Doo Prime Daily Featured Trading Strategies – December 3, 2020

2020-12-03

Doo Prime Daily Featured Trading Strategies – December 3, 2020 

  1. Daily technical analysis of selected currency pairs 

EUR/CAD  Bullish

Image Features:  forms “Inside Bar (Bullish)” pattern

Target

Opportunity recognized 2020 Dec 03 for the period of up to 12 hours

+0.00102 (102 pips) price change since the Technical Event at 1.56450

Technical Analysis

We found a pattern called Inside Bar (Bullish) on 2020 Dec 03 at 01:00 GMT on a 30 minute chart suggesting the outlook is bullish for up to 12 hours.

The CCI triggered a bullish signal on 2020 Dec 03 at 02:00 GMT by crossing above the +100% level.

XAG/USD   Bearish

Image Features: forms “Engulfing Line (Bearish)” pattern

Target

Opportunity recognized 2020 Dec 03 for the period of up to 12 hours

-0.640 (64 pips) price change since the Technical Event at 1,828.710

Technical Analysis

We found a pattern called Engulfing Line (Bearish) on 2020 Dec 03 at 00:30 GMT on a 30 minute chart suggesting the outlook is bearish for up to 12 hours.

The Williams %R indicator triggered a bearish signal on 2020 Dec 03 at 01:30 GMT, having fallen out of overbought (-20 level) and continued on to cross below the -50 level.

  1. Daily analyst View

EUR/USD

may rise 28 – 53 pips

Pivot

1.2070

Our preference

Long positions above 1.2070 with targets at 1.2150 & 1.2175 in extension.

Alternative scenario

Below 1.2070 look for further downside with 1.2040 & 1.2000 as targets.

Comment

The RSI advocates for further upside.

GBP/USD

may rise 41 – 81 pips

Pivot

1.3320

Our preference

Long positions above 1.3320 with targets at 1.3400 & 1.3440 in extension.

Alternative scenario

Below 1.3320 look for further downside with 1.3285 & 1.3260 as targets.

Comment

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

USD/CAD

may fall 17 – 37 pips

Pivot

1.2945

Our preference

Short positions below 1.2945 with targets at 1.2905 & 1.2885 in extension.

Alternative scenario

Above 1.2945 look for further upside with 1.2960 & 1.2980 as targets.

Comment

As long as the resistance at 1.2945 is not surpassed, the risk of the break below 1.2905 remains high.

Gold spot

may rise to 1841.00 – 1851.00

Pivot

1812.00

Our preference

Long positions above 1812.00 with targets at 1841.00 & 1851.00 in extension.

Alternative scenario

Below 1812.00 look for further downside with 1802.00 & 1793.00 as targets.

Comment

The RSI is mixed with a bullish bias.

Brent (ICE)

may fall to 47.40 – 47.85

Pivot

48.30

Our preference

Short positions below 48.30 with targets at 47.85 & 47.40 in extension.

Alternative scenario

Above 48.30 look for further upside with 48.75 & 49.00 as targets.

Comment

The RSI is mixed and calls for caution.

S&P 500 (CME)

may rise to 3677.00 – 3700.00

Pivot

3642.00

Our preference

Long positions above 3642.00 with targets at 3677.00 & 3700.00 in extension.

Alternative scenario

Below 3642.00 look for further downside with 3630.00 & 3605.00 as targets.

Comment

The RSI is bullish and calls for further advance.

Dax (Eurex)

may rise to 13370.00 – 13440.00

Pivot

13265.00

Our preference

Long positions above 13265.00 with targets at 13370.00 & 13440.00 in extension.

Alternative scenario

Below 13265.00 look for further downside with 13220.00 & 13185.00 as targets.

Comment

The RSI is mixed and calls for caution.

SGX FTSE China A50

may rise to 17215.00 – 17370.00

Pivot

16850.00

Our preference

Long positions above 16850.00 with targets at 17215.00 & 17370.00 in extension.

Alternative scenario

Below 16850.00 look for further downside with 16750.00 & 16655.00 as targets.

Comment

The immediate trend remains up but the momentum is weak.

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.

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