Doo Prime Daily Featured Trading Strategies – November 2, 2020
- Daily technical analysis of selected currency pairs
NZD/JPY Bullish
Image Features: forms “Inside Bar (Bullish)” pattern
Target
Opportunity recognized 2020 Nov 02 for the period of up to 12 hours
+0.058 (58 pips) price change since the Technical Event at 69.111
Technical Analysis
We found a pattern called Inside Bar (Bullish) on 2020 Nov 02 at 02:25 GMT on a 5 minute chart suggesting the outlook is bullish for up to 12 hours.
The price crossed above its moving average on 2020 Nov 02 at 02:30 GMT signaling a new uptrend has been established.
AUD/JPY Bearish
Image Features: forms “Flag (Bearish)” pattern
Target
Opportunity recognized 2020 Nov 02 for the period of up to 12 hours
+0.012 (12 pips) price change since the Technical Event at 73.453
Technical Analysis
We found a pattern called Flag (Bearish) on 2020 Nov 02 at 02:30 GMT on a 15 minute chart, providing a target price for up to 12 hours in the range of 73.110 to 73.170.
The price crossed below its moving average on 2020 Nov 02 at 02:30 GMT signaling a new downtrend has been established.
- Daily analyst View
EUR/USD
may fall 13 – 38 pips
Pivot
1.1665
Our preference
Short positions below 1.1665 with targets at 1.1635 & 1.1610 in extension.
Alternative scenario
Above 1.1665 look for further upside with 1.1690 & 1.1705 as targets.
Comment
A break below 1.1635 would trigger a drop towards 1.1610.
GBP/USD
may fall 28 – 48 pips
Pivot
1.2960
Our preference
Short positions below 1.2960 with targets at 1.2900 & 1.2880 in extension.
Alternative scenario
Above 1.2960 look for further upside with 1.2985 & 1.3010 as targets.
Comment
The RSI lacks upward momentum.
USD/CAD
may rise 29 – 49 pips
Pivot
1.3310
Our preference
Long positions above 1.3310 with targets at 1.3370 & 1.3390 in extension.
Alternative scenario
Below 1.3310 look for further downside with 1.3275 & 1.3250 as targets.
Comment
Technically the RSI is above its neutrality area at 50.
Gold spot
may rise to 1885.00 – 1890.00
Pivot
1871.00
Our preference
Long positions above 1871.00 with targets at 1885.00 & 1890.00 in extension.
Alternative scenario
Below 1871.00 look for further downside with 1864.00 & 1859.00 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Brent (ICE)
is neutral
Pivot
44.60
Our preference
Short positions below 44.60 with targets at 34.00 & 29.40 in extension.
Alternative scenario
Above 44.60 look for further upside with 47.20 & 53.80 as targets.
Comment
The RSI is bearish and calls for further decline.
S&P 500 (CME)
may fall to 3190.00 – 3225.00
Pivot
3295.50
Our preference
Short positions below 3295.50 with targets at 3225.00 & 3190.00 in extension.
Alternative scenario
Above 3295.50 look for further upside with 3333.00 & 3370.00 as targets.
Comment
As long as the resistance at 3295.50 is not surpassed, the risk of the break below 3225.00 remains high.
Dax (Eurex)
may fall to 11140.00 – 11310.00
Pivot
11700.00
Our preference
Short positions below 11700.00 with targets at 11310.00 & 11140.00 in extension.
Alternative scenario
Above 11700.00 look for further upside with 11860.00 & 11950.00 as targets.
Comment
As long as 11700.00 is resistance, look for choppy price action with a bearish bias.
FTSE China A50
may rise to 16758.00 – 17020.00
Pivot
15338.00
Our preference
As long as 15338 is support look for 16758.
Alternative scenario
Below 15338, expect 14904 and 14646.
Comment
The RSI is above 50. The MACD is positive and below its signal line. The index could retrace in the short term. FTSE China A50 index is trading under its 20 day MA (15748.65) but above its 50 period MA (15588.99).
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.
