Doo Prime Daily Featured Trading Strategies – October 15, 2020
1. Daily technical analysis of selected currency pairs
USD/JPY Bullish
Image Features: USD/JPY forms “Hammer” pattern
Target:
– Opportunity recognized 2020 Oct 14 for the period of up to 48 hours
– +0.108 (108 pips) price change since the Technical Event at 105.162
Technical Analysis:
– We found a pattern called Hammer on 2020 Oct 14 at 21:00 GMT on a 4 hour chart suggesting the outlook is bullish for up to 48 hours.
– The RSI rose above 30 on 2020 Oct 14 at 21:00 GMT, telling us the price is starting to recover from being oversold.
USD/GBP Bearish
Image Features: USD/GBP forms “Inside Bar (Bearish)” pattern
Target:
– Opportunity recognized 2020 Oct 14 for the period of up to 12 hours
– +0.00009 (09 pips) price change since the Technical Event at 0.76837
Technical Analysis:
– We found a pattern called Inside Bar (Bearish) on 2020 Oct 14 at 23:30 GMT on a 30 minute chart suggesting the outlook is bearish for up to 12 hours.
– The Momentum oscillator crossed below 0 on 2020 Oct 15 at 03:30 GMT, thereby signaling a new accelerating downtrend.
2. Daily Analyst View
EUR/USD
may fall 20 – 30 pips
Pivot
1.1765
Our preference
Short positions below 1.1765 with targets at 1.1730 & 1.1720 in extension.
Alternative scenario
Above 1.1765 look for further upside with 1.1780 & 1.1800 as targets.
Comment
As long as the resistance at 1.1765 is not surpassed, the risk of the break below 1.1730 remains high.
GBP/USD
may fall 35 – 65 pips
Pivot
1.3050
Our preference
Short positions below 1.3050 with targets at 1.2980 & 1.2950 in extension.
Alternative scenario
Above 1.3050 look for further upside with 1.3080 & 1.3110 as targets.
Comment
As long as 1.3050 is resistance, look for choppy price action with a bearish bias.
USD/CAD
may rise 13 – 28 pips
Pivot
1.3130
Our preference
Long positions above 1.3130 with targets at 1.3165 & 1.3180 in extension.
Alternative scenario
Below 1.3130 look for further downside with 1.3115 & 1.3100 as targets.
Comment
The RSI lacks downward momentum.
Spot Gold
may fall to 1877.00 – 1882.00
Pivot
1905.00
Our preference
Short positions below 1905.00 with targets at 1882.00 & 1877.00 in extension.
Alternative scenario
Above 1905.00 look for further upside with 1913.00 & 1925.00 as targets.
Comment
The RSI is bearish and calls for further downside.
Brent Crude Oil
may rise to 43.80 – 44.30
Pivot
42.90
Our preference
Long positions above 42.90 with targets at 43.80 & 44.30 in extension.
Alternative scenario
Below 42.90 look for further downside with 42.60 & 42.15 as targets.
Comment
The RSI is mixed to bullish.
S&P 500 Index Futures
may fall to 3445.00 – 3460.00
Pivot
3497.00
Our preference
Short positions below 3497.00 with targets at 3460.00 & 3445.00 in extension.
Alternative scenario
Above 3497.00 look for further upside with 3524.00 & 3541.00 as targets.
Comment
As long as the resistance at 3497.00 is not surpassed, the risk of the break below 3460.00 remains high.
German DAX Index Futures
may fall to 12818.00 – 12876.00
Pivot
13000.00
Our preference
Short positions below 13000.00 with targets at 12876.00 & 12818.00 in extension.
Alternative scenario
Above 13000.00 look for further upside with 13065.00 & 13120.00 as targets.
Comment
The RSI is bearish and calls for further decline.
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 calls for a rebound.
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.
