{"id":2479,"date":"2020-10-19T08:51:21","date_gmt":"2020-10-19T08:51:21","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=2479"},"modified":"2020-10-19T09:43:13","modified_gmt":"2020-10-19T09:43:13","slug":"daily-market-outlook-19-october-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-19-october-2020\/","title":{"rendered":"Daily Market Outlook, 19 October, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>The S&amp;P 500 posted a nominal gain on Friday as further clarity regarding the timeline for the development of a coronavirus vaccine and much better-than-expected retail sales data and brought buyers back to the market.<\/p>\n<p>The Dow Jones Industrial Average rose 112.11 points (0.39%) to 28,606.31, the S&amp;P 500 flat to 3,483.81 and the Nasdaq Composite index dropped 42.32 points (0.36%) to 11,671.56.<\/p>\n<p>Asian markets started higher on Monday, buoyed by hopes of a U.S fiscal package before the U.S. presidential elections next month and expectations of a coronavirus vaccine by the end of this year, though the mood was still cautious as infections jump.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan gained 0.37% to 744.61 levels. Australian index rose 0.85% to 6,229.40. Japanese Nikkei advance 1.11% to 23,671.13.<\/p>\n<p>European stocks were higher on Friday, with the Stoxx Europe 50 Index gained 0.68% to 3,267.35, Germany&#8217;s DAX rose 0.32% to 12,949.35 and France&#8217;s CAC surged 0.82% to 4,976.15 and U.K.&#8217;s FTSE 100 advance 0.17% to 5,929.75.<\/p>\n<p>Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield surged 3.58% to 0.771.<\/p>\n<p>Crude Oil prices edged down in early Asian trade on Monday ahead of China\u2019s economic growth data, which is expected to show recovery in the top oil importer, offsetting concerns of an impact from the virus\u2019 resurgence on consumption and rising supply.<\/p>\n<p>Spot Brent crude Oil fell 0.58% to $42.68 per barrel. US West Texas Intermediate crude lost 0.49% to $40.68 a barrel.<\/p>\n<p>The yellow metal traded 0.47% higher to 1911.50 dollar per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar edged higher in early European trade Monday, with the disappointing Chinese GDP data weighing on risk sentiment, while traders also cast a nervous eye on the U.S. political situation.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, lower 0.11% to 93.573.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair rose 0.10% today. This left the pairing trading around $1.17300. GBP\/USD surged 0.60% to 1.29990.<\/p>\n<p>The Japanese yen down against the U.S. dollar on Monday as stock pushes higher. Today US\/JPY down 0.05% to 105.390 level.<\/p>\n<p>Other commodity related currency higher against U.S dollar, AUD\/USD advance 0.21% to 0.70950 and NZD\/USD up 0.33% to 0.66250.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:\u00a0 <\/span>Support at 1.16970<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.16970<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Long positions above level with targets at 1.17400 &amp; 1.17650 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside at 1.16350 &amp; 1.16280.<\/p>\n<p><strong>Comment: <\/strong>Pair above its 20MA and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2480 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/EURUSD-10-1024x574.jpg\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/EURUSD-10-1024x574.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/EURUSD-10-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/EURUSD-10-768x430.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/EURUSD-10-1536x861.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/EURUSD-10.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\">GBP\/USD Intraday:<\/span>\u00a0 Trend upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.29170<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Long positions above pivot with targets at 1.29860 &amp; 1.30160 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price below pivot would call for further downside to 1.28460 &amp; 1.28160.<\/p>\n<p><strong>Comment<\/strong>: Price above 55MA &amp; 20MA and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2481 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/GBPUSD-9-1024x575.jpg\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/GBPUSD-9-1024x575.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/GBPUSD-9-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/GBPUSD-9-768x431.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/GBPUSD-9-1536x862.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/GBPUSD-9.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><strong><span style=\"color: #cf2e2e\">USD\/JPY Intraday:<\/span> Bias on the upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 105.320<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Long position above pivot with the target at 105.600 and 105.750 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 105.050 and 104.900.<\/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-2482 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/USDJPY-9-1024x576.jpg\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/USDJPY-9-1024x576.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/USDJPY-9-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/USDJPY-9-768x432.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/USDJPY-9-1536x864.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/USDJPY-9.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 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><span style=\"color: #cf2e2e\">AUD\/USD Intraday:<\/span>\u00a0 Support at 0.70860<\/h3>\n<p><strong>Our pivot point is at 0.70860<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Long positions above pivot with targets at 0.71200\u00a0 &amp; 0.71400 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside with 0.70540 &amp; 0.70340 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-2483 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/AUDUSD-9-1024x575.jpg\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/AUDUSD-9-1024x575.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/AUDUSD-9-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/AUDUSD-9-768x431.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/AUDUSD-9-1536x863.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/AUDUSD-9.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><strong><span style=\"color: #cf2e2e\">CRUDEOIL Intraday: <\/span>Trend upside<\/strong><\/h3>\n<h4><strong>Our pivot point is at 40.90<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Buy crude above pivot with targets at 41.90 and 42.40 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivots sell Oil with 39.90 &amp; 39.40 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-2484 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/CRUDEOIL-9-1024x575.jpg\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/CRUDEOIL-9-1024x575.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/CRUDEOIL-9-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/CRUDEOIL-9-768x431.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/CRUDEOIL-9-1536x863.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/CRUDEOIL-9.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><strong><span style=\"color: #cf2e2e\">XAU\/USD Intraday: <\/span>Major Support at 1903.50<\/strong><\/h3>\n<p><strong>Our pivot point is at 1903.50\u00a0<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1916.00 &amp; 1922.00 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 1891.20 and 1885.20.<\/p>\n<p><strong>Comment<\/strong>: MACD in positive territory and price above its 55MA &amp; 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2485 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/XAUUSD-9-1024x576.jpg\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/XAUUSD-9-1024x576.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/XAUUSD-9-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/XAUUSD-9-768x432.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/XAUUSD-9-1536x864.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/XAUUSD-9.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> Bias on the upside<\/h3>\n<p><strong>Our pivot point is at 28,660.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above pivot with targets at 28,870.00 &amp; 28,970.00 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below 28,660.00 looks for further downside to 28,450.00 &amp; 28,350.00.<\/p>\n<p><strong>Comment<\/strong>: Price below its 55MA &amp; 20MA and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2486 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/WS30-9-1024x576.jpg\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/WS30-9-1024x576.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/WS30-9-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/WS30-9-768x432.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/WS30-9-1536x865.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/WS30-9.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\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 posted a nominal gain on Friday as further clarity regarding the timeline for the development of a coronavirus vaccine and much better-than-expected&hellip; <\/p>\n","protected":false},"author":2,"featured_media":2489,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[93,8,10,21,92,3,79,33,85,72,50],"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 October, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, 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