{"id":3174,"date":"2021-01-29T10:15:30","date_gmt":"2021-01-29T10:15:30","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=3174"},"modified":"2021-02-19T12:17:59","modified_gmt":"2021-02-19T12:17:59","slug":"daily-market-outlook-29-january-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-29-january-2020\/","title":{"rendered":"Daily Market Outlook, 29 January, 2021"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>American major indices gained on Thursday, bouncing back from losses in the previous session, thanks to a broad rally as earnings season got off to a strong start and fears lessened around hedge funds selling long positions to cover shorts.<\/p>\n<p>The U.S. economy downshifted in the final three months of 2020 after record third-quarter growth, as the pandemic battered the labour market and limited Americans\u2019 ability and willingness to spend.<\/p>\n<p>The Dow Jones Industrial Average rose 300.19 points (0.99%) to 30,603.36, the S&amp;P 500 gained 36.61 points (0.98%) to 3,787.38 and the Nasdaq Composite added 66.56 points (0.50%) to 13,337.16.<\/p>\n<p>Asian stocks were set to rise on Friday after U.S. shares rallied and the dollar eased overnight, as fears of social-media driven hedge fund selling abated and the U.S. earnings season got off to a strong start.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan fell 1.19% to 879.10 levels. Australian index fell 0.64% to 6,607.40. Japanese Nikkei traded 1.89% lower to 27,663.39.<\/p>\n<p>European stocks were declined on Friday, with the Stoxx Europe 50 Index down 1.10% to 3,517.95, Germany&#8217;s DAX slumped 1.06% to 13,525.55 and France&#8217;s CAC fell 0.99% to 5,454.97 and U.K.&#8217;s FTSE 100 down 0.91% to 6,467.51.<\/p>\n<p>Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield higher 1.48% to 1.071.<\/p>\n<p>Oil prices were mixed on Friday as a pending supply cut by Saudi Arabia and lower U.S. oil stocks helped counter risks of slowing fuel demand due to stalled vaccine rollouts and contagious new coronavirus strains.<\/p>\n<p>Spot Brent crude Oil rose 0.51% to $55.38 per barrel. US West Texas Intermediate crude advance 0.15% to $52.43 a barrel.<\/p>\n<p>The yellow metal traded 0.59% higher to 1849.90 dollar per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar index gained attraction on Friday as an improvement in risk appetite rose demand for the safest assets, with traders taking cheer from U.S. economic data wasn&#8217;t as bad as feared.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, higher 0.34% to 90.735.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair down 0.10% today. This left the pairing trading around $1.21110.<\/p>\n<p>The Japanese yen down against the U.S. dollar on Friday as stock pushes lower. Today US\/JPY rose 0.60% to 104.840 level.<\/p>\n<p>Other commodity-related currency lower against U.S dollar, AUD\/USD lost 0.51% to 0.76410 and NZD\/USD lost 0.13% to 0.71600.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:\u00a0<\/span> Trend on the downside\u00a0<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.21150<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take Short positions below pivot level with targets at 1.20850 &amp; 1.20650 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside at 1.21450 &amp; 1.21650.<\/p>\n<p><strong>Comment: <\/strong>Pair below its 55MA &amp; 20MA an RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-3175 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/01\/EURUSD-14-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/EURUSD-14-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/EURUSD-14-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/EURUSD-14-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/EURUSD-14-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/EURUSD-14.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><\/strong><strong>\u00a0Trend downside\u00a0<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.37200<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Sell positions below pivot with targets at 1.36700 &amp; 1.36400 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The price above pivot would call for further upside to 1.37700 &amp; 1.38000.<\/p>\n<p><strong>Comment<\/strong>: Price below its 55MA &amp; 20MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-3176 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/01\/GBPUSD-14-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/GBPUSD-14-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/GBPUSD-14-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/GBPUSD-14-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/GBPUSD-14-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/GBPUSD-14.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> Major trend on the upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 104.430<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Buy position above with the target at 104.750 and 104.950 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 104.100 and 103.900.<\/p>\n<p><strong>Comment<\/strong>: price above\u00a0 20MA &amp; 55MA and MACD in positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-3177 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/01\/USDJPY-14-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/USDJPY-14-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/USDJPY-14-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/USDJPY-14-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/USDJPY-14-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/USDJPY-14.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 downside<\/h3>\n<p><strong>Our pivot point is at 0.76720<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Sell Positions below pivot with targets at 0.76200 &amp; 0.75950 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside with 0.77200 &amp; 0.77450 as targets.<\/p>\n<p><strong>Comment<\/strong>: Pair below its 20MA &amp; 55MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-3178 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/01\/AUDUSD-13-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/AUDUSD-13-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/AUDUSD-13-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/AUDUSD-13-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/AUDUSD-13-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/AUDUSD-13.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>In a consolidation zone<\/strong><\/h3>\n<h4><strong>Our pivot point is at 52.35<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Below pivots sell Oil with 51.75 &amp; 51.40 as targets.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Buy crude above pivot with targets at 52.95 and 53.30 in extension.<\/p>\n<p><strong>Comment<\/strong>: Crude below its 20MA &amp; 55MA and MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-3179 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/01\/CRUDEOIL-15-1024x573.png\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/CRUDEOIL-15-1024x573.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/CRUDEOIL-15-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/CRUDEOIL-15-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/CRUDEOIL-15-1536x860.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/CRUDEOIL-15.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>\u00a0Resistance at 1850.30<\/strong><\/h3>\n<p><strong>Our pivot point is at 1850.30<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further downside to 1838.00 &amp; 1832.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If the price gives an upside breakout of a pivot, then the price extends to 1862.00 and 1868.00.<\/p>\n<p><strong>Comment<\/strong>: MACD in negative territory and price below 55MA &amp; 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-3180 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/01\/XAUUSD-14-1024x573.png\" alt=\"\" width=\"1024\" height=\"573\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/XAUUSD-14-1024x573.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/XAUUSD-14-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/XAUUSD-14-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/XAUUSD-14-1536x859.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/XAUUSD-14.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 Intraday:<\/span><\/span> Trend on the downside<\/h3>\n<p><strong>Our pivot point is 30,460.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot with targets at 30,100.00 &amp; 29,900.00 extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 30,460.00 looks for further upside to 30,830.00 &amp; 31,030.00.<\/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-3181 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/01\/WS30-14-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/WS30-14-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/WS30-14-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/WS30-14-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/WS30-14-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/01\/WS30-14.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 American major indices gained on Thursday, bouncing back from losses in the previous session, thanks to a broad rally as earnings season got off to&hellip; <\/p>\n","protected":false},"author":2,"featured_media":3183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[8,10,21,3,100,94,33,77,85,72,50,101],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 29 January, 2021 | Seven Star 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