Doo Prime Daily Featured Trading Strategies – December 2, 2020
1. Daily technical analysis of selected currency pairs
GBP/NZD Bullish
Image Features: forms “Engulfing Line (Bullish)” pattern
Target
Opportunity recognized 2020 Dec 02 for the period of up to 12 hours
-0.00034 (34 pips) price change since the Technical Event at 1.89949
Technical Analysis
We found a pattern called Engulfing Line (Bullish) on 2020 Dec 02 at 01:00 GMT on a 1 hour chart suggesting the outlook is bullish for up to 12 hours.
The price crossed above its moving average on 2020 Dec 02 at 01:00 GMT signaling a new uptrend has been established.
EUR/AUD Bearish
Image Features: forms “Outside Bar (Bearish)” pattern
Target
Opportunity recognized 2020 Dec 02 for the period of up to 48 hours
+0.00374 (374 pips) price change since the Technical Event at 1.63377
Technical Analysis
We found a pattern called Outside Bar (Bearish) on 2020 Dec 02 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 02 at 01:00 GMT, telling us the price is starting to pull back from being overbought.
2. Daily analyst View
EUR/USD
may rise 53 – 103 pips
Pivot
1.2000
Our preference
Long positions above 1.2000 with targets at 1.2120 & 1.2170 in extension.
Alternative scenario
Below 1.2000 look for further downside with 1.1975 & 1.1950 as targets.
Comment
The RSI advocates for further upside.
GBP/USD
may rise 29 – 69 pips
Pivot
1.3385
Our preference
Long positions above 1.3385 with targets at 1.3440 & 1.3480 in extension.
Alternative scenario
Below 1.3385 look for further downside with 1.3360 & 1.3330 as targets.
Comment
The RSI calls for a bounce.
USD/CAD
may fall 27 – 47 pips
Pivot
1.2965
Our preference
Short positions below 1.2965 with targets at 1.2920 & 1.2900 in extension.
Alternative scenario
Above 1.2965 look for further upside with 1.2985 & 1.3010 as targets.
Comment
As long as the resistance at 1.2965 is not surpassed, the risk of the break below 1.2920 remains high.
Gold spot
may rise to 1832.00 – 1841.00
Pivot
1793.00
Our preference
Long positions above 1793.00 with targets at 1832.00 & 1841.00 in extension.
Alternative scenario
Below 1793.00 look for further downside with 1782.00 & 1770.00 as targets.
Comment
The RSI is mixed with a bullish bias.
Brent (ICE)
may fall to 46.15 – 46.55
Pivot
47.70
Our preference
Short positions below 47.70 with targets at 46.55 & 46.15 in extension.
Alternative scenario
Above 47.70 look for further upside with 48.05 & 48.40 as targets.
Comment
The RSI is bearish and calls for further decline.
S&P 500 (CME)
may rise to 3677.00 – 3692.00
Pivot
3637.00
Our preference
Long positions above 3637.00 with targets at 3677.00 & 3692.00 in extension.
Alternative scenario
Below 3637.00 look for further downside with 3615.00 & 3592.00 as targets.
Comment
The RSI is mixed and calls for caution.
Dax (Eurex)
may rise to 13440.00 – 13470.00
Pivot
13325.00
Our preference
Long positions above 13325.00 with targets at 13440.00 & 13470.00 in extension.
Alternative scenario
Below 13325.00 look for further downside with 13290.00 & 13260.00 as targets.
Comment
The RSI is mixed and calls for caution.
SGX FTSE China A50
may rise to 17215.00 – 17370.00
Pivot
16850.00
Our preference
Long positions above 16850.00 with targets at 17215.00 & 17370.00 in extension.
Alternative scenario
Below 16850.00 look for further downside with 16655.00 & 16565.00 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
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.
