Doo Prime Daily Featured Trading Strategies – December 18, 2020
1. Daily technical analysis of selected currency pairs
EUR/NZD Bullish
Image Features: forms “Engulfing Line (Bullish)” pattern
Target
Opportunity recognized 2020 Dec 17 for the period of up to 48 hours
+0.00261 (261 pips) price change since the Technical Event at 1.71486
Technical Analysis
We found a pattern called Engulfing Line (Bullish) on 2020 Dec 17 at 17:00 GMT on a 4 hour chart suggesting the outlook is bullish for up to 48 hours.
The Williams %R indicator triggered a bullish signal on 2020 Dec 17 at 17:00 GMT, having risen up out of oversold (-80 level) and continued on to cross above the -50 level.
GBP/CHF Bearish
Image Features: forms “Two Bar Reversal (Bearish)” pattern
Target
Opportunity recognized 2020 Dec 17 for the period of up to 48 hours
-0.00367 (367 pips) price change since the Technical Event at 1.20010
Technical Analysis
We found a pattern called Two Bar Reversal (Bearish) on 2020 Dec 17 at 21:00 GMT on a 4 hour chart suggesting the outlook is bearish for up to 48 hours.
The RSI fallen below 70 on 2020 Dec 17 at 21:00 GMT, telling us the price is starting to pull back from being overbought.
2. Daily Analyst View
EUR/USD
may fall 22 – 47 pips
Pivot
1.2275
Our preference
Short positions below 1.2275 with targets at 1.2225 & 1.2200 in extension.
Alternative scenario
Above 1.2275 look for further upside with 1.2300 & 1.2325 as targets.
Comment
The RSI calls for a new downleg.
GBP/USD
may fall 36 – 81 pips
Pivot
1.3590
Our preference
Short positions below 1.3590 with targets at 1.3495 & 1.3450 in extension.
Alternative scenario
Above 1.3590 look for further upside with 1.3620 & 1.3655 as targets.
Comment
The RSI is bearish and calls for further downside.
USD/CAD
may rise 21 – 36 pips
Pivot
1.2715
Our preference
Long positions above 1.2715 with targets at 1.2765 & 1.2780 in extension.
Alternative scenario
Below 1.2715 look for further downside with 1.2700 & 1.2685 as targets.
Comment
The RSI advocates for further upside.
Gold
may rise to 1896.00 – 1910.00
Pivot
1873.00
Our preference
Long positions above 1873.00 with targets at 1896.00 & 1910.00 in extension.
Alternative scenario
Below 1873.00 look for further downside with 1861.00 & 1854.00 as targets.
Comment
The RSI has just landed on its neutrality area at 50% and is turning up.
Brent (ICE)
may rise to 51.90 – 52.10
Pivot
51.05
Our preference
Long positions above 51.05 with targets at 51.90 & 52.10 in extension.
Alternative scenario
Below 51.05 look for further downside with 50.70 & 50.35 as targets.
Comment
The RSI is mixed with a bullish bias.
S&P 500 (CME)
may rise to 3725.00 – 3740.00
Pivot
3700.00
Our preference
Long positions above 3700.00 with targets at 3725.00 & 3740.00 in extension.
Alternative scenario
Below 3700.00 look for further downside with 3678.00 & 3664.00 as targets.
Comment
The RSI is mixed with a bullish bias.
Dax (Eurex)
may rise to 13760.00 – 13900.00
Pivot
13497.00
Our preference
Long positions above 13497.00 with targets at 13760.00 & 13900.00 in extension.
Alternative scenario
Below 13497.00 look for further downside with 13360.00 & 13290.00 as targets.
Comment
The RSI is above its neutrality area at 50%.
SGX FTSE China A50
may rise to 17110.00 – 17220.00
Pivot
16910.00
Our preference
Long positions above 16910.00 with targets at 17110.00 & 17220.00 in extension.
Alternative scenario
Below 16910.00 look for further downside with 16840.00 & 16750.00 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.
