Doo Prime Daily Featured Trading Strategies – November 11, 2020
- Daily technical analysis of selected currency pairs
NZD/USD Bullish
Image Features: forms “Continuation Diamond (Bullish)” pattern
Target
Opportunity recognized 2020 Nov 10 for the period of up to 48 hours
+0.00535 (535 pips) price change since the Technical Event at 0.68348
Technical Analysis
We found a pattern called Continuation Diamond (Bullish) on 2020 Nov 10 at 07:30 GMT on a 30 minute chart, providing a target price for up to 48 hours in the range of 0.69000 to 0.70000.
The faster moving average crossed above the slower moving average on 2020 Nov 11 at 02:30 GMT, signaling a new uptrend has been established.
NZD/JPY Bullish
Image Features: forms “Inside Bar (Bullish)” pattern
Target
Opportunity recognized 2020 Nov 11 for the period of up to 12 hours
+0.548 (548 pips) price change since the Technical Event at 71.851
Technical Analysis
We found a pattern called Inside Bar (Bullish) on 2020 Nov 11 at 00:30 GMT on a 15 minute chart suggesting the outlook is bullish for up to 12 hours.
On 2020 Nov 11 at 02:00 GMT, the 4-bar Moving Average crossed above the 9-bar MA which crossed above the 18-bar MA, signaling a new uptrend has been established.
- Daily analyst View
EUR/USD
may rise 16 – 36 pips
Pivot
1.1800
Our preference
Long positions above 1.1800 with targets at 1.1840 & 1.1860 in extension.
Alternative scenario
Below 1.1800 look for further downside with 1.1780 & 1.1760 as targets.
Comment
The RSI has just landed on its neutrality area at 50% and is turning up.
GBP/USD
may rise 34 – 74 pips
Pivot
1.3210
Our preference
Long positions above 1.3210 with targets at 1.3300 & 1.3340 in extension.
Alternative scenario
Below 1.3210 look for further downside with 1.3170 & 1.3120 as targets.
Comment
The RSI lacks downward momentum.
USD/CAD
may rise 16 – 36 pips
Pivot
1.3010
Our preference
Long positions above 1.3010 with targets at 1.3050 & 1.3070 in extension.
Alternative scenario
Below 1.3010 look for further downside with 1.2990 & 1.2970 as targets.
Comment
The RSI advocates for further upside.
Gold spot
may fall to 1850.00 – 1860.00
Pivot
1890.00
Our preference
Short positions below 1890.00 with targets at 1860.00 & 1850.00 in extension.
Alternative scenario
Above 1890.00 look for further upside with 1908.00 & 1922.00 as targets.
Comment
As long as 1890.00 is resistance, expect a return to 1860.00.
Brent (ICE)
may rise to 44.85 – 45.45
Pivot
42.80
Our preference
Long positions above 42.80 with targets at 44.85 & 45.45 in extension.
Alternative scenario
Below 42.80 look for further downside with 42.25 & 41.70 as targets.
Comment
The RSI is mixed to bullish.
S&P 500 (CME)
may fall to 3455.00 – 3507.00
Pivot
3589.00
Our preference
Short positions below 3589.00 with targets at 3507.00 & 3455.00 in extension.
Alternative scenario
Above 3589.00 look for further upside with 3633.00 & 3668.00 as targets.
Comment
The RSI is above its neutrality area at 50% but reversing down.
Dax (Eurex)
may rise to 13290.00 – 13435.00
Pivot
12990.00
Our preference
Long positions above 12990.00 with targets at 13290.00 & 13435.00 in extension.
Alternative scenario
Below 12990.00 look for further downside with 12820.00 & 12600.00 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
FTSE China A50
may rise to 17401.00 – 17651.00
Pivot
16129.00
Our preference
The upside prevails as long as 16129 is support.
Alternative scenario
The downside breakout of 16129 would call for 15718 and 15471.
Comment
The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. FTSE China A50 index is above its 20 and 50 period MA (respectively at 16021.44 and 15691.85). Finally, the FTSE China A50 index has crossed above its upper daily Bollinger band (16501.54).
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.
