Doo Prime Daily Featured Trading Strategies – October 13, 2020 

1. Daily technical analysis of selected currency pairs 

XAU/USD Bullish 

Image Features: XAU/USD forms “Outside Bar (Bullish)” pattern

Target: 

– Opportunity recognized 2020 Oct 13 for the period of up to 12 hours

– 0.880 (88 pips) price change since the Technical Event at 1,911.900

Technical Analysis:  

– We found a pattern called Outside Bar (Bullish) on 2020 Oct 13 at 05:00 GMT on a 30-minute chart suggesting the outlook is bullish for up to 12 hours.

– The RSI rose above 30 on 2020 Oct 13 at 05:00 GMT, telling us the price is starting to recover from being oversold.

GBP/JPY Bearish 

Image Features: GBP/JPY forms “Hanging Man” pattern

Target:  

– Opportunity recognized 2020 Oct 13 for the period of up to 12 hours

– 0.043 (43 pips) price change since the Technical Event at 137.573

Technical Analysis: 

– We found a pattern called Hanging Man on 2020 Oct 13 at 05:00 GMT on a 5-minute chart suggesting the outlook is bearish for up to 12 hours.

– A bearish event triggered for Slow Stochastics on 2020 Oct 13 at 05:00 GMT when the %K line crossed below the %D line. The close prices are trading closer to the lower end of the recent high-low price range, which is associated with price decreases

2. Daily Analyst View 

EUR/USD  

may fall 9 – 24 pips 

Pivot

1.1815

Our preference

Short positions below 1.1815 with targets at 1.1785 & 1.1770 in extension.

Alternative scenario

Above 1.1815 look for further upside with 1.1830 & 1.1850 as targets.

Comment

A break below 1.1785 would trigger a drop towards 1.1770.

 

GBP/USD 

may fall 13 – 43 pips 

Pivot

1.3075

Our preference

Short positions below 1.3075 with targets at 1.3030 & 1.3000 in extension.

Alternative scenario

Above 1.3075 look for further upside with 1.3095 & 1.3115 as targets.

Comment

The RSI lacks upward momentum.

 

USD/CAD  

may rise 27 – 47 pips 

Pivot

1.3100

Our preference

Long positions above 1.3100 with targets at 1.3160 & 1.3180 in extension.

Alternative scenario

Below 1.3100 look for further downside with 1.3080 & 1.3050 as targets.

Comment

The RSI calls for a rebound.

 

Spot Gold  

may fall to 1890.00 – 1900.00 

Pivot

1925.00

Our preference

Short positions below 1925.00 with targets at 1900.00 & 1890.00 in extension.

Alternative scenario

Above 1925.00 look for further upside with 1933.00 & 1940.00 as targets.

Comment

The RSI advocates for further decline.

 

Brent Crude Oil 

may fall to 40.85 – 41.35 

Pivot

42.15

Our preference

Short positions below 42.15 with targets at 41.35 & 40.85 in extension.

Alternative scenario

Above 42.15 look for further upside with 42.60 & 42.95 as targets.

Comment

As long as the resistance at 42.15 is not surpassed, the risk of the break below 41.35 remains high.

 

S&P 500 Index Futures 

may rise to 3541.00 – 3565.00 

Pivot

3500.00

Our preference

Long positions above 3500.00 with targets at 3541.00 & 3565.00 in extension.

Alternative scenario

Below 3500.00 look for further downside with 3475.00 & 3445.00 as targets.

Comment

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

 

German DAX Index Futures 

may rise to 13190.00 – 13320.00 

Pivot

12990.00

Our preference

Long positions above 12990.00 with targets at 13190.00 & 13320.00 in extension.

Alternative scenario

Below 12990.00 look for further downside with 12920.00 & 12820.00 as targets.

Comment

The RSI is mixed with a bullish bias.

 

FTSE China A50 Index Futures 

may fall to 15600.00 – 15735.00