Doo Prime Daily Featured Trading Strategies – October 30, 2020
- Daily technical analysis of selected currency pairs
EUR/NZD Bearish
Image Features: forms “Outside Bar (Bearish)” pattern
Target
Opportunity recognized 2020 Oct 30 for the period of up to 12 hours
+0.00107 (107 pips) price change since the Technical Event at 1.76140
Technical Analysis
We found a pattern called Outside Bar (Bearish) on 2020 Oct 30 at 03:30 GMT on a 5 minute chart suggesting the outlook is bearish for up to 12 hours.
The price crossed below its moving average on 2020 Oct 30 at 03:30 GMT signaling a new downtrend has been established.
AUD/SGD Bullish
Image Features: forms “Hammer” pattern
Target
Opportunity recognized 2020 Oct 30 for the period of up to 12 hours
-0.00091 (91 pips) price change since the Technical Event at 0.96161
Technical Analysis
We found a pattern called Hammer on 2020 Oct 30 at 03:30 GMT on a 15 minute chart suggesting the outlook is bullish for up to 12 hours.
The price crossed above its moving average on 2020 Oct 30 at 03:30 GMT signaling a new uptrend has been established.
- Daily analyst View
EUR/USD
may fall 25 – 45 pips
Pivot
1.1705
Our preference
Short positions below 1.1705 with targets at 1.1650 & 1.1630 in extension.
Alternative scenario
Above 1.1705 look for further upside with 1.1735 & 1.1760 as targets.
Comment
Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
GBP/USD
may fall 19 – 39 pips
Pivot
1.2950
Our preference
Short positions below 1.2950 with targets at 1.2910 & 1.2890 in extension.
Alternative scenario
Above 1.2950 look for further upside with 1.2980 & 1.3000 as targets.
Comment
As long as the resistance at 1.2950 is not surpassed, the risk of the break below 1.2910 remains high
USD/CAD
may fall 40 – 65 pips
Pivot
1.3355
Our preference
Short positions below 1.3355 with targets at 1.3275 & 1.3250 in extension.
Alternative scenario
Above 1.3355 look for further upside with 1.3390 & 1.3420 as targets.
Comment
The RSI advocates for further downside.
Gold spot
may fall to 1852.00 – 1859.00
Pivot
1877.00
Our preference
Short positions below 1877.00 with targets at 1859.00 & 1852.00 in extension.
Alternative scenario
Above 1877.00 look for further upside with 1884.00 & 1890.00 as targets.
Comment
As long as the resistance at 1877.00 is not surpassed, the risk of the break below 1859.00 remains high.
Brent (ICE)
may fall to 37.25 – 37.80
Pivot
39.00
Our preference
Short positions below 39.00 with targets at 37.80 & 37.25 in extension.
Alternative scenario
Above 39.00 look for further upside with 39.45 & 39.95 as targets.
Comment
The RSI has just struck against its neutrality area at 50%.
S&P 500 (CME)
may fall to 3210.00 – 3250.00
Pivot
3310.00
Our preference
Short positions below 3310.00 with targets at 3250.00 & 3210.00 in extension.
Alternative scenario
Above 3310.00 look for further upside with 3334.00 & 3358.00 as targets.
Comment
As long as the resistance at 3310.00 is not surpassed, the risk of the break below 3250.00 remains high.
Dax (Eurex)
may rise to 11760.00 – 11920.00
Pivot
11440.00
Our preference
Long positions above 11440.00 with targets at 11760.00 & 11920.00 in extension.
Alternative scenario
Below 11440.00 look for further downside with 11290.00 & 11140.00 as targets.
Comment
A support base at 11440.00 has formed and has allowed for a temporary stabilisation.
FTSE China A50
may rise to 16842.00 – 17099.00
Pivot
15345.00
Our preference
As long as 15345 is support look for 16842.
Alternative scenario
The downside breakout of 15345 would call for 14925 and 14674.
Comment
The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The index could retrace in the short term. FTSE China A50 index is above its 20 and 50 period MA (respectively at 15717.63 and 15578.20).
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.
