{"id":344,"date":"2020-02-06T07:38:22","date_gmt":"2020-02-06T07:38:22","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=344"},"modified":"2020-04-20T12:22:35","modified_gmt":"2020-04-20T12:22:35","slug":"daily-market-outlook-6-february-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-6-february-2020\/","title":{"rendered":"Daily Market Outlook, 6 February, 2020"},"content":{"rendered":"\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h2 class=\"has-vivid-red-color has-text-color wp-block-heading\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/h2>\n<\/div><\/div>\n\n\n\n<p>&nbsp;US Wall Street\u2019s major\nstock indices jumped on Wednesday, the benchmark\nS&amp;P 500 posted a record closing high as US stocks rallied for a third\nstraight day on better than expected US economic data and fading fears of the\nfinancial fallout from the coronavirus in China.<\/p>\n\n\n\n<p>The Dow Jones Industrial gained 483.22\npoints (1.68%) to 29,290.85, the S&amp;P 500 index advanced 37.1 points (1.13%)\nto 3,334.69 and the Nasdaq Composite rose 40.71 points (0.43%) to 9,508.68.<\/p>\n\n\n\n<p>Regarding the U.S. economic data, ISM\nnon-manufacturing data for January showed an\nuptick to 55.5, better than expectation of 55. On the labour market\nfront,&nbsp;private payroll\ngrew by 291,000 last month, a sharp increase from the 199,000 in December that\nbeat the economists forecast of 156,000.<\/p>\n\n\n\n<p>Asian stocks higher on Thursday, a day\nafter S&amp;P 500 index hit a record high followed by encouraging economic\ndata, while investors keep an eye on the impact of the coronavirus outbreak.<\/p>\n\n\n\n<p>MSCI&#8217;s broadest index of Asia-Pacific\nshares outside Japan gained 1.66% to 684.30 while Japan&#8217;s Nikkei rose 2.50%.<\/p>\n\n\n\n<p>European stocks were rose on Wednesday, with the Stoxx Europe\n50 Index advanced 1.22% to 3,777.84, Germany&#8217;s DAX gained 1.48% to 13,478.33 and\nFrance&#8217;s CAC added 0.85% to 5,985.40 and the U.K.&#8217;s FTSE 100 advanced 0.57% to\n7,482.48.<\/p>\n\n\n\n<p>U.S. government-bond prices down as demand for risky assets\ngrow. The benchmark U.S. 10-year Treasury yield rose 1.69% to 1.677. <\/p>\n\n\n\n<p>Gold at two-week lows on Wednesday before\nrebounding as investors continued to monitor China\u2019s coronavirus crisis closely\nafter the World Health Organization downplayed media reports about vaccine\nbreakthroughs, which initially got markets excited. Today spot Gold traded 0.35% down to\n$1553.70 per ounce.<\/p>\n\n\n\n<p>Oil rose for a second straight day on\noptimism OPEC+ will be agreed on large cuts in response to virus-led demand\ndestruction, countering a further increase in U.S. crude stockpiles yesterday.<\/p>\n\n\n\n<p>Brent crude up 1.14% at $56.90\nper barrel, while US West Texas Intermediate (WTI) crude rose 1.54% to $52.05\nper barrel. <\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h2 class=\"has-vivid-red-color has-text-color wp-block-heading\"><strong>Market Wrap: Forex<\/strong><\/h2>\n<\/div><\/div>\n\n\n\n<p>The dollar\nclimbed on Wednesday as good services and private labour market data suggesting\nthe underlying American economy remained on solid footing.<\/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\n0.05% to 98.185.<\/p>\n\n\n\n<p>The safe-haven yen stepped back to 109.950 level, compared with a three-week high of 108.305\nhits on Friday.<\/p>\n\n\n\n<p>Moves in the widely traded\nEUR\/USD pair were mixed, with the Euro and British\npound flat to $1.09977 and $1.29825\nsequentially.<\/p>\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<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h3 class=\"has-vivid-red-color has-text-color wp-block-heading\"><strong>EUR\/USD Intraday : <\/strong>Intraday Resistance at 1.10025<\/h3>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<p><strong>Our pivot point is at 1.10025<\/strong><\/p>\n\n\n\n<p><strong>Preferable Price Action<\/strong>: Take short\npositions below 1.10025 with targets at 1.09925 &amp; 1.09840 in extension.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside at 1.10154 &amp; 1.10247<\/p>\n\n\n\n<p><strong>Comment<\/strong>: The RSI\nindicator below 50 and MACD on the negative side. Moreover, the pair is trading\nbelow its 20MA &amp; 55 MA.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"576\" class=\"wp-image-345\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/eur-1024x576.png\" alt=\"\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur.png 1677w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption style=\"text-align: center\"><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<\/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<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h3 class=\"has-vivid-red-color has-text-color wp-block-heading\"><strong>GBP\/USD Intraday:&nbsp; <\/strong>The bias remains bearish<\/h3>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<p><strong>Our\npivot point is at 1.30085<\/strong><\/p>\n\n\n\n<p><strong>Preferable\nPrice Action<\/strong>: Short positions\nbelow pivot with targets at 1.29641 &amp; 1.29447 in extension.<\/p>\n\n\n\n<p><strong>Alternative\nPrice Action<\/strong>: Price above\npivot would call for further upside to 1.30528 and 1.30715<\/p>\n\n\n\n<p><strong>Comment<\/strong>: The RSI indicator below the 50-level mark and\npair below its 20 MA and 55 MA.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"576\" class=\"wp-image-346\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/gbp-1024x576.png\" alt=\"\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gbp-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gbp-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gbp-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gbp-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gbp.png 1678w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption style=\"text-align: center\"><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<\/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<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h3 class=\"has-vivid-red-color has-text-color wp-block-heading\"><strong>JPY\/USD Intraday: &nbsp;<\/strong>Upside moment continues <\/h3>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<p><strong>Our\npivot point is at 109.810<\/strong><\/p>\n\n\n\n<p><strong>Preferable\nPrice Action:<\/strong> Long position\nabove 109.810 with the target at 110.068 and 110.226 in extension<\/p>\n\n\n\n<p><strong>Alternative\nPrice