{"id":528,"date":"2020-02-20T10:04:46","date_gmt":"2020-02-20T10:04:46","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=528"},"modified":"2020-02-20T10:14:15","modified_gmt":"2020-02-20T10:14:15","slug":"daily-market-outlook-20-february-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-20-february-2020\/","title":{"rendered":"Daily Market Outlook, 20 February, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>The S&amp;P 500 and Nasdaq rose to record closing highs on Wednesday as optimism that China would take more measures to prop up its economy eased concerns about the economic impact of the coronavirus epidemic.<\/p>\n<p>The Dow Jones Industrial Average rose 115.84 points (0.4%) to 29,348.03, the S&amp;P 500 gained 15.86 points (0.47%) to 3,386.15 and the Nasdaq Composite added 84.44 points (0.87%) to 9,817.18.<\/p>\n<p>Regarding the U.S. economic data, The Labor Department said its producer price index for final demand increased 0.5% last month, above economist forecasts. The report also highlighted a sharp 9.2% rise in building permit to a rate of 1.5 million units.<\/p>\n<p>Asian stocks edged up on Thursday, supported by a fall in coronavirus cases and expectations of more Chinese stimulus to offset the economic impact of the epidemic, while the Japanese yen nursed heavy losses after suffering its steepest drop in six months.<\/p>\n<p>MSCI\u2019s broadest index of Asia-Pacific shares outside Japan ticked up 0.1%. Buoyed by the cheaper yen, Japan\u2019s Nikkei rallied 1.5%. Markets in Australia and New Zealand minted record highs.<\/p>\n<p>European stocks were down on Tuesday, with the Stoxx Europe 50 Index slipped 0.32% to 3,851.95, Germany&#8217;s DAX dropped 0.26% to 13,754 and France&#8217;s CAC lost 0.15% to 6,103.97 and U.K.&#8217;s FTSE 100 flat to 7,454.<\/p>\n<p>Oil prices rose on Thursday, extending gains from its previous session, as the market shifted focus to supply disruptions, while demand concerns eased some after a sharp drop in new coronavirus cases at the epicentre of the outbreak.<\/p>\n<p>Yellow hit seven-year highs above $1,600 an ounce Wednesday, extending Tuesday\u2019s first break of that level in six weeks, as equity global markets shot up in a relief rally from an easing in China\u2019s pandemic.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The U.S. dollar remained near three-year highs on Wednesday, underpinned by better-than-expected economic data. The greenback had a muted reaction to the minutes of the Federal Reserve January meeting, which suggesting interest rates will likely be on hold for a time.<\/p>\n<p>The Japanese yen traded near a nine-month low versus the dollar on Thursday as risk appetite improved on expectations that China will continue to take steps to offset the economic impact of the coronavirus outbreak.<\/p>\n<p>GBP\/USD\u00a0fell 0.60% to $1.29100, while the\u00a0EUR\/USD was flat at $1.07950<\/p>\n<p>Other Commodity-linked currencies were broadly higher against the greenback. AUD\/USD down 0.67% to 0.66300 and NZD\/USD dropped 0.65% to 0.64400.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:<\/span><\/strong> May a temporary bounce back<\/h3>\n<p><strong>Our pivot point is at 1.07860<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take long positions above pivot level with targets at 1.08023 &amp; 1.08118 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside at 1.07720 &amp; 1.07622<\/p>\n<p><strong>Comment: <\/strong>Pair bounce back from their previous support level<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-529 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/eur-7-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur-7-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur-7-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur-7-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur-7-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/eur-7.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\">GBP\/USD Intraday:<\/span><\/strong> Under pressure<\/h3>\n<p><strong>Our pivot point is at 1.29280<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Short positions below pivot with targets at 1.28892 &amp; 1.28661 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price above pivot would call for further upside to 1.29667 and 1.29901<\/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-530 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/GBP-8-1024x579.png\" alt=\"\" width=\"1024\" height=\"579\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GBP-8-1024x579.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GBP-8-300x170.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GBP-8-768x434.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GBP-8-1536x869.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GBP-8.png 1673w\" 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 111.635<\/strong><\/p>\n<p><strong>Preferable Price Action:<\/strong> Long position above 111.635 with the target at 111.975 and 112.225 in extension<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 111.304 and 111.093<\/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-531 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/JPY-8-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/JPY-8-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/JPY-8-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/JPY-8-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/JPY-8-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/JPY-8.png 1677w\" 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\">AUD\/USD Intraday: <\/span><\/strong>Downtrend Continues<\/h3>\n<p><strong>Our pivot point is at 0.66570<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Short positions below pivot with targets at 0.66232 &amp; 0.66057 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside with 0.66810 &amp; 0.66980 as targets.<\/p>\n<p><strong>Comment<\/strong>: pair below its 55MA &amp; 20MA and RSI at oversold level.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-532 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/AUD-8-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/AUD-8-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/AUD-8-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/AUD-8-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/AUD-8-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/AUD-8.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 53.14<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Buy above pivot with targets at 53.93 and 54.45 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivots sell Oil with 52.39 &amp; 51.86 as targets.<\/p>\n<p><strong>Comment<\/strong>: Pair above its 55MA &amp; below its 20MA and MACD in positive territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-533 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/OIL-8-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/OIL-8-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/OIL-8-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/OIL-8-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/OIL-8-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/OIL-8.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 1605.50<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1613.08 &amp; 1616.66<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 1599.78 and 1595.13<\/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-534 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/GOLD-5-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GOLD-5-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GOLD-5-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GOLD-5-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GOLD-5-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GOLD-5.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\">Dow jones Intraday:<\/span><\/strong> Uptrend Continues<\/h3>\n<p><strong>Our pivot point is at 29,257<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take long positions above pivot with targets at 29,364 &amp; 29,426 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below 29,259 looks for further downside to 29,174 &amp; 29,115<\/p>\n<p><strong>Comment<\/strong>: Pair is trading below its 20MA &amp; 55MA and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-535 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/DOW-30-5-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/DOW-30-5-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/DOW-30-5-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/DOW-30-5-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/DOW-30-5-1536x866.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/DOW-30-5.png 1673w\" 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 The S&amp;P 500 and Nasdaq rose to record closing highs on Wednesday as optimism that China would take more measures to prop up its economy&hellip; <\/p>\n","protected":false},"author":2,"featured_media":536,"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, 20 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-20-february-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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