Doo Prime Daily Featured Trading Strategies – November 10, 2020
- Daily technical analysis of selected currency pairs
USD/JPY Bearish
Image Features: forms “Inside Bar (Bearish)” pattern
Target
Opportunity recognized 2020 Nov 09 for the period of up to 48 hours
-0.512 (512 pips) price change since the Technical Event at 105.362
Technical Analysis
We found a pattern called Inside Bar (Bearish) on 2020 Nov 09 at 21:00 GMT on a 4 hour chart suggesting the outlook is bearish for up to 48 hours.
The RSI fallen below 70 on 2020 Nov 09 at 21:00 GMT, telling us the price is starting to pull back from being overbought.
GBP/JPY Bullish
Image Features: forms “Flag (Bullish)” pattern
Target
Opportunity recognized 2020 Nov 09 for the period of up to 2 weeks
+2.226 (2226 pips) price change since the Technical Event at 136.110
Technical Analysis
We found a pattern called Flag (Bullish) on 2020 Nov 09 at 01:00 GMT on a 4 hour chart, providing a target price for up to 2 weeks in the range of 137.200 to 137.400.
The price crossed above its moving average on 2020 Nov 09 at 01:00 GMT signaling a new uptrend has been established.
- Daily analyst View
EUR/USD
may fall 26 – 61 pips
Pivot
1.1860
Our preference
Short positions below 1.1860 with targets at 1.1795 & 1.1760 in extension.
Alternative scenario
Above 1.1860 look for further upside with 1.1895 & 1.1920 as targets.
Comment
A break below 1.1795 would trigger a drop towards 1.1760.
GBP/USD
may rise 20 – 55 pips
Pivot
1.3145
Our preference
Long positions above 1.3145 with targets at 1.3200 & 1.3235 in extension.
Alternative scenario
Below 1.3145 look for further downside with 1.3115 & 1.3090 as targets.
Comment
The RSI advocates for further upside.
USD/CAD
may rise 47 – 77 pips
Pivot
1.2980
Our preference
Long positions above 1.2980 with targets at 1.3065 & 1.3095 in extension.
Alternative scenario
Below 1.2980 look for further downside with 1.2955 & 1.2925 as targets.
Comment
The RSI calls for a rebound.
Gold spot
may fall to 1818.00 – 1850.00
Pivot
1896.00
Our preference
Short positions below 1896.00 with targets at 1850.00 & 1818.00 in extension.
Alternative scenario
Above 1896.00 look for further upside with 1916.00 & 1935.00 as targets.
Comment
As long as the resistance at 1896.00 is not surpassed, the risk of the break below 1850.00 remains high.
Brent (ICE)
may rise to 42.75 – 43.45
Pivot
41.50
Our preference
Long positions above 41.50 with targets at 42.75 & 43.45 in extension.
Alternative scenario
Below 41.50 look for further downside with 40.70 & 40.10 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
S&P 500 (CME)
may fall to 3455.00 – 3520.00
Pivot
3621.00
Our preference
Short positions below 3621.00 with targets at 3520.00 & 3455.00 in extension.
Alternative scenario
Above 3621.00 look for further upside with 3668.00 & 3740.00 as targets.
Comment
The RSI advocates for further decline.
Dax (Eurex)
may rise to 13290.00 – 13540.00
Pivot
12740.00
Our preference
Long positions above 12740.00 with targets at 13290.00 & 13540.00 in extension.
Alternative scenario
Below 12740.00 look for further downside with 12540.00 & 12360.00 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
FTSE China A50
may rise to 17377.00 – 17633.00
Pivot
15968.00
Our preference
The upside prevails as long as 15968 is support.
Alternative scenario
Below 15968, expect 15549 and 15298.
Comment
The RSI is trading above 70. This could mean that either the index is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case).
The MACD is above its signal line and positive. The configuration is positive.
FTSE China A50 index is above its 20 and 50 period MA (respectively at 15993.75 and 15670.47).
Finally, the FTSE China A50 index has crossed above its upper daily Bollinger band (16410.84).
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.
