{"id":518,"date":"2020-02-19T07:10:53","date_gmt":"2020-02-19T07:10:53","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=518"},"modified":"2023-08-18T06:27:39","modified_gmt":"2023-08-18T06:27:39","slug":"daily-market-outlook-19-february-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-19-february-2020\/","title":{"rendered":"Daily Market Outlook, 19 February, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>US Wall Street\u2019s major stock indices, Dow and S&amp;P 500 fell on Tuesday after a sales warning from Apple Inc. left investors to quantify the impact of the coronavirus outbreak on U.S. companies.<\/p>\n<p>The Dow Jones down 165.89 points (0.56%) to 29,232, the S&amp;P 500 fell 9.87 points (0.29%) to 3,370 and the Nasdaq Composite flat to 9,732.74.<\/p>\n<p>Regarding the U.S. economic data, later today analyst expects core PPI data m\/m rose to 0.2% from 0.1% earlier and building permit at 1.45M.<\/p>\n<p>Asian shares and US stock futures edged higher on Wednesday as Chinese official says that decline in the number of new cases.<\/p>\n<p>MSCI&#8217;s broadest index of Asia-Pacific shares outside Japan rose 0.40% to 686.16 level. Australian shares were up 0.43%, while Japan&#8217;s Nikkei stock index rose 1.0%.<\/p>\n<p>European stocks were down on Tuesday, with the Stoxx Europe 50 Index slipped 0.43% to 3,836, Germany&#8217;s DAX dropped 0.75% to 13,681.19 and France&#8217;s CAC lost 0.48% to 6,056.82 and U.K.&#8217;s FTSE 100 declined 0.69% to 7,382.01<\/p>\n<p>U.S. government-bond prices jumped as demand for risky assets grows. The benchmark U.S. 10-year Treasury yields rose 0.54% to 1.564.<\/p>\n<p>Crude Oil prices were slightly rose on Wednesday with gains limited by the economic effect from the virus, although new cases fell compare to early January.<\/p>\n<p>Brent crude rose 0.90% to $58.35 per barrel, while US West Texas Intermediate (WTI) crude advanced 0.80% to $52.50.<\/p>\n<p>Yellow metal surpassed $1,600 an ounce on Tuesday to log their highest finish since late March 2013. Today gold rose 0.17% to $1603 per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The return of risk aversion to markets on Tuesday has increased demand for the U.S. dollar as a safe asset.<\/p>\n<p>Against a basket of currencies, the greenback is sitting by a four-month high at 99.360<\/p>\n<p>Euro gives its worst daily close against the U.S. dollar in nearly three years on Tuesday<strong>.\u00a0<\/strong>The pair closed below 1.08000 on Tuesday, confirming its weakest daily close since April 2017.<\/p>\n<p>The Australian dollar also traded lower after the Reserve Bank of Australia reiterated that low-interest rates will probably be required for an extended period, flagging concerns about the coronavirus.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:<\/span><\/strong> Downtrend continues<\/h3>\n<p><strong>Our pivot point is at 1.08050<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take short positions below pivot level with targets at 1.07907 &amp; 1.07835 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside at 1.08164 &amp; 1.08232<\/p>\n<p><strong>Comment<\/strong>:<strong>.\u00a0<\/strong>The pair closed below 1.08000 on Tuesday, confirming its weakest daily close since April 2017.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-519 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/euro-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/euro-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/euro-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/euro-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/euro-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/euro.png 1675w\" 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> Under pressure<\/h3>\n<p><strong>Our pivot point is at 1.30060<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Short positions below pivot with targets at 1.29844 &amp; 1.29720 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price above pivot would call for further upside to 1.30248 and 1.30379<\/p>\n<p><strong>Comment<\/strong>: The RSI indicator below the 50-level mark and pair below its 55MA &amp; 20MA<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-520 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/gbp-7-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gbp-7-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gbp-7-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gbp-7-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gbp-7-1536x866.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gbp-7.png 1674w\" 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\">JPY\/USD Intraday:<\/span><\/strong> Break Resistance level<\/h3>\n<p><strong>Our pivot point is at 109.950<\/strong><\/p>\n<p><strong>Preferable Price Action:<\/strong> Long position above 109.950 with the target at 110.147 and 110.233 in extension<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of 109.950 would call for 109.781 and 109.672<\/p>\n<p><strong>Comment<\/strong>: Pair above its 20MA and 55MA and MACD in positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-521 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/jpy-7-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/jpy-7-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/jpy-7-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/jpy-7-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/jpy-7-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/jpy-7.png 1672w\" 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<p>&nbsp;<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">AUD\/USD Intraday: <\/span><\/strong>Resistance at 0.670000<\/h3>\n<p><strong>Our pivot point is at 0.67000<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Short positions below pivot with targets at 0.66726 &amp; 0.66591 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside with 0.67221 &amp; 0.67341 as targets.<\/p>\n<p><strong>Comment<\/strong>: pair below its 55MA and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-522 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/aud-7-1024x579.png\" alt=\"\" width=\"1024\" height=\"579\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/aud-7-1024x579.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/aud-7-300x170.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/aud-7-768x434.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/aud-7-1536x868.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/aud-7.png 1675w\" 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><\/strong> Upside Trend resume<\/h3>\n<p><strong>Our pivot point is at 51.89<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Buy above pivot with targets at 52.76 and 53.10 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivots sell Oil with 51.27 &amp; 50.90 as targets.<\/p>\n<p><strong>Comment<\/strong>: Pair above its 55MA &amp; 20MA and MACD in positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-523 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/oil-7-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/oil-7-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/oil-7-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/oil-7-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/oil-7-1536x866.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/oil-7.png 1675w\" 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><\/strong> Trend Upside Continues<\/h3>\n<p><strong>Our pivot point is at 1600.20<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1606.62 &amp; 1610.27<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 1593.83 and 1589.13<\/p>\n<p><strong>Comment<\/strong>: Gold tops $1,600 for the first time since 2013 as coronavirus fears spur haven demand<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-524 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/gold-4-1024x578.png\" alt=\"\" width=\"1024\" height=\"578\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gold-4-1024x578.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gold-4-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gold-4-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gold-4-1536x867.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/gold-4.png 1676w\" 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\">Dow jones Intraday:<\/span><\/strong> Uptrend Continues<\/h3>\n<p><strong>Our pivot point is at 29,259<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take long positions above pivot with targets at 29,363.7 &amp; 29,425.5 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below 29,259 looks for further downside to 29,165 &amp; 29,111<\/p>\n<p><strong>Comment<\/strong>: Pair is trading below its 20MA &amp; 55MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-525 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/dow-30-4-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/dow-30-4-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/dow-30-4-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/dow-30-4-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/dow-30-4-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/dow-30-4.png 1676w\" 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","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities US Wall Street\u2019s major stock indices, Dow and S&amp;P 500 fell on Tuesday after a sales warning from Apple Inc. left investors to quantify the&hellip; <\/p>\n","protected":false},"author":2,"featured_media":2478,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[47,45,21,41,3,35,44,31,40,46],"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 February, 2020 | Seven Star FX<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-19-february-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Daily Market Outlook, 19 February, 2020 | Seven Star FX\" \/>\n<meta property=\"og:description\" content=\"Market Wrap: Stocks, Bonds, Commodities US Wall Street\u2019s major stock indices, Dow and S&amp;P 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