Doo Prime Daily Featured Trading Strategies – November 4, 2020
- Daily technical analysis of selected currency pairs
AUD/USD Bearish
Image Features: forms “Outside Bar (Bullish)” pattern
Target
Opportunity recognized 2020 Nov 03 for the period of up to 48 hours
+0.00886 (886 pips) price change since the Technical Event at 0.70288
Technical Analysis
We found a pattern called Outside Bar (Bearish) on 2020 Nov 03 at 05:00 GMT on a 4 hour chart suggesting the outlook is bearish for up to 48 hours.
A bearish event triggered for Fast Stochastics on 2020 Nov 04 at 01:00 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
NZD/USD Bearish
Image Features: forms “Megaphone Top” pattern
Target
Opportunity recognized 2020 Nov 04 for the period of up to 48 hours
+0.00147 (147 pips) price change since the Technical Event at 0.66441
Technical Analysis
We found a pattern called Megaphone Top on 2020 Nov 04 at 03:00 GMT on a 1 hour chart, providing a target price for up to 48 hours in the range of 0.65000 to 0.66000.
The price crossed below its moving average on 2020 Nov 04 at 03:00 GMT signaling a new downtrend has been established.
- Daily analyst View
EUR/USD
may fall 39 – 69 pips
Pivot
1.1730
Our preference
Short positions below 1.1730 with targets at 1.1650 & 1.1620 in extension.
Alternative scenario
Above 1.1730 look for further upside with 1.1770 & 1.1790 as targets.
Comment
As long as the resistance at 1.1730 is not surpassed, the risk of the break below 1.1650 remains high.
GBP/USD
may fall 53 – 93 pips
Pivot
1.3080
Our preference
Short positions below 1.3080 with targets at 1.2975 & 1.2935 in extension.
Alternative scenario
Above 1.3080 look for further upside with 1.3140 & 1.3175 as targets.
Comment
As long as the resistance at 1.3080 is not surpassed, the risk of the break below 1.2975 remains high.
USD/CAD
may fall 30 – 85 pips
Pivot
1.3160
Our preference
Short positions below 1.3160 with targets at 1.3080 & 1.3025 in extension.
Alternative scenario
Above 1.3160 look for further upside with 1.3200 & 1.3235 as targets.
Comment
The RSI is bearish and calls for further decline.
Gold spot
may rise to 1916.00 – 1933.00
Pivot
1881.00
Our preference
Long positions above 1881.00 with targets at 1916.00 & 1933.00 in extension.
Alternative scenario
Below 1881.00 look for further downside with 1873.00 & 1859.00 as targets.
Comment
Intraday technical indicators are mixed.
Brent (ICE)
may rise to 40.80 – 41.50
Pivot
39.30
Our preference
Long positions above 39.30 with targets at 40.80 & 41.50 in extension.
Alternative scenario
Below 39.30 look for further downside with 38.70 & 37.95 as targets.
Comment
The RSI is bullish and calls for further upside.
S&P 500 (CME)
may rise to 3397.00 – 3420.00
Pivot
3331.00
Our preference
Long positions above 3331.00 with targets at 3397.00 & 3420.00 in extension.
Alternative scenario
Below 3331.00 look for further downside with 3311.00 & 3272.00 as targets.
Comment
Intraday technical indicators are mixed.
Dax (Eurex)
may rise to 12270.00 – 12390.00
Pivot
11910.00
Our preference
Long positions above 11910.00 with targets at 12270.00 & 12390.00 in extension.
Alternative scenario
Below 11910.00 look for further downside with 11800.00 & 11690.00 as targets.
Comment
The RSI is mixed to bullish.
FTSE China A50
may rise to 16830.00 – 17096.00
Pivot
15426.00
Our preference
As long as 15426 is support look for 16830.
Alternative scenario
Below 15426, expect 14986 and 14724.
Comment
The RSI is above 50. The MACD is below its signal line and positive. The index could retrace in the short term. FTSE China A50 index is above its 20 and 50 period MA (respectively at 15817.40 and 15600.85).
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.
