Doo Prime Daily Featured Trading Strategies – February 04, 2021
1. Daily technical analysis of selected currency pairs
GBP/AUD Bullish
Image Features: forms “Engulfing Line (Bullish)” pattern
Target
Opportunity recognized 2021 Feb 04 for the period of up to 12 hours
+0.00033 (33 pips) price change since the Technical Event at 1.78489
Technical Analysis
We found a pattern called Engulfing Line (Bullish) on 2021 Feb 04 at 03:00 GMT on a 30 minute chart suggesting the outlook is bullish for up to 12 hours.
The RSI rose above 30 on 2021 Feb 04 at 03:00 GMT, telling us the price is starting to recover from being oversold.
EUR/JPY Bearish
Image Feature: forms “Hanging Man” pattern
Target
Opportunity recognized 2021 Feb 04 for the period of up to 12 hours
-0.059 (59 pips) price change since the Technical Event at 126.448
Technical Analysis
We found a pattern called Hanging Man on 2021 Feb 04 at 02:00 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 2021 Feb 04 at 03:00 GMT, having fallen out of overbought (-20 level) and continued on to cross below the -50 level.
2. Daily Analyst View
EUR/USD
may rise 12 – 27 pips
Pivot
1.2020
Our preference
Long positions above 1.2020 with targets at 1.2050 & 1.2065 in extension.
Alternative scenario
Below 1.2020 look for further downside with 1.2000 & 1.1980 as targets.
Comment
The RSI shows upside momentum.
GBP/USD
may rise 23 – 48 pips
Pivot
1.3660
Our preference
Short positions below 1.3660 with targets at 1.3610 & 1.3590 in extension.
Alternative scenario
Above 1.3660 look for further upside with 1.3680 & 1.3700 as targets.
Comment
The RSI lacks upward momentum.
USD/CAD
may fall 17 – 32 pips
Pivot
1.2805
Our preference
Short positions below 1.2805 with targets at 1.2780 & 1.2745 in extension.
Alternative scenario
Above 1.2805 look for further upside with 1.2825 & 1.2845 as targets.
Comment
Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
Gold
may fall to 1818.00 – 1829.00
Pivot
1844.00
Our preference
Short positions below 1844.00 with targets at 1829.00 & 1818.00 in extension.
Alternative scenario
Above 1844.00 look for further upside with 1854.00 & 1863.00 as targets.
Comment
A break below 1829.00 would trigger a drop towards 1818.00.
Brent (ICE)
may rise to 58.95 – 59.50
Pivot
57.95
Our preference
Long positions above 57.95 with targets at 58.95 & 59.50 in extension.
Alternative scenario
Below 57.95 look for further downside with 57.35 & 56.80 as targets.
Comment
The RSI is mixed with a bullish bias.
S&P 500 (CME)
may rise to 3858.00 – 3891.00
Pivot
3800.00
Our preference
Long positions above 3800.00 with targets at 3858.00 & 3891.00 in extension.
Alternative scenario
Below 3800.00 look for further downside with 3780.00 & 3750.00 as targets.
Comment
Intraday technical indicators are mixed.
Dax (Eurex)
may rise to 14000.00 – 14120.00
Pivot
13800.00
Our preference
Long positions above 13800.00 with targets at 14000.00 & 14120.00 in extension.
Alternative scenario
Below 13800.00 look for further downside with 13745.00 & 13670.00 as targets.
Comment
The RSI is mixed to bullish.
SGX FTSE China A50
may rise to 18880.00 – 19000.00
Pivot
18530.00
Our preference
Long positions above 18530.00 with targets at 18880.00 & 19000.00 in extension.
Alternative scenario
Below 18530.00 look for further downside with 18390.00 & 18300.00 as targets.
Comment
The RSI is bullish and calls for further upside.
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.
