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HomeDoo Prime Daily Featured Trading Strategies – February 01, 2021
- Daily technical analysis of selected currency pairs
USD/JPY Bearish
Image Features: forms “Engulfing Line (Bearish)” pattern
Target
Opportunity recognized 2021 Feb 01 for the period of up to 12 hours
0.000 (0 pips) price change since the Technical Event at 104.708
Technical Analysis
We found a pattern called Engulfing Line (Bearish) on 2021 Feb 01 at 02:40 GMT on a 5 minute chart suggesting the outlook is bearish for up to 12 hours.
The price crossed below its moving average on 2021 Feb 01 at 02:40 GMT signaling a new downtrend has been established.
CAD/JPY Bearish
Image Features: forms “Outside Bar (Bearish)” pattern
Target
Opportunity recognized 2021 Feb 01 for the period of up to 12 hours
+0.024 (24 pips) price change since the Technical Event at 81.890
Technical Analysis
We found a pattern called Outside Bar (Bearish) on 2021 Feb 01 at 02:35 GMT on a 5 minute chart suggesting the outlook is bearish for up to 12 hours.
A bearish event triggered for Slow Stochastics on 2021 Feb 01 at 02:40 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
- Daily Analyst View
EUR/USD
may fall 16 – 26 pips
Pivot
1.2145
Our preference
Short positions below 1.2145 with targets at 1.2115 & 1.2105 in extension.
Alternative scenario
Above 1.2145 look for further upside with 1.2155 & 1.2170 as targets.
Comment
As long as the resistance at 1.2145 is not surpassed, the risk of the break below 1.2115 remains high.
GBP/USD
may rise 12 – 37 pips
Pivot
1.3690
Our preference
Long positions above 1.3690 with targets at 1.3730 & 1.3755 in extension.
Alternative scenario
Below 1.3690 look for further downside with 1.3670 & 1.3655 as targets.
Comment
A support base at 1.3690 has formed and has allowed for a temporary stabilisation.
USD/CAD
may rise 48 – 78 pips
Pivot
1.2760
Our preference
Long positions above 1.2760 with targets at 1.2845 & 1.2875 in extension.
Alternative scenario
Below 1.2760 look for further downside with 1.2735 & 1.2705 as targets.
Comment
The RSI is mixed with a bullish bias.
Gold
may rise to 1867.00 – 1875.00
Pivot
1841.00
Our preference
Long positions above 1841.00 with targets at 1867.00 & 1875.00 in extension.
Alternative scenario
Below 1841.00 look for further downside with 1833.00 & 1825.00 as targets.
Comment
The RSI is mixed to bullish.
Brent (ICE)
may fall to 54.40 – 54.60
Pivot
55.25
Our preference
Short positions below 55.25 with targets at 54.60 & 54.40 in extension.
Alternative scenario
Above 55.25 look for further upside with 55.55 & 55.80 as targets.
Comment
The RSI is bearish and calls for further downside.
S&P 500 (CME)
may fall to 3596.00 – 3652.00
Pivot
3735.00
Our preference
Short positions below 3735.00 with targets at 3652.00 & 3596.00 in extension.
Alternative scenario
Above 3735.00 look for further upside with 3767.00 & 3800.00 as targets.
Comment
The RSI is mixed to bearish.
Dax (Eurex)
may fall to 13190.00 – 13295.00
Pivot
13580.00
Our preference
Short positions below 13580.00 with targets at 13295.00 & 13190.00 in extension.
Alternative scenario
Above 13580.00 look for further upside with 13640.00 & 13710.00 as targets.
Comment
As long as 13580.00 is resistance, look for choppy price action with a bearish bias.
SGX FTSE China A50
may rise to 18460.00 – 18600.00
Pivot
18100.00
Our preference
Long positions above 18100.00 with targets at 18460.00 & 18600.00 in extension.
Alternative scenario
Below 18100.00 look for further downside with 17975.00 & 17850.00 as targets.
Comment
The RSI is bullish and calls for further upside.
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.
