{"id":737,"date":"2020-03-23T07:37:10","date_gmt":"2020-03-23T07:37:10","guid":{"rendered":"https:\/\/blog.sevenstarfx.com\/?p=737"},"modified":"2020-03-23T07:37:10","modified_gmt":"2020-03-23T07:37:10","slug":"daily-market-outlook-23-march-2020","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-23-march-2020\/","title":{"rendered":"Daily Market Outlook, 23 March, 2020"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>American stocks retreated on Friday after New York ordered people to stay home, rattling investors who had welcomed this week\u2019s fiscal and monetary measures to counter the coronavirus shock and help revive the safe-haven appeal of bonds and gold.<\/p>\n<p>Dow Jones Industrial Average dropped 913 points (4.56%) to 19,174. The S&amp;P 500 declined 104.30 points (4.35%) to 2,305 and the Nasdaq Composite fell 271.50 points (3.79%) to 6,879.52.<\/p>\n<p>Asian major stock indices slid on Monday as more countries all but shut down in the fight against the coronavirus, threatening to overwhelm policymakers\u2019 frantic efforts to cushion what is clear to be a deep global recession.<\/p>\n<p>MSCI\u2019s broadest index of Asia-Pacific shares outside Japan plunged 4.5%, with South Korea index down 5%. Japan\u2019s Nikkei added 2.10%, but the commodity-heavy Australian market shed 5.60%.<\/p>\n<p>European stocks were advanced on Tuesday, with the Stoxx Europe 50 Index rose 3.85% to 2,548, Germany&#8217;s DAX advanced 3.70% to 8,930 and France&#8217;s CAC up 5.01% to 4,048 and U.K.&#8217;s FTSE 100 rose 0.76% to 5,190.<\/p>\n<p>Benchmark 10-year U.S. Treasury advanced as demand for safe heaven rose on Thursday, today down 14.85% to 0.799.<\/p>\n<p>The yellow metal was on the rise Monday morning even as investors reduce their risk in an increasingly unpredictable market.\u00a0Spot Gold rose 0.90% to $1495 per ounce.<\/p>\n<p>Crude Oil prices fell more than 4% a barrel at the start of the trading session on Monday, as more governments ordered lockdowns to curb the spread of the global coronavirus pandemic that has slashed the demand outlook for crude.<\/p>\n<p>Brent crude oil declined 5%, to $27.80 a barrel. West Texas Intermediate (WTI) crude dropped 2% to $23 a barrel.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex<\/strong><\/span><\/h3>\n<p>Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, down 0.57% to 102.900.<\/p>\n<p>The Euro US Dollar (EUR\/USD) widely traded pair advanced by 0.45% today. This left the pairing trading around $1.07500.<\/p>\n<p>The Japanese yen advanced against the U.S. dollar on Monday as the new coronavirus cases spread more in European countries. Today USD\/JPY down 0.81% to 109.920 level.<\/p>\n<p>Other commodity-related currency broadly down against U.S dollar, AUD\/USD fell 0.45% to 0.57700 and NZD\/USD slid 0.85% to 0.56600.<\/p>\n<hr \/>\n<h3><strong><span style=\"color: #cf2e2e\">EUR\/USD Intraday: <\/span>Temporary bounce back<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.06870<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take long positions above pivot level with targets at 1.08089 &amp; 1.08628 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Below pivot looks for further downside at 1.05731 &amp; 1.05187.<\/p>\n<p><strong>Comment: Pairs gives bounce back against U.S. dollar<\/strong><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-739 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/03\/EURUSD-3-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/EURUSD-3-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/EURUSD-3-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/EURUSD-3-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/EURUSD-3-1536x864.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/EURUSD-3.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>Bias bullish<\/strong><\/h3>\n<p><strong>Our pivot point is at 1.15850<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: long positions above pivot with targets at 1.17645 &amp; 1.18586 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Price below pivot would call for further downside to 1.14000 and 1.13177.<\/p>\n<p><strong>Comment<\/strong>: The RSI indicator above 50 level mark and pair above its 55MA &amp; 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-740 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/03\/GBPUSD-2-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/GBPUSD-2-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/GBPUSD-2-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/GBPUSD-2-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/GBPUSD-2-1536x863.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/GBPUSD-2.png 1678w\" 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 intact<\/h3>\n<p><strong>Our pivot point is at 109.330<\/strong><\/p>\n<p><strong>Preferable Price Action: <\/strong>Long position above pivot with the target at 110.200 and 110.645 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of pivot would call for 108.428 and 108.010.