1. Daily technical analysis of selected currency pairs
GBP/AUD Bullish
Image Features: forms “Inverted Hammer” pattern
Target
Opportunity recognized 2021 May 31 for the period of up to 12 hours
-0.00044 (4.4 pips) price change since the Technical Event at 1.83800
Technical Analysis
We found a pattern called Inverted Hammer on 2021 May 31 at 01:45 GMT on a 15 minute chart suggesting the outlook is bullish for up to 12 hours.
A bullish event triggered for Fast Stochastics on 2021 May 31 at 04:00 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.
EUR/CAD Bullish
Image Features: forms “Outside Bar (Bullish)” pattern
Target
Opportunity recognized 2021 May 30 for the period of up to 12 hours
+0.00061 (6.1 pips) price change since the Technical Event at 1.47250
Technical Analysis
We found a pattern called Inside Bar (Bullish) on 2021 May 30 at 23:00 GMT on a 1 hour chart suggesting the outlook is bullish for up to 12 hours.
The price crossed above its moving average on 2021 May 31 at 01:00 GMT signaling a new uptrend has been established.
2. Daily Analyst’s View
EUR/USD
may rise 19 – 34 pips
Pivot
1.2180
Our preference
Long positions above 1.2180 with targets at 1.2215 & 1.2230 in extension.
Alternative scenario
Below 1.2180 look for further downside with 1.2160 & 1.2145 as targets.
Comment
Technically the RSI is above its neutrality area at 50.
GBP/USD
may rise 25 – 45 pips
Pivot
1.4170
Our preference
Long positions above 1.4170 with targets at 1.4220 & 1.4240 in extension.
Alternative scenario
Below 1.4170 look for further downside with 1.4155 & 1.4135 as targets.
Comment
A support base at 1.4170 has formed and has allowed for a temporary stabilisation.
USD/CAD
may fall 35 – 50 pips
Pivot
1.2100
Our preference
Short positions below 1.2100 with targets at 1.2040 & 1.2025 in extension.
Alternative scenario
Above 1.2100 look for further upside with 1.2120 & 1.2140 as targets.
Comment
As long as 1.2100 is resistance, look for choppy price action with a bearish bias.
Gold
may rise to 1920.00 – 1927.00
Pivot
1899.00
Our preference
Long positions above 1899.00 with targets at 1920.00 & 1927.00 in extension.
Alternative scenario
Below 1899.00 look for further downside with 1892.00 & 1887.00 as targets.
Comment
The RSI is bullish and calls for further upside.
Crude Oil (WTI)
may fall to 65.80 – 66.15
Pivot
67.00
Our preference
Short positions below 67.00 with targets at 66.15 & 65.80 in extension.
Alternative scenario
Above 67.00 look for further upside with 67.50 & 68.00 as targets.
Comment
The RSI is mixed to bearish.
S&P 500 (CME)
may rise to 4220.00 – 4230.00
Pivot
4200.00
Our preference
Long positions above 4200.00 with targets at 4220.00 & 4230.00 in extension.
Alternative scenario
Below 4200.00 look for further downside with 4189.00 & 4178.00 as targets.
Comment
The RSI calls for a bounce.
Nasdaq 100 (CME)
may rise to 13775.00 – 13815.00
Pivot
13665.00
Our preference
Long positions above 13665.00 with targets at 13775.00 & 13815.00 in extension.
Alternative scenario
Below 13665.00 look for further downside with 13620.00 & 13575.00 as targets.
Comment
The RSI is mixed to bullish.
Hang Seng (HKFE)
may rise to 29250.00 – 29385.00
Pivot
28845.00
Our preference
Long positions above 28845.00 with targets at 29250.00 & 29385.00 in extension.
Alternative scenario
Below 28845.00 look for further downside with 28575.00 & 28380.00 as targets.
Comment
The RSI is mixed and calls for caution.
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.
