Doo Prime Daily Featured Trading Strategies – November 9, 2020
- Daily technical analysis of selected currency pairs
USD/CNH Bullish
Image Features: forms “Inverted Hammer” pattern
Target
Opportunity recognized 2020 Nov 09 for the period of up to 12 hours
-0.00074 (74 pips) price change since the Technical Event at 6.57813
Technical Analysis
We found a pattern called Inverted Hammer on 2020 Nov 09 at 03:00 GMT on a 1 hour chart suggesting the outlook is bullish for up to 12 hours.
A bullish event triggered for Fast Stochastics on 2020 Nov 09 at 02:00 GMT when the %K line crossed above the %D line. The close prices are trading closer to the upper end of the recent high-low price range, which is associated with price increases.
EUR/CAD Bullish
Image Features: forms “Inside Bar (Bullish)” pattern
Target
Opportunity recognized 2020 Nov 09 for the period of up to 12 hours
+0.00027 (27 pips) price change since the Technical Event at 1.54667
Technical AnalysisWe found a pattern called Inside Bar (Bullish) on 2020 Nov 09 at 04:00 GMT on a 15 minute chart suggesting the outlook is bullish for up to 12 hours.
A bullish event triggered for Fast Stochastics on 2020 Nov 09 at 04:00 GMT when the %K line crossed above the %D line. The close prices are trading closer to the upper end of the recent high-low price range, which is associated with price increases.
- Daily analyst View
EUR/USD
may rise 31 – 56 pips
Pivot
1.1860
Our preference
Long positions above 1.1860 with targets at 1.1920 & 1.1945 in extension.
Alternative scenario
Below 1.1860 look for further downside with 1.1840 & 1.1810 as targets.
Comment
The break above 1.1860 is a positive signal that has opened a path to 1.1920.
GBP/USD
may rise 15 – 45 pips
Pivot
1.3145
Our preference
Long positions above 1.3145 with targets at 1.3200 & 1.3230 in extension.
Alternative scenario
Below 1.3145 look for further downside with 1.3110 & 1.3090 as targets.
Comment
The RSI advocates for further upside.
USD/CAD
may fall 31 – 71 pips
Pivot
1.3070
Our preference
Short positions below 1.3070 with targets at 1.2990 & 1.2950 in extension.
Alternative scenario
Above 1.3070 look for further upside with 1.3095 & 1.3120 as targets.
Comment
The RSI is bearish and calls for further decline.
Gold spot
may rise to 1967.00 – 1980.00
Pivot
1941.00
Our preference
Long positions above 1941.00 with targets at 1967.00 & 1980.00 in extension.
Alternative scenario
Below 1941.00 look for further downside with 1925.00 & 1914.00 as targets.
Comment
The immediate trend remains down but the momentum is weak.
Brent (ICE)
may rise to 41.05 – 41.50
Pivot
39.75
Our preference
Long positions above 39.75 with targets at 41.05 & 41.50 in extension.
Alternative scenario
Below 39.75 look for further downside with 39.35 & 38.65 as targets.
Comment
The RSI calls for a bounce.
S&P 500 (CME)
may rise to 3579.00 – 3622.00
Pivot
3509.00
Our preference
Long positions above 3509.00 with targets at 3579.00 & 3622.00 in extension.
Alternative scenario
Below 3509.00 look for further downside with 3477.00 & 3456.00 as targets.
Comment
The RSI calls for a new upleg.
Dax (Eurex)
may rise to 12835.00 – 13020.00
Pivot
12450.00
Our preference
Long positions above 12450.00 with targets at 12835.00 & 13020.00 in extension.
Alternative scenario
Below 12450.00 look for further downside with 12360.00 & 12200.00 as targets.
Comment
The RSI advocates for further advance.
SGX FTSE China A50
may rise to 16580.00 – 16720.00
Pivot
16300.00
Our preference
Long positions above 16300.00 with targets at 16580.00 & 16720.00 in extension.
Alternative scenario
Below 16300.00 look for further downside with 16155.00 & 16010.00 as targets.
Comment
The RSI shows upside momentum.
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.
