Doo Prime Daily Featured Trading Strategies – November 16, 2020
- Daily technical analysis of selected currency pairs
NZD/SGD Bearish
Image Features: forms “Engulfing Line (Bearish)” pattern
Target
Opportunity recognized 2020 Nov 16 for the period of up to 12 hours
-0.00051 (51 pips) price change since the Technical Event at 0.92622
Technical Analysis
We found a pattern called Engulfing Line (Bearish) on 2020 Nov 16 at 02:15 GMT on a 15 minute chart suggesting the outlook is bearish for up to 12 hours.
The RSI fallen below 70 on 2020 Nov 16 at 02:15 GMT, telling us the price is starting to pull back from being overbought.
EUR/CAD Bullish
Image Features: forms “Hammer” pattern
Target
Opportunity recognized 2020 Nov 16 for the period of up to 12 hours
-0.00030 (3 pips) price change since the Technical Event at 1.55327
Technical Analysis
We found a pattern called Hammer on 2020 Nov 16 at 01:15 GMT on a 15 minute chart suggesting the outlook is bullish for up to 12 hours.
A bullish event triggered for Slow Stochastics on 2020 Nov 16 at 01:30 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.
- Daily analyst View
EUR/USD
may rise 16 – 36 pips
Pivot
1.1820
Our preference
Long positions above 1.1820 with targets at 1.1860 & 1.1880 in extension.
Alternative scenario
Below 1.1820 look for further downside with 1.1800 & 1.1785 as targets.
Comment
The RSI lacks downward momentum.
GBP/USD
may rise 28 – 58 pips
Pivot
1.3170
Our preference
Long positions above 1.3170 with targets at 1.3245 & 1.3275 in extension.
Alternative scenario
Below 1.3170 look for further downside with 1.3150 & 1.3125 as targets.
Comment
The RSI is bullish and calls for further advance.
USD/CAD
may fall 20 – 40 pips
Pivot
1.3145
Our preference
Short positions below 1.3145 with targets at 1.3095 & 1.3075 in extension.
Alternative scenario
Above 1.3145 look for further upside with 1.3170 & 1.3190 as targets.
Comment
A break below 1.3095 would trigger a drop towards 1.3075.
Gold spot
may rise to 1912.00 – 1921.0
Pivot
1880.00
Our preference
Long positions above 1880.00 with targets at 1912.00 & 1921.00 in extension.
Alternative scenario
Below 1880.00 look for further downside with 1873.00 & 1867.00 as targets.
Comment
The RSI is bullish and calls for further advance.
Brent (ICE)
may fall to 42.10 – 42.60
Pivot
43.35
Our preference
Short positions below 43.35 with targets at 42.60 & 42.10 in extension.
Alternative scenario
Above 43.35 look for further upside with 43.90 & 44.35 as targets.
Comment
The index currently faces a challenging resistance area at 43.35.
S&P 500 (CME)
may rise to 3622.00 – 3668.00
Pivot
3565.00
Our preference
Long positions above 3565.00 with targets at 3622.00 & 3668.00 in extension.
Alternative scenario
Below 3565.00 look for further downside with 3547.00 & 3530.00 as targets.
Comment
The RSI advocates for further upside.
Dax (Eurex)
may rise to 13290.00 – 13460.0
Pivot
12920.00
Our preference
Long positions above 12920.00 with targets at 13290.00 & 13460.00 in extension.
Alternative scenario
Below 12920.00 look for further downside with 12740.00 & 12580.00 as targets.
Comment
The RSI is bullish and calls for further upside.
FTSE China A50
may rise to 17125.00 – 17367.00
Pivot
15704.00
Our preference
The upside prevails as long as 15704 is support.
Alternative scenario
Below 15704, expect 15306 and 15069.
Comment
The RSI is above its neutrality area at 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 16077.90 and 15742.76).
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.
