Doo Prime Daily Featured Trading Strategies – January 12, 2021
- Daily technical analysis of selected currency pairs
SGD/JPY Bearish
Image Features: forms “Hanging Man” pattern
Target
Opportunity recognized 2021 Jan 12 for the period of up to 48 hours
+0.032 (32 pips) price change since the Technical Event at 78.330
Technical Analysis
We found a pattern called Hanging Man on 2021 Jan 12 at 01:00 GMT on a 4 hour chart suggesting the outlook is bearish for up to 48 hours.
The Momentum oscillator crossed below 0 on 2021 Jan 11 at 21:00 GMT, thereby signaling a new accelerating downtrend.
AUD/CAD Bearish
Image Features: forms “Inside Bar (Bearish)” pattern
Target
Opportunity recognized 2021 Jan 11 for the period of up to 48 hours
-0.00007 (07 pips) price change since the Technical Event at 0.98387
Technical Analysis
We found a pattern called Inside Bar (Bearish) on 2021 Jan 11 at 21:00 GMT on a 4 hour chart suggesting the outlook is bearish for up to 48 hours.
The Momentum oscillator crossed below 0 on 2021 Jan 11 at 21:00 GMT, thereby signaling a new accelerating downtrend.
- Daily Analyst View
EUR/USD
may fall 21 – 51 pips
Pivot
1.2195
Our preference
Short positions below 1.2195 with targets at 1.2130 & 1.2100 in extension.
Alternative scenario
Above 1.2195 look for further upside with 1.2225 & 1.2255 as targets.
Comment
As long as the resistance at 1.2195 is not surpassed, the risk of the break below 1.2130 remains high.
GBP/USD
may rise 22 – 52 pips
Pivot
1.3490
Our preference
Long positions above 1.3490 with targets at 1.3540 & 1.3570 in extension.
Alternative scenario
Below 1.3490 look for further downside with 1.3450 & 1.3425 as targets.
Comment
The break above 1.3490 is a positive signal that has opened a path to 1.3540.
USD/CAD
may rise 37 – 62 pips
Pivot
1.2740
Our preference
Long positions above 1.2740 with targets at 1.2810 & 1.2835 in extension.
Alternative scenario
Below 1.2740 look for further downside with 1.2710 & 1.2680 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Gold
may fall to 1800.00 – 1816.00
Pivot
1856.00
Our preference
Short positions below 1856.00 with targets at 1816.00 & 1800.00 in extension.
Alternative scenario
Above 1856.00 look for further upside with 1877.00 & 1894.00 as targets.
Comment
The RSI is mixed.
Brent (ICE)
may rise to 56.40 – 56.80
Pivot
55.00
Our preference
Long positions above 55.00 with targets at 56.40 & 56.80 in extension.
Alternative scenario
Below 55.00 look for further downside with 54.55 & 53.95 as targets.
Comment
Intraday technical indicators are mixed.
S&P 500 (CME)
may fall to 3748.00 – 3775.00
Pivot
3824.00
Our preference
Short positions below 3824.00 with targets at 3775.00 & 3748.00 in extension.
Alternative scenario
Above 3824.00 look for further upside with 3838.00 & 3849.00 as targets.
Comment
The RSI is mixed with a bearish bias.
Dax (Eurex)
may fall to 13700.00 – 13790.00
Pivot
13990.00
Our preference
Short positions below 13990.00 with targets at 13790.00 & 13700.00 in extension.
Alternative scenario
Above 13990.00 look for further upside with 14085.00 & 14120.00 as targets.
Comment
The index currently faces a challenging resistance area at 13990.00.
SGX FTSE China A50
may fall to 18060.00 – 18330.00
Pivot
18650.00
Our preference
Short positions below 18650.00 with targets at 18330.00 & 18060.00 in extension.
Alternative scenario
Above 18650.00 look for further upside with 18940.00 & 19140.00 as targets.
Comment
The RSI is mixed 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.
