Doo Prime Daily Featured Trading Strategies – January 5, 2021
1. Daily technical analysis of selected currency pairs
AUD/CAD Bullish
Image Features: forms “Diamond Bottom” pattern
Target
Opportunity recognized 2021 Jan 05 for the period of up to 48 hours
+0.00204 (204 pips) price change since the Technical Event at 0.98003
Technical Analysis
We found a pattern called Diamond Bottom on 2021 Jan 05 at 00:00 GMT on a 1 hour chart, providing a target price for up to 48 hours in the range of 0.98000 to 0.99000.
On 2021 Jan 05 at 02:00 GMT, the 4-bar Moving Average crossed above the 9-bar MA which crossed above the 18-bar MA, signaling a new uptrend has been established.
GBP/CAD Bearish
Image Features: forms “Inside Bar (Bearish)” pattern
Target
Opportunity recognized 2021 Jan 04 for the period of up to 48 hours
-0.00446 (446 pips) price change since the Technical Event at 1.73789
Technical Analysis
We found a pattern called Inside Bar (Bearish) on 2021 Jan 04 at 05:00 GMT on a 4 hour chart suggesting the outlook is bearish for up to 48 hours.
The price crossed below its moving average on 2021 Jan 04 at 13:00 GMT signaling a new downtrend has been established.
2. Daily Analyst View
EUR/USD
may rise 37 – 57 pips
Pivot
1.2240
Our preference
Long positions above 1.2240 with targets at 1.2310 & 1.2330 in extension.
Alternative scenario
Below 1.2240 look for further downside with 1.2230 & 1.2210 as targets.
Comment
The RSI calls for a new upleg.
GBP/USD
may rise 35 – 65 pips
Pivot
1.3545
Our preference
Long positions above 1.3545 with targets at 1.3620 & 1.3650 in extension.
Alternative scenario
Below 1.3545 look for further downside with 1.3515 & 1.3490 as targets.
Comment
The RSI calls for a rebound.
USD/CAD
may fall 22 – 62 pips
Pivot
1.2795
Our preference
Short positions below 1.2795 with targets at 1.2730 & 1.2690 in extension.
Alternative scenario
Above 1.2795 look for further upside with 1.2825 & 1.2855 as targets.
Comment
A break below 1.2730 would trigger a drop towards 1.2690.
Gold
may rise to 1953.00 – 1970.00
Pivot
1924.00
Our preference
Long positions above 1924.00 with targets at 1953.00 & 1970.00 in extension.
Alternative scenario
Below 1924.00 look for further downside with 1913.00 & 1902.00 as targets.
Comment
The RSI is mixed with a bullish bias.
Brent (ICE)
may fall to 50.00 – 50.55
Pivot
51.45
Our preference
Short positions below 51.45 with targets at 50.55 & 50.00 in extension.
Alternative scenario
Above 51.45 look for further upside with 52.20 & 52.65 as targets.
Comment
As long as the resistance at 51.45 is not surpassed, the risk of the break below 50.55 remains high.
S&P 500 (CME)
may fall to 3625.00 – 3653.00
Pivot
3715.00
Our preference
Short positions below 3715.00 with targets at 3653.00 & 3625.00 in extension.
Alternative scenario
Above 3715.00 look for further upside with 3729.50 & 3745.00 as targets.
Comment
The RSI is mixed to bearish.
Dax (Eurex)
may fall to 13510.00 – 13580.00
Pivot
13750.00
Our preference
Short positions below 13750.00 with targets at 13580.00 & 13510.00 in extension.
Alternative scenario
Above 13750.00 look for further upside with 13820.00 & 13895.00 as targets.
Comment
The RSI is mixed to bearish.
SGX FTSE China A50
may rise to 17900.00 – 18100.00
Pivot
17600.00
Our preference
Long positions above 17600.00 with targets at 17900.00 & 18100.00 in extension.
Alternative scenario
Below 17600.00 look for further downside with 17500.00 & 17420.00 as targets.
Comment
The RSI is bullish and calls for further advance.
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.
