Doo Prime Daily Featured Trading Strategies – December 1, 2020
- Daily technical analysis of selected currency pairs
EUR/AUD Bullish
Image Features: forms “Inverted Hammer” pattern
Target
Opportunity recognized 2020 Dec 01 for the period of up to 12 hours
+0.00206 (206 pips) price change since the Technical Event at 1.62241
Technical Analysis
We found a pattern called Inverted Hammer on 2020 Dec 01 at 01:00 GMT on a 1 hour chart suggesting the outlook is bullish for up to 12 hours.
The price crossed above its moving average on 2020 Dec 01 at 02:00 GMT signaling a new uptrend has been established.
XAG/USD Bearish
Image Features: forms “Inside Bar (Bearish)” pattern
Target
Opportunity recognized 2020 Dec 01 for the period of up to 12 hours
+0.074 (74 pips) price change since the Technical Event at 22.632
Technical Analysis
We found a pattern called Inside Bar (Bearish) on 2020 Dec 01 at 02:00 GMT on a 30 minute chart suggesting the outlook is bearish for up to 12 hours.
The MACD generated a bearish signal on 2020 Dec 01 at 01:00 GMT.
- Daily analyst View
EUR/USD
may fall 24 – 44 pips
Pivot
1.1960
Our preference
Short positions below 1.1960 with targets at 1.1920 & 1.1900 in extension.
Alternative scenario
Above 1.1960 look for further upside with 1.1975 & 1.2000 as targets.
Comment
As long as the resistance at 1.1960 is not surpassed, the risk of the break below 1.1920 remains high.
GBP/USD
may rise 23 – 38 pips
Pivot
1.3360
Our preference
Short positions below 1.3360 with targets at 1.3305 & 1.3285 in extension.
Alternative scenario
Above 1.3360 look for further upside with 1.3380 & 1.3395 as targets.
Comment
The upward potential is likely to be limited by the resistance at 1.3360.
USD/CAD
may rise 30 – 45 pips
Pivot
1.2955
Our preference
Long positions above 1.2955 with targets at 1.3010 & 1.3025 in extension.
Alternative scenario
Below 1.2955 look for further downside with 1.2940 & 1.2920 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Gold spot
may rise to 1793.00 – 1800.00
Pivot
1764.00
Our preference
Long positions above 1764.00 with targets at 1793.00 & 1800.00 in extension.
Alternative scenario
Below 1764.00 look for further downside with 1757.00 & 1747.00 as targets.
Comment
A support base at 1764.00 has formed and has allowed for a temporary stabilisation.
Brent (ICE)
may fall to 47.05 – 47.30
Pivot
48.30
Our preference
Short positions below 48.30 with targets at 47.30 & 47.05 in extension.
Alternative scenario
Above 48.30 look for further upside with 48.60 & 49.00 as targets.
Comment
As long as 48.30 is resistance, look for choppy price action with a bearish bias.
S&P 500 (CME)
may rise to 3668.00 – 3692.00
Pivot
3612.00
Our preference
Long positions above 3612.00 with targets at 3668.00 & 3692.00 in extension.
Alternative scenario
Below 3612.00 look for further downside with 3592.00 & 3570.00 as targets.
Comment
The RSI calls for a new upleg.
Dax (Eurex)
may rise to 13440.00 – 13550.00
Pivot
13260.00
Our preference
Long positions above 13260.00 with targets at 13440.00 & 13550.00 in extension.
Alternative scenario
Below 13260.00 look for further downside with 13220.00 & 13185.00 as targets.
Comment
The RSI is bullish and calls for further upside.
SGX FTSE China A50
may fall to 16565.00 – 16655.00
Pivot
16900.00
Our preference
Short positions below 16900.00 with targets at 16655.00 & 16565.00 in extension.
Alternative scenario
Above 16900.00 look for further upside with 17070.00 & 17215.00 as targets.
Comment
As long as 16900.00 is resistance, look for choppy price action with a bearish bias.
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.
