Doo Prime Daily Featured Trading Strategies – October 28, 2020
- Daily technical analysis of selected currency pairs
EUR/AUD Bullish
Image Features: forms “Engulfing Line (Bullish)” pattern
Target
Opportunity recognized 2020 Oct 28 for the period of up to 12 hours
+0.00016 (16 pips) price change since the Technical Event at 1.65060
Technical Analysis
We found a pattern called Engulfing Line (Bullish) on 2020 Oct 28 at 03:20 GMT on a 5 minute chart suggesting the outlook is bullish for up to 12 hours.
A bullish event triggered for Slow Stochastics on 2020 Oct 28 at 03:10 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.
NZD/JPY Bullish
Image Features: forms “Outside Bar (Bullish)” pattern
Target
Opportunity recognized 2020 Oct 28 for the period of up to 12 hours
+0.031 (31 pips) price change since the Technical Event at 69.872
Technical Analysis
We found a pattern called Outside Bar (Bullish) on 2020 Oct 28 at 03:10 GMT on a 5 minute chart suggesting the outlook is bullish for up to 12 hours.
The RSI rose above 30 on 2020 Oct 28 at 03:25 GMT, telling us the price is starting to recover from being oversold.
- Daily analyst View
EUR/USD
may fall 14 – 29 pips
Pivot
1.1805
Our preference
Short positions below 1.1805 with targets at 1.1770 & 1.1755 in extension.
Alternative scenario
Above 1.1805 look for further upside with 1.1820 & 1.1835 as targets.
Comment
A break below 1.1770 would trigger a drop towards 1.1755.
GBP/USD
may fall 19 – 34 pips
Pivot
1.3050
Our preference
Short positions below 1.3050 with targets at 1.3015 & 1.3000 in extension.
Alternative scenario
Above 1.3050 look for further upside with 1.3075 & 1.3100 as targets.
Comment
As long as the resistance at 1.3050 is not surpassed, the risk of the break below 1.3015 remains high.
USD/CAD
may rise 17 – 32 pips
Pivot
1.3160
Our preference
Long positions above 1.3160 with targets at 1.3200 & 1.3215 in extension.
Alternative scenario
Below 1.3160 look for further downside with 1.3140 & 1.3120 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Gold spot
may fall to 1891.00 – 1898.00
Pivot
1910.00
Our preference
Short positions below 1910.00 with targets at 1898.00 & 1891.00 in extension.
Alternative scenario
Above 1910.00 look for further upside with 1914.00 & 1920.00 as targets.
Comment
Intraday technical indicators are mixed.
Brent (ICE)
may fall to 40.10 – 40.60
Pivot
41.35
Our preference
Short positions below 41.35 with targets at 40.60 & 40.10 in extension.
Alternative scenario
Above 41.35 look for further upside with 41.60 & 41.85 as targets.
Comment
The RSI advocates for further downside.
S&P 500 (CME)
may fall to 3321.00 – 3356.00
Pivot
3398.00
Our preference
Short positions below 3398.00 with targets at 3356.00 & 3321.00 in extension.
Alternative scenario
Above 3398.00 look for further upside with 3412.00 & 3430.00 as targets.
Comment
A break below 3356.00 would trigger a drop towards 3321.00.
Dax (Eurex)
may fall to 11635.00 – 11800.00
Pivot
12160.00
Our preference
Short positions below 12160.00 with targets at 11800.00 & 11635.00 in extension.
Alternative scenario
Above 12160.00 look for further upside with 12270.00 & 12390.00 as targets.
Comment
The RSI has broken down its 30 level.
SGX FTSE China A50
may fall to 15550.00 – 15640.00
Pivot
15750.00
Our preference
Short positions below 15750.00 with targets at 15640.00 & 15550.00 in extension.
Alternative scenario
Above 15750.00 look for further upside with 15805.00 & 15900.00 as targets.
Comment
A break below 15640.00 would trigger a drop towards 15550.00.
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.
