Doo Prime Daily Featured Trading Strategies – November 9, 2020

2020-11-09

Doo Prime Daily Featured Trading Strategies – November 9, 2020 

  1. Daily technical analysis of selected currency pairs 

USD/CNH Bullish

Image Features:  forms “Inverted Hammer” pattern

Target

Opportunity recognized 2020 Nov 09 for the period of up to 12 hours

-0.00074 (74 pips) price change since the Technical Event at 6.57813

Technical Analysis

We found a pattern called Inverted Hammer on 2020 Nov 09 at 03:00 GMT on a 1 hour chart suggesting the outlook is bullish for up to 12 hours.

A bullish event triggered for Fast Stochastics on 2020 Nov 09 at 02:00 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.

EUR/CAD Bullish

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

Target

Opportunity recognized 2020 Nov 09 for the period of up to 12 hours

+0.00027 (27 pips) price change since the Technical Event at 1.54667

Technical AnalysisWe found a pattern called Inside Bar (Bullish) on 2020 Nov 09 at 04:00 GMT on a 15 minute chart suggesting the outlook is bullish for up to 12 hours.

A bullish event triggered for Fast Stochastics on 2020 Nov 09 at 04:00 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.

  1. Daily analyst View

EUR/USD

 may rise 31 – 56 pips

Pivot

1.1860

Our preference

Long positions above 1.1860 with targets at 1.1920 & 1.1945 in extension.

Alternative scenario

Below 1.1860 look for further downside with 1.1840 & 1.1810 as targets.

Comment

The break above 1.1860 is a positive signal that has opened a path to 1.1920.

GBP/USD

may rise 15 – 45 pips

 

Pivot

1.3145

Our preference

Long positions above 1.3145 with targets at 1.3200 & 1.3230 in extension.

Alternative scenario

Below 1.3145 look for further downside with 1.3110 & 1.3090 as targets.

Comment

The RSI advocates for further upside.

USD/CAD

may fall 31 – 71 pips

Pivot

1.3070

Our preference

Short positions below 1.3070 with targets at 1.2990 & 1.2950 in extension.

Alternative scenario

Above 1.3070 look for further upside with 1.3095 & 1.3120 as targets.

Comment

The RSI is bearish and calls for further decline.

Gold spot

may rise to 1967.00 – 1980.00

Pivot

1941.00

Our preference

Long positions above 1941.00 with targets at 1967.00 & 1980.00 in extension.

Alternative scenario

Below 1941.00 look for further downside with 1925.00 & 1914.00 as targets.

Comment

The immediate trend remains down but the momentum is weak.

Brent (ICE) 

may rise to 41.05 – 41.50

Pivot

39.75

Our preference

Long positions above 39.75 with targets at 41.05 & 41.50 in extension.

Alternative scenario

Below 39.75 look for further downside with 39.35 & 38.65 as targets.

Comment

The RSI calls for a bounce.

S&P 500 (CME)

may rise to 3579.00 – 3622.00

Pivot

3509.00

Our preference

Long positions above 3509.00 with targets at 3579.00 & 3622.00 in extension.

Alternative scenario

Below 3509.00 look for further downside with 3477.00 & 3456.00 as targets.

Comment

The RSI calls for a new upleg.

 

Dax (Eurex)

may rise to 12835.00 – 13020.00

Pivot

12450.00

Our preference

Long positions above 12450.00 with targets at 12835.00 & 13020.00 in extension.

Alternative scenario

Below 12450.00 look for further downside with 12360.00 & 12200.00 as targets.

Comment

The RSI advocates for further advance.

SGX FTSE China A50

may rise to 16580.00 – 16720.00

Pivot

16300.00

Our preference

Long positions above 16300.00 with targets at 16580.00 & 16720.00 in extension.

Alternative scenario

Below 16300.00 look for further downside with 16155.00 & 16010.00 as targets.

Comment

The RSI shows upside momentum.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. FTSE China A50 index is trading above both its 20 and 50 period MA (respectively at 15920.37 and 15626.55). Finally, the FTSE China A50 index has crossed above its upper daily Bollinger band (16273.96).

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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