Doo Prime Daily Featured Trading Strategies – January 20, 2021
- Daily technical analysis of selected currency pairs
GBP/NZD Bullish
Image Features: forms “Inside Bar (Bullish)” pattern
Target
Opportunity recognized 2021 Jan 20 for the period of up to 12 hours
+0.00026 (26 pips) price change since the Technical Event at 1.91507
Technical Analysis
We found a pattern called Inside Bar (Bullish) on 2021 Jan 20 at 01:00 GMT on a 1 hour chart suggesting the outlook is bullish for up to 12 hours.
The Momentum oscillator crossed above 0 on 2021 Jan 20 at 02:00 GMT, thereby signaling a new accelerating uptrend.
EUR/JPY Bearish
Image Features: forms “Inside Bar (Bearish)” pattern
Target
Opportunity recognized 2021 Jan 20 for the period of up to 12 hours
-0.025 (25 pips) price change since the Technical Event at 126.029
Technical Analysis
We found a pattern called Inside Bar (Bearish) on 2021 Jan 20 at 02:00 GMT on a 1 hour chart suggesting the outlook is bearish for up to 12 hours.
The RSI fallen below 70 on 2021 Jan 20 at 02:00 GMT, telling us the price is starting to pull back from being overbought.
- Daily Analyst View
EUR/USD
may rise 24 – 44 pips
Pivot
1.2110
Our preference
Long positions above 1.2110 with targets at 1.2160 & 1.2180 in extension.
Alternative scenario
Below 1.2110 look for further downside with 1.2090 & 1.2070 as targets.
Comment
The RSI is bullish and calls for further advance.
GBP/USD
may rise 26 – 56 pips
Pivot
1.3600
Our preference
Long positions above 1.3600 with targets at 1.3670 & 1.3700 in extension.
Alternative scenario
Below 1.3600 look for further downside with 1.3580 & 1.3555 as targets.
Comment
The immediate trend remains up and the momentum is strong.
USD/CAD
may fall 32 – 62 pips
Pivot
1.2760
Our preference
Short positions below 1.2760 with targets at 1.2690 & 1.2660 in extension.
Alternative scenario
Above 1.2760 look for further upside with 1.2780 & 1.2800 as targets.
Comment
The RSI advocates for further decline.
Gold
may rise to 1857.00 – 1865.00
Pivot
1832.00
Our preference
Long positions above 1832.00 with targets at 1857.00 & 1865.00 in extension.
Alternative scenario
Below 1832.00 look for further downside with 1823.00 & 1816.00 as targets.
Comment
The RSI is bullish and calls for further upside.
Brent (ICE)
may rise to 56.55 – 56.85
Pivot
55.50
Our preference
Long positions above 55.50 with targets at 56.55 & 56.85 in extension.
Alternative scenario
Below 55.50 look for further downside with 55.10 & 54.80 as targets.
Comment
The RSI is bullish and calls for further advance.
S&P 500 (CME)
may rise to 3815.00 – 3824.00
Pivot
3782.00
Our preference
Long positions above 3782.00 with targets at 3815.00 & 3824.00 in extension.
Alternative scenario
Below 3782.00 look for further downside with 3772.00 & 3762.00 as targets.
Comment
The RSI is mixed to bullish.
Dax (Eurex)
may rise to 13900.00 – 13940.00
Pivot
13790.00
Our preference
Long positions above 13790.00 with targets at 13900.00 & 13940.00 in extension.
Alternative scenario
Below 13790.00 look for further downside with 13740.00 & 13680.00 as targets.
Comment
A support base at 13790.00 has formed and has allowed for a temporary stabilisation.
SGX FTSE China A50
may fall to 18100.00 – 18280.00
Pivot
18485.00
Our preference
Short positions below 18485.00 with targets at 18280.00 & 18100.00 in extension.
Alternative scenario
Above 18485.00 look for further upside with 18600.00 & 18720.00 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.