<\/p>\n<p><strong>Comment<\/strong>: Pair below 20MA\u00a0 &amp; 55MA and MACD in negative territory.<img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-741 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/03\/USDJPY-4-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/USDJPY-4-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/USDJPY-4-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/USDJPY-4-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/USDJPY-4-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/USDJPY-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\">AUD\/USD Intraday: <\/span>Bias remains negative<\/strong><\/h3>\n<p><strong>Our pivot point is at 0.58300<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong><del>:<\/del> Short positions below pivot with targets at 0.57249 &amp; 0.56763 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for further upside with 0.59362 &amp; 0.59805 as targets.<\/p>\n<p><strong>Comment<\/strong>: Pair above\u00a0 55MA and MACD in the positive zone.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-743 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/03\/AUDUSD-4-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/AUDUSD-4-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/AUDUSD-4-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/AUDUSD-4-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/AUDUSD-4-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/AUDUSD-4.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\">CRUDEOIL Intraday: <\/span>Made low 20.50 per barrel<\/strong><\/h3>\n<p><strong>Our pivot point is at 24.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Sell below pivot with targets at 22.00 and 21.15 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivots buy Oil with 26.05 &amp; 26.88 as targets.<\/p>\n<p><strong>Comment<\/strong>: MACD in the positive zone and pair above 55MA &amp; 20MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-744 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/03\/CRUDEOIL-2-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/CRUDEOIL-2-1024x576.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/CRUDEOIL-2-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/CRUDEOIL-2-768x432.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/CRUDEOIL-2-1536x865.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/CRUDEOIL-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> Take bounce back from multi-support area<\/h3>\n<p><strong>Our pivot point is at 1485.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1502.50 &amp; 1510.51 level.<\/p>\n<p><strong>Alternative Price Action<\/strong>: If price gives downside breakout of a pivot, then price extends to 1468.44 and 1460.07.<\/p>\n<p><strong>Comment<\/strong>: MACD in the positive zone and RSI at 50 levels.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-745 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/03\/XAUUSD-3-1024x577.png\" alt=\"\" width=\"1024\" height=\"577\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/XAUUSD-3-1024x577.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/XAUUSD-3-300x169.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/XAUUSD-3-768x433.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/XAUUSD-3-1536x866.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/XAUUSD-3.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><span style=\"color: #cf2e2e\"><span style=\"color: #cf2e2e\">Dow Jones\u00a0Intraday:<\/span><\/span> Downside rally continues<\/h3>\n<p><strong>Our pivot point is at 18660.00<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take short positions below pivot with targets at 18084.52 &amp; 17780.95 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 18660.00 looks for further upside to 19272.86 &amp; 19575.55.<\/p>\n<p><strong>Comment<\/strong>: Pair is trading below its 20MA &amp; 55MA and RSI below 50 level.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-746 size-large\" src=\"https:\/\/blog.sevenstarfx.com\/wp-content\/uploads\/2020\/03\/WS30-3-1024x575.png\" alt=\"\" width=\"1024\" height=\"575\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/WS30-3-1024x575.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/WS30-3-300x168.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/WS30-3-768x431.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/WS30-3-1536x862.png 1536w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2020\/03\/WS30-3.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","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities American stocks retreated on Friday after New York ordered people to stay home, rattling investors who had welcomed this week\u2019s fiscal and monetary measures to&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":[8,10,21,65,55,30,3,64,33,59,50],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 23 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\" 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