{"id":658,"date":"2020-03-11T08:39:41","date_gmt":"2020-03-11T08:39:41","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=658"},"modified":"2020-03-11T08:39:41","modified_gmt":"2020-03-11T08:39:41","slug":"daily-market-outlook-11-march-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-11-march-2020\/","title":{"rendered":"Daily Market Outlook, 11 March, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>US major stocks indices roared back on Tuesday, rebounding from the brink of bear market confirmation as bargain-hunting and hopes of government stimulus calmed investors\u2019 fears surrounding the coronavirus and growing signs of an imminent recession.<\/p>\n<p>The Dow Jones Industrial Average advanced 1,167.14 points (4.90%) to 25,018.16, the S&amp;P 500 rose 136 points (4.95%) to 2,882and the Nasdaq Composite gained 393 points (4.95%) to 8,344.<\/p>\n<p>Asian shares fell on Wednesday as growing scepticism about Washington\u2019s stimulus package to fight the coronavirus outbreak knocked the steam out of an earlier rally.<\/p>\n<p>MSCI&#8217;s broadest index of Asia-Pacific shares outside Japan down 0.85% to 619 level. Australian shares were down 3.5%. Japan&#8217;s Nikkei index slump 2.27%.<\/p>\n<p>European stocks were advanced on Thursday, with the Stoxx Europe 50 Index added 2.00% to 2,970, Germany&#8217;s DAX rose 1.76% to 10,616 and France&#8217;s CAC gained 2.10% to 4,733 and U.K.&#8217;s FTSE 100 advanced 1.64% to 6,0570.<\/p>\n<p>Benchmark 10-year U.S. Treasury yields down as demand for a safe asset on Wednesday, today down 5.0% to 0.710.<\/p>\n<p>The yellow metal rose on Wednesday after a steep fall in the previous session, as doubts about a stimulus package proposed by U.S. President Donald Trump to soften the economic impact of the coronavirus epidemic weighed on risk sentiment. gold was up 0.4% at $1,664 per ounce.<\/p>\n<p>Oil prices jumped over 8% on Tuesday, bouncing from the biggest rout in nearly 30 years a day earlier, as the possibility of economic stimulus encouraged buying and US producers slashed spending in a move that could cut output.<\/p>\n<p>Brent crude down 0.1% at $37 per barrel, while US West Texas Intermediate (WTI) crude fell 0.70% to $34.50 per barrel.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>The U.S. dollar index declined on Tuesday against the euro and yen as traders await details of upcoming supportive economic measures.<\/p>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, down 0.20% to 96.200.<\/p>\n<p>The Japanese yen resumed gains against the U.S. dollar on Wednesday in Asia as\u00a0equity markets turned lower in early afternoon trade.<\/p>\n<p>He GBP\/USD pair traded 0.6% higher to 1.1343 amid expectations that the U.K. will deliver a big stimulus package and measures later in the day during the budget announcement to help combat the Covid-19 outbreak.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday: <\/span>May trend reverse\u00a0<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.13696<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take short positions below pivot level with targets at 1.12833 &amp; 1.12325 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside at 1.14384 &amp; 1.14774.<\/p>\n<p><strong>Comment: <\/strong>Price below 20MA &amp; 55MA and RSI below 50 level.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-659 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/03\/euro-6-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/euro-6-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/euro-6-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/euro-6-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/euro-6-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/euro-6.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\">GBP\/USD Intraday: <\/span>Bias remains Bearish<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.29839<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Short positions below pivot with targets at 1.28618 &amp; 1.27917 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price above pivot would call for further upside to 1.31044 and 1.31654.<\/p>\n<p><strong>Comment<\/strong>: The RSI indicator at 50 level mark and pair below its 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-660 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/03\/gbp-6-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/gbp-6-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/gbp-6-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/gbp-6-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/gbp-6-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/gbp-6.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\">JPY\/USD Intraday:<\/span><\/strong> Trend may change<\/h3>\n<p><strong>Our pivot point is at 103.570<\/strong><\/p>\n<p><strong>Preferable Price Action: <\/strong>Long position above 103.570 with the target at 105.579 and 106.457 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 102.000 and 101.192.<\/p>\n<p><strong>Comment<\/strong>: Pair above its 20MA &amp; 55MA\u00a0 and RSI above 50 levels.<img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-661 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/03\/jpy-6-1024x574.png\" alt=\"\" width=\"1024\" height=\"574\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/jpy-6-1024x574.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/jpy-6-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/jpy-6-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/jpy-6-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/jpy-6.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\">AUD\/USD Intraday: <\/span>Bias upside<\/strong><\/h3>\n<p><strong>Our pivot point is at 0.64654<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Long positions above pivot with targets at 0.657584 &amp; 0.65964 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside with 0.63900 &amp; 0.63549 as targets.<\/p>\n<p><strong>Comment<\/strong>: Pair suffer from Large volatility in price.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-662 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/03\/aud-6-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/aud-6-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/aud-6-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/aud-6-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/aud-6-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/aud-6.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\">CRUDEOIL Intraday:<\/span><\/strong> Give Bouce back after sharp fell<\/h3>\n<p><strong>Our pivot point is at 36.50<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Sell below pivot with targets at 32.55 and 30.53 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivots buy Oil with 39.53 &amp; 41.55 as targets.<\/p>\n<p><strong>Comment<\/strong>: Price war between OPEC and Russia continues.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-664 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/03\/crude-2-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/crude-2-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/crude-2-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/crude-2-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/crude-2-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/crude-2.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> Intraday Support at 1649.72<\/h3>\n<p><strong>Our pivot point is at 1649.72<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1675.58 &amp; 1689.70 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 1626.06 and 1614.14.<\/p>\n<p><strong>Comment<\/strong>: MACD in Negative territory and pair above its 55MA and 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-665 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/03\/gold-6-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/gold-6-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/gold-6-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/gold-6-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/gold-6-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/gold-6.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\">Dow jones Intraday:<\/span><\/strong> advanced nearly 5% on Tuesday.<\/h3>\n<p><strong>Our pivot point is at 25,085<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take short positions below pivot with targets at 24,031 &amp; 23,665 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: above 25,085 looks for further upside to 25,903 &amp; 25,375.<\/p>\n<p><strong>Comment<\/strong>: Pair is trading below its 20MA &amp; 55MA and MACD in negative territory.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-666 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/03\/dow-30-6-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/dow-30-6-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/dow-30-6-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/dow-30-6-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/dow-30-6-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/dow-30-6.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","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities US major stocks indices roared back on Tuesday, rebounding from the brink of bear market confirmation as bargain-hunting and hopes of government stimulus calmed investors\u2019&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":[57,8,10,21,3,56,35,58,33,50,52],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 11 March, 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-11-march-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, 11 March, 2020 | Seven Star FX\" \/>\n<meta property=\"og:description\" content=\"Market Wrap: Stocks, Bonds, Commodities US major stocks indices roared back on Tuesday, rebounding from 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