Doo Prime Daily Featured Trading Strategies – November 23, 2020
- Daily technical analysis of selected currency pairs
GBP/JPY Bearish
Image Features: forms “Outside Bar (Bearish)” pattern
Target
Opportunity recognized 2020 Nov 24 for the period of up to 12 hours
+0.029 (29 pips) price change since the Technical Event at 139.300
Technical Analysis
We found a pattern called Outside Bar (Bearish) on 2020 Nov 24 at 01:30 GMT on a 30 minute chart suggesting the outlook is bearish for up to 12 hours.
The RSI fallen below 70 on 2020 Nov 24 at 01:30 GMT, telling us the price is starting to pull back from being overbought.
CAD/JPY Bearish
Image Features: forms “Outside Bar (Bearish)” pattern
Target
Opportunity recognized 2020 Nov 24 for the period of up to 12 hours
+0.026 (26 pips) price change since the Technical Event at 80.020
Technical Analysis
We found a pattern called Outside Bar (Bearish) on 2020 Nov 24 at 01:30 GMT on a 30 minute chart suggesting the outlook is bearish for up to 12 hours.
The RSI fallen below 70 on 2020 Nov 24 at 01:30 GMT, telling us the price is starting to pull back from being overbought.
- Daily analyst View
EUR/USD
may fall 19 – 34 pips
Pivot
1.1865
Our preference
Short positions below 1.1865 with targets at 1.1825 & 1.1810 in extension.
Alternative scenario
Above 1.1865 look for further upside with 1.1885 & 1.1905 as targets.
Comment
As long as the resistance at 1.1865 is not surpassed, the risk of the break below 1.1825 remains high.
GBP/USD
may fall 16 – 36 pips
Pivot
1.3350
Our preference
Short positions below 1.3350 with targets at 1.3310 & 1.3290 in extension.
Alternative scenario
Above 1.3350 look for further upside with 1.3370 & 1.3395 as targets.
Comment
As long as the resistance at 1.3350 is not surpassed, the risk of the break below 1.3310 remains high.
USD/CAD
may rise 35 – 50 pip
Pivot
1.3060
Our preference
Long positions above 1.3060 with targets at 1.3110 & 1.3125 in extension.
Alternative scenario
Below 1.3060 look for further downside with 1.3045 & 1.3030 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Gold spot
may fall to 1800.00 – 1819.00
Pivot
1849.00
Our preference
Short positions below 1849.00 with targets at 1819.00 & 1800.00 in extension.
Alternative scenario
Above 1849.00 look for further upside with 1861.00 & 1870.00 as targets.
Comment
The RSI advocates for further downside.
Brent (ICE)
may rise to 46.30 – 46.60
Pivot
45.30
Our preference
Long positions above 45.30 with targets at 46.30 & 46.60 in extension.
Alternative scenario
Below 45.30 look for further downside with 44.90 & 44.70 as targets.
Comment
The RSI calls for a bounce.
S&P 500 (CME)
may rise to 3607.00 – 3622.00
Pivot
3570.00
Our preference
Long positions above 3570.00 with targets at 3607.00 & 3622.00 in extension.
Alternative scenario
Below 3570.00 look for further downside with 3556.00 & 3542.00 as targets.
Comment
The RSI advocates for further upside.
Dax (Eurex)
may rise to 13275.00 – 13310.00
Pivot
13160.00
Our preference
Long positions above 13160.00 with targets at 13275.00 & 13310.00 in extension.
Alternative scenario
Below 13160.00 look for further downside with 13095.00 & 13050.00 as targets.
Comment
The RSI calls for a rebound.
SGX FTSE China A50
may rise to 16810.00 – 16900.00
Pivot
16600.00
Our preference
Long positions above 16600.00 with targets at 16810.00 & 16900.00 in extension.
Alternative scenario
Below 16600.00 look for further downside with 16500.00 & 16440.00 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
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.
