{"id":300,"date":"2020-02-03T09:50:42","date_gmt":"2020-02-03T09:50:42","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=300"},"modified":"2020-02-05T07:25:44","modified_gmt":"2020-02-05T07:25:44","slug":"daily-market-outlook-february-03-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-february-03-2020\/","title":{"rendered":"Daily Market outlook, February 03, 2020"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/h3>\n\n\n\n<p>US Wall Street\u2019s major stock indices fell sharply on Friday, wiped out the Dow Jones\nindex gain for January, as traders were highly worried about the potential\neconomic impact of China\u2019s fast-spreading coronavirus virus. &nbsp;<\/p>\n\n\n\n<p>The Dow Jones Industrial index dropped 603.41 points (2.1%) to\n28,256.03, worst day since August. The S&amp;P 500 had its worst day since\nOctober, declined 1.8% to 3,225.52. The Nasdaq Composite slipped 1.6% to\n9,150.94. Energy (-3.18%), Information Technology (-2.72%), Industrials\n(-2.29%), Materials (-2.21%), Financials (-2.02%) were sector most under\npressure. <\/p>\n\n\n\n<p>Regarding the U.S. economic data, The Chicago Purchasing Managers Index (PMI) jumped to 42.9, well below forecasts of 48.8. That was the lowest reading since September 2015, as the slump in manufacturing activity continues. Later today, economists expect ISM Manufacturing PMI rise to 48.5 from 47.2 earlier.<\/p>\n\n\n\n<p>Asian markets\nare down on Monday on fears about world growth from the rapidly spreading\ncoronavirus virus, with the Chinese market down 9% after trading resumes\nfollowing the Lunar New Year break.<\/p>\n\n\n\n<p>MSCI\u2019s broadest index of Asia-Pacific shares outside Japan\nslipped was 0.95%\nlower to 651 level, on track for an eighth straight day of losses. Japan\u2019s\nNikkei tumbled 1.0% and Australia\u2019s benchmark index was down 1.50%.<\/p>\n\n\n\n<p>European stocks were mixed, with the Stoxx Europe 50 Index\ndown -1.40% to 3,640.91. Germany&#8217;s DAX fell -1.33% to 12,981.97 and France&#8217;s\nCAC dropped -1.11% to 5,806.34 and the U.K.&#8217;s FTSE 100 declined -1.30% to\n7,286.01.<\/p>\n\n\n\n<p>U.S. government-bond prices advanced as demand for safe\nassets grew. Friday, The benchmark U.S. 10-year Treasury yield declined from\n1.597 to 1.505.<\/p>\n\n\n\n<p>The yellow metal posted its best monthly gain in last five\nmonth on Friday as fears drove more safe-haven buying in the gold. Today spot\nGold traded -0.20% down to 1580.<\/p>\n\n\n\n<p>Brent and U.S. West Texas Intermediate (WTI) crude fell for a\nfourth week consequently after most of the airlines cancelled flights to China.\nSupply chains across the world&#8217;s second-largest economy have also been\ndisrupted. WTI crude was at $51.60 a barrel. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Market Wrap: Forex<\/strong><\/h3>\n\n\n\n<p>The dollar fell on Friday, as lower than expected US economic\ndata and fear about the effect of coronavirus virus on the world economy.<\/p>\n\n\n\n<p>The U.S. dollar index, which measures the\ngreenback against a trade-weighted basket of six major currencies, advanced\n0.10% to 97.305.<\/p>\n\n\n\n<p>Moves in the widely traded\nEUR\/USD pair were mixed, with the Euro flat to\n$1.10845 and British pound down -0.20% to $1.30650.<\/p>\n\n\n\n<p>Other Commodity-linked currencies were broadly higher against\nthe greenback. AUD\/USD advanced 0.20% to 0.67040 and NZD\/USD flat to 0.64740. <\/p>\n\n\n\n<div class=\"wp-block-group has-vivid-red-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h4 class=\"has-very-light-gray-color has-text-color wp-block-heading\"><strong>EUR\/USD Intraday : <\/strong>Intraday support at 1.10790<\/h4>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group has-very-light-gray-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<p><strong>Our pivot point is at 1.10790<\/strong><\/p>\n\n\n\n<p><strong>Preferable Price Action<\/strong>: Take long\npositions above 1.10790 with targets at 1.10940 &amp; 1.11075 in extension.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside at 1.10600 &amp; 1.10500<\/p>\n\n\n\n<p><strong>Comment<\/strong>: The RSI\nindicator near 50 and MACD above its Zero line. Moreover, the pair is trading\nabove its 55 MA and below 20 MA.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large is-resized is-style-default\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/eur-usd-3-2-1024x577.jpg\" alt=\"\" class=\"wp-image-301\" width=\"583\" height=\"328\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur-usd-3-2-1024x577.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur-usd-3-2-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur-usd-3-2-768x433.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur-usd-3-2.jpg 1280w\" sizes=\"(max-width: 583px) 100vw, 583px\" \/><figcaption><span style=\"color:green\"> Green Lines Indicate Resistance Levels<\/span> <span style=\"color:red\">&nbsp;&#8211;&nbsp;Red Lines Indicates Support Levels <\/span>&nbsp;<br> <span style=\"color:blue\">&#8211;&nbsp;Light Blue is a Pivot Point <\/span>&nbsp; <span style=\"color:black\">&#8211; Black represents the price when the report was produced <\/span> <\/figcaption><\/figure>\n\n\n\n<div class=\"wp-block-group has-vivid-red-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h4 class=\"has-very-light-gray-color has-text-color wp-block-heading\"><strong>GBP\/USD Intraday:&nbsp; <\/strong>The bias remains bullish<\/h4>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group has-very-light-gray-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<p><strong>Our\npivot point is at 1.31470<\/strong><\/p>\n\n\n\n<p><strong>Preferable\nPrice Action<\/strong>: Long positions\nabove pivot with targets at 1.31850 &amp; 1.3200 in extension.