Doo Prime Daily Featured Trading Strategies – November 3, 2020
- Daily technical analysis of selected currency pairs
AUD/USD Bullish
Image Features: forms “Double Bottom” pattern
Target
Opportunity recognized 2020 Nov 02 for the period of up to 12 hours
+0.00117 (117 pips) price change since the Technical Event at 0.70464
Technical Analysis
We found a pattern called Double Bottom on 2020 Nov 02 at 19:30 GMT on a 15 minute chart, providing a target price for up to 12 hours in the range of 0.71000 to 0.72000.
The CCI triggered a bullish signal on 2020 Nov 03 at 02:15 GMT by crossing above the +100% level.
The price crossed below its moving average on 2020 Oct 30 at 03:30 GMT signaling a new downtrend has been established.
NZD/USD Bullish
Image Features: forms “Hammer” pattern
Target
Opportunity recognized 2020 Nov 02 for the period of up to 12 hours
+0.00236 (236 pips) price change since the Technical Event at 0.66179
Technical Analysis
We found a pattern called Hammer on 2020 Nov 02 at 19:00 GMT on a 1 hour chart suggesting the outlook is bullish for up to 12 hours.
The CCI triggered a bullish signal on 2020 Nov 03 at 02:00 GMT by crossing above the +100% level.
- Daily analyst View
EUR/USD
may rise 9 – 34 pips
Pivot
1.1620
Our preference
Long positions above 1.1620 with targets at 1.1655 & 1.1680 in extension.
Alternative scenario
Below 1.1620 look for further downside with 1.1600 & 1.1580 as targets.
Comment
The RSI calls for a rebound.
GBP/USD
may rise 19 – 39 pips
Pivot
1.2890
Our preference
Long positions above 1.2890 with targets at 1.2940 & 1.2960 in extension.
Alternative scenario
Below 1.2890 look for further downside with 1.2870 & 1.2850 as targets.
Comment
The RSI advocates for further upside.
USD/CAD
may fall 26 – 56 pips
Pivot
1.3265
Our preference
Short positions below 1.3265 with targets at 1.3195 & 1.3165 in extension.
Alternative scenario
Above 1.3265 look for further upside with 1.3300 & 1.3345 as targets.
Comment
A break below 1.3195 would trigger a drop towards 1.3165.
Gold spot
may rise to 1904.00 – 1911.00
Pivot
1884.00
Our preference
Long positions above 1884.00 with targets at 1904.00 & 1911.00 in extension.
Alternative scenario
Below 1884.00 look for further downside with 1873.00 & 1866.00 as targets.
Comment
The RSI is mixed with a bullish bias.
Brent (ICE)
may fall to 33.80 – 35.70
Pivot
41.70
Our preference
Short positions below 41.70 with targets at 35.70 & 33.80 in extension.
Alternative scenario
Above 41.70 look for further upside with 44.60 & 47.20 as targets.
Comment
As long as the resistance at 41.70 is not surpassed, the risk of the break below 35.70 remains high.
S&P 500 (CME)
may fall to 3225.00 – 3272.00
Pivot
3334.00
Our preference
Short positions below 3334.00 with targets at 3272.00 & 3225.00 in extension.
Alternative scenario
Above 3334.00 look for further upside with 3360.00 & 3390.00 as targets.
Comment
As long as 3334.00 is resistance, expect a return to 3272.00.
Dax (Eurex)
may rise to 11980.00 – 12090.00
Pivot
11530.00
Our preference
Long positions above 11530.00 with targets at 11980.00 & 12090.00 in extension.
Alternative scenario
Below 11530.00 look for further downside with 11310.00 & 11140.00 as targets.
Comment
The RSI is bullish and calls for further upside.
FTSE China A50
may rise to 16666.00 – 16928.00
Pivot
15347.00
Our preference
As long as 15347 is support look for 16666.
Alternative scenario
The downside breakout of 15347 would call for 14915 and 14657.
Comment
The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The index could retrace in the short term. FTSE China A50 index is trading under its 20 day MA (15780.86) but above its 50 period MA (15596.42).
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.
