{"id":366,"date":"2020-02-07T07:24:33","date_gmt":"2020-02-07T07:24:33","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=366"},"modified":"2020-03-12T13:20:20","modified_gmt":"2020-03-12T13:20:20","slug":"daily-market-outlook-7-february-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-7-february-2020\/","title":{"rendered":"Daily Market Outlook, 7 February, 2020"},"content":{"rendered":"\n<h3 class=\"has-vivid-red-color has-text-color wp-block-heading\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/h3>\n\n\n\n<p>US Wall\nStreet\u2019s major stock indices advanced on Thursday, Wall Street\u2019s main indexes touches record\nhigh levels as concerns faded over the economic impact from the coronavirus\noutbreak in China.<\/p>\n\n\n\n<p>The Dow Jones Industrial Average added 88.92 points (0.30%)\nto 29,379.77, the S&amp;P 500 rose 11.09 points (0.33%) to 3,345.78 and the\nNasdaq Composite advanced 63.47 points (0.67%) to 9,572. <br>\nRegarding the U.S. economic data, the focus has shifted to the closely-watched\nU.S. nonfarm Employment change report due later on Friday, which is forecast to\n163k from 145 earlier months. <\/p>\n\n\n\n<p>Asian\nmarkets declined in morning trade on Friday. China&#8217;s trade data, which is due\nlater in the day, is hope to generate some focus as investors tried to quantify\nthe potential economic impact of the virus outbreak in China.<\/p>\n\n\n\n<p>MSCI\u2019s index of Asia-Pacific stocks\noutside Japan declined 1.0% to 679.10 on Friday, though it is still up 3.20%\nfor the week. Japan&#8217;s Nikkei down 0.25% to 23,826.<\/p>\n\n\n\n<p>European stocks were rose on Wednesday, with the Stoxx Europe\n50 Index advanced 0.73% to 3,805.52, Germany&#8217;s DAX gained 0.72% to 13,574.72\nand France&#8217;s CAC added 0.88% to 6.038.18 and the U.K.&#8217;s FTSE 100 advanced 0.30%\nto 7,505.<\/p>\n\n\n\n<p>U.S. government-bond prices up as demand for safe-haven\nassets grow. The benchmark U.S. 10-year Treasury yield down 1.06% to 1.627. <\/p>\n\n\n\n<p>Gold prices advanced for a second-straight day\nas the momentum behind this week\u2019s rally in stock indices faded ahead of the\nU.S. nonfarm payrolls report on Friday. Today spot Gold traded flat to $1566 per ounce.<\/p>\n\n\n\n<p>Oil prices climbed on Friday\nafter Russia said it backs a recommendation for OPEC and other producers to\ndeepen output cuts amid falling demand for crude as China battles the\ncoronavirus epidemic that has hit global markets.<\/p>\n\n\n\n<p>Brent crude up 0.29% at $55.60\nper barrel, while US West Texas Intermediate (WTI) crude rose 0.20% to $51.05\nper barrel. <\/p>\n\n\n\n<h3 class=\"has-vivid-red-color has-text-color wp-block-heading\"><strong>Market Wrap: Forex<\/strong><\/h3>\n\n\n\n<p>The dollar held near a\ntwo-week high versus the yen on Friday on upbeat U.S. economic data ahead of a\nkey jobs report and the death toll from a new coronavirus in China jumped yet\nagain.<\/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 -0.05%\nto 98.330.<\/p>\n\n\n\n<p>The pound was little changed\nat $1.29400, close to the lowest since December 25 and declined 2% for the\nweek.<\/p>\n\n\n\n<p>The Australian dollar declined\n0.18% to $0.67180 after the RBA slashed growth forecasts in its quarterly\neconomic outlook due to bushfires and china\u2019s coronavirus outbreak.<\/p>\n\n\n\n<h3 class=\"has-vivid-red-color has-text-color wp-block-heading\"><strong>EUR\/USD Intraday: <\/strong>Intraday Resistance at 1.09880<\/h3>\n\n\n\n<p><strong>Our pivot point is at 1.09880<\/strong><\/p>\n\n\n\n<p><strong>Preferable Price Action<\/strong>: Take\nshort positions below resistance level with targets at 1.09745 &amp; 1.09655 in\nextension.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside at 1.10016 &amp; 1.10106<\/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\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"577\" class=\"wp-image-367\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/eur-1-1024x577.png\" alt=\"\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur-1-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur-1-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur-1-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur-1-1536x866.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur-1.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\n\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\n\n\n<p><strong>Our\npivot point is at 1.29480<\/strong><\/p>\n\n\n\n<p><strong>Preferable\nPrice Action<\/strong>: Short positions\nbelow pivot with targets at 1.29240 &amp; 1.29111 in extension.<\/p>\n\n\n\n<p><strong>Alternative\nPrice Action<\/strong>: Price above\npivot would call for further upside to 1.29655 and 1.29817<\/p>\n\n\n\n<p><strong>Comment<\/strong>: The RSI indicator near the 50-level mark and pair\nbelow its 55MA and above 20MA<\/p>\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-1-1024x577.png\" alt=\"\" class=\"wp-image-368\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GBP-1-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GBP-1-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GBP-1-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GBP-1-1536x866.