Doo Prime Daily Featured Trading Strategies – November 6, 2020
- Daily technical analysis of selected currency pairs
CHF/AUD Bearish
Image Features: forms “Downside Breakout” pattern
Target
Opportunity recognized 2020 Nov 05 for the period of up to 48 hours
+0.00005 (05 pips) price change since the Technical Event at 1.52265
Technical Analysis
We found a pattern called Downside Breakout on 2020 Nov 05 at 15:00 GMT on a 1 hour chart, providing a target price for up to 48 hours in the range of 1.51000 to 1.52000.
On 2020 Nov 05 at 14:00 GMT, the 4-bar Moving Average crossed below the 9-bar MA which crossed below the 18-bar MA, signaling a new downtrend has been established.
NZD/JPY Bullish
Image Features: forms “Engulfing Line (Bullish)” pattern
Target
Opportunity recognized 2020 Nov 06 for the period of up to 12 hours
+0.006 (06 pips) price change since the Technical Event at 70.199
Technical Analysis
We found a pattern called Engulfing Line (Bullish) on 2020 Nov 06 at 02:50 GMT on a 5 minute chart suggesting the outlook is bullish for up to 12 hours.
The CCI triggered a bullish signal on 2020 Nov 06 at 02:15 GMT by crossing above the +100% level.
- Daily analyst View
EUR/USD
may fall 30 – 65 pips
Pivot
1.1840
Our preference
Short positions below 1.1840 with targets at 1.1770 & 1.1735 in extension.
Alternative scenario
Above 1.1840 look for further upside with 1.1880 & 1.1920 as targets.
Comment
The RSI calls for a new downleg.
GBP/USD
may rise 46 – 81 pips
Pivot
1.3070
Our preference
Long positions above 1.3070 with targets at 1.3165 & 1.3200 in extension.
Alternative scenario
Below 1.3070 look for further downside with 1.3030 & 1.3000 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
USD/CAD
may rise 34 – 69 pips
Pivot
1.3030
Our preference
Long positions above 1.3030 with targets at 1.3115 & 1.3150 in extension.
Alternative scenario
Below 1.3030 look for further downside with 1.3000 & 1.2970 as targets.
Comment
The RSI calls for a rebound.
Gold spot
may rise to 1953.00 – 1965.00
Pivot
1926.00
Our preference
Long positions above 1926.00 with targets at 1953.00 & 1965.00 in extension.
Alternative scenario
Below 1926.00 look for further downside with 1916.00 & 1902.00 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Brent (ICE)
may fall to 39.40 – 40.00
Pivot
41.05
Our preference
Short positions below 41.05 with targets at 40.00 & 39.40 in extension.
Alternative scenario
Above 41.05 look for further upside with 41.50 & 41.90 as targets.
Comment
The RSI is bearish and calls for further decline.
S&P 500 (CME)
may rise to 3540.00 – 3579.00
Pivot
3470.00
Our preference
Long positions above 3470.00 with targets at 3540.00 & 3579.00 in extension.
Alternative scenario
Below 3470.00 look for further downside with 3428.00 & 3367.00 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Dax (Eurex)
may rise to 12600.00 – 12760.00
Pivot
12230.00
Our preference
Long positions above 12230.00 with targets at 12600.00 & 12760.00 in extension.
Alternative scenario
Below 12230.00 look for further downside with 12020.00 & 11770.00 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
FTSE China A50
may rise to 17220.00 – 17494.00
Pivot
15788.00
Our preference
The upside prevails as long as 15788 is support.
Alternative scenario
Below 15788, expect 15332 and 15063.
Comment
The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. FTSE China A50 index is trading above both its 20 and 50 period MA (respectively at 15920.37 and 15626.55). Finally, the FTSE China A50 index has crossed above its upper daily Bollinger band (16273.96).
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.
