Doo Prime Daily Featured Trading Strategies – December 10, 2020
1. Daily technical analysis of selected currency pairs
AUD/CAD Bullish
Image Features: forms “Double Bottom” pattern
Target
Opportunity recognized 2020 Dec 10 for the period of up to 48 hours
+0.00152 (152 pips) price change since the Technical Event at 0.95444
Technical Analysis
We found a pattern called Double Bottom on 2020 Dec 10 at 00:30 GMT on a 30 minute chart, providing a target price for up to 48 hours in the range of 0.96000 to 0.97000.
The faster moving average crossed above the slower moving average on 2020 Dec 10 at 04:00 GMT, signaling a new uptrend has been established.
USD/GBP Bullish
Image Features: forms “Outside Bar (Bullish)” pattern
Target
Opportunity recognized 2020 Dec 09 for the period of up to 48 hours
+0.00108 (108 pips) price change since the Technical Event at 0.74687
Technical Analysis
We found a pattern called Outside Bar (Bullish) on 2020 Dec 09 at 17:00 GMT on a 4 hour chart suggesting the outlook is bullish for up to 48 hours.
A bullish event triggered for Slow Stochastics on 2020 Dec 10 at 01:00 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.
2. Daily Analyst View
EUR/USD
may fall 30 – 50 pips
Pivot
1.2100
Our preference
Short positions below 1.2100 with targets at 1.2060 & 1.2040 in extension.
Alternative scenario
Above 1.2100 look for further upside with 1.2115 & 1.2130 as targets.
Comment
As long as the resistance at 1.2100 is not surpassed, the risk of the break below 1.2060 remains high.
GBP/USD
may fall 47 – 72 pips
Pivot
1.3415
Our preference
Short positions below 1.3415 with targets at 1.3315 & 1.3290 in extension.
Alternative scenario
Above 1.3415 look for further upside with 1.3440 & 1.3475 as targets.
Comment
The RSI advocates for further downside.
USD/CAD
may fall 19 – 34 pips
Pivot
1.2820
Our preference
Short positions below 1.2820 with targets at 1.2780 & 1.2765 in extension.
Alternative scenario
Above 1.2820 look for further upside with 1.2835 & 1.2850 as targets.
Comment
The RSI advocates for further decline.
Gold spot
may fall to 1815.00 – 1825.00
Pivot
1850.00
Our preference
Short positions below 1850.00 with targets at 1825.00 & 1815.00 in extension.
Alternative scenario
Above 1850.00 look for further upside with 1865.00 & 1875.00 as targets.
Comment
The RSI is mixed to bearish.
Brent (ICE)
may rise to 49.45 – 49.70
Pivot
48.70
Our preference
Long positions above 48.70 with targets at 49.45 & 49.70 in extension.
Alternative scenario
Below 48.70 look for further downside with 48.40 & 48.10 as targets.
Comment
The RSI advocates for further advance.
S&P 500 (CME)
may fall to 3650.00 – 3660.00
Pivot
3680.00
Our preference
Short positions below 3680.00 with targets at 3660.00 & 3650.00 in extension.
Alternative scenario
Above 3680.00 look for further upside with 3695.00 & 3713.00 as targets.
Comment
As long as the resistance at 3680.00 is not surpassed, the risk of the break below 3660.00 remains high.
Dax (Eurex)
may rise to 13370.00 – 13455.00
Pivot
13280.00
Our preference
Long positions above 13280.00 with targets at 13370.00 & 13455.00 in extension.
Alternative scenario
Below 13280.00 look for further downside with 13235.00 & 13190.00 as targets.
Comment
The RSI is below its neutrality area at 50% but reversing up.
SGX FTSE China A50
may fall to 16530.00 – 16625.00
Pivot
16820.00
Our preference
Short positions below 16820.00 with targets at 16625.00 & 16530.00 in extension.
Alternative scenario
Above 16820.00 look for further upside with 16900.00 & 16960.00 as targets.
Comment
As long as the resistance at 16820.00 is not surpassed, the risk of the break below 16625.00 remains high.
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.
