Doo Prime Daily Featured Trading Strategies – October 14, 2020
1. Daily technical analysis of selected currency pairs
USD/AUD Bullish
Image Features: USD/AUD forms “Inside Bar (Bullish)” pattern
Target:
– Opportunity recognized 2020 Oct 14 for the period of up to 12 hours
– 0.00040 (4 pips) price change since the Technical Event at 1.39429
Technical Analysis:
– We found a pattern called Inside Bar (Bullish) on 2020 Oct 14 at 03:50 GMT on a 5-minute chart suggesting the outlook is bullish for up to 12 hours.
– The Williams %R indicator triggered a bullish signal on 2020 Oct 14 at 03:45 GMT, having risen up out of oversold (-80 level) and continued on to cross above the -50 level.
USD/JPY Bearish
-3768PIPS
TARGET
Image Features: USD/JPY forms “Continuation Diamond (Bearish)” pattern
Target:
– Opportunity recognized 2020 Jul 21 for the period of up to 2 weeks
– 1.524 (1524 pips) price change since the Technical Event at 106.943
Technical Analysis:
– We found a pattern called Continuation Diamond (Bearish) on 2020 Jul 21 at 17:00 GMT on a 4-hour chart, providing a target price for up to 2 weeks in the range of 102.800 to 103.600.
– The faster-moving average crossed below the slower moving average on 2020 Oct 13 at 21:00 GMT, signalling a new downtrend has been established.
2. Daily Analyst View
EUR/USD
may fall to 1.1500 – 1.1610
Pivot
1.1850
Our preference
Short positions below 1.1850 with targets at 1.1610 & 1.1500 in extension.
Alternative scenario
Above 1.1850 look for further upside with 1.2015 & 1.2150 as targets.
Comment
The RSI is mixed to bearish.
GBP/USD
may fall 15 – 45 pips
Pivot
1.2965
Our preference
Short positions below 1.2965 with targets at 1.2920 & 1.2890 in extension.
Alternative scenario
Above 1.2965 look for further upside with 1.2995 & 1.3020 as targets.
Comment
A break below 1.2920 would trigger a drop towards 1.2890.
USD/CAD
may rise 22 – 42 pips
Pivot
1.3120
Our preference
Long positions above 1.3120 with targets at 1.3160 & 1.3180 in extension.
Alternative scenario
Below 1.3120 look for further downside with 1.3095 & 1.3080 as targets.
Comment
The break above 1.3120 is a positive signal that has opened a path to 1.3160.
Spot Gold
may rise to 1902.00 – 1910.00
Pivot
1884.00
Our preference
Long positions above 1884.00 with targets at 1902.00 & 1910.00 in extension.
Alternative scenario
Below 1884.00 look for further downside with 1873.00 & 1864.00 as targets.
Comment
The RSI calls for a bounce.
Brent Crude Oil
may rise to 42.70 – 43.00
Pivot
42.00
Our preference
Long positions above 42.00 with targets at 42.70 & 43.00 in extension.
Alternative scenario
Below 42.00 look for further downside with 41.70 & 41.35 as targets.
Comment
The RSI is mixed with a bullish bias.
S&P 500 Index Futures
may rise to 3541.00 – 3565.00
Pivot
3490.00
Our preference
Long positions above 3490.00 with targets at 3541.00 & 3565.00 in extension.
Alternative scenario
Below 3490.00 look for further downside with 3475.00 & 3445.00 as targets.
Comment
A support base at 3490.00 has formed and has allowed for a temporary stabilisation.
German Dax Index Futures
may rise to 13065.00 – 13100.00
Pivot
12920.00
Our preference
Long positions above 12920.00 with targets at 13065.00 & 13100.00 in extension.
Alternative scenario
Below 12920.00 look for further downside with 12818.00 & 12760.00 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
FTSE China A50 Index Futures
may rise to 16010.00 – 16100.00
Pivot
15820.00
Our preference
Long positions above 15820.00 with targets at 16010.00 & 16100.00 in extension.
Alternative scenario
Below 15820.00 look for further downside with 15735.00 & 15600.00 as targets.
Comment
The RSI is mixed to bullish.
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.
