Doo Prime Daily Featured Trading Strategies – November 5, 2020
- Daily technical analysis of selected currency pairs
USD/JPY Bearish
Image Features: forms “Flag (Bearish)” pattern
Target
Opportunity recognized 2020 Nov 05 for the period of up to 48 hours
-0.223 (223 pips) price change since the Technical Event at 104.505
Technical Analysis
We found a pattern called Flag (Bearish) on 2020 Nov 05 at 00:00 GMT on a 1 hour chart, providing a target price for up to 48 hours in the range of 103.500 to 103.650.
The faster moving average crossed below the slower moving average on 2020 Nov 05 at 00:00 GMT, signaling a new downtrend has been established.
GBP/NZD Bullish
Image Features: forms “Inside Bar (Bullish)” pattern
Target
Opportunity recognized 2020 Nov 05 for the period of up to 12 hours
-0.00053 (53 pips) price change since the Technical Event at 1.93509
Technical Analysis
We found a pattern called Inside Bar (Bullish) on 2020 Nov 05 at 00:00 GMT on a 1 hour chart suggesting the outlook is bullish for up to 12 hours.
The RSI rose above 30 on 2020 Nov 05 at 00:00 GMT, telling us the price is starting to recover from being oversold.
- Daily analyst View
EUR/USD
may rise 22 – 47 pips
Pivot
1.1695
Our preference
Long positions above 1.1695 with targets at 1.1745 & 1.1770 in extension.
Alternative scenario
Below 1.1695 look for further downside with 1.1665 & 1.1630 as targets.
Comment
Technically the RSI is above its neutrality area at 50.
GBP/USD
may rise 41 – 66 pips
Pivot
1.3000
Our preference
Short positions below 1.3000 with targets at 1.2915 & 1.2890 in extension.
Alternative scenario
Above 1.3000 look for further upside with 1.3025 & 1.3050 as targets.
Comment
The RSI shows downside momentum.
USD/CAD
may fall 54 – 74 pips
Pivot
1.3180
Our preference
Short positions below 1.3180 with targets at 1.3110 & 1.3090 in extension.
Alternative scenario
Above 1.3180 look for further upside with 1.3215 & 1.3255 as targets.
Comment
The upward potential is likely to be limited by the resistance at 1.3180.
Gold spot
is neutral
Pivot
1935.00
Our preference
Short positions below 1935.00 with targets at 1845.00 & 1815.00 in extension.
Alternative scenario
Above 1935.00 look for further upside with 1980.00 & 2015.00 as targets.
Comment
The upward potential is likely to be limited by the resistance at 1935.00.
Brent (ICE)
may rise to 41.85 – 42.50
Pivot
40.10
Our preference
Long positions above 40.10 with targets at 41.85 & 42.50 in extension.
Alternative scenario
Below 40.10 look for further downside with 39.40 & 38.65 as targets.
Comment
The RSI is mixed to bullish.
S&P 500 (CME)
may rise to 3495.00 – 3540.00
Pivot
3405.00
Our preference
Long positions above 3405.00 with targets at 3495.00 & 3540.00 in extension.
Alternative scenario
Below 3405.00 look for further downside with 3348.00 & 3319.00 as targets.
Comment
The RSI is mixed with a bullish bias.
Dax (Eurex)
may rise to 12540.00 – 12708.00
Pivot
12025.00
Our preference
Long positions above 12025.00 with targets at 12540.00 & 12708.00 in extension.
Alternative scenario
Below 12025.00 look for further downside with 11900.00 & 11770.00 as targets.
Comment
The RSI is bullish and calls for further upside.
FTSE China A50
may rise to 16990.00 – 17261.00
Pivot
15605.00
Our preference
The upside prevails as long as 15605 is support.
Alternative scenario
Below 15605, expect 15155 and 14887.
Comment
The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. FTSE China A50 index is above its 20 and 50 period MA (respectively at 15865.13 and 15609.82).
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.
