{"id":2739,"date":"2020-11-23T09:58:30","date_gmt":"2020-11-23T09:58:30","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=2739"},"modified":"2020-11-24T10:49:41","modified_gmt":"2020-11-24T10:49:41","slug":"daily-market-outlook-23-november-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-23-november-2020\/","title":{"rendered":"Daily Market Outlook, 23 November, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>US stocks closed lower on Friday as investors wrestled with fiscal stimulus developments, concerns over a lengthy rollout of vaccines, and a growing number of state-level shutdowns to combat the spiraling COVID-19 pandemic.<\/p>\n<p>The Dow Jones Industrial Average fell 219.95 points (0.75%) to 29,263.28, the S&amp;P 500 lost 24.22 points (0.68%) to 3,557.65 and the Nasdaq Composite dropped 49.74 point (0.42%) to 11,854.97.<\/p>\n<p>A broad gauge of Asian shares edged up to record highs on Monday morning as hopes for imminent coronavirus vaccines buoyed investor sentiment, but worries over the impact of economic lockdowns and uncertainty over U.S. stimulus capped gains.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan gained 0.80% to 802.70 levels. Australian index advances 0.34% to 6,561.60. Japanese market closed today.<\/p>\n<p>European stocks were higher on Friday, with the Stoxx Europe 50 Index rose 0.45% to 3,467.60, Germany&#8217;s DAX up 0.39% to 13,137.25 and France&#8217;s CAC gained 0.39% to 5,495.89 and U.K.&#8217;s FTSE 100 rose 0.27% to 6,351.45.<\/p>\n<p>Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield flat to 0.829.<\/p>\n<p>Oil prices extended gains on Monday as traders eyed a recovery in crude demand thanks to successful coronavirus vaccine trials, although prices were contained by renewed lockdowns in several countries.<\/p>\n<p>Spot Brent crude Oil advance 1.58% to $45.58 per barrel. US West Texas Intermediate crude gained 1.44% to $43.04 a barrel.<\/p>\n<p>The yellow metal traded 0.06% higher to 1875.20 dollar per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar halted its slide on Friday after U.S. Treasury Secretary Steven Mnuchin called an end to some of the Federal Reserve&#8217;s pandemic lending, derailing a risk rally and surprising investors who had counted on central bank support.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell 0.17% to 92.237.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair rose 0.16% today. This left the pairing trading around $1.18730.<\/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 103.080 level.<\/p>\n<p>Other commodity related currency higher against U.S dollar, AUD\/USD gained 0.22% to 0.73180 and NZD\/USD up 0.25% to 0.69450.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:\u00a0 <\/span>Support at 1.18570<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.18570<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Long positions above pivot level with targets at 1.18834 &amp; 1.18982 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside at 1.18334 &amp; 1.18160.<\/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-2740 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/EURUSD-1-1024x547.png\" alt=\"\" width=\"1024\" height=\"547\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/EURUSD-1-1024x547.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/EURUSD-1-300x160.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/EURUSD-1-768x410.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/EURUSD-1-1536x821.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/EURUSD-1.png 1673w\" 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 on the upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.33571<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Long positions above pivot with targets at 1.339700 &amp; 1.342580 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price below pivot would call for further downside to 1.33144 &amp; 1.32847.<\/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-2741 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/GBPUSD-1-1024x546.png\" alt=\"\" width=\"1024\" height=\"546\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/GBPUSD-1-1024x546.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/GBPUSD-1-300x160.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/GBPUSD-1-768x409.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/GBPUSD-1-1536x819.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/GBPUSD-1.png 1673w\" 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> Support at 103.725<\/strong><\/h3>\n<p><strong>Our pivot point is at 103.725<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Long position above pivot with the target at 103.922 and 104.053 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 103.559 and 103.446.<\/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-2742 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/USDJPY-1-1024x545.png\" alt=\"\" width=\"1024\" height=\"545\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/USDJPY-1-1024x545.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/USDJPY-1-300x160.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/USDJPY-1-768x409.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/USDJPY-1-1536x818.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/USDJPY-1.png 1675w\" 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 levels<\/h3>\n<p><strong>Our pivot point is at 0.731814<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Long positions above pivot with targets at 0.73410 &amp; 0.73520 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Belove pivot looks for further downside with 0.72976 &amp; 0.72852 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-2743 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/AUDUSD-1-1024x546.png\" alt=\"\" width=\"1024\" height=\"546\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/AUDUSD-1-1024x546.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/AUDUSD-1-300x160.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/AUDUSD-1-768x409.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/AUDUSD-1-1536x818.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/AUDUSD-1.png 1674w\" 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 43.11<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Above pivots buy Oil with 43.52 &amp; 43.83 as targets.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Sell crude below pivot with targets at 42.74 and 42.43 in extension.<\/p>\n<p><strong>Comment<\/strong>: Crude below 55MA &amp; 20MA and MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-2744 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/CRUDEOIL-2-1024x546.png\" alt=\"\" width=\"1024\" height=\"546\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/CRUDEOIL-2-1024x546.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/CRUDEOIL-2-300x160.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/CRUDEOIL-2-768x409.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/CRUDEOIL-2-1536x818.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/CRUDEOIL-2.png 1674w\" 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>\u00a0Resistance at 1875.16<\/strong><\/h3>\n<p><strong>Our pivot point is at 1875.16<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further downside to 1865.24 &amp; 1858.41 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives upside breakout of a pivot, then price extends to 1884.13 and 1890.16.<\/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-2745 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/XAUUSD-1-1024x548.png\" alt=\"\" width=\"1024\" height=\"548\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/XAUUSD-1-1024x548.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/XAUUSD-1-300x161.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/XAUUSD-1-768x411.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/XAUUSD-1-1536x822.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/XAUUSD-1.png 1674w\" 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> In consolidation zone<\/h3>\n<p><strong>Our pivot point is at 29,354.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take buy positions above pivot with targets at 29,566.00 &amp; 29,680.00 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below 29,354.00 looks for further downside to 29,206.00 &amp; 29,084.00.<\/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-2746 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/11\/WS30-1-1024x547.png\" alt=\"\" width=\"1024\" height=\"547\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/WS30-1-1024x547.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/WS30-1-300x160.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/WS30-1-768x410.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/WS30-1-1536x820.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/11\/WS30-1.png 1674w\" 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 US stocks closed lower on Friday as investors wrestled with fiscal stimulus developments, concerns over a lengthy rollout of vaccines, and a growing number of&hellip; <\/p>\n","protected":false},"author":2,"featured_media":2761,"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, 23 November, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, 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