Doo Prime Daily Featured Trading Strategies – January 11, 2021
1. Daily technical analysis of selected currency pairs
EUR/AUD Bullish
Image Features: forms “Megaphone Bottom” pattern
Target
Opportunity recognized 2021 Jan 11 for the period of up to 48 hours
+0.00228 (228 pips) price change since the Technical Event at 1.57802
Technical Analysis
We found a pattern called Megaphone Bottom on 2021 Jan 11 at 00:00 GMT on a 30 minute chart, providing a target price for up to 48 hours in the range of 1.58000 to 1.59000.
The faster moving average crossed above the slower moving average on 2021 Jan 11 at 02:00 GMT, signaling a new uptrend has been established.
GBP/MXN Bullish
Image Features: forms “Flag (Bullish)” pattern
Target
Opportunity recognized 2021 Jan 11 for the period of up to 48 hours
+0.08033 (8033 pips) price change since the Technical Event at 27.06971
Technical Analysis
We found a pattern called Flag (Bullish) on 2021 Jan 11 at 00:00 GMT on a 30 minute chart, providing a target price for up to 48 hours in the range of 27.29000 to 27.33000.
The price crossed above its moving average on 2021 Jan 11 at 00:30 GMT signaling a new uptrend has been established.
2. Daily Analyst View
EUR/USD
may fall 42 – 62 pips
Pivot
1.2230
Our preference
Short positions below 1.2230 with targets at 1.2135 & 1.2115 in extension.
Alternative scenario
Above 1.2230 look for further upside with 1.2255 & 1.2285 as targets.
Comment
The RSI is bearish and calls for further downside.
GBP/USD
may fall 10 – 50 pips
Pivot
1.3545
Our preference
Short positions below 1.3545 with targets at 1.3500 & 1.3460 in extension.
Alternative scenario
Above 1.3545 look for further upside with 1.3590 & 1.3630 as targets.
Comment
A break below 1.3500 would trigger a drop towards 1.3460.
USD/CAD
may fall to 1.2460 – 1.2640
Pivot
1.2930
Our preference
Short positions below 1.2930 with targets at 1.2640 & 1.2460 in extension.
Alternative scenario
Above 1.2930 look for further upside with 1.3050 & 1.3170 as targets.
Comment
A break below 1.2640 would trigger a drop towards 1.2460.
Gold
may fall to 1775.00 – 1800.00
Pivot
1856.00
Our preference
Short positions below 1856.00 with targets at 1800.00 & 1775.00 in extension.
Alternative scenario
Above 1856.00 look for further upside with 1877.00 & 1894.00 as targets.
Comment
The RSI is bearish and calls for further downside.
Brent (ICE)
may rise to 56.40 – 57.20
Pivot
55.05
Our preference
Long positions above 55.05 with targets at 56.40 & 57.20 in extension.
Alternative scenario
Below 55.05 look for further downside with 54.55 & 53.95 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
S&P 500 (CME)
may rise to 3828.00 – 3849.00
Pivot
3785.00
Our preference
Long positions above 3785.00 with targets at 3828.00 & 3849.00 in extension.
Alternative scenario
Below 3785.00 look for further downside with 3770.00 & 3748.00 as targets.
Comment
The RSI is mixed to bullish.
Dax (Eurex)
may rise to 14160.00 – 14230.00
Pivot
13970.00
Our preference
Long positions above 13970.00 with targets at 14160.00 & 14230.00 in extension.
Alternative scenario
Below 13970.00 look for further downside with 13880.00 & 13822.00 as targets.
Comment
The RSI is mixed to bullish.
SGX FTSE China A50
may fall to 18060.00 – 18320.00
Pivot
18740.00
Our preference
Short positions below 18740.00 with targets at 18320.00 & 18060.00 in extension.
Alternative scenario
Above 18740.00 look for further upside with 18940.00 & 19140.00 as targets.
Comment
The RSI is bearish and calls for further downside.
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.
