{"id":2653,"date":"2020-11-06T10:45:57","date_gmt":"2020-11-06T10:45:57","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=2653"},"modified":"2020-11-10T10:10:00","modified_gmt":"2020-11-10T10:10:00","slug":"daily-market-outlook-06-november-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-06-november-2020\/","title":{"rendered":"Daily Market Outlook, 06 November, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>U.S. stocks jumped on Thursday as investors bet Republicans would hold onto the Senate and prevent changes under a possible Joe Biden White House that would crimp corporate profits.<\/p>\n<p>The Dow Jones Industrial Average rose 1.95% to end at 28,390.18 points, while the S&amp;P 500 gained 1.95% to 3,510.45. The Nasdaq Composite climbed 2.59% to 11,890.93.<\/p>\n<p>A gauge of Asian shares was set to cling to a near three-year peak while the dollar stayed sluggish on Friday as the prospect of a divided U.S. legislature dimmed the chance of major policy changes, lifting risk appetite.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan rose 0.22% to 771.20 levels. Australian index gained 0.82% to 6,190.20. Japanese market soared 0.91% to 24,325.23.<\/p>\n<p>European stocks were lower on Friday, with the Stoxx Europe 50 Index slipped 0.15% to 3,210.96, Germany&#8217;s DAX down 0.17% to 12,546.30 and France&#8217;s CAC fell 0.20% to 4,974.61 and U.K.&#8217;s FTSE 100 lost 0.10% to 5,900.20.<\/p>\n<p>Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield fell 1.10% to 0.770.<\/p>\n<p>U.S. oil fell nearly 1% on Friday as new lockdowns went into effect in Europe raising questions over the outlook for demand for crude, while ballots were still being counted in the U.S. election with its outcome undecided, keeping markets on edge.<\/p>\n<p>Spot Brent crude Oil fell 0.61% to $40.67 per barrel. US West Texas Intermediate crude down 0.75% to $38.50 a barrel.<\/p>\n<p>The yellow metal traded to 1946.50 dollar per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar steadied against many currencies on Friday, but traders say more losses are likely as a contentious U.S. presidential election diminished hopes for large stimulus to support the economy any time soon.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose 0.05% to 92.528.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair rose 0.15% today. This left the pairing trading around $1.18390.<\/p>\n<p>The Japanese yen rose against the U.S. dollar on Thursday as stock pushes higher. Today US\/JPY flat to 103.470 level.<\/p>\n<p>Other commodity related currency mixed against U.S dollar, AUD\/USD down 0.20% to 0.72680 and NZD\/USD advance 0.28% to 0.67890.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:\u00a0 <\/span>Trend on the upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.18040<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Long positions above level with targets at 1.18570 &amp; 1.18870 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside at 1.17520 &amp; 1.17220.<\/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-2654 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/EURUSD-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/EURUSD-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/EURUSD-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/EURUSD-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/EURUSD-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/EURUSD.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\">GBP\/USD Intraday:<\/span>\u00a0 Break resistance levels<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.31100<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Long positions above pivot with targets at 1.31600 &amp; 1.31900 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price below pivot would call for further downside to 1.30600 &amp; 1.30300.<\/p>\n<p><strong>Comment<\/strong>: Price above 55MA &amp; 20MA and RSI near 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2655 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/GBPUSD-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/GBPUSD-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/GBPUSD-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/GBPUSD-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/GBPUSD-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/GBPUSD.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> Resistance at 103.800<\/strong><\/h3>\n<p><strong>Our pivot point is at 103.800<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Short position below pivot with the target at 103.300 and 103.000 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The upside breakout of pivot would call for 104.310 and 104.610.<\/p>\n<p><strong>Comment<\/strong>: price below 55MA &amp; 20MA and MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2656 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/USDJPY-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/USDJPY-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/USDJPY-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/USDJPY-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/USDJPY-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/USDJPY.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 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 Trend upside<\/h3>\n<p><strong>Our pivot point is at 0.72430<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Long positions above pivot with targets at 0.72950 &amp; 0.73250 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside with 0.71900 &amp; 0.71600 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-2657 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/AUDUSD-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/AUDUSD-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/AUDUSD-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/AUDUSD-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/AUDUSD-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/AUDUSD.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\">CRUDEOIL Intraday: <\/span>Break support level<\/strong><\/h3>\n<h4><strong>Our pivot point is at 38.55<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Sell crude below pivot with targets at 37.60 and 37.00 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivots buy Oil with 39.40 &amp; 40.00 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-2659 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/CRUDEOIL-1-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/CRUDEOIL-1-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/CRUDEOIL-1-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/CRUDEOIL-1-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/CRUDEOIL-1-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/CRUDEOIL-1.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\">XAU\/USD Intraday: <\/span>\u00a0Trend on upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1931.90<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1949.00 &amp; 1957.00 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 1915.30 and 1907.30.<\/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-2660 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/XAUUSD-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/XAUUSD-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/XAUUSD-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/XAUUSD-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/XAUUSD-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/XAUUSD.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><span style=\"color: #cf2e2e\"><span style=\"color: #cf2e2e\">Dow Jones\u00a0Intraday:<\/span><\/span> Trend on the upside<\/h3>\n<p><strong>Our pivot point is at 28,150.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above pivot with targets at 28,480.00 &amp; 28,680.00 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below 28,150.00 looks for further downside to 27,800.00 &amp; 27,600.00.<\/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-2661 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/WS30-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/WS30-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/WS30-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/WS30-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/WS30-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/WS30.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 U.S. stocks jumped on Thursday as investors bet Republicans would hold onto the Senate and prevent changes under a possible Joe Biden White House that&hellip; <\/p>\n","protected":false},"author":2,"featured_media":2692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[8,10,21,3,94,33,85,72,96,50],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 06 November, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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