Doo Prime Daily Featured Trading Strategies – December 4, 2020
1. Daily technical analysis of selected currency pairs
USD/AUD Bullish
Image Features: forms “Triple Bottom” pattern
Target
Opportunity recognized 2020 Dec 04 for the period of up to 48 hours
+0.00092 (92 pips) price change since the Technical Event at 1.34573
Technical Analysis
We found a pattern called Triple Bottom on 2020 Dec 04 at 02:30 GMT on a 30 minute chart, providing a target price for up to 48 hours in the range of 1.35000 to 1.36000.
The price crossed above its moving average on 2020 Dec 04 at 03:30 GMT signaling a new uptrend has been established.
EUR/AUD Bullish
Image Features: forms “Diamond Bottom” pattern
Target
Opportunity recognized 2020 Dec 03 for the period of up to 48 hours
+0.00305 (305 pips) price change since the Technical Event at 1.63206
Technical Analysis
We found a pattern called Diamond Bottom on 2020 Dec 03 at 23:00 GMT on a 15 minute chart, providing a target price for up to 48 hours in the range of 1.64000 to 1.65000.
The price crossed above its moving average on 2020 Dec 04 at 03:45 GMT signaling a new uptrend has been established.
2. Daily analyst View
EUR/USD
may rise 32 – 57 pips
Pivot
1.2115
Our preference
Long positions above 1.2115 with targets at 1.2175 & 1.2200 in extension.
Alternative scenario
Below 1.2115 look for further downside with 1.2095 & 1.2070 as targets.
Comment
The RSI is mixed with a bullish bias.
GBP/USD
may rise 48 – 78 pips
Pivot
1.3420
Our preference
Long positions above 1.3420 with targets at 1.3500 & 1.3530 in extension.
Alternative scenario
Below 1.3420 look for further downside with 1.3395 & 1.3370 as targets.
Comment
The RSI lacks downward momentum.
USD/CAD
may fall 20 – 45 pips
Pivot
1.2905
Our preference
Short positions below 1.2905 with targets at 1.2850 & 1.2825 in extension.
Alternative scenario
Above 1.2905 look for further upside with 1.2925 & 1.2940 as targets.
Comment
As long as the resistance at 1.2905 is not surpassed, the risk of the break below 1.2850 remains high.
Gold spot
may rise to 1851.00 – 1861.00
Pivot
1825.00
Our preference
Long positions above 1825.00 with targets at 1851.00 & 1861.00 in extension.
Alternative scenario
Below 1825.00 look for further downside with 1817.00 & 1807.00 as targets.
Comment
The RSI is mixed to bullish.
Brent (ICE)
may rise to 49.60 – 50.00
Pivot
48.45
Our preference
Long positions above 48.45 with targets at 49.60 & 50.00 in extension.
Alternative scenario
Below 48.45 look for further downside with 48.00 & 47.70 as targets.
Comment
The RSI is bullish and calls for further advance.
S&P 500 (CME)
may rise to 3682.00 – 3705.00
Pivot
3655.00
Our preference
Long positions above 3655.00 with targets at 3682.00 & 3705.00 in extension.
Alternative scenario
Below 3655.00 look for further downside with 3637.00 & 3615.00 as targets.
Comment
The RSI is mixed to bullish.
Dax (Eurex)
may fall to 13100.00 – 13145.00
Pivot
13270.00
Our preference
Short positions below 13270.00 with targets at 13145.00 & 13100.00 in extension.
Alternative scenario
Above 13270.00 look for further upside with 13315.00 & 13370.00 as targets.
Comment
The RSI is mixed to bearish.
SGX FTSE China A50
may fall to 16655.00 – 16780.00
Pivot
17085.00
Our preference
Short positions below 17085.00 with targets at 16780.00 & 16655.00 in extension.
Alternative scenario
Above 17085.00 look for further upside with 17215.00 & 17370.00 as targets.
Comment
As long as 17085.00 is resistance, expect a return to 16780.00.
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.
