{"id":9363,"date":"2023-01-06T09:10:45","date_gmt":"2023-01-06T09:10:45","guid":{"rendered":"https:\/\/www.sevenstarfx.com\/blog\/?p=9363"},"modified":"2023-01-09T08:30:05","modified_gmt":"2023-01-09T08:30:05","slug":"daily-market-outlook-06-january-2023","status":"publish","type":"post","link":"https:\/\/www.sevenstarfx.com\/blog\/daily-market-outlook-06-january-2023\/","title":{"rendered":"Daily Market Outlook, 06 January, 2023"},"content":{"rendered":"<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Stocks, Bonds, Commodities<\/strong><\/span><\/h3>\n<p>Wall Street&#8217;s main indices lost more than 1 percent on Thursday, with Nasdaq leading the declines, as evidence of a tight labor market eroded hopes that the Federal Reserve could pause its rating hiking cycle anytime soon as it keeps focused on inflation.<\/p>\n<p>The Dow Jones Industrial Average fell 339.69 points to 33,930.08, the S&amp;P 500 lose 1.16% to 3,808.10 and the Nasdaq Composite subtract<span data-dobid=\"hdw\"> 153.52 <\/span>points to 10,305.24.<\/p>\n<p>MSCI\u2019s index of Asia-Pacific stocks outside Japan is decline 0.03% to 641.31 levels. The Australian index was higher by 0.65% to 7,109.60. Japanese Nikkei Index gain 0.59% today.<\/p>\n<p>European stocks were mixed on Friday, with the Stoxx Europe 50 Index fell 0.36% to 3,959.48, Germany&#8217;s DAX lose 0.38% to 14,436.31, and France&#8217;s CAC decline 0.22% to 6,761.50, and U.K.&#8217;s FTSE 100 add 0.64% to 7,633.45.<\/p>\n<p>Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields are negative 0.46% to 3.705.<\/p>\n<p>Oil prices rose around 1% on Friday, extending gains from the previous trading session after data showed lower fuel inventories following a winter storm that hit the United States at the year end.<\/p>\n<p>Spot Brent crude oil rose 0.25% to $78.89 per barrel. US West Texas Intermediate crude is up 0.37% to $73.94 a barrel.<\/p>\n<p>The yellow metal gold is advance 0.07% to 1,841.95 dollars per ounce.<\/p>\n<h3><span style=\"color: #cf2e2e\"><strong>Market Wrap: Forex\u00a0<\/strong><\/span><\/h3>\n<p>European stock markets traded in a subdued fashion Friday after mixed German economic data, as investors await key Eurozone inflation ahead of the release of the widely-watched U.S. monthly jobs report.<\/p>\n<p>Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which surge 0.23% to 105.070.<\/p>\n<p>The Euro US Dollar (EUR\/USD) is a widely traded pair that is down 0.09% today. This left the pair trading around $1.0511.<\/p>\n<p>The Japanese yen was negative against the U.S. dollar on Friday. Today USD\/JPY is ascend 0.51% to the 134.07 level.<\/p>\n<p>Another commodity-related currency mixed against the U.S dollar, AUD\/USD rose 0.04% to 0.6751, and NZD\/USD lose 0.19% to 0.6216 level.<\/p>\n<hr \/>\n<h3><span style=\"color: #cf2e2e\">EUR\/USD Intraday:<\/span> Trend on the downside<\/h3>\n<p><strong>Our pivot point is at 1.05480<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take short positions below pivot level with targets at 1.04760 &amp; 1.04190 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for a further upside to 1.06190 &amp; 1.06730.<\/p>\n<p><strong>Comment:<\/strong> RSI below 50 levels and Pairs below 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-9367 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/EURUSD-4-1024x476.png\" alt=\"\" width=\"1024\" height=\"476\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/EURUSD-4-1024x476.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/EURUSD-4-300x140.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/EURUSD-4-768x357.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/EURUSD-4.png 1363w\" 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 Indicate 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\">GBP\/USD Intraday: <\/span>\u00a0Major trend on the downside<\/h3>\n<p><strong>Our pivot point is at 1.19200<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Sell positions below pivot with targets at 1.18710 &amp; 1.18350 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The price above pivot would call for further upside to 1.19680 &amp; 1.20020.<\/p>\n<p><strong>Comment<\/strong>:\u00a0 RSI is below 50 levels and Pairs below 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-9368 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/GBPUSD-4-1024x476.png\" alt=\"\" width=\"1024\" height=\"476\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/GBPUSD-4-1024x476.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/GBPUSD-4-300x140.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/GBPUSD-4-768x357.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/GBPUSD-4.png 1363w\" 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 Indicate 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\">USD\/JPY Intraday: <\/span>Major trend on the upside<span style=\"color: #cf2e2e\"><br \/>\n<\/span><\/h3>\n<p><strong>Our pivot point is at 134.030<\/strong><\/p>\n<p><strong>Preferable Price\u00a0<\/strong><strong>Action:<\/strong> Buy position above pivot with the target at 135.270 and 136.200 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: The downside breakout of the pivot would call for 132.800 and 131.870.<\/p>\n<p><strong>Comment<\/strong>: MACD is positive territory and Pairs above its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-9369 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/USDJPY-4-1024x476.png\" alt=\"\" width=\"1024\" height=\"476\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/USDJPY-4-1024x476.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/USDJPY-4-300x140.