<\/p>\n\n\n\n<p><strong>Alternative\nPrice Action<\/strong>: Price below\npivot would call for further downside to 1.31195 and 1.30990<\/p>\n\n\n\n<p><strong>Comment<\/strong>: The RSI indicator near the 50-level mark and\nMACD near-zero level.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"577\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/gbp-usd-3-2-1024x577.jpg\" alt=\"\" class=\"wp-image-302\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gbp-usd-3-2-1024x577.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gbp-usd-3-2-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gbp-usd-3-2-768x433.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gbp-usd-3-2.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption><span style=\"color:green\"> Green Lines Indicate Resistance Levels<\/span> <span style=\"color:red\">&nbsp;&#8211;&nbsp;Red Lines Indicates Support Levels <\/span>&nbsp;<br> <span style=\"color:blue\">&#8211;&nbsp;Light Blue is a Pivot Point <\/span>&nbsp; <span style=\"color:black\">&#8211; Black represents the price when the report was produced <\/span> <\/figcaption><\/figure>\n\n\n\n<div class=\"wp-block-group has-vivid-red-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h4 class=\"has-very-light-gray-color has-text-color wp-block-heading\"><strong>JPY\/USD Intraday: &nbsp;<\/strong>Downtrend continues<\/h4>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group has-very-light-gray-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<p><strong>Our\npivot point is at 108.580<\/strong><\/p>\n\n\n\n<p><strong>Preferable\nPrice Action:<\/strong> Short position\nbelow 108.580 with the target at 108.440 and 108.320 in extension<\/p>\n\n\n\n<p><strong>Alternative\nPrice Action<\/strong>: The upside\nbreakout of 108.580 would call for 108.730 and 108.825<\/p>\n\n\n\n<p><strong>Comment<\/strong>: Pair below its 20MA and 55MA and MACD also in\nnegative territory. <\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"576\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/jpy-usd-3-2-1024x576.jpg\" alt=\"\" class=\"wp-image-303\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/jpy-usd-3-2-1024x576.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/jpy-usd-3-2-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/jpy-usd-3-2-768x432.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/jpy-usd-3-2.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption><span style=\"color:green\"> Green Lines Indicate Resistance Levels<\/span> <span style=\"color:red\">&nbsp;&#8211;&nbsp;Red Lines Indicates Support Levels <\/span>&nbsp;<br> <span style=\"color:blue\">&#8211;&nbsp;Light Blue is a Pivot Point <\/span>&nbsp; <span style=\"color:black\">&#8211; Black represents the price when the report was produced <\/span> <\/figcaption><\/figure>\n\n\n\n<div class=\"wp-block-group has-vivid-red-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h4 class=\"has-very-light-gray-color has-text-color wp-block-heading\"><strong>AUD\/USD Intraday:&nbsp; <\/strong>Intraday Resistance around 0.67060<\/h4>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group has-very-light-gray-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<p><strong>Our\npivot point is at 0.67060<\/strong><\/p>\n\n\n\n<p><strong>Preferable\nPrice Action<\/strong>: Short\npositions below 0.67060 with targets at 0.66925 &amp; 0.66825 in extension.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: above pivots looks for further upside with 0.67200 &amp; 0.67305 as targets.<\/p>\n\n\n\n<p><strong>Comment<\/strong>: The RSI indicator near 50 levels and price above\ntheir 55MA and 20MA. <\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"576\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/aud-usd-3-2-1024x576.jpg\" alt=\"\" class=\"wp-image-304\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/aud-usd-3-2-1024x576.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/aud-usd-3-2-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/aud-usd-3-2-768x432.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/aud-usd-3-2.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption><span style=\"color:green\"> Green Lines Indicate Resistance Levels<\/span> <span style=\"color:red\">&nbsp;&#8211;&nbsp;Red Lines Indicates Support Levels <\/span>&nbsp;<br> <span style=\"color:blue\">&#8211;&nbsp;Light Blue is a Pivot Point <\/span>&nbsp; <span style=\"color:black\">&#8211; Black represents the price when the report was produced <\/span> <\/figcaption><\/figure>\n\n\n\n<div class=\"wp-block-group has-vivid-red-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h4 class=\"has-very-light-gray-color has-text-color wp-block-heading\"><strong>CRUDEOIL Intraday: <\/strong>Intraday resistance at 51.85<\/h4>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group has-very-light-gray-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<p><strong>Our\npivot point is at 51.85<\/strong><\/p>\n\n\n\n<p><strong>Preferable\nPrice Action<\/strong>: Sell below 51.85\nwith targets at 51.20 and 50.74 in extension.