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GBP-1.png 1676w\" 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<h3 class=\"has-vivid-red-color has-text-color wp-block-heading\"><strong>JPY\/USD Intraday: &nbsp;<\/strong>Upside moment continues <\/h3>\n\n\n\n<p><strong>Our\npivot point is at 109.800<\/strong><\/p>\n\n\n\n<p><strong>Preferable\nPrice Action:<\/strong> Long position\nabove 109.800 with the target at 110.062 and 110.219 in extension<\/p>\n\n\n\n<p><strong>Alternative\nPrice Action<\/strong>: The downside\nbreakout of 109.800 would call for 109.568 and 109.408<\/p>\n\n\n\n<p><strong>Comment<\/strong>: Pair above its 20MA and 55MA and MACD also in\npositive territory. <\/p>\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-1-1024x576.png\" alt=\"\" class=\"wp-image-369\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/JPY-1-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/JPY-1-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/JPY-1-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/JPY-1-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/JPY-1.png 1674w\" 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<h3 class=\"has-vivid-red-color has-text-color wp-block-heading\"><strong>AUD\/USD Intraday:&nbsp; <\/strong>Trend reverse<\/h3>\n\n\n\n<p><strong>Our\npivot point is at 0.67255<\/strong><\/p>\n\n\n\n<p><strong>Preferable\nPrice Action<\/strong>: Short\npositions below pivot with targets at 0.67124 &amp; 0.67032 in extension.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside with 0.67325 &amp; 0.67440 as targets.<\/p>\n\n\n\n<p><strong>Comment<\/strong>: The RSI indicator below 50 levels and price below\ntheir 55MA and 20MA and MACD also in negative territory. <\/p>\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"579\" class=\"wp-image-370\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/AUD-1-1024x579.png\" alt=\"\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/AUD-1-1024x579.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/AUD-1-300x170.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/AUD-1-768x434.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/AUD-1-1536x868.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/AUD-1.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\n\n<h3 class=\"has-vivid-red-color has-text-color wp-block-heading\"><strong>CRUDEOIL Intraday:<\/strong> Near phycological 50 level<\/h3>\n\n\n\n<p><strong>Our\npivot point is at 51.42<\/strong><\/p>\n\n\n\n<p><strong>Preferable\nPrice Action<\/strong>: Sell below 51.42\nwith targets at 50.95 and 50.66 in extension.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: Above pivots buy Oil with 51.77 &amp; 52 as targets.<\/p>\n\n\n\n<p><strong>Comment<\/strong>: price take support near Bollinger band lower\nline<\/p>\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"578\" class=\"wp-image-371\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/OIL-1-1024x578.png\" alt=\"\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/OIL-1-1024x578.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/OIL-1-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/OIL-1-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/OIL-1-1536x867.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/OIL-1.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\n\n<h3 class=\"has-vivid-red-color has-text-color wp-block-heading\"><strong>XAU\/USD Intraday:&nbsp; <\/strong><\/h3>\n\n\n\n<p><strong>Our\npivot point is at 1567.44<\/strong><\/p>\n\n\n\n<p><strong>Preferable\nPrice Action<\/strong>: Further downside\nto 1562.42 &amp; 1560.01<\/p>\n\n\n\n<p><strong>Alternative\nPrice Action<\/strong>: If price gives\nupside breakout of a pivot, then price extends to 1571.56 and 1574.61<\/p>\n\n\n\n<p><strong>Comment<\/strong>: The RSI indicator below 50 marks and MACD near-zero\nlevel.<\/p>\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"577\" class=\"wp-image-372\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/GOLD-1-1024x577.png\" alt=\"\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GOLD-1-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GOLD-1-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GOLD-1-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GOLD-1-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GOLD-1.png 1679w\" 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\n\n<h3 class=\"has-vivid-red-color has-text-color wp-block-heading\"><strong>Dow jones Intraday:&nbsp;&nbsp; <\/strong>Upside Continues <\/h3>\n\n\n\n<p><strong>Our\npivot point is at 29,276<\/strong><\/p>\n\n\n\n<p><strong>Preferable\nPrice Action<\/strong>: Take long\npositions above pivot with targets at 29,406 &amp; 29,553 in extension.<\/p>\n\n\n\n<p><strong>Alternative Price Action<\/strong>: Below 29,276 looks for further downside to 29,142 &amp; 29,021.<\/p>\n\n\n\n<p><strong>Comment<\/strong>: The RSI indicator at 50 marks. Moreover, the\npair is trading above 20MA and below its 55MA.<\/p>\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"578\" class=\"wp-image-373\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/DOW-1024x578.png\" alt=\"\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/DOW-1024x578.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/DOW-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/DOW-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/DOW-1536x867.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/DOW.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>","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities US Wall Street\u2019s major stock indices advanced on Thursday, Wall Street\u2019s main indexes touches record high levels as concerns faded over the economic impact from&hellip; <\/p>\n","protected":false},"author":2,"featured_media":310,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[32,22,30,35,29,33,31],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 7 February, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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