Doo Prime Daily Featured Trading Strategies – November 12, 2020
- Daily technical analysis of selected currency pairs
AUD/NZD Bullish
Image Features: forms “Inside Bar (Bullish)” pattern
Target
Opportunity recognized 2020 Nov 12 for the period of up to 12 hours
+0.00038 (38 pips) price change since the Technical Event at 1.05599
Technical Analysis
We found a pattern called Inside Bar (Bullish) on 2020 Nov 12 at 01:00 GMT on a 1 hour chart suggesting the outlook is bullish for up to 12 hours.
The RSI rose above 30 on 2020 Nov 12 at 01:00 GMT, telling us the price is starting to recover from being oversold.
SGD/JPY Bullish
Image Features: forms “Inside Bar (Bullish)” pattern
Target
Opportunity recognized 2020 Nov 12 for the period of up to 12 hours
-0.110 (10 pips) price change since the Technical Event at 78.153
Technical Analysis
We found a pattern called Inside Bar (Bullish) on 2020 Nov 12 at 00:00 GMT on a 1 hour chart suggesting the outlook is bullish for up to 12 hours.
A bullish event triggered for Fast Stochastics on 2020 Nov 12 at 00:00 GMT when the %K line crossed above the %D line. The close prices are trading closer to the upper end of the recent high-low price range, which is associated with price increases.
- Daily analyst View
EUR/USD
may fall 17 – 37 pips
Pivot
1.1800
Our preference
Short positions below 1.1800 with targets at 1.1765 & 1.1745 in extension.
Alternative scenario
Above 1.1800 look for further upside with 1.1815 & 1.1835 as targets.
Comment
The upward potential is likely to be limited by the resistance at 1.1800.
GBP/USD
may fall 26 – 51 pips
Pivot
1.3250
Our preference
Short positions below 1.3250 with targets at 1.3195 & 1.3170 in extension.
Alternative scenario
Above 1.3250 look for further upside with 1.3280 & 1.3310 as targets.
Comment
Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
USD/CAD
may rise 18 – 38 pips
Pivot
1.3040
Our preference
Long positions above 1.3040 with targets at 1.3080 & 1.3100 in extension.
Alternative scenario
Below 1.3040 look for further downside with 1.3020 & 1.3000 as targets.
Comment
The RSI calls for a new upleg.
Gold spot
may fall to 1839.00 – 1850.00
Pivot
1881.00
Our preference
Short positions below 1881.00 with targets at 1850.00 & 1839.00 in extension.
Alternative scenario
Above 1881.00 look for further upside with 1891.00 & 1905.00 as targets.
Comment
As long as 1881.00 is resistance, look for choppy price action with a bearish bias.
Brent (ICE)
may fall to 42.60 – 43.25
Pivot
44.55
Our preference
Short positions below 44.55 with targets at 43.25 & 42.60 in extension.
Alternative scenario
Above 44.55 look for further upside with 45.30 & 46.15 as targets.
Comment
As long as the resistance at 44.55 is not surpassed, the risk of the break below 43.25 remains high.
S&P 500 (CME)
may rise to 3589.00 – 3622.00
Pivot
3531.00
Our preference
Long positions above 3531.00 with targets at 3589.00 & 3622.00 in extension.
Alternative scenario
Below 3531.00 look for further downside with 3507.00 & 3455.00 as targets.
Comment
The RSI is mixed to bullish.
Dax (Eurex)
may rise to 13290.00 – 13460.00
Pivot
13007.00
Our preference
Long positions above 13007.00 with targets at 13290.00 & 13460.00 in extension.
Alternative scenario
Below 13007.00 look for further downside with 12820.00 & 12600.00 as targets.
Comment
The RSI is mixed with a bullish bias.
FTSE China A50
may rise to 17320.00 – 17563.00
Pivot
16128.00
Our preference
The upside prevails as long as 16128 is support.
Alternative scenario
The downside breakout of 16128 would call for 15724 and 15484.
Comment
The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. FTSE China A50 index is above its 20 and 50 period MA (respectively at 16048.32 and 15710.01).
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.