Action<\/strong>: The downside\nbreakout of 109.810 would call for 109.570 and 108.416<\/p>\n\n\n\n<p><strong>Comment<\/strong>: Pair above its 20MA and 55MA and MACD also in\npositive 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\" class=\"wp-image-347\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/jpy-1024x577.png\" alt=\"\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/jpy-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/jpy-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/jpy-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/jpy-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/jpy.png 1676w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption style=\"text-align: center\"><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<\/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<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h3 class=\"has-vivid-red-color has-text-color wp-block-heading\"><strong>AUD\/USD Intraday:&nbsp; <\/strong>Trend reverse<\/h3>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<p><strong>Our\npivot point is at 0.67450<\/strong><\/p>\n\n\n\n<p><strong>Preferable\nPrice Action<\/strong>: Long positions\nabove pivot with targets at 0.67696 &amp; 0.67797 in extension.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside with 0.67272 &amp; 0.67154 as targets.<\/p>\n\n\n\n<p><strong>Comment<\/strong>: The RSI indicator above 50 levels and price\nabove their 55MA and 20MA and MACD also in positive 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\" class=\"wp-image-349\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/aud-1024x576.png\" alt=\"\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/aud-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/aud-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/aud-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/aud-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/aud.png 1674w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption style=\"text-align: center\"><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<\/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<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h3 class=\"has-vivid-red-color has-text-color wp-block-heading\"><strong>CRUDEOIL Intraday:<\/strong> take support at 50 level<\/h3>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<p><strong>Our\npivot point is at 52.24<\/strong><\/p>\n\n\n\n<p><strong>Preferable\nPrice Action<\/strong>: Buy above 52.24\nwith targets at 52.85 and 53.33 in extension.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: Below pivots sell Oil with 51.62 &amp; 51.23 as targets.<\/p>\n\n\n\n<p><strong>Comment<\/strong>: MACD indicator in positive territory and pair\nabove its 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\" class=\"wp-image-350\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/oil-1024x576.png\" alt=\"\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/oil-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/oil-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/oil-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/oil-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/oil.png 1677w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption style=\"text-align: center\"><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<\/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<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h3 class=\"has-vivid-red-color has-text-color wp-block-heading\"><strong>XAU\/USD Intraday:&nbsp; <\/strong>May Take Support 1550.<\/h3>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<p><strong>Our\npivot point is at 1552.64<\/strong><\/p>\n\n\n\n<p><strong>Preferable\nPrice Action<\/strong>: Further upside\nto 1562.38 &amp; 1567.70<\/p>\n\n\n\n<p><strong>Alternative\nPrice Action<\/strong>: If price gives\ndownside breakout of pivot, then price extends to 1546.54 and 1542.66<\/p>\n\n\n\n<p><strong>Comment<\/strong>: The RSI indicator above 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=\"576\" class=\"wp-image-351\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/gold-1024x576.png\" alt=\"\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gold-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gold-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gold-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gold-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gold.png 1675w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption style=\"text-align: center\"><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<\/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<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h3 class=\"has-vivid-red-color has-text-color wp-block-heading\"><strong>Dow jones Intraday:&nbsp;&nbsp; <\/strong>Upside Continues <\/h3>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<p><strong>Our\npivot point is at 29,375<\/strong><\/p>\n\n\n\n<p><strong>Preferable\nPrice Action<\/strong>: Take long\npositions above pivot with targets at 29,587 &amp; 29,702 in extension.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: Below 29,375 looks for further downside to 29,209 &amp; 29,056.<\/p>\n\n\n\n<p><strong>Comment<\/strong>: The RSI indicator at 70 marks and MACD positive\nterritory. Moreover, the pair is trading above 20MA &amp; 55MA.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"577\" class=\"wp-image-352\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/dow-30-1024x577.png\" alt=\"\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/dow-30-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/dow-30-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/dow-30-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/dow-30-1536x866.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/dow-30.png 1675w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption style=\"text-align: center\"><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<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities &nbsp;US Wall Street\u2019s major stock indices jumped on Wednesday, the benchmark S&amp;P 500 posted a record closing high as US stocks rallied for a third&hellip; <\/p>\n","protected":false},"author":2,"featured_media":354,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[28,27],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 6 February, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, 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