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: Above pivots buy Oil with 52.35 &amp; 52.70 as targets.<\/p>\n\n\n\n<p><strong>Comment<\/strong>: MACD indicator in negative territory and pair\nbelow its 55MA and above its 20MA. <\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"579\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/oil-3-2-1024x579.jpg\" alt=\"\" class=\"wp-image-305\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/oil-3-2-1024x579.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/oil-3-2-300x170.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/oil-3-2-768x434.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/oil-3-2.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption><span style=\"color:green\"> Green Lines Indicate Resistance Levels<\/span> <span style=\"color:red\">&nbsp;&#8211;&nbsp;Red Lines Indicates Support Levels <\/span>&nbsp;<br> <span style=\"color:blue\">&#8211;&nbsp;Light Blue is a Pivot Point <\/span>&nbsp; <span style=\"color:black\">&#8211; Black represents the price when the report was produced <\/span> <\/figcaption><\/figure>\n\n\n\n<div class=\"wp-block-group has-vivid-red-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h4 class=\"has-very-light-gray-color has-text-color wp-block-heading\"><strong>XAU\/USD Intraday:&nbsp; <\/strong>Support at 1577.79 <\/h4>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group has-very-light-gray-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<p><strong>Our\npivot point is at 1577.79<\/strong><\/p>\n\n\n\n<p><strong>Preferable\nPrice Action<\/strong>: Further upside\nto 1582.21 &amp; 1585.39<\/p>\n\n\n\n<p><strong>Alternative\nPrice Action<\/strong>: If price gives\ndownside breakout of support level, then price extends to 1574.44 and 1571.23<\/p>\n\n\n\n<p><strong>Comment<\/strong>: The RSI indicator below 50 marks and MACD\nalso in negative territory.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"577\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/xau-usd-3-2-1024x577.jpg\" alt=\"\" class=\"wp-image-306\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/xau-usd-3-2-1024x577.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/xau-usd-3-2-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/xau-usd-3-2-768x433.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/xau-usd-3-2.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption><span style=\"color:green\"> Green Lines Indicate Resistance Levels<\/span> <span style=\"color:red\">&nbsp;&#8211;&nbsp;Red Lines Indicates Support Levels <\/span>&nbsp;<br> <span style=\"color:blue\">&#8211;&nbsp;Light Blue is a Pivot Point <\/span>&nbsp; <span style=\"color:black\">&#8211; Black represents the price when the report was produced <\/span> <\/figcaption><\/figure>\n\n\n\n<div class=\"wp-block-group has-vivid-red-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h4 class=\"has-very-light-gray-color has-text-color wp-block-heading\"><strong>Dow jones Intraday:&nbsp;&nbsp; <\/strong>Under Pressure <\/h4>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group has-very-light-gray-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<p><strong>Our\npivot point is at 28,486<\/strong><\/p>\n\n\n\n<p><strong>Preferable\nPrice Action<\/strong>: Take short positions\nbelow pivot with targets at 28,340 &amp; 28,222 in extension.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: Above 28,486 looks for further upside to 28,574 &amp; 28,650.<\/p>\n\n\n\n<p><strong>Comment<\/strong>: The RSI indicator below 50 marks and MACD in negative\nterritory. Moreover, the pair is trading above 20MA &amp; below 55MA.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"578\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/ws-3-2-1024x578.jpg\" alt=\"\" class=\"wp-image-307\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/ws-3-2-1024x578.jpg 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/ws-3-2-300x169.jpg 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/ws-3-2-768x433.jpg 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/ws-3-2.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption><span style=\"color:green\"> Green Lines Indicate Resistance Levels<\/span> <span style=\"color:red\">&nbsp;&#8211;&nbsp;Red Lines Indicates Support Levels <\/span>&nbsp;<br> <span style=\"color:blue\">&#8211;&nbsp;Light Blue is a Pivot Point <\/span>&nbsp; <span style=\"color:black\">&#8211; Black represents the price when the report was produced <\/span> <\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities US Wall Street\u2019s major stock indices fell sharply on Friday, wiped out the Dow Jones index gain for January, as traders were highly worried about&hellip; <\/p>\n","protected":false},"author":2,"featured_media":337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[12,8,10,9,3,11],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market outlook, February 03, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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