Doo Prime Daily Featured Trading Strategies – February 08, 2021
- Daily technical analysis of selected currency pairs
USD/GBP Bullish
Image Features: forms “Engulfing Line (Bullish)” pattern
Target
Opportunity recognized 2021 Feb 08 for the period of up to 12 hours
-0.00017 (17 pips) price change since the Technical Event at 0.72851
Technical Analysis
We found a pattern called Engulfing Line (Bullish) on 2021 Feb 08 at 01:00 GMT on a 30 minute chart suggesting the outlook is bullish for up to 12 hours.
The price crossed above its moving average on 2021 Feb 08 at 02:30 GMT signaling a new uptrend has been established.
AUD/JPY Bearish
Image Feature: forms “Two Bar Reversal (Bearish)” pattern
Target
Opportunity recognized 2021 Feb 08 for the period of up to 12 hours
+0.013 (13 pips) price change since the Technical Event at 80.919
Technical Analysis
We found a pattern called Two Bar Reversal (Bearish) on 2021 Feb 08 at 02:30 GMT on a 30 minute chart suggesting the outlook is bearish for up to 12 hours.
The RSI fallen below 70 on 2021 Feb 08 at 01:00 GMT, telling us the price is starting to pull back from being overbought.
2. Daily Analyst’s View
EUR/USD
may rise 22 – 42 pips
Pivot
1.2015
Our preference
Long positions above 1.2015 with targets at 1.2055 & 1.2075 in extension.
Alternative scenario
Below 1.2015 look for further downside with 1.1990 & 1.1970 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
GBP/USD
may rise 20 – 40 pips
Pivot
1.3705
Our preference
Long positions above 1.3705 with targets at 1.3745 & 1.3765 in extension.
Alternative scenario
Below 1.3705 look for further downside with 1.3680 & 1.3655 as targets.
Comment
A support base at 1.3705 has formed and has allowed for a temporary stabilisation.
USD/CAD
may fall 19 – 34 pips
Pivot
1.2785
Our preference
Short positions below 1.2785 with targets at 1.2745 & 1.2730 in extension.
Alternative scenario
Above 1.2785 look for further upside with 1.2810 & 1.2830 as targets.
Comment
As long as the resistance at 1.2785 is not surpassed, the risk of the break below 1.2745 remains high.
Gold
may rise to 1827.00 – 1837.00
Pivot
1801.00
Our preference
Long positions above 1801.00 with targets at 1827.00 & 1837.00 in extension.
Alternative scenario
Below 1801.00 look for further downside with 1793.00 & 1785.00 as targets.
Comment
The RSI is mixed with a bullish bias.
Brent (ICE)
may rise to 60.30 – 60.80
Pivot
59.20
Our preference
Long positions above 59.20 with targets at 60.30 & 60.80 in extension.
Alternative scenario
Below 59.20 look for further downside with 58.80 & 58.45 as targets.
Comment
The RSI is bullish and calls for further advance.
S&P 500 (CME)
may rise to 3920.00 – 3940.00
Pivot
3868.00
Our preference
Long positions above 3868.00 with targets at 3920.00 & 3940.00 in extension.
Alternative scenario
Below 3868.00 look for further downside with 3852.00 & 3840.00 as targets.
Comment
The RSI is bullish and calls for further advance.
Dax (Eurex)
may rise to 14180.00 – 14300.00
Pivot
14025.00
Our preference
Long positions above 14025.00 with targets at 14180.00 & 14300.00 in extension.
Alternative scenario
Below 14025.00 look for further downside with 13960.00 & 13900.00 as targets.
Comment
The RSI is bullish and calls for further upside.
SGX FTSE China A50
may rise to 19375.00 – 19570.00
Pivot
19070.00
Our preference
Long positions above 19070.00 with targets at 19375.00 & 19570.00 in extension.
Alternative scenario
Below 19070.00 look for further downside with 18940.00 & 18780.00 as targets.
Comment
The RSI calls for a new upleg.
Disclaimer:
This report is prepared and published by Trading Central for all clients of Doo Prime. As a third-party indicator tool, Trading Central is only for your strategic reference during the investment process and does not constitute advice or a recommendation by Doo Prime or Trading Central. Neither Doo Prime nor Trading Central are responsible to bear the relevant legal liabilities for the investment risks arising from your use of this report to make buying and selling decisions.
