Doo Prime Daily Featured Trading Strategies – October 23, 2020
- Daily technical analysis of selected currency pairs
AUD/USD Bullish
Image Features: forms “Hammer” pattern
Target
Opportunity recognized 2020 Oct 23 for the period of up to 12 hours
+0.00007 (07 pips) price change since the Technical Event at 0.71212
Technical Analysis
We found a pattern called Hammer on 2020 Oct 23 at 02:20 GMT on a 5 minute chart suggesting the outlook is bullish for up to 12 hours.
The price crossed above its moving average on 2020 Oct 23 at 02:25 GMT signaling a new uptrend has been established.
EUR/CAD Bearish
Image Features: forms “Hanging Man” pattern
Target
Opportunity recognized 2020 Oct 23 for the period of up to 12 hours
+0.00007 (07 pips) price change since the Technical Event at 1.55173
Technical Analysis
We found a pattern called Hanging Man on 2020 Oct 23 at 02:05 GMT on a 5 minute chart suggesting the outlook is bearish for up to 12 hours.
The price crossed below its moving average on 2020 Oct 23 at 02:05 GMT signaling a new downtrend has been established.
- Daily analyst View
EUR/USD
may fall 38 – 58 pips
Pivot
1.1835
Our preference
Short positions below 1.1835 with targets at 1.1760 & 1.1740 in extension.
Alternative scenario
Above 1.1835 look for further upside with 1.1865 & 1.1880 as targets.
Comment
The RSI has broken down its 30 level.
GBP/USD
may fall 27 – 57 pips
Pivot
1.3100
Our preference
Short positions below 1.3100 with targets at 1.3040 & 1.3010 in extension.
Alternative scenario
Above 1.3100 look for further upside with 1.3125 & 1.3150 as targets.
Comment
The break below 1.3100 is a negative signal that has opened a path to 1.3040.
USD/CAD
may rise 26 – 51 pips
Pivot
1.3120
Our preference
Long positions above 1.3120 with targets at 1.3175 & 1.3200 in extension.
Alternative scenario
Below 1.3120 look for further downside with 1.3100 & 1.3080 as targets.
Comment
The RSI calls for a rebound.
Gold spot
may fall to 1894.00 – 1899.00
Pivot
1910.00
Our preference
Short positions below 1910.00 with targets at 1899.00 & 1894.00 in extension.
Alternative scenario
Above 1910.00 look for further upside with 1914.00 & 1920.00 as targets.
Comment
The RSI has just struck against its neutrality area at 50% and is reversing down.
Brent (ICE)
may rise to 42.75 – 42.95
Pivot
42.15
Our preference
Long positions above 42.15 with targets at 42.75 & 42.95 in extension.
Alternative scenario
Below 42.15 look for further downside with 41.80 & 41.45 as targets.
Comment
The RSI is above its neutrality area at 50%.
S&P 500 (CME)
may rise to 3470.00 – 3485.00
Pivot
3418.00
Our preference
Long positions above 3418.00 with targets at 3470.00 & 3485.00 in extension.
Alternative scenario
Below 3418.00 look for further downside with 3403.00 & 3380.00 as targets.
Comment
The RSI is mixed with a bullish bias.
Dax (Eurex)
may fall to 12215.00 – 12316.00
Pivot
12605.00
Our preference
Short positions below 12605.00 with targets at 12316.00 & 12215.00 in extension.
Alternative scenario
Above 12605.00 look for further upside with 12710.00 & 12805.00 as targets.
Comment
The RSI has just struck against its neutrality area at 50% and is reversing down.
SGX FTSE China A50
may rise to 16115.00 – 16170.00
Pivot
15960.00
Our preference
Long positions above 15960.00 with targets at 16115.00 & 16170.00 in extension.
Alternative scenario
Below 15960.00 look for further downside with 15880.00 & 15810.00 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.
