Doo Prime Daily Featured Trading Strategies – October 21, 2020
- Daily technical analysis of selected currency pairs
EUR/JPY Bullish
Image Features: forms “Engulfing Line (Bullish)” pattern
Target
Opportunity recognized 2020 Oct 21 for the period of up to 12 hours
-0.008 (08 pips) price change since the Technical Event at 124.753
Technical Analysis
We found a pattern called Engulfing Line (Bullish) on 2020 Oct 21 at 02:00 GMT on a 30 minute chart suggesting the outlook is bullish for up to 12 hours.
The Williams %R indicator triggered a bullish signal on 2020 Oct 21 at 02:00 GMT, having risen up out of oversold (-80 level) and continued on to cross above the -50 level.
GBP/JPY Bearish
Image Features: forms “Flag (Bearish)” pattern
Target
Opportunity recognized 2020 Oct 21 for the period of up to 12 hours
+0.097 (97 pips) price change since the Technical Event at 136.563
Technical Analysis
We found a pattern called Flag (Bearish) on 2020 Oct 21 at 01:00 GMT on a 30 minute chart, providing a target price for up to 12 hours in the range of 135.800 to 135.950.
A bearish event triggered for Slow Stochastics on 2020 Oct 21 at 02:00 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
- Daily analyst View
EUR/USD
may rise 16 – 36 pips
Pivot
1.1805
Our preference
Long positions above 1.1805 with targets at 1.1850 & 1.1870 in extension.
Alternative scenario
Below 1.1805 look for further downside with 1.1780 & 1.1760 as targets.
Comment
The RSI calls for a new upleg.
GBP/USD
may rise 17 – 37 pips
Pivot
1.2935
Our preference
Long positions above 1.2935 with targets at 1.2980 & 1.3000 in extension.
Alternative scenario
Below 1.2935 look for further downside with 1.2910 & 1.2895 as targets.
Comment
The RSI is bullish and calls for further upside.
USD/CAD
may fall 21 – 41 pips
Pivot
1.3145
Our preference
Short positions below 1.3145 with targets at 1.3090 & 1.3070 in extension.
Alternative scenario
Above 1.3145 look for further upside with 1.3170 & 1.3200 as targets.
Comment
The break below 1.3145 is a negative signal that has opened a path to 1.3090.
Gold spot
may rise to 1925.00 – 1932.00
Pivot
1904.00
Our preference
Long positions above 1904.00 with targets at 1925.00 & 1932.00 in extension.
Alternative scenario
Below 1904.00 look for further downside with 1899.00 & 1894.00 as targets.
Comment
The RSI advocates for further advance.
Brent (ICE)
may rise to 43.30 – 43.45
Pivot
42.65
Our preference
Long positions above 42.65 with targets at 43.30 & 43.45 in extension.
Alternative scenario
Below 42.65 look for further downside with 42.40 & 42.20 as targets.
Comment
The RSI is mixed with a bullish bias.
S&P 500 (CME)
may fall to 3380.00 – 3411.00
Pivot
3470.00
Our preference
Short positions below 3470.00 with targets at 3411.00 & 3380.00 in extension.
Alternative scenario
Above 3470.00 look for further upside with 3485.00 & 3510.00 as targets.
Comment
Intraday technical indicators are mixed.
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
The RSI lacks momentum.
SGX FTSE China A50
may fall to 16080.00 – 16255.00
Pivot
15850.00
Our preference
Long positions above 15850.00 with targets at 16080.00 & 16255.00 in extension.
Alternative scenario
Below 15850.00 look for further downside with 15790.00 & 15660.00 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
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.
