{"id":2557,"date":"2020-10-28T08:08:03","date_gmt":"2020-10-28T08:08:03","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=2557"},"modified":"2020-10-28T08:41:47","modified_gmt":"2020-10-28T08:41:47","slug":"daily-market-outlook-28-october-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-28-october-2020\/","title":{"rendered":"Daily Market Outlook, 28 October, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>Stocks on Wall Street closed little changed on Tuesday, with the Dow and S&amp;P 500 slipping on disappointing earnings and little hope for a U.S. coronavirus stimulus before Election Day, though the Nasdaq rose ahead of big technology company results.<\/p>\n<p>The Dow Jones Industrial Average fell 222.19 points (0.80%) to 27,463.19 and the S&amp;P 500 lost 10.29 points (0.30%) to 3,390.68. The Nasdaq Composite added 72.41 points (0.64%) to 11,431.35.<\/p>\n<p>Asian markets looked set for another weaker open on Wednesday as worries about a surge in coronavirus cases and dwindling hopes for a U.S. stimulus package kept investors gloomy.<\/p>\n<p>European stocks were lower on Wednesday, with the Stoxx Europe 50 Index fell 1.12% to 3,070.60, Germany&#8217;s DAX down 0.93% to 12,063.57 and France&#8217;s CAC lost 1.77% to 4,730.66 and U.K.&#8217;s FTSE 100 slipped 1.09% to 5,728.99.<\/p>\n<p>Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield down 2.62% to 0.758.<\/p>\n<p>Oil prices slid about 2% on Wednesday, giving up most of the previous day&#8217;s gains, as a surge in U.S. crude stocks and growing coronavirus infections in the United States and Europe fanned fears of a supply glut in oil and weaker fuel demand.<\/p>\n<p>Spot Brent crude Oil down 2.33% to $40.63 per barrel. US West Texas Intermediate crude fell 3.10% to $38.39 a barrel.<\/p>\n<p>The yellow metal traded 0.22% lower to 1907.80 dollar per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar was up on Wednesday in Asia session, but investors are avoiding big moves and risks ahead of the U.S. presidential election on Nov. 3. In Europe, reports that France could reintroduce a national lockdown to curb the spread of COVID-19 sent the Euro tumbling against the dollar.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, higher 0.22% to 93.108.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair lower by 0.17% today. This left the pairing trading around $1.17760.<\/p>\n<p>The Japanese rose against the U.S. dollar on Wednesday as stock pushes lower. Today US\/JPY down 0.20% to 104.200 level.<\/p>\n<p>Other commodity related currency mixed against U.S dollar, AUD\/USD gained 0.20% to 0.71430 and NZD\/USD flat to 0.67070.<\/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 1.17970<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Short positions below level with targets at 1.17680 &amp; 1.17480 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside at 1.18270 &amp; 1.18470.<\/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-2558 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/EURUSD-17-1024x575.jpg\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/EURUSD-17-1024x575.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/EURUSD-17-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/EURUSD-17-768x431.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/EURUSD-17-1536x863.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/EURUSD-17.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 Support at 1.30320<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.30320<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Long positions above pivot with targets at 1.30750 &amp; 1.30950 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price below pivot would call for further downside to 1.29890 &amp; 1.29690.<\/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-2559 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/GBPUSD-16-1024x573.jpg\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/GBPUSD-16-1024x573.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/GBPUSD-16-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/GBPUSD-16-768x430.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/GBPUSD-16-1536x860.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/GBPUSD-16.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 downside<\/strong><\/h3>\n<p><strong>Our pivot point is at 104.390<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Short position below pivot with the target at 104.080 and 103.930 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The upside breakout of pivot would call for 104.700 and 104.850.<\/p>\n<p><strong>Comment<\/strong>: price below 20MA &amp; 55MA and MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2560 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/USDJPY-16-1024x574.jpg\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/USDJPY-16-1024x574.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/USDJPY-16-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/USDJPY-16-768x430.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/USDJPY-16-1536x861.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/USDJPY-16.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 Break resistance level<\/h3>\n<p><strong>Our pivot point is at 0.71390<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Long positions above pivot with targets at 0.71700 &amp; 0.71900 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside with 0.71070 &amp; 0.70870 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-2561 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/AUDUSD-16-1024x574.jpg\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/AUDUSD-16-1024x574.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/AUDUSD-16-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/AUDUSD-16-768x430.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/AUDUSD-16-1536x861.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/AUDUSD-16.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 39.25<\/strong><\/h3>\n<h4><strong>Our pivot point is at 39.25<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Sell crude below pivot with targets at 38.40 and 38.00 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivots buy Oil with 40.05 &amp; 40.45 as targets.<\/p>\n<p><strong>Comment<\/strong>: Crude below Its 55MA &amp; 20MA and MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2562 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/CRUDEOIL-16-1024x574.jpg\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/CRUDEOIL-16-1024x574.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/CRUDEOIL-16-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/CRUDEOIL-16-768x430.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/CRUDEOIL-16-1536x861.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/CRUDEOIL-16.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>Resistance at 1910.50<\/strong><\/h3>\n<p><strong>Our pivot point is at 1910.50<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further downside to 1900.10 &amp; 1894.20 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives upside breakout of a pivot, then price extends to 1920.50 and 1926.20.<\/p>\n<p><strong>Comment<\/strong>: MACD in positive territory and price below its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2563 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/XAUUSD-16-1024x575.jpg\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/XAUUSD-16-1024x575.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/XAUUSD-16-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/XAUUSD-16-768x431.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/XAUUSD-16-1536x863.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/XAUUSD-16.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 on downside<\/h3>\n<p><strong>Our pivot point is at 27,500.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot with targets at 27,150.00 &amp; 26,950.00 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 27,500.00 looks for further upside to 27,860.00 &amp; 28,060.00.<\/p>\n<p><strong>Comment<\/strong>: Price below its 20MA &amp; 55MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2564 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/10\/WS30-16-1024x575.jpg\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/WS30-16-1024x575.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/WS30-16-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/WS30-16-768x431.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/WS30-16-1536x863.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/10\/WS30-16.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 Stocks on Wall Street closed little changed on Tuesday, with the Dow and S&amp;P 500 slipping on disappointing earnings and little hope for a U.S.&hellip; <\/p>\n","protected":false},"author":2,"featured_media":2567,"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, 28 October, 2020 | Seven Star FX<\/title>\n<meta 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