{"id":2523,"date":"2020-10-23T09:02:29","date_gmt":"2020-10-23T09:02:29","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=2523"},"modified":"2020-10-23T09:02:29","modified_gmt":"2020-10-23T09:02:29","slug":"daily-market-outlook-23-october-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-23-october-2020\/","title":{"rendered":"Daily Market Outlook, 23 October, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>Shares on Wall Street ended higher on Thursday in choppy trading, as investors cheered the prospect of more fiscal stimulus to support a pandemic-damaged U.S. economy, with more data pointing to a slowing labour market recovery.<\/p>\n<p>The Dow Jones Industrial Average closed 152.84 points higher (0.54%) to 28,363.66, the S&amp;P 500 gained 17.93 points (0.52%) to 3,453.49 and the Nasdaq Composite added 21.31 points (0.19%) to 11,506.01.<\/p>\n<p>Asian stocks were set for cautious gains on Friday after positive U.S. economic data and signs of progress in stimulus talks in Washington lifted Wall Street benchmarks.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan down 0.22% to 746.30 levels. Australian index fell 0.11% to 6,167.00. Japanese Nikkei advance 0.18% to 23,516.59.<\/p>\n<p>European stocks were lower on Thursday, with the Stoxx Europe 50 Index fell 0.29% to 3,171.41, Germany&#8217;s DAX down 0.12% to 12,543.06 and France&#8217;s CAC lost 0.05% to 4,851.38 and U.K.&#8217;s FTSE 100 gained 0.16% to 5,785.65.<\/p>\n<p>Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield down 0.20% to 0.846.<\/p>\n<p>Oil prices held on to gains from the previous session on Friday after Russian President Vladimir Putin indicated he would be prepared to extend record supply cuts in the face of the COVID-19 pandemic.<\/p>\n<p>Spot Brent crude Oil fell 0.61% to $42.20 per barrel. US West Texas Intermediate crude lost 0.69% to $40.36 a barrel.<\/p>\n<p>The yellow metal traded 0.22% higher to 1906.40 dollar per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar took stock at the end of a poor week on Friday, having shed about a cent against the euro and suffered its largest weekly drop against the yen in a month, as investors began to wager on a Biden presidency and big U.S. stimulus.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, higher 0.11% to 93.055.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair lower by 0.15% today. This left the pairing trading around $1.17980.<\/p>\n<p>The Japanese rose down against the U.S. dollar on Friday as stock pushes higher. Today US\/JPY down 0.07% to 104.750 level.<\/p>\n<p>Other commodity related currency mixed against U.S dollar, AUD\/USD added 0.10% to 0.71210 and NZD\/USD gained 0.05% to 0.66770.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:\u00a0 <\/span>Trend downside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.18170<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Short positions below level with targets at 1.17780 &amp; 1.17530 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above\u00a0 pivot looks for further upside at 1.18530 &amp; 1.18780.<\/p>\n<p><strong>Comment: <\/strong>Pair below its 55MA &amp; 20MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2524 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/EURUSD-14-1024x576.jpg\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/EURUSD-14-1024x576.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/EURUSD-14-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/EURUSD-14-768x432.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/EURUSD-14-1536x865.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/EURUSD-14.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\">GBP\/USD Intraday:<\/span>\u00a0 Temporary correction<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.30390<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Long positions above pivot with targets at 1.30960 &amp; 1.31260 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price Below pivot would call for further downside to 1.29830 &amp; 1.29530.<\/p>\n<p><strong>Comment<\/strong>: Price below 55MA &amp; 20MA and RSI near 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2525 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/GBPUSD-13-1024x576.jpg\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/GBPUSD-13-1024x576.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/GBPUSD-13-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/GBPUSD-13-768x432.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/GBPUSD-13-1536x864.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/GBPUSD-13.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> Trend on the upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 104.590<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Long position above pivot with the target at 104.950 and 105.150 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 104.240 and 104.040.<\/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-2526 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/USDJPY-13-1024x575.jpg\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/USDJPY-13-1024x575.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/USDJPY-13-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/USDJPY-13-768x431.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/USDJPY-13-1536x863.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/USDJPY-13.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 0.70950<\/h3>\n<p><strong>Our pivot point is at 0.70950<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Long positions above pivot with targets at 0.71400 &amp; 0.71650 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside with 0.70500 &amp; 0.70250\u00a0 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-2527 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/AUDUSD-13-1024x576.jpg\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/AUDUSD-13-1024x576.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/AUDUSD-13-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/AUDUSD-13-768x432.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/AUDUSD-13-1536x864.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/AUDUSD-13.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>Resistance at 40.90<\/strong><\/h3>\n<h4><strong>Our pivot point is at 40.90<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Sell crude below pivot with targets at 40.10 and 39.70 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivots buy Oil with 41.70 &amp; 42.10 as targets.<\/p>\n<p><strong>Comment<\/strong>: Crude below Its 55MA and MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2528 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/CRUDEOIL-13-1024x576.jpg\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/CRUDEOIL-13-1024x576.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/CRUDEOIL-13-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/CRUDEOIL-13-768x432.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/CRUDEOIL-13-1536x865.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/CRUDEOIL-13.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>Bias on the upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1901.50<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1911.90 &amp; 1918.00 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 1891.90 and 1886.20.<\/p>\n<p><strong>Comment<\/strong>: MACD in negative territory and price above its 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2529 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/XAUUSD-13-1024x576.jpg\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/XAUUSD-13-1024x576.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/XAUUSD-13-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/XAUUSD-13-768x432.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/XAUUSD-13-1536x864.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/XAUUSD-13.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> Trend upside<\/h3>\n<p><strong>Our pivot point is at 28,260.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above pivot with targets at 28,500.00 &amp; 28,640.00 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below 28,260.00 looks for further downside to 28,010.00 &amp; 27,870.00.<\/p>\n<p><strong>Comment<\/strong>: Price above its 55MA &amp; 20MA and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2530 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/WS30-13-1024x576.jpg\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/WS30-13-1024x576.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/WS30-13-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/WS30-13-768x432.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/WS30-13-1536x864.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/WS30-13.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\u2013 Black represents the price when the report was produced7<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities Shares on Wall Street ended higher on Thursday in choppy trading, as investors cheered the prospect of more fiscal stimulus to support a pandemic-damaged U.S.&hellip; <\/p>\n","protected":false},"author":2,"featured_media":2533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[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, 23 October, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, 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