Doo Prime Daily Featured Trading Strategies – January 7, 2021 

1. Daily technical analysis of selected currency pairs 

GBP/EUR   Bullish 

Image Features: forms “Engulfing Line (Bullish)” pattern

Target  

Opportunity recognized 2021 Jan 06 for the period of up to 48 hours

-0.00311 (311 pips) price change since the Technical Event at 1.10588

Technical Analysis  

We found a pattern called Engulfing Line (Bullish) on 2021 Jan 06 at 17:00 GMT on a 4 hour chart suggesting the outlook is bullish for up to 48 hours.

A bullish event triggered for Slow Stochastics on 2021 Jan 07 at 01:00 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.

 

CAD/JPY Bearish 

Image Features:   forms “Inside Bar (Bearish)” pattern

Target  

Opportunity recognized 2021 Jan 06 for the period of up to 48 hours

+0.033 (33 pips) price change since the Technical Event at 81.319

Technical Analysis  

We found a pattern called Inside Bar (Bearish) on 2021 Jan 06 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 2021 Jan 06 at 21:00 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.

2. Daily Analyst View

EUR/USD  

may rise 19 – 44 pips

Pivot

1.2300

Our preference

Long positions above 1.2300 with targets at 1.2350 & 1.2375 in extension.

Alternative scenario

Below 1.2300 look for further downside with 1.2280 & 1.2265 as targets.

Comment

Technically the RSI is above its neutrality area at 50.

 

GBP/USD  

may rise 19 – 49 pips

Pivot

1.3590

Our preference

Long positions above 1.3590 with targets at 1.3640 & 1.3670 in extension.

Alternative scenario

Below 1.3590 look for further downside with 1.3565 & 1.3535 as targets.

Comment

The RSI shows upside momentum.

USD/CAD  

may fall 40 – 65 pips

Pivot

1.2700

Our preference

Short positions below 1.2700 with targets at 1.2625 & 1.2600 in extension.

Alternative scenario

Above 1.2700 look for further upside with 1.2720 & 1.2750 as targets.

Comment

The RSI advocates for further decline.

Gold

may rise to 1934.00 – 1945.00

Pivot

1908.00

Our preference

Long positions above 1908.00 with targets at 1934.00 & 1945.00 in extension.

Alternative scenario

Below 1908.00 look for further downside with 1900.00 & 1890.00 as targets.

Comment

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

 

Brent (ICE)  

may rise to 55.20 – 55.90

Pivot

53.75

Our preference

Long positions above 53.75 with targets at 55.20 & 55.90 in extension.

Alternative scenario

Below 53.75 look for further downside with 53.00 & 52.10 as targets.

Comment

The RSI is bullish and calls for further upside.

S&P 500 (CME)  

may rise to 3775.00 – 3800.00

Pivot

3724.00

Our preference

Long positions above 3724.00 with targets at 3775.00 & 3800.00 in extension.

Alternative scenario

Below 3724.00 look for further downside with 3686.00 & 3653.00 as targets.

Comment

The RSI is mixed to bullish.

 

Dax (Eurex)  

may rise to 14005.00 – 14125.00

Pivot

13780.00

Our preference

Long positions above 13780.00 with targets at 14005.00 & 14125.00 in extension.

Alternative scenario

Below 13780.00 look for further downside with 13626.00 & 13550.00 as targets.

Comment

The RSI is above its neutrality area at 50%.

SGX FTSE China A50  

may rise to 18630.00 – 18830.00

Pivot

18200.00

Our preference

Long positions above 18200.00 with targets at 18630.00 & 18830.00 in extension.

Alternative scenario

Below 18200.00 look for further downside with 18060.00 & 17880.00 as targets.

Comment

The RSI is bullish and calls for further advance.

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.