Doo Prime Daily Featured Trading Strategies – December 17, 2020
- Daily technical analysis of selected currency pairs
USD/JPY Bullish
Image Features: forms “Engulfing Line (Bullish)” pattern
Target
Opportunity recognized 2020 Dec 16 for the period of up to 48 hours
-0.259 (259 pips) price change since the Technical Event at 103.593
Technical Analysis
We found a pattern called Engulfing Line (Bullish) on 2020 Dec 16 at 17:00 GMT on a 4 hour chart suggesting the outlook is bullish for up to 48 hours.
A bullish event triggered for Slow Stochastics on 2020 Dec 17 at 01:00 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.
GBP/SGD Bearish
Image Features: forms “Two Bar Reversal (Bearish)” pattern
Target
Opportunity recognized 2020 Dec 16 for the period of up to 48 hours
+0.00177 (177 pips) price change since the Technical Event at 1.79560
Technical Analysis
We found a pattern called Two Bar Reversal (Bearish) on 2020 Dec 16 at 17:00 GMT on a 4 hour chart suggesting the outlook is bearish for up to 48 hours.
A bearish event triggered for Fast Stochastics on 2020 Dec 17 at 01:00 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 19 – 39 pips
Pivot
1.2165
Our preference
Long positions above 1.2165 with targets at 1.2215 & 1.2235 in extension.
Alternative scenario
Below 1.2165 look for further downside with 1.2145 & 1.2120 as targets.
Comment
Technically the RSI is above its neutrality area at 50.
GBP/USD
may rise 37 – 62 pips
Pivot
1.3475
Our preference
Long positions above 1.3475 with targets at 1.3555 & 1.3580 in extension.
Alternative scenario
Below 1.3475 look for further downside with 1.3450 & 1.3430 as targets.
Comment
The RSI calls for a new upleg.
USD/CAD
may fall 13 – 33 pips
Pivot
1.2765
Our preference
Short positions below 1.2765 with targets at 1.2730 & 1.2710 in extension.
Alternative scenario
Above 1.2765 look for further upside with 1.2790 & 1.2810 as targets.
Comment
A break below 1.2730 would trigger a drop towards 1.2710.
Gold
may rise to 1875.00 – 1884.00
Pivot
1850.00
Our preference
Long positions above 1850.00 with targets at 1875.00 & 1884.00 in extension.
Alternative scenario
Below 1850.00 look for further downside with 1841.00 & 1834.00 as targets.
Comment
The RSI is bullish and calls for further advance.
Brent (ICE)
may rise to 51.75 – 52.10
Pivot
50.70
Our preference
Long positions above 50.70 with targets at 51.75 & 52.10 in extension.
Alternative scenario
Below 50.70 look for further downside with 50.35 & 49.80 as targets.
Comment
The RSI advocates for further advance.
S&P 500 (CME)
may rise to 3707.00 – 3725.00
Pivot
3678.00
Our preference
Long positions above 3678.00 with targets at 3707.00 & 3725.00 in extension.
Alternative scenario
Below 3678.00 look for further downside with 3664.00 & 3650.00 as targets.
Comment
The RSI is above its neutrality area at 50%
Dax (Eurex)
may rise to 13710.00 – 13800.00
Pivot
13430.00
Our preference
Long positions above 13430.00 with targets at 13710.00 & 13800.00 in extension.
Alternative scenario
Below 13430.00 look for further downside with 13350.00 & 13290.00 as targets.
Comment
The RSI is mixed to bullish.
SGX FTSE China A50
may rise to 16970.00 – 17060.00
Pivot
16750.00
Our preference
Long positions above 16750.00 with targets at 16970.00 & 17060.00 in extension.
Alternative scenario
Below 16750.00 look for further downside with 16625.00 & 16525.00 as targets.
Comment
The RSI is bullish and calls for further advance.
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.