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/USDJPY-4-768x357.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/USDJPY-4.png 1363w\" 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 Indicate 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\">AUD\/USD Intraday:<\/span> Resistance level at 0.67700<\/h3>\n<p><strong>Our pivot point is at 0.67700<\/strong><\/p>\n<p><strong>Preferable Price Action:<\/strong> Sell Positions below pivot with targets at 0.67230 &amp; 0.66920 in extension.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above pivot looks for a further upside with 0.68130 &amp; 0.68450 as targets.<\/p>\n<p><strong>Comment<\/strong>: RSI is below 50 levels and pairs below it&#8217;s 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-9365 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/AUDUSD-4-1024x476.png\" alt=\"\" width=\"1024\" height=\"476\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/AUDUSD-4-1024x476.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/AUDUSD-4-300x140.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/AUDUSD-4-768x357.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/AUDUSD-4.png 1363w\" 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 Indicate 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\">CRUDEOIL Intraday:<\/span> Trend on the downside\u00a0<strong><br \/>\n<\/strong><\/h3>\n<p><strong>Our pivot point is at 74.60<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Below pivots sell oil with 72.31 &amp; 70.44 as targets.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Buy crude up pivot with targets at 76.90 and 78.73 in extension.<\/p>\n<p><strong>Comment<\/strong>: MACD is negative territory and Pairs below its 20MA &amp; 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-9366 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/CRUDEOIL-4-1024x476.png\" alt=\"\" width=\"1024\" height=\"476\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/CRUDEOIL-4-1024x476.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/CRUDEOIL-4-300x140.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/CRUDEOIL-4-768x357.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/CRUDEOIL-4.png 1363w\" 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 Indicate 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\">XAU\/USD Intraday: <\/span>\u00a0In a consolidation zone<span style=\"color: #cf2e2e\"><br \/>\n<\/span><\/h3>\n<p><strong>Our pivot point is 1836.50<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Further upside to 1845.40 and 1852.10<\/p>\n<p><strong>Alternative Price Action<\/strong>: If the price gives an downside breakout of a pivot, then the price extends to 1828.20 and 1821.20.<\/p>\n<p><strong>Comment<\/strong>: MACD is at 50 level and Pairs below 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-9371 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/XAUUSD-4-1024x476.png\" alt=\"\" width=\"1024\" height=\"476\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/XAUUSD-4-1024x476.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/XAUUSD-4-300x140.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/XAUUSD-4-768x357.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/XAUUSD-4.png 1363w\" 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 Indicate Support Levels\u00a0<\/span><br \/>\n<span style=\"color: #3366ff\">Light Blue is a Pivot Point<\/span> \u00a0\u00a0\u2013 Black represents the price when the report was produced<\/p>\n<hr \/>\n<h3><span style=\"color: #cf2e2e\">Dow Jones Intraday: <\/span>Trend on the downside<span style=\"color: #cf2e2e\"><br \/>\n<\/span><\/h3>\n<p><strong>Our pivot point is 33,018.00<br \/>\n<\/strong><\/p>\n<p><strong>Preferable Price Action<\/strong>: Take sell positions down the pivot with targets at 32,889.00 &amp; 32,796.00.<\/p>\n<p><strong>Alternative Price Action<\/strong>: Above 33,018.00 looks for further upside to 33,152.00 &amp; 33,246.00.<\/p>\n<p><strong>Comment<\/strong>: RSI is below 50 levels and Pairs below 55MA.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-9370 size-large\" src=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/WS30-4-1024x476.png\" alt=\"\" width=\"1024\" height=\"476\" srcset=\"https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/WS30-4-1024x476.png 1024w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/WS30-4-300x140.png 300w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/WS30-4-768x357.png 768w, https:\/\/www.sevenstarfx.com\/blog\/wp-content\/uploads\/2023\/01\/WS30-4.png 1363w\" 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 Indicate Support Levels\u00a0<\/span><br \/>\n<span style=\"color: #3366ff\">Light Blue is a Pivot Point<\/span> \u00a0\u00a0\u2013 Black represents the price when the report was produced<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Wrap: Stocks, Bonds, Commodities Wall Street&#8217;s main indices lost more than 1 percent on Thursday, with Nasdaq leading the declines, as evidence of a tight labor market eroded hopes&hellip; <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[124,89,329,10,28,3,155,220,26,328,33,327,72,323,31,101],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Market Outlook, 06 January, 2023 | 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-06-january-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Daily Market Outlook, 06 January, 2023 | Seven Star FX\" \/>\n<meta property=\"og:description\" content=\"Market Wrap: Stocks, Bonds, Commodities Wall Street&#8217;s main indices lost 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