Doo Prime Daily Featured Trading Strategies – December 11, 2020
- Daily technical analysis of selected currency pairs
AUD/JPY Bearish
Image Features: forms “Outside Bar (Bearish)” pattern
Target
Opportunity recognized 2020 Dec 11 for the period of up to 48 hours
+0.247 (247 pips) price change since the Technical Event at 78.339
Technical Analysis
We found a pattern called Outside Bar (Bearish) on 2020 Dec 11 at 01:00 GMT on a 4 hour chart suggesting the outlook is bearish for up to 48 hours.
The RSI fallen below 70 on 2020 Dec 11 at 01:00 GMT, telling us the price is starting to pull back from being overbought.
CAD/CHF Bearish
Image Features: forms “Inside Bar (Bearish)” pattern
Target
Opportunity recognized 2020 Dec 10 for the period of up to 48 hours
-0.00092 (92 pips) price change since the Technical Event at 0.69632
Technical Analysis
We found a pattern called Inside Bar (Bearish) on 2020 Dec 10 at 21:00 GMT on a 4 hour chart suggesting the outlook is bearish for up to 48 hours.
The Williams %R indicator triggered a bearish signal on 2020 Dec 11 at 01:00 GMT, having fallen out of overbought (-20 level) and continued on to cross below the -50 level.
- Daily Analyst View
EUR/USD
may rise 19 – 54 pips
Pivot
1.2120
Our preference
Long positions above 1.2120 with targets at 1.2175 & 1.2210 in extension.
Alternative scenario
Below 1.2120 look for further downside with 1.2100 & 1.2080 as targets.
Comment
The RSI advocates for further advance.
GBP/USD
may fall 38 – 63 pips
Pivot
1.3335
Our preference
Short positions below 1.3335 with targets at 1.3270 & 1.3245 in extension.
Alternative scenario
Above 1.3335 look for further upside with 1.3360 & 1.3390 as targets.
Comment
As long as 1.3335 is resistance, look for choppy price action with a bearish bias.
USD/CAD
may fall 29 – 59 pips
Pivot
1.2770
Our preference
Short positions below 1.2770 with targets at 1.2700 & 1.2670 in extension.
Alternative scenario
Above 1.2770 look for further upside with 1.2790 & 1.2810 as targets.
Comment
The RSI calls for a new downleg.
Gold spot
may fall to 1815.00 – 1825.00
Pivot
1850.00
Our preference
Short positions below 1850.00 with targets at 1825.00 & 1815.00 in extension.
Alternative scenario
Above 1850.00 look for further upside with 1859.00 & 1866.00 as targets.
Comment
The RSI is mixed to bearish.
Brent (ICE)
may rise to 51.05 – 51.60
Pivot
50.10
Our preference
Long positions above 50.10 with targets at 51.05 & 51.60 in extension.
Alternative scenario
Below 50.10 look for further downside with 49.75 & 49.35 as targets.
Comment
The RSI is bullish and calls for further upside.
S&P 500 (CME)
may fall to 3619.00 – 3636.00
Pivot
3673.00
Our preference
Short positions below 3673.00 with targets at 3636.00 & 3619.00 in extension.
Alternative scenario
Above 3673.00 look for further upside with 3689.00 & 3707.00 as targets.
Comment
As long as 3673.00 is resistance, expect a return to 3636.00.
Dax (Eurex)
may rise to 13369.00 – 13428.00
Pivot
13190.00
Our preference
Long positions above 13190.00 with targets at 13369.00 & 13428.00 in extension.
Alternative scenario
Below 13190.00 look for further downside with 13155.00 & 13115.00 as targets.
Comment
The next resistances are at 13369.00 and then at 13428.00.
SGX FTSE China A50
may rise to 16820.00 – 16900.00
Pivot
16670.00
Our preference
Long positions above 16670.00 with targets at 16820.00 & 16900.00 in extension.
Alternative scenario
Below 16670.00 look for further downside with 16595.00 & 16530.00 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.
