{"id":555,"date":"2020-02-24T07:10:44","date_gmt":"2020-02-24T07:10:44","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=555"},"modified":"2020-02-24T07:10:44","modified_gmt":"2020-02-24T07:10:44","slug":"daily-market-outlook-24-february-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-24-february-2020\/","title":{"rendered":"Daily Market Outlook, 24 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 inched lower on Friday, led by a drop in technology heavyweights after reports of new coronavirus cases in China and other countries rise fears over its spread and impact on the global economy.<\/p>\n<p>The Dow Jones Industrial Average down 227.57 points (0.78%), to 28,992.41, the S&amp;P 500 dropped 35.48 points (1.05%) to 3,337.75 and the Nasdaq Composite lost 174.38 points (1.79%) to 9,576.59.<\/p>\n<p>The World Health Organization said it was worried about the increased number of cases without any clear link to the epicentre of the outbreak in China<\/p>\n<p>Asian stock indices declined on Monday as the fast spread of the coronavirus outside China increase fears and sent traders to buy gold and U.S. dollar as a safe haven.<\/p>\n<p>MSCI&#8217;s broadest index Asia-Pacific stocks outside Japan off 1.82% at its lowest since early February. Japanese markets were closed for a public holiday and Australian benchmark index slid 2.25% while New Zealand was down about 2.0%.<\/p>\n<p>European stocks were down on Friday, with the Stoxx Europe 50 Index slipped 0.59% to 3,800.38, Germany&#8217;s DAX dropped 0.62% to 13,579.33 and France&#8217;s CAC lost 0.54% to 6,029.72 and U.K.&#8217;s FTSE 100 declined 0.44% to 7,403.92.<\/p>\n<p>U.S. government-bond prices jumped as demand for safe-haven assets grows. The benchmark U.S. 10-year Treasury yields down 0.25% to 1.473.<\/p>\n<p>With the fears of China\u2019s coronavirus taking a toll on the global economy, traders rush to risk-safety. The same has been pushing the yellow metal\u2019s prices to multi-year tops off-late<\/p>\n<p>The yellow metal has soared and jumped 18 dollars to 1261.50 an ounce this morning, having touched $1280.00 an ounce earlier on panic buying and stop-losses.<\/p>\n<p>Crude Oil prices lost nearly 2.5% as the fast-spreading of the virus in other countries outside China put investors on worried about a hit to OIL demand.<\/p>\n<p>Brent crude down 2.30% to $56.60 per barrel, while US West Texas Intermediate (WTI) crude lost 2.15% to $52.25.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The dollar index decline began on Friday after data showed U.S. business activity stalled in February, indicating a contraction for the first time since 2016. The manufacturing sector also clocked its lowest reading since August.<\/p>\n<p>The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, advanced 0.33% to 99.500<\/p>\n<p>The safe-haven Japanese yen was almost flat against the U.S. dollar on Monday in Asia despite concerns that global coronavirus spread are worsening.<\/p>\n<p>Other Commodity-linked currencies were broadly lower against the greenback. AUD\/USD down 0.46% to 0.65960 and NZD\/USD lower 0.41% to 0.63140.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday:<\/span><\/strong> May Trend Revers<\/h3>\n<p><strong>Our pivot point is at 1.08080<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take long positions above pivot level with targets at 1.08290 &amp; 1.08425 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside at 1.07923 &amp; 1.07811<\/p>\n<p><strong>Comment: <\/strong>Pair bounce back from their multi-support area<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-556 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/EUR-8-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/EUR-8-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/EUR-8-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/EUR-8-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/EUR-8-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/EUR-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\">GBP\/USD Intraday:<\/span><\/strong> Support at 1.29270<\/h3>\n<p><strong>Our pivot point is at 1.29270<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Short positions below pivot with targets at 1.29050 &amp; 1.28887 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price above pivot would call for further upside to 1.29542 and 1.29749<\/p>\n<p><strong>Comment<\/strong>: The RSI indicator below the 50-level mark and pair above its 55MA &amp; below its 20MA<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-557 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/GBP-10-1024x578.png\" alt=\"\" width=\"1024\" height=\"578\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GBP-10-1024x578.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GBP-10-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GBP-10-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GBP-10-1536x867.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GBP-10.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\">JPY\/USD Intraday:<\/span><\/strong> Trend Upside continues<\/h3>\n<p><strong>Our pivot point is at 111.450<\/strong><\/p>\n<p><strong>Preferable Price Action:<\/strong> Long position above 111.450 with the target at 111.811 and 112.056 in extension<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 111.121 and 110.892<\/p>\n<p><strong>Comment<\/strong>: Pair above its 20MA and RSI near 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-558 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/JPY-11-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/JPY-11-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/JPY-11-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/JPY-11-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/JPY-11-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/JPY-11.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\">AUD\/USD Intraday: <\/span><\/strong>Under Pressure<\/h3>\n<p><strong>Our pivot point is at 0.66150<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Short positions below pivot with targets at 0.65856 &amp; 0.65667 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside with 0.66458 &amp; 0.66680 as targets.<\/p>\n<p><strong>Comment<\/strong>: pair below its 55MA &amp; 20MA and MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-559 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/AUD-10-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/AUD-10-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/AUD-10-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/AUD-10-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/AUD-10-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/AUD-10.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> May further price rise upward<\/h3>\n<p><strong>Our pivot point is at 51.94<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Buy above pivot with targets at 52.55 and 52.95 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivots sell Oil with 51.56 &amp; 51.26 as targets.<\/p>\n<p><strong>Comment<\/strong>: Pair below its 55MA &amp; 20MA and RSI below 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-560 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/OIL-10-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/OIL-10-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/OIL-10-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/OIL-10-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/OIL-10-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/OIL-10.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<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 1658.90<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1668.10 &amp; 1675.29 level<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 1649.70 and 1641.65<\/p>\n<p><strong>Comment<\/strong>: Gold tops $1,680 for the first time since 2013 as coronavirus fears spur haven demand<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-561 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/GOLD-7-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GOLD-7-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GOLD-7-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GOLD-7-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GOLD-7-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/GOLD-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\">Dow jones Intraday:<\/span><\/strong> Under Pressure<\/h3>\n<p><strong>Our pivot point is at 28,750<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take long positions above pivot with targets at 28,944 &amp; 29,099 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below 28,750 looks for further downside to 28,503 &amp; 28,366<\/p>\n<p><strong>Comment<\/strong>: Pair is trading below its 20MA &amp; 55MA and MACD in negative territory, RSI at Oversold area.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-562 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/02\/DOW-30-7-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/DOW-30-7-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/DOW-30-7-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/DOW-30-7-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/DOW-30-7-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/02\/DOW-30-7.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","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities US Wall Street\u2019s major stock indices inched lower on Friday, led by a drop in technology heavyweights after reports of new coronavirus cases in China&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":[49,18,8,10,21,3,33,50,46],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 24 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-24-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, 24 February, 2020 | Seven Star FX\" \/>\n<meta property=\"og:description\" content=\"Market Wrap: Stocks, Bonds, 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