{"id":2705,"date":"2020-11-12T10:01:49","date_gmt":"2020-11-12T10:01:49","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=2705"},"modified":"2020-11-12T10:01:49","modified_gmt":"2020-11-12T10:01:49","slug":"daily-market-outlook-12-november-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-12-november-2020\/","title":{"rendered":"Daily Market Outlook, 12 November, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>The Nasdaq closed up 2% on Wednesday as investors switched back to technology stocks and away from economically sensitive sectors as they weighed COVID-19 vaccine progress against a virus surge and likely timing for an economic rebound.<\/p>\n<p>The Dow Jones Industrial Average fell 23.29 points (0.08%) to 29,397.63, the S&amp;P 500 gained 27.13 points (0.77%) to 3,572.66 and the Nasdaq Composite added 232.58 points (2.01%) to 11,786.43.<\/p>\n<p>Asian major stock indices were set to continue their gains on Thursday, buoyed again by continued global stimulus efforts and hopes of a coronavirus vaccine.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan gained 0.11% to 775.85 levels. Australian index down 0.49% to 6,418.20. Japanese market soared 0.68% to 25,520.88.<\/p>\n<p>European stocks were lower on Thursday, with the Stoxx Europe 50 Index fell 0.42% to 3,452.82, Germany&#8217;s DAX down 0.57% to 13,139.90 and France&#8217;s CAC lost 0.66% to 5,410.63 and U.K.&#8217;s FTSE 100 slipped 0.58% to 6,344.67.<\/p>\n<p>Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield fell 4.72% to 0.942.<\/p>\n<p>Global oil benchmark Brent rose on Wednesday, briefly touching a more than two-month high above $45 a barrel on hopes of a COVID-19 vaccine that could boost demand and later pulling back as concerns about rising cases overtook bullish news.<\/p>\n<p>Spot Brent crude Oil slipped 0.41% to $43.62 per barrel. US West Texas Intermediate crude down 0.43% to $41.29 a barrel.<\/p>\n<p>The yellow metal traded 0.46% higher to 1871.80 dollar per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar held broad gains on Thursday as investors adjusted some of their bullish expectations about a COVID-19 vaccine, tempering a recent rally in risk assets but keeping enough confidence to support the greenback against other safe-havens.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell 0.21% to 92.830.<\/p>\n<p>The euro slipped against the dollar on Wednesday as European Central Bank policymakers continued to tout further easing on the horizon, though downplayed the prospect of further interest rate cuts.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair rose 0.17% today. This left the pairing trading around $1.17970.<\/p>\n<p>The Japanese yen rose against the U.S. dollar on Thursday as stock pushes lower. Today US\/JPY down 0.05% to 105.360 level.<\/p>\n<p>Other commodity related currency lower against U.S dollar, AUD\/USD lost 0.32% to 0.72560 and NZD\/USD slipped 0.28% to 0.68620.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:\u00a0 <\/span>Bias on the upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.17670\u00a0<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Long positions above pivot level with targets at 1.18150 &amp; 1.18450 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside at 1.17200 &amp; 1.16900.<\/p>\n<p><strong>Comment: <\/strong>Pair above its 55MA &amp; 20MA and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2706 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/EURUSD-8-1024x574.jpg\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/EURUSD-8-1024x574.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/EURUSD-8-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/EURUSD-8-768x430.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/EURUSD-8-1536x861.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/EURUSD-8.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><\/strong><strong>\u00a0Trend downside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.32120<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Short positions below pivot with targets at 1.31600 &amp; 1.31330 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price above pivot would call for further upside to 1.32640&amp; 1.32910.<\/p>\n<p><strong>Comment<\/strong>: Price below 55MA &amp; 20MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2707 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/GBPUSD-7-1024x576.jpg\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/GBPUSD-7-1024x576.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/GBPUSD-7-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/GBPUSD-7-768x432.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/GBPUSD-7-1536x864.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/GBPUSD-7.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 upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 105.140<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Long position above pivot with the target at 105.550 and 105.800 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 104.700 and 104.440.<\/p>\n<p><strong>Comment<\/strong>: price above its 55MA &amp; 20MA and MACD in positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2708 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/USDJPY-8-1024x573.jpg\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/USDJPY-8-1024x573.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/USDJPY-8-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/USDJPY-8-768x430.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/USDJPY-8-1536x860.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/USDJPY-8.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 support levels<\/h3>\n<p><strong>Our pivot point is at 0.72770<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Short positions below pivot with targets at 0.72320 &amp; 0.72020 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside with 0.73220 &amp; 0.73520 as targets.<\/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-2709 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/AUDUSD-9-1024x574.jpg\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/AUDUSD-9-1024x574.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/AUDUSD-9-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/AUDUSD-9-768x430.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/AUDUSD-9-1536x861.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/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>Support at 40.95<\/strong><\/h3>\n<h4><strong>Our pivot point is at 40.95<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Buy crude above pivot with targets at 42.00 and 42.70 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivots sell Oil with 39.90 &amp; 39.20 as targets.<\/p>\n<p><strong>Comment<\/strong>: Crudebelow 55MA &amp; 20MA and MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2710 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/CRUDEOIL-8-1024x577.jpg\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/CRUDEOIL-8-1024x577.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/CRUDEOIL-8-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/CRUDEOIL-8-768x433.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/CRUDEOIL-8-1536x865.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/CRUDEOIL-8.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>\u00a0Bias on the downside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1876.40\u00a0<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further downside to 1860.20 &amp; 1847.50 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives upside breakout of a pivot, then price extends to 1892.50 and 1904.30.<\/p>\n<p><strong>Comment<\/strong>: MACD in negative territory and price below its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2711 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/XAUUSD-8-1024x578.jpg\" alt=\"\" width=\"1024\" height=\"578\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/XAUUSD-8-1024x578.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/XAUUSD-8-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/XAUUSD-8-768x433.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/XAUUSD-8-1536x866.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/XAUUSD-8.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 downside<\/h3>\n<p><strong>Our pivot point is at 29420.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot with targets at 29,000.00 &amp; 28,800.00 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below 29,420.00 looks for further downside to 29,840.00 &amp; 30,040.00.<\/p>\n<p><strong>Comment<\/strong>: Price above its 55MA &amp; 20MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2712 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/WS30-7-1024x575.jpg\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/WS30-7-1024x575.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/WS30-7-300x168.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/WS30-7-768x431.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/WS30-7-1536x863.jpg 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/WS30-7.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 The Nasdaq closed up 2% on Wednesday as investors switched back to technology stocks and away from economically sensitive sectors as they weighed COVID-19 vaccine&hellip; <\/p>\n","protected":false},"author":2,"featured_media":2714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[97,8,10,21,92,3,94,98,33,85,72,96,50],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 12 November, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" 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