{"id":4238,"date":"2021-05-20T09:57:57","date_gmt":"2021-05-20T09:57:57","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=4238"},"modified":"2021-05-20T09:57:57","modified_gmt":"2021-05-20T09:57:57","slug":"daily-market-outlook-20-may-2021","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-20-may-2021\/","title":{"rendered":"Daily Market Outlook, 20 May, 2021"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>Wall Street\u2019s main indexes closed lower on Wednesday after minutes from an April Federal Reserve meeting showed participants agreed the U.S. economy remained far from the central bank\u2019s goals, with some considering discussions on tapering its bond-buying program.<\/p>\n<p>The Dow Jones Industrial Average fell 164.62 points (0.48%) to 33,896.04, the S&amp;P 500 lost 12.15 points (0.29%) to 4,115.68 and the Nasdaq Composite FLAT to 13,299.74.<\/p>\n<p>Asian markets were mixed in Thursday with data showing Japan\u2019s exports surging to the highest in the last ten years in April.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan fell 0.29% to 860.63 levels. Australian index surged 1.27% to 7,019.60. Japanese Nikkei traded 0.19% higher to 28,098.25.<\/p>\n<p>European stocks were mixed on Thursday, with the Stoxx Europe 50 Index rose 0.28% to 3,947.80, Germany&#8217;s DAX gained 0.18% to 15,139.50 and France&#8217;s CAC higher 0.34% to 6,284.15, and U.K.&#8217;s FTSE 100 slipped 0.19% to 6,936.95.<\/p>\n<p>Benchmark 10-year U.S. Treasury rose as demand for safe assets grows again, today 10-year bond yields slumped 1.42% to 1.659.<\/p>\n<p>Oil prices steadied on Thursday after a two-day slump, reflecting the world&#8217;s mixed economic recovery from the pandemic, with U.S. demand expected to keep rising, while a second coronavirus wave raging in India has led to more curbs on movement.<\/p>\n<p>Spot Brent crude oil lower 1.95% to $67.35 per barrel. US West Texas Intermediate crude fell 1.70% to $62.27 a barrel.<\/p>\n<p>The yellow metal traded lower 0.70% to 1868.30 dollars per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The U.S. dollar edged lower on Thursday but remained well above three-month lows hit overnight after minutes from the Federal Reserve&#8217;s last policy meeting revealed there was more talk of tapering its bond purchases than investors had expected.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, lowers 0.11% to 90.090.<\/p>\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that gained 0.12% today. This left the pairing trading around $1.21850.<\/p>\n<p>The Japanese yen rose against the U.S. dollar on Thursday as the stock pushes lower. Today US\/JPY fell 0.22% to 108.960 level.<\/p>\n<p>Another commodity-related currency higher against the U.S dollar, AUD\/USD up 0.21% to 0.77410, and NZD\/USD higher 0.10% to 0.71740.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday: <\/span>Support at 1.21750<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.21750<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take long positions above pivot level with targets at 1.22200 &amp; 1.22400 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside to 1.21300 &amp; 1.21100.<\/p>\n<p><strong>Comment: <\/strong>Pair above its 55MA &amp; 20MA and RSI above 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4239 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/EURUSD-12-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-12-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-12-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-12-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-12-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/EURUSD-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\">GBP\/USD Intraday: <\/span>\u00a0Trend on the downside<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.41620<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Sell positions below pivot with targets at 1.41050 &amp; 1.40800 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The price above pivot would call for further upside to 1.42150 &amp; 1.42400.<\/p>\n<p><strong>Comment<\/strong>: Price below its 55MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4240 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/GBPUSD-13-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-13-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-13-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-13-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-13-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/GBPUSD-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\">USD\/JPY Intraday:<\/span> Resistance at 109.190<\/strong><\/h3>\n<p><strong>Our pivot point is at 109.190<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action: <\/strong>Sell position below with the target at 108.850 and 108.660 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The upside breakout of pivot would call for 109.540 and 109.730.<\/p>\n<p><strong>Comment<\/strong>: price below its 20MA &amp; 55MA and MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4241 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/USDJPY-12-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-12-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-12-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-12-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-12-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/USDJPY-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><span style=\"color: #cf2e2e\">AUD\/USD Intraday:<\/span> In consolidation zone<\/h3>\n<p><strong>Our pivot point is at 0.77330<\/strong><\/p>\n<p><strong>Preferable Price Action:<\/strong> Buy Positions above pivot with targets at 0.77680 &amp; 0.77900 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside with 0.76980 &amp; 0.76760 as targets.<\/p>\n<p><strong>Comment<\/strong>: Pair above its 20MA &amp; 55MA and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4242 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/AUDUSD-13-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-13-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-13-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-13-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/AUDUSD-13-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/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> Trend downside<\/strong><\/h3>\n<h4><strong>Our pivot point is at 64.00<\/strong><\/h4>\n<p><strong>Preferable Price Action<\/strong>: Below pivots sell Oil with 61.70 &amp; 60.70 as targets.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Buy crude above pivot with targets at 66.20 and 67.20 in extension.<\/p>\n<p><strong>Comment<\/strong>: Crude is below its 55MA &amp; 20MA and MACD in the negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4243 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/CRUDEOIL-12-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-12-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-12-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-12-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-12-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/CRUDEOIL-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\">XAU\/USD Intraday:<\/span> Trend on the upside<\/strong><\/h3>\n<p><strong>Our pivot point is 1866.40<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1877.30 &amp; 1884.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If the price gives a downside breakout of a pivot, then the price extends to 1855.50 and 1848.50.<\/p>\n<p><strong>Comment<\/strong>: MACD in positive territory and price above its 55MA &amp; 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-4244 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/XAUUSD-12-1024x574.png\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-12-1024x574.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-12-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-12-768x430.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-12-1536x861.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/XAUUSD-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><span style=\"color: #cf2e2e\"><span style=\"color: #cf2e2e\">Dow Jones Intraday: <\/span><\/span>Trend downside<\/h3>\n<p><strong>Our pivot point is 33.860.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions below pivot with targets at 33,620.00 &amp; 33,490.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 33,860.00 looks for further upside to 34,100.00 &amp; 34,230.00.<\/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-4245 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2021\/05\/WS30-11-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-11-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-11-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-11-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-11-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2021\/05\/WS30-11.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\u2013 Black represents the price when the report was produced7<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities Wall Street\u2019s main indexes closed lower on Wednesday after minutes from an April Federal Reserve meeting showed participants agreed the U.S. economy remained far from&hellip; <\/p>\n","protected":false},"author":2,"featured_media":4247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[124,17,111,10,28,41,128,35,127,53,33,72,50,31,101],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 20 May, 2021 | Seven Star FX<\/title>\n<meta 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