Doo Prime Daily Featured Trading Strategies – February 02, 2021 

1. Daily technical analysis of selected currency pairs

XAG/USD  Bullish

Image Features: forms “Engulfing Line (Bullish)” pattern

Target  

Opportunity recognized 2021 Feb 02 for the period of up to 12 hours

+0.018 (18 pips) price change since the Technical Event at 28.395

Technical Analysis  

We found a pattern called Engulfing Line (Bullish) on 2021 Feb 02 at 04:00 GMT on a 15 minute chart suggesting the outlook is bullish for up to 12 hours.
A bullish event triggered for Fast Stochastics on 2021 Feb 02 at 04:00 GMT when the %K line crossed above the %D line. The close prices are trading closer to the upper end of the recent high-low price range, which is associated with price increases.

AUD/JPY   Bearish

Image Feature:  forms “Outside Bar (Bearish)” pattern

Target  

Opportunity recognized 2021 Feb 02 for the period of up to 12 hours

-0.055 (55 pips) price change since the Technical Event at 80.097

Technical Analysis  

We found a pattern called Outside Bar (Bearish) on 2021 Feb 02 at 04:00 GMT on a 1 hour chart suggesting the outlook is bearish for up to 12 hours.
The Williams %R indicator triggered a bearish signal on 2021 Feb 02 at 04:00 GMT, having fallen out of overbought (-20 level) and continued on to cross below the -50 level.

2. Daily Analyst View

 

EUR/USD  

may rise 18 – 38 pips

Pivot

1.2055

Our preference

Long positions above 1.2055 with targets at 1.2100 & 1.2120 in extension.

Alternative scenario

Below 1.2055 look for further downside with 1.2040 & 1.2025 as targets.

Comment

The RSI calls for a new upleg.

 

GBP/USD  

may rise 23 – 48 pips

Pivot

1.3655

Our preference

Long positions above 1.3655 with targets at 1.3720 & 1.3745 in extension.

Alternative scenario

Below 1.3655 look for further downside with 1.3630 & 1.3610 as targets.

Comment

The RSI calls for a new upleg.

USD/CAD  

may rise 28 – 43 pips

Pivot

1.2810

Our preference

Long positions above 1.2810 with targets at 1.2860 & 1.2875 in extension.

Alternative scenario

Below 1.2810 look for further downside with 1.2785 & 1.2760 as targets.

Comment

A support base at 1.2810 has formed and has allowed for a temporary stabilisation.

Gold

may rise to 1867.00 – 1875.00

Pivot

1850.00

Our preference

Long positions above 1850.00 with targets at 1867.00 & 1875.00 in extension.

Alternative scenario

Below 1850.00 look for further downside with 1841.00 & 1833.00 as targets.

Comment

The RSI is mixed and calls for caution.

Brent (ICE)  

may rise to 57.30 – 58.00

Pivot

56.20

Our preference

Long positions above 56.20 with targets at 57.30 & 58.00 in extension.

Alternative scenario

Below 56.20 look for further downside with 55.70 & 55.30 as targets.

Comment

The RSI is mixed to bullish.

S&P 500 (CME)  

may rise to 3823.00 – 3858.00

Pivot

3725.00

Our preference

Long positions above 3725.00 with targets at 3823.00 & 3858.00 in extension.

Alternative scenario

Below 3725.00 look for further downside with 3685.00 & 3657.00 as targets.

Comment

The RSI is bullish and calls for further advance.

 

Dax (Eurex)  

may rise to 13710.00 – 13840.00

Pivot

13510.00

Our preference

Long positions above 13510.00 with targets at 13710.00 & 13840.00 in extension.

Alternative scenario

Below 13510.00 look for further downside with 13445.00 & 13355.00 as targets.

Comment

The RSI calls for a rebound.

SGX FTSE China A50  

may rise to 18460.00 – 18600.00

Pivot

18260.00

Our preference

Long positions above 18260.00 with targets at 18460.00 & 18600.00 in extension.

Alternative scenario

Below 18260.00 look for further downside with 18115.00 & 17975.00 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.