x576.jpg\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-1-1024x576.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-1-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-1-768x432.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-1-1536x865.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/AUDUSD-1.jpg 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 43.00<\/strong><\/h3>\n<h4><strong>Our pivot point is at 43.00<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Buy crude above pivot with targets at 43.78 and 44.15 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivots sell Oil with 42.22 &amp; 41.82 as targets.<\/p>\n<p><strong>Comment<\/strong>: Crude above Its 55MA &amp; 20MA and MACD in positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2105 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/CRUDEOIL-1-1024x574.jpg\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-1-1024x574.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-1-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-1-768x430.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-1-1536x861.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/CRUDEOIL-1.jpg 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>Bias on the upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1955.50<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1972.34 &amp; 1980.16 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 1938.56 and 1930.31.<\/p>\n<p><strong>Comment<\/strong>: RSI near 50 levels and price above its 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2106 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/XAUUSD-1-1024x575.jpg\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-1-1024x575.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-1-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-1-768x431.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-1-1536x862.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/XAUUSD-1.jpg 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> Support at 28570.00<\/h3>\n<p><strong>Our pivot point is at 28570.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above pivot with targets at 28860.00 &amp; 28980.00 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below 28570.00 looks for further downside to 28280.00 &amp; 28150.00.<\/p>\n<p><strong>Comment<\/strong>: Price above its 55MA and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2107 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/08\/WS30-1-1024x575.jpg\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-1-1024x575.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-1-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-1-768x432.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-1-1536x863.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/08\/WS30-1.jpg 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\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 and the Dow advanced but the Nasdaq closed lower on Thursday as investors digested the US Federal Reserve\u2019s new strategy to adopt&hellip; <\/p>\n","protected":false},"author":2,"featured_media":2111,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[76,8,10,21,55,3,33,72,50],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 31 August, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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