Doo Prime Daily Featured Trading Strategies – December 16, 2020 

1. Daily technical analysis of selected currency pairs 

AUD/JPY Bullish 

Image Features: forms “Engulfing Line (Bullish)” pattern

Target  

Opportunity recognized 2020 Dec 15 for the period of up to 48 hours

-0.068 (68 pips) price change since the Technical Event at 78.339

Technical Analysis  

We found a pattern called Engulfing Line (Bullish) on 2020 Dec 15 at 17:00 GMT on a 4 hour chart suggesting the outlook is bullish for up to 48 hours.

A bullish event triggered for Fast Stochastics on 2020 Dec 15 at 17:00 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.

SGD/JPY Bearish

Image Features: forms “Flag (Bearish)” pattern

Target  

Opportunity recognized 2020 Dec 15 for the period of up to 48 hours

-0.172 (172 pips) price change since the Technical Event at 77.895

Technical Analysis  

We found a pattern called Flag (Bearish) on 2020 Dec 15 at 13:00 GMT on a 1 hour chart, providing a target price for up to 48 hours in the range of 77.660 to 77.700.

The faster moving average crossed below the slower moving average on 2020 Dec 15 at 22:00 GMT, signaling a new downtrend has been established.

2. Daily Analyst View

EUR/USD  

may rise 14 – 29 pips

Pivot

1.2135

Our preference

Long positions above 1.2135 with targets at 1.2165 & 1.2180 in extension.

Alternative scenario

Below 1.2135 look for further downside with 1.2120 & 1.2105 as targets.

Comment

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

 

 GBP/USD  

may rise 35 – 65 pips

Pivot

1.3395

Our preference

Long positions above 1.3395 with targets at 1.3480 & 1.3510 in extension.

Alternative scenario

Below 1.3395 look for further downside with 1.3345 & 1.3290 as targets.

Comment

The RSI advocates for further upside.

 

USD/CAD  

may fall 24 – 49 pips

Pivot

1.2730

Our preference

Short positions below 1.2730 with targets at 1.2675 & 1.2650 in extension.

Alternative scenario

Above 1.2730 look for further upside with 1.2750 & 1.2770 as targets.

Comment

As long as the resistance at 1.2730 is not surpassed, the risk of the break below 1.2675 remains high.

Gold

may rise to 1856.00 – 1866.00

Pivot

1841.00

Our preference

Long positions above 1841.00 with targets at 1856.00 & 1866.00 in extension.

Alternative scenario

Below 1841.00 look for further downside with 1834.00 & 1825.00 as targets.

Comment

The RSI is mixed to bullish.

Brent (ICE)  

may rise to 51.05 – 51.35

Pivot

50.30

Our preference

Long positions above 50.30 with targets at 51.05 & 51.35 in extension.

Alternative scenario

Below 50.30 look for further downside with 50.00 & 49.80 as targets.

Comment

The RSI is mixed to bullish.

S&P 500 (CME)  

may rise to 3707.00 – 3725.00

Pivot

3667.00

Our preference

Long positions above 3667.00 with targets at 3707.00 & 3725.00 in extension.

Alternative scenario

Below 3667.00 look for further downside with 3650.00 & 3637.00 as targets.

Comment

The RSI shows upside momentum.

Dax (Eurex)  

may rise to 13460.00 – 13560.00

Pivot

13320.00

Our preference

Long positions above 13320.00 with targets at 13460.00 & 13560.00 in extension.

Alternative scenario

Below 13320.00 look for further downside with 13265.00 & 13220.00 as targets.

Comment

The RSI is mixed to bullish.

SGX FTSE China A50  

may rise to 16870.00 – 16970.00

Pivot

16680.00

Our preference

Long positions above 16680.00 with targets at 16870.00 & 16970.00 in extension.

Alternative scenario

Below 16680.00 look for further downside with 16590.00 & 16525.00 as targets.

Comment

The RSI is bullish and calls for further upside.

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.