Doo Prime Daily Featured Trading Strategies – December 31, 2020
1. Daily technical analysis of selected currency pairs
USD/JPY Bullish
Image Features: forms “Two Bar Reversal (Bullish)” pattern
Target
Opportunity recognized 2020 Dec 30 for the period of up to 48 hours
-0.138 (138 pips) price change since the Technical Event at 103.311
Technical Analysis
We found a pattern called Two Bar Reversal (Bullish) on 2020 Dec 30 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 31 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.
AUD/USD Bearish
Image Features: forms “Inside Bar (Bearish)” pattern
Target
Opportunity recognized 2020 Dec 30 for the period of up to 48 hours
+0.00184 (184 pips) price change since the Technical Event at 0.76767
Technical Analysis
We found a pattern called Inside Bar (Bearish) on 2020 Dec 30 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 Dec 30 at 21:00 GMT, telling us the price is starting to pull back from being overbought.
2. Daily Analyst View
EUR/USD
may rise 19 – 39 pips
Pivot
1.2275
Our preference
Long positions above 1.2275 with targets at 1.2320 & 1.2340 in extension.
Alternative scenario
Below 1.2275 look for further downside with 1.2255 & 1.2235 as targets.
Comment
The RSI lacks downward momentum.
GBP/USD
may rise 28 – 58 pips
Pivot
1.3600
Our preference
Long positions above 1.3600 with targets at 1.3670 & 1.3700 in extension.
Alternative scenario
Below 1.3600 look for further downside with 1.3570 & 1.3530 as targets.
Comment
The RSI calls for a new upleg.
USD/CAD
may fall 14 – 44 pips
Pivot
1.2780
Our preference
Short positions below 1.2780 with targets at 1.2730 & 1.2700 in extension.
Alternative scenario
Above 1.2780 look for further upside with 1.2805 & 1.2830 as targets.
Comment
The RSI has broken down its 30 level.
Gold
may rise to 1907.00 – 1915.00
Pivot
1886.00
Our preference
Long positions above 1886.00 with targets at 1907.00 & 1915.00 in extension.
Alternative scenario
Below 1886.00 look for further downside with 1880.00 & 1876.00 as targets.
Comment
The RSI is bullish and calls for further advance.
Brent (ICE)
may rise to 51.85 – 52.05
Pivot
51.15
Our preference
Long positions above 51.15 with targets at 51.85 & 52.05 in extension.
Alternative scenario
Below 51.15 look for further downside with 50.95 & 50.75 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 3714.00 – 3720.00
Pivot
3737.00
Our preference
Short positions below 3737.00 with targets at 3720.00 & 3714.00 in extension.
Alternative scenario
Above 3737.00 look for further upside with 3747.00 & 3759.00 as targets.
Comment
A break below 3720.00 would trigger a drop towards 3714.00.
Dax (Eurex)
may fall to 13500.00 – 13600.00
Pivot
13780.00
Our preference
Short positions below 13780.00 with targets at 13600.00 & 13500.00 in extension.
Alternative scenario
Above 13780.00 look for further upside with 13895.00 & 14000.00 as targets.
Comment
The RSI lacks upward momentum.
SGX FTSE China A50
may rise to 17500.00 – 17610.00
Pivot
17190.00
Our preference
Long positions above 17190.00 with targets at 17500.00 & 17610.00 in extension.
Alternative scenario
Below 17190.00 look for further downside with 17110.00 & 17000.00 as targets.
Comment
The RSI is bullish and calls for further advance.
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.
