Doo Prime Daily Featured Trading Strategies – December 3, 2020
- Daily technical analysis of selected currency pairs
EUR/CAD Bullish
Image Features: forms “Inside Bar (Bullish)” pattern
Target
Opportunity recognized 2020 Dec 03 for the period of up to 12 hours
+0.00102 (102 pips) price change since the Technical Event at 1.56450
Technical Analysis
We found a pattern called Inside Bar (Bullish) on 2020 Dec 03 at 01:00 GMT on a 30 minute chart suggesting the outlook is bullish for up to 12 hours.
The CCI triggered a bullish signal on 2020 Dec 03 at 02:00 GMT by crossing above the +100% level.
XAG/USD Bearish
Image Features: forms “Engulfing Line (Bearish)” pattern
Target
Opportunity recognized 2020 Dec 03 for the period of up to 12 hours
-0.640 (64 pips) price change since the Technical Event at 1,828.710
Technical Analysis
We found a pattern called Engulfing Line (Bearish) on 2020 Dec 03 at 00:30 GMT on a 30 minute chart suggesting the outlook is bearish for up to 12 hours.
The Williams %R indicator triggered a bearish signal on 2020 Dec 03 at 01:30 GMT, having fallen out of overbought (-20 level) and continued on to cross below the -50 level.
- Daily analyst View
EUR/USD
may rise 28 – 53 pips
Pivot
1.2070
Our preference
Long positions above 1.2070 with targets at 1.2150 & 1.2175 in extension.
Alternative scenario
Below 1.2070 look for further downside with 1.2040 & 1.2000 as targets.
Comment
The RSI advocates for further upside.
GBP/USD
may rise 41 – 81 pips
Pivot
1.3320
Our preference
Long positions above 1.3320 with targets at 1.3400 & 1.3440 in extension.
Alternative scenario
Below 1.3320 look for further downside with 1.3285 & 1.3260 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
USD/CAD
may fall 17 – 37 pips
Pivot
1.2945
Our preference
Short positions below 1.2945 with targets at 1.2905 & 1.2885 in extension.
Alternative scenario
Above 1.2945 look for further upside with 1.2960 & 1.2980 as targets.
Comment
As long as the resistance at 1.2945 is not surpassed, the risk of the break below 1.2905 remains high.
Gold spot
may rise to 1841.00 – 1851.00
Pivot
1812.00
Our preference
Long positions above 1812.00 with targets at 1841.00 & 1851.00 in extension.
Alternative scenario
Below 1812.00 look for further downside with 1802.00 & 1793.00 as targets.
Comment
The RSI is mixed with a bullish bias.
Brent (ICE)
may fall to 47.40 – 47.85
Pivot
48.30
Our preference
Short positions below 48.30 with targets at 47.85 & 47.40 in extension.
Alternative scenario
Above 48.30 look for further upside with 48.75 & 49.00 as targets.
Comment
The RSI is mixed and calls for caution.
S&P 500 (CME)
may rise to 3677.00 – 3700.00
Pivot
3642.00
Our preference
Long positions above 3642.00 with targets at 3677.00 & 3700.00 in extension.
Alternative scenario
Below 3642.00 look for further downside with 3630.00 & 3605.00 as targets.
Comment
The RSI is bullish and calls for further advance.
Dax (Eurex)
may rise to 13370.00 – 13440.00
Pivot
13265.00
Our preference
Long positions above 13265.00 with targets at 13370.00 & 13440.00 in extension.
Alternative scenario
Below 13265.00 look for further downside with 13220.00 & 13185.00 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 16750.00 & 16655.00 as targets.
Comment
The immediate trend remains up but the momentum is weak.
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.
