Doo Prime Daily Featured Trading Strategies – December 7, 2020
- Daily technical analysis of selected currency pairs
GBP/NZD Bearish
Image Features: forms “Engulfing Line (Bearish)” pattern
Target
Opportunity recognized 2020 Dec 04 for the period of up to 48 hours
-0.00160 (16 pips) price change since the Technical Event at 1.90860
Technical Analysis
We found a pattern called Engulfing Line (Bearish) on 2020 Dec 04 at 21:00 GMT on a 4 hour chart suggesting the outlook is bearish for up to 48 hours.
A bearish event triggered for Slow Stochastics on 2020 Dec 05 at 01:00 GMT when the %K line crossed below the %D line. The close prices are trading closer to the lower end of the recent high-low price range, which is associated with price decreases
SGD/JPY Bearish
Image Features: forms “Inside Bar (Bearish)” pattern
Target
Opportunity recognized 2020 Dec 04 for the period of up to 48 hours
-0.113 (113 pips) price change since the Technical Event at 78.040
Technical Analysis
We found a pattern called Inside Bar (Bearish) on 2020 Dec 04 at 21:00 GMT on a 4 hour chart suggesting the outlook is bearish for up to 48 hours.
The MACD generated a bearish signal on 2020 Dec 05 at 01:00 GMT.
- Daily analyst View
EUR/USD
may fall 26 – 46 pips
Pivot
1.2150
Our preference
Short positions below 1.2150 with targets at 1.2100 & 1.2080 in extension.
Alternative scenario
Above 1.2150 look for further upside with 1.2175 & 1.2200 as targets.
Comment
The RSI calls for a drop.
GBP/USD
may fall 41 – 66 pips
Pivot
1.3450
Our preference
Short positions below 1.3450 with targets at 1.3385 & 1.3360 in extension.
Alternative scenario
Above 1.3450 look for further upside with 1.3490 & 1.3535 as targets.
Comment
The upward potential is likely to be limited by the resistance at 1.3450.
USD/CAD
may fall 44 – 84 pips
Pivot
1.2835
Our preference
Short positions below 1.2835 with targets at 1.2740 & 1.2700 in extension.
Alternative scenario
Above 1.2835 look for further upside with 1.2875 & 1.2910 as targets.
Comment
The RSI advocates for further downside.
Gold spot
may fall to 1823.00 – 1829.00
Pivot
1845.00
Our preference
Short positions below 1845.00 with targets at 1829.00 & 1823.00 in extension.
Alternative scenario
Above 1845.00 look for further upside with 1855.00 & 1861.00 as targets.
Comment
As long as 1845.00 is resistance, look for choppy price action with a bearish bias.
Brent (ICE)
may rise to 49.90 – 50.45
Pivot
48.75
Our preference
Long positions above 48.75 with targets at 49.90 & 50.45 in extension.
Alternative scenario
Below 48.75 look for further downside with 48.15 & 47.70 as targets.
Comment
The RSI is mixed and calls for caution.
S&P 500 (CME)
may rise to 3705.00 – 3724.00
Pivot
3678.00
Our preference
Long positions above 3678.00 with targets at 3705.00 & 3724.00 in extension.
Alternative scenario
Below 3678.00 look for further downside with 3667.00 & 3655.00 as targets.
Comment
The RSI calls for a new upleg.
Dax (Eurex)
may rise to 13315.00 – 13370.00
Pivot
13230.00
Our preference
Long positions above 13230.00 with targets at 13315.00 & 13370.00 in extension.
Alternative scenario
Below 13230.00 look for further downside with 13200.00 & 13145.00 as targets.
Comment
The RSI is bullish and calls for further upside.
SGX FTSE China A50
may fall to 16750.00 – 16880.00
Pivot
17110.00
Our preference
Short positions below 17110.00 with targets at 16880.00 & 16750.00 in extension.
Alternative scenario
Above 17110.00 look for further upside with 17215.00 & 17370.00 as targets.
Comment
As long as 17110.00 is resistance, look for choppy price action with a bearish bias.
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.
