Doo Prime Daily Featured Trading Strategies – October 27, 2020
- Daily technical analysis of selected currency pairs
GBP/NZD Bearish
Image Features: forms “Outside Bar (Bearish)” pattern
Target
Opportunity recognized 2020 Oct 27 for the period of up to 12 hours
+0.00060 (6 pips) price change since the Technical Event at 1.94870
Technical Analysis
We found a pattern called Outside Bar (Bearish) on 2020 Oct 27 at 01:55 GMT on a 5 minute chart suggesting the outlook is bearish for up to 12 hours.
The Williams %R indicator triggered a bearish signal on 2020 Oct 27 at 01:55 GMT, having fallen out of overbought (-20 level) and continued on to cross below the -50 level.
EUR/JPY Bullish
Image Features: forms “Hammer” pattern
Target
Opportunity recognized 2020 Oct 27 for the period of up to 12 hours
+0.017 (17 pips) price change since the Technical Event at 123.818
Technical Analysis
We found a pattern called Hammer on 2020 Oct 27 at 01:50 GMT on a 5 minute chart suggesting the outlook is bullish for up to 12 hours.
The faster moving average crossed above the slower moving average on 2020 Oct 27 at 01:40 GMT, signaling a new uptrend has been established.
- Daily analyst View
EUR/USD
may fall 19 – 34 pips
Pivot
1.1825
Our preference
Short positions below 1.1825 with targets at 1.1800 & 1.1785 in extension.
Alternative scenario
Above 1.1825 look for further upside with 1.1840 & 1.1860 as targets.
Comment
The upward potential is likely to be limited by the resistance at 1.1825.
GBP/USD
may fall 23 – 38 pips
Pivot
1.3045
Our preference
Short positions below 1.3045 with targets at 1.3005 & 1.2990 in extension.
Alternative scenario
Above 1.3045 look for further upside with 1.3075 & 1.3100 as targets.
Comment
As long as the resistance at 1.3045 is not surpassed, the risk of the break below 1.3005 remains high.
USD/CAD
may rise 27 – 47 pips
Pivot
1.3180
Our preference
Long positions above 1.3180 with targets at 1.3220 & 1.3240 in extension.
Alternative scenario
Below 1.3180 look for further downside with 1.3160 & 1.3140 as targets.
Comment
A support base at 1.3180 has formed and has allowed for a temporary stabilisation.
Gold spot
may rise to 1914.00 – 1920.00
Pivot
1898.00
Our preference
Long positions above 1898.00 with targets at 1914.00 & 1920.00 in extension.
Alternative scenario
Below 1898.00 look for further downside with 1891.00 & 1887.00 as targets.
Comment
The RSI calls for a rebound.
Brent (ICE)
may fall to 39.90 – 40.20
Pivot
41.05
Our preference
Short positions below 41.05 with targets at 40.20 & 39.90 in extension.
Alternative scenario
Above 41.05 look for further upside with 41.45 & 41.80 as targets.
Comment
As long as the resistance at 41.05 is not surpassed, the risk of the break below 40.20 remains high.
S&P 500 (CME)
may rise to 3430.00 – 3446.00
Pivot
3373.00
Our preference
Long positions above 3373.00 with targets at 3430.00 & 3446.00 in extension.
Alternative scenario
Below 3373.00 look for further downside with 3356.00 & 3342.00 as targets.
Comment
The RSI calls for a bounce.
Dax (Eurex)
may fall to 11910.00 – 12077.00
Pivot
12370.00
Our preference
Short positions below 12370.00 with targets at 12077.00 & 11910.00 in extension.
Alternative scenario
Above 12370.00 look for further upside with 12490.00 & 12600.00 as targets.
Comment
As long as the resistance at 12370.00 is not surpassed, the risk of the break below 12077.00 remains high.
SGX FTSE China A50
may fall to 15550.00 – 15680.00
Pivot
15845.00
Our preference
Short positions below 15845.00 with targets at 15680.00 & 15550.00 in extension.
Alternative scenario
Above 15845.00 look for further upside with 15975.00 & 16110.00 as targets.
Comment
As long as the resistance at 15845.00 is not surpassed, the risk of the break below 15680.00 remains high.
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.
