Doo Prime Daily Featured Trading Strategies – October 20, 2020
- Daily technical analysis of selected currency pairs
GBP/NZD Bearish
Image Features: forms “Engulfing Line (Bearish)” pattern
Target
Opportunity recognized 2020 Oct 20 for the period of up to 12 hours
+0.00045 (45 pips) price change since the Technical Event at 1.96620
Technical Analysis
We found a pattern called Engulfing Line (Bearish) on 2020 Oct 20 at 02:30 GMT on a 15 minute chart suggesting the outlook is bearish for up to 12 hours.
The RSI fallen below 70 on 2020 Oct 20 at 02:30 GMT, telling us the price is starting to pull back from being overbought.
NZD/CAD Bullish
Image Features: forms “Engulfing Line (Bullish)” pattern
Target
Opportunity recognized 2020 Oct 20 for the period of up to 12 hours
+0.00002 (02 pips) price change since the Technical Event at 0.86803
Technical Analysis
We found a pattern called Engulfing Line (Bullish) on 2020 Oct 20 at 02:30 GMT on a 15 minute chart suggesting the outlook is bullish for up to 12 hours.
A bullish event triggered for Slow Stochastics on 2020 Oct 20 at 02:45 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 20 – 40 pips
Pivot
1.1755
Our preference
Long positions above 1.1755 with targets at 1.1795 & 1.1815 in extension.
Alternative scenario
Below 1.1755 look for further downside with 1.1740 & 1.1725 as targets.
Comment
The RSI has just landed on its neutrality area at 50% and is turning up.
GBP/USD
may fall 31 – 61 pips
Pivot
1.2985
Our preference
Short positions below 1.2985 with targets at 1.2925 & 1.2895 in extension.
Alternative scenario
Above 1.2985 look for further upside with 1.3025 & 1.3065 as targets.
Comment
As long as the resistance at 1.2985 is not surpassed, the risk of the break below 1.2925 remains high.
USD/CAD
may rise 29 – 49 pips
Pivot
1.3165
Our preference
Long positions above 1.3165 with targets at 1.3215 & 1.3235 in extension.
Alternative scenario
Below 1.3165 look for further downside with 1.3145 & 1.3120 as targets.
Comment
The RSI calls for a rebound.
Gold spot
may fall to 1889.00 – 1895.00
Pivot
1910.00
Our preference
Short positions below 1910.00 with targets at 1897.00 & 1889.00 in extension.
Alternative scenario
Above 1910.00 look for further upside with 1914.00 & 1918.50 as targets.
Comment
As long as 1910.00 is resistance, look for choppy price action with a bearish bias.
Brent (ICE)
may fall to 41.75 – 42.25
Pivot
43.05
Our preference
Short positions below 43.05 with targets at 42.25 & 41.75 in extension.
Alternative scenario
Above 43.05 look for further upside with 43.45 & 43.80 as targets.
Comment
A break below 42.25 would trigger a drop towards 41.75.
S&P 500 (CME)
may fall to 3380.00 – 3411.00
Pivot
3462.00
Our preference
Short positions below 3462.00 with targets at 3411.00 & 3380.00 in extension.
Alternative scenario
Above 3462.00 look for further upside with 3485.00 & 3510.00 as targets.
Comment
Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
Dax (Eurex)
may fall to 12581.00 – 12690.00
Pivot
12885.00
Our preference
Short positions below 12885.00 with targets at 12690.00 & 12581.00 in extension.
Alternative scenario
Above 12885.00 look for further upside with 13015.00 & 13090.00 as targets.
Comment
As long as 12885.00 is resistance, look for choppy price action with a bearish bias.
SGX FTSE China A50
may fall to 15660.00 – 15790.00
Pivot
16000.00
Our preference
Short positions below 16000.00 with targets at 15790.00 & 15660.00 in extension.
Alternative scenario
Above 16000.00 look for further upside with 16110.00 & 16255.00 as targets.
Comment
The RSI is mixed to bearish
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.
Daily Featured Trading Strategies
