Doo Prime Daily Featured Trading Strategies – January 22, 2021
- Daily technical analysis of selected currency pairs
NZD/SGD Bullish
Image Features: forms “Hammer” pattern
Target
Opportunity recognized 2021 Jan 22 for the period of up to 12 hours
-0.00055 (55 pips) price change since the Technical Event at 0.95355
Technical Analysis
We found a pattern called Hammer on 2021 Jan 22 at 02:10 GMT on a 5 minute chart suggesting the outlook is bullish for up to 12 hours.
A bullish event triggered for Fast Stochastics on 2021 Jan 22 at 02:10 GMT when the %K line crossed above the %D line. The close prices are trading closer to the upper end of the recent high-low price range, which is associated with price increases.
NZD/CAD Bearish
Image Features: forms “Engulfing Line (Bearish)” pattern
Target
Opportunity recognized 2021 Jan 22 for the period of up to 12 hours
+0.00001 (01 pips) price change since the Technical Event at 0.91201
Technical Analysis
We found a pattern called Engulfing Line (Bearish) on 2021 Jan 22 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 22 at 02:00 GMT, telling us the price is starting to pull back from being overbought.
- Daily Analyst View
EUR/USD
may rise 18 – 38 pips
Pivot
1.2140
Our preference
Long positions above 1.2140 with targets at 1.2180 & 1.2200 in extension.
Alternative scenario
Below 1.2140 look for further downside with 1.2115 & 1.2095 as targets.
Comment
The break above 1.2140 is a positive signal that has opened a path to 1.2180.
GBP/USD
may rise 25 – 50 pips
Pivot
1.3700
Our preference
Long positions above 1.3700 with targets at 1.3745 & 1.3770 in extension.
Alternative scenario
Below 1.3700 look for further downside with 1.3675 & 1.3650 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
USD/CAD
may rise 20 – 40 pips
Pivot
1.2620
Our preference
Long positions above 1.2620 with targets at 1.2665 & 1.2685 in extension.
Alternative scenario
Below 1.2620 look for further downside with 1.2605 & 1.2590 as targets.
Comment
The RSI is bullish and calls for further upside.
Gold
may rise to 1875.00 – 1885.00
Pivot
1858.00
Our preference
Long positions above 1858.00 with targets at 1875.00 & 1885.00 in extension.
Alternative scenario
Below 1858.00 look for further downside with 1848.00 & 1840.00 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Brent (ICE)
may fall to 54.90 – 55.30
Pivot
56.20
Our preference
Short positions below 56.20 with targets at 55.30 & 54.90 in extension.
Alternative scenario
Above 56.20 look for further upside with 56.60 & 57.00 as targets.
Comment
The RSI is bearish and calls for further decline.
S&P 500 (CME)
may rise to 3860.00 – 3875.00
Pivot
3824.00
Our preference
Long positions above 3824.00 with targets at 3860.00 & 3875.00 in extension.
Alternative scenario
Below 3824.00 look for further downside with 3808.00 & 3788.00 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Dax (Eurex)
may rise to 14021.00 – 14085.00
Pivot
13859.00
Our preference
Long positions above 13859.00 with targets at 14021.00 & 14085.00 in extension.
Alternative scenario
Below 13859.00 look for further downside with 13785.00 & 13680.00 as targets.
Comment
A support base at 13859.00 has formed and has allowed for a temporary stabilisation.
SGX FTSE China A50
may rise to 18795.00 – 18960.00
Pivot
18475.00
Our preference
Long positions above 18475.00 with targets at 18795.00 & 18960.00 in extension.
Alternative scenario
Below 18475.00 look for further downside with 18350.00 & 18280.00 as targets.
Comment
The RSI is bullish and calls for further upside.
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.
