1. Daily technical analysis of selected currency pairs
AUD/JPY Bullish
Image Features: forms “Diamond Bottom (Bullish)” pattern
Target
Opportunity recognized 2022 Mar 02 for the period of up to 2 weeks
+1.516 (151.6 pips) price change since the Technical Event at 83.827
Technical Analysis
We found a pattern called Diamond Bottom on 2022 Mar 02 at 13:00 GMT on a 4 hour chart, providing a target price for up to 2 weeks in the range of 87.400 to 88.200.
On 2022 Mar 10 at 05:00 GMT, the 4-bar Moving Average crossed above the 9-bar MA which crossed above the 18-bar MA, signaling a new uptrend has been established.
CAD/JPY Bullish
Image Features: forms “Megaphone Bottom (Bullish)” pattern
Target
Opportunity recognized 2022 Mar 10 for the period of up to 2 weeks
+0.306 (30.6 pips) price change since the Technical Event at 90.704
Technical Analysis
We found a pattern called Megaphone Bottom on 2022 Mar 10 at 14:00 GMT on a 1 hour chart, providing a target price for up to 2 weeks in the range of 91.800 to 92.000.
The price crossed above its moving average on 2022 Mar 10 at 14:00 GMT signaling a new uptrend has been established.
2. Daily Analyst’s View
EUR/USD
may rise 28 – 58 pips
Pivot
1.0970
Our preference
Long positions above 1.0970 with targets at 1.1040 & 1.1070 in extension.
Alternative scenario
Below 1.0970 look for further downside with 1.0940 & 1.0910 as targets.
Comment
The RSI calls for a bounce.
GBP/USD
may fall 24 – 49 pips
Pivot
1.3120
Our preference
Short positions below 1.3120 with targets at 1.3075 & 1.3050 in extension.
Alternative scenario
Above 1.3120 look for further upside with 1.3140 & 1.3160 as targets.
Comment
As long as the resistance at 1.3120 is not surpassed, the risk of the break below 1.3075 remains high.
USD/CAD
may fall 25 – 55 pips
Pivot
1.2800
Our preference
Short positions below 1.2800 with targets at 1.2730 & 1.2700 in extension.
Alternative scenario
Above 1.2800 look for further upside with 1.2830 & 1.2860 as targets.
Comment
The RSI advocates for further decline.
Gold
may rise to 2009.00 – 2021.00
Pivot
1981.00
Our preference
Long positions above 1981.00 with targets at 2009.00 & 2021.00 in extension.
Alternative scenario
Below 1981.00 look for further downside with 1970.00 & 1960.00 as targets.
Comment
The RSI is mixed with a bullish bias.
Crude Oil (WTI)
may fall to 100.50 – 103.60
Pivot
110.60
Our preference
Short positions below 110.60 with targets at 103.60 & 100.50 in extension.
Alternative scenario
Above 110.60 look for further upside with 114.55 & 116.90 as targets.
Comment
As long as the resistance at 110.60 is not surpassed, the risk of the break below 103.60 remains high.
S&P 500 (CME)
may rise to 4289.00 – 4318.00
Pivot
4222.00
Our preference
Long positions above 4222.00 with targets at 4289.00 & 4318.00 in extension.
Alternative scenario
Below 4222.00 look for further downside with 4198.00 & 4158.00 as targets.
Comment
The RSI calls for a new upleg.
Nasdaq 100 (CME)
may rise to 13730.00 – 13810.00
Pivot
13500.00
Our preference
Long positions above 13500.00 with targets at 13730.00 & 13810.00 in extension.
Alternative scenario
Below 13500.00 look for further downside with 13390.00 & 13250.00 as targets.
Comment
The next resistances are at 13730.00 and then at 13810.00.
Hang Seng (HKFE)
may fall to 19760.00 – 20040.00
Pivot
20620.00
Our preference
Short positions below 20620.00 with targets at 20040.00 & 19760.00 in extension.
Alternative scenario
Above 20620.00 look for further upside with 20880.00 & 21080.00 as targets.
Comment
The RSI is bearish and calls for further downside.
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.
