{"id":4224,"date":"2021-05-19T10:25:20","date_gmt":"2021-05-19T10:25:20","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=4224"},"modified":"2021-05-19T10:25:20","modified_gmt":"2021-05-19T10:25:20","slug":"daily-market-outlook-19-may-2021","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-19-may-2021\/","title":{"rendered":"Daily Market Outlook, 19 May, 2021"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>Wall Street stocks fell on Tuesday, with technology shares turning lower in late New York trading, while the U.S. dollar touched its lowest level since late February.<\/p>\n<p>The Dow Jones Industrial Average fell 267.13 points (0.78%) to 34,060.66, the S&amp;P 500 lost 35.46 point (0.85%) to 4,127.83 and the Nasdaq Composite dropped 75.41 points (0.56%) to 13,303.64.<\/p>\n<p>Global stocks slipped and cryptocurrencies sank on Wednesday as a threat of unwanted inflation had investors shy away from assets seen vulnerable to any removal of monetary stimulus.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan fell 0.12% to 864.33 levels. Australian index slumped 1.90% to 6,931.70. Japanese Nikkei traded 1.28% lower to 28,044.45.<\/p>\n<p>European stocks were declined on Wednesday, with the Stoxx Europe 50 Index lost 1.10% to 3,961.85, Germany&#8217;s DAX fell 1.03% to 15,229.85 and France&#8217;s CAC lower 0.90% to 6,296.77, and U.K.&#8217;s FTSE 100 slipped 0.81% to 6,977.55.<\/p>\n<p>Benchmark 10-year U.S. Treasury rose as demand for safe assets grows again, today 10-year bond yields advance 0.83% to 1.656.<\/p>\n<p>Oil settled lower on Tuesday, tumbling from a two-month high after media reports said the United States and Iran have made progress on reviving a deal restricting the OPEC country&#8217;s nuclear weapons development, which would boost crude supply.<\/p>\n<p>Spot Brent crude oil lower 0.95% to $68.06 per barrel. US West Texas Intermediate crude fell 1.10% to $64.78 a barrel.<\/p>\n<p>The yellow metal traded higher 0.22% to 1872.10 dollars per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar steadied against major currencies on Wednesday as traders awaited U.S. Federal Reserve minutes, but bitcoin tumbled after China banned its financial institutions from offering services related to cryptocurrency assets.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose 0.07% to 89.800.<\/p>\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that gained 0.06% today. This left the pairing trading around $1.22240.<\/p>\n<p>The Japanese yen fell against the U.S. dollar on Wednesday as the stock pushes lower. Today US\/JPY rose 0.16% to 109.040 level.<\/p>\n<p>Another commodity-related currency lower against the U.S dollar, AUD\/USD down 0.28% to 0.77680 and NZD\/USD lost 0.46% to 0.72130.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:<\/span> Trend may reverse<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.22360<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take short positions below pivot level with targets at 1.21850 &amp; 1.21600 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside to 1.22850 &amp; 1.23100.<\/p>\n<p><strong>Comment: <\/strong>Pair below its 55MA &amp; 20MA and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4227 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/EURUSD-11-1024x578.png\" alt=\"\" width=\"1024\" height=\"578\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-11-1024x578.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-11-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-11-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-11-1536x866.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-11.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>\u00a0Biason the downside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.42000<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Sell positions below pivot with targets at 1.41500 &amp; 1.41250 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The price above pivot would call for further upside to 1.42500 &amp; 1.42750.<\/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-4228 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/GBPUSD-12-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-12-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-12-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-12-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-12-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-12.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> Break resistance level<\/strong><\/h3>\n<p><strong>Our pivot point is at 108.970<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Buy position above with the target at 109.230 and 109.400 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 108.710 and 108.550.<\/p>\n<p><strong>Comment<\/strong>: price above its 20MA &amp; 55MA and MACD in positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4229 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/USDJPY-11-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-11-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-11-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-11-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-11-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-11.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\">AUD\/USD Intraday:<\/span> Resistance at 0.77810<\/h3>\n<p><strong>Our pivot point is at 0.77810<\/strong><\/p>\n<p><strong>Preferable Price Action:<\/strong> Sell Positions below pivot with targets at 0.77370 &amp; 0.77170 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside with 0.78230 &amp; 0.78430 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-4230 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/AUDUSD-12-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-12-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-12-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-12-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-12-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-12.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> Trend downside<\/strong><\/h3>\n<h4><strong>Our pivot point is at 65.00<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Below pivots sell Oil with 63.90 &amp; 63.40 as targets.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Buy crude above pivot with targets at 66.10 and 66.60 in extension.<\/p>\n<p><strong>Comment<\/strong>: Crude above its 55MA and MACD in the positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4231 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/CRUDEOIL-11-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-11-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-11-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-11-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-11-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-11.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> Resistance at 1872.30<\/strong><\/h3>\n<p><strong>Our pivot point is at 1872.30<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further downside to 1858.50 &amp; 1851.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If the price gives an upside breakout of a pivot, then the price extends to 1885.50 and 1893.00.<\/p>\n<p><strong>Comment<\/strong>: MACD in negative territory and price below its 55MA &amp; 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4232 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/XAUUSD-11-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-11-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-11-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-11-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-11-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-11.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 downside<\/h3>\n<p><strong>Our pivot point is 34,000.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot with targets at 33,780.00 &amp; 33,680.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 34,000.00 looks for further upside to 34,220.00 &amp; 34,320.00.<\/p>\n<p><strong>Comment<\/strong>: Price below 20MA &amp; 55MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4233 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/WS30-10-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-10-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-10-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-10-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-10-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-10.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 Wall Street stocks fell on Tuesday, with technology shares turning lower in late New York trading, while the U.S. dollar touched its lowest level since&hellip; <\/p>\n","protected":false},"author":2,"featured_media":4235,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[124,126,17,111,10,28,41,35,127,53,33,72,50,31,101],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 19 May, 2021 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, 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