Doo Prime Daily Featured Trading Strategies – October 29, 2020
- Daily technical analysis of selected currency pairs
GBP/AUD Bullish
Image Features: forms “Hammer” pattern
Target
Opportunity recognized 2020 Oct 29 for the period of up to 12 hours
+0.00006 (06 pips) price change since the Technical Event at 1.83979
Technical Analysis
We found a pattern called Hammer on 2020 Oct 29 at 03:35 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 29 at 03:45 GMT, signaling a new uptrend has been established.
USD/AUD Bullish
Image Features: forms “Engulfing Line (Bullish)” pattern
Target
Opportunity recognized 2020 Oct 29 for the period of up to 12 hours
-0.00016 (16 pips) price change since the Technical Event at 1.41571
Technical Analysis
We found a pattern called Engulfing Line (Bullish) on 2020 Oct 29 at 03:40 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 29 at 03:50 GMT, signaling a new uptrend has been established.
- Daily analyst View
EUR/USD
may fall 14 – 34 pips
Pivot
1.1760
Our preference
Short positions below 1.1760 with targets at 1.1735 & 1.1715 in extension.
Alternative scenario
Above 1.1760 look for further upside with 1.1785 & 1.1810 as targets.
Comment
The upward potential is likely to be limited by the resistance at 1.1760.
GBP/USD
may fall 18 – 38 pips
Pivot
1.3015
Our preference
Short positions below 1.3015 with targets at 1.2975 & 1.2955 in extension.
Alternative scenario
Above 1.3015 look for further upside with 1.3040 & 1.3065 as targets.
Comment
As long as the resistance at 1.3015 is not surpassed, the risk of the break below 1.2975 remains high.
USD/CAD
may rise 26 – 61 pips
Pivot
1.3260
Our preference
Long positions above 1.3260 with targets at 1.3335 & 1.3370 in extension.
Alternative scenario
Below 1.3260 look for further downside with 1.3235 & 1.3210 as targets.
Comment
The RSI calls for a new upleg.
Gold spot
is neutral
Pivot
1935.00
Our preference
Short positions below 1935.00 with targets at 1845.00 & 1815.00 in extension.
Alternative scenario
Above 1935.00 look for further upside with 1980.00 & 2015.00 as targets.
Comment
As long as 1935.00 is resistance, look for choppy price action with a bearish bias.
Brent (ICE)
may fall to 38.50 – 39.20
Pivot
40.10
Our preference
Short positions below 40.10 with targets at 39.20 & 38.50 in extension.
Alternative scenario
Above 40.10 look for further upside with 40.60 & 41.00 as targets.
Comment
The RSI has just struck against its neutrality area at 50% and is reversing down.
S&P 500 (CME)
may fall to 3238.00 – 3261.00
Pivot
3303.00
Our preference
Short positions below 3303.00 with targets at 3261.00 & 3238.00 in extension.
Alternative scenario
Above 3303.00 look for further upside with 3331.00 & 3357.00 as targets.
Comment
As long as the resistance at 3303.00 is not surpassed, the risk of the break below 3261.00 remains high.
Dax (Eurex)
may fall to 11310.00 – 11444.00
Pivot
11755.00
Our preference
Short positions below 11755.00 with targets at 11444.00 & 11310.00 in extension.
Alternative scenario
Above 11755.00 look for further upside with 11950.00 & 12120.00 as targets.
Comment
Technically the RSI is below its neutrality area at 50.
SGX FTSE China A50
may rise to 16596.00 – 16848.00
Pivot
15345.00
Our preference
As long as 15345 is support look for 16596.
Alternative scenario
The downside breakout of 15345 would call for 14927 and 14677.
Comment
The RSI is above 50. The MACD is below its signal line and positive. The index could retrace in the short term. FTSE China A50 index is trading above both its 20 and 50 period MA (respectively at 15711.56 and 15575.77).
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.
