Doo Prime Daily Featured Trading Strategies – October 16, 2020
1. Daily technical analysis of selected currency pairs
NZD/USD Bullish
Image Features: NZD/USD forms “Inverted Hammer” pattern
Target:
– Opportunity recognized 2020 Oct 16 for the period of up to 12 hours
– +0.00017 (17 pips) price change since the Technical Event at 0.65900
Technical Analysis:
– We found a pattern called Inverted Hammer on 2020 Oct 16 at 04:15 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 Oct 16 at 04:35 GMT signaling a new uptrend has been established.
USD/JPY Bullish
Image Features: USD/JPY forms “Outside Bar (Bullish)” pattern
Target:
– Opportunity recognized 2020 Oct 16 for the period of up to 12 hours
– -0.008 (08 pips) price change since the Technical Event at 105.238
Technical Analysis:
– We found a pattern called Outside Bar (Bullish) on 2020 Oct 16 at 03:50 GMT on a 5-minute chart suggesting the outlook is bullish for up to 12 hours.
– On 2020 Oct 16 at 04:25 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.
2. Daily Analyst View
EUR/USD
may fall 13 – 33 pips
Pivot
1.1725
Our preference
Short positions below 1.1725 with targets at 1.1690 & 1.1670 in extension.
Alternative scenario
Above 1.1725 look for further upside with 1.1740 & 1.1755 as targets.
Comment
As long as the resistance at 1.1725 is not surpassed, the risk of the break below 1.1690 remains high.
GBP/USD
may fall 31 – 51 pips
Pivot
1.2935
Our preference
Short positions below 1.2935 with targets at 1.2860 & 1.2840 in extension.
Alternative scenario
Above 1.2935 look for further upside with 1.2960 & 1.2990 as targets.
Comment
The RSI is bearish and calls for further downside.
USD/CAD
may rise 24 – 54 pips
Pivot
1.3205
Our preference
Long positions above 1.3205 with targets at 1.3260 & 1.3290 in extension.
Alternative scenario
Below 1.3205 look for further downside with 1.3180 & 1.3160 as targets.
Comment
The RSI calls for a new upleg.
Spot Gold
may rise to 1913.00 – 1925.00
Pivot
1897.00
Our preference
Long positions above 1897.00 with targets at 1913.00 & 1925.00 in extension.
Alternative scenario
Below 1897.00 look for further downside with 1889.00 & 1882.00 as targets.
Comment
The RSI is bullish and calls for further advance.
Brent Crude Oil
may rise to 43.20 – 43.50
Pivot
42.70
Our preference
Long positions above 42.70 with targets at 43.20 & 43.50 in extension.
Alternative scenario
Below 42.70 look for further downside with 42.40 & 42.10 as targets.
Comment
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
S&P 500 Index Futures
may rise to 3493.00 – 3524.00
Pivot
3457.00
Our preference
Long positions above 3457.00 with targets at 3493.00 & 3524.00 in extension.
Alternative scenario
Below 3457.00 look for further downside with 3431.00 & 3415.00 as targets.
Comment
The RSI shows upside momentum.
German DAX Index Futures
may rise to 12830.00 – 12940.00
Pivot
12650.00
Our preference
Long positions above 12650.00 with targets at 12830.00 & 12940.00 in extension.
Alternative scenario
Below 12650.00 look for further downside with 12580.00 & 12500.00 as targets.
Comment
The RSI calls for a bounce.
FTSE China A50 Index Futures
may rise to 16175.00 – 16300.00
Pivot
15860.00
Our preference
Long positions above 15860.00 with targets at 16175.00 & 16300.00 in extension.
Alternative scenario
Below 15860.00 look for further downside with 15790.00 & 15700.00 as targets.
Comment
The RSI shows upside momentum.
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.
