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Doo Prime Daily Featured Trading Strategies – February 04, 2021


Doo Prime Daily Featured Trading Strategies – February 04, 2021 

1. Daily technical analysis of selected currency pairs

GBP/AUD  Bullish

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

Target  

Opportunity recognized 2021 Feb 04 for the period of up to 12 hours

+0.00033 (33 pips) price change since the Technical Event at 1.78489

Technical Analysis 

We found a pattern called Engulfing Line (Bullish) on 2021 Feb 04 at 03:00 GMT on a 30 minute chart suggesting the outlook is bullish for up to 12 hours.
The RSI rose above 30 on 2021 Feb 04 at 03:00 GMT, telling us the price is starting to recover from being oversold.

EUR/JPY   Bearish

Image Feature:  forms “Hanging Man” pattern

Target  

Opportunity recognized 2021 Feb 04 for the period of up to 12 hours

-0.059 (59 pips) price change since the Technical Event at 126.448

Technical Analysis  

We found a pattern called Hanging Man on 2021 Feb 04 at 02:00 GMT on a 30 minute chart suggesting the outlook is bearish for up to 12 hours.
The Williams %R indicator triggered a bearish signal on 2021 Feb 04 at 03:00 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 12 – 27 pips

Pivot

1.2020

Our preference

Long positions above 1.2020 with targets at 1.2050 & 1.2065 in extension.

Alternative scenario

Below 1.2020 look for further downside with 1.2000 & 1.1980 as targets.

Comment

The RSI shows upside momentum.

GBP/USD  

may rise 23 – 48 pips

Pivot

1.3660

Our preference

Short positions below 1.3660 with targets at 1.3610 & 1.3590 in extension.

Alternative scenario

Above 1.3660 look for further upside with 1.3680 & 1.3700 as targets.

Comment

The RSI lacks upward momentum.

 

 

USD/CAD  

may fall 17 – 32 pips

Pivot

1.2805

Our preference

Short positions below 1.2805 with targets at 1.2780 & 1.2745 in extension.

Alternative scenario

Above 1.2805 look for further upside with 1.2825 & 1.2845 as targets.

Comment

Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

Gold

may fall to 1818.00 – 1829.00

Pivot

1844.00

Our preference

Short positions below 1844.00 with targets at 1829.00 & 1818.00 in extension.

Alternative scenario

Above 1844.00 look for further upside with 1854.00 & 1863.00 as targets.

Comment

A break below 1829.00 would trigger a drop towards 1818.00.

Brent (ICE)  

may rise to 58.95 – 59.50

Pivot

57.95

Our preference

Long positions above 57.95 with targets at 58.95 & 59.50 in extension.

Alternative scenario

Below 57.95 look for further downside with 57.35 & 56.80 as targets.

Comment

The RSI is mixed with a bullish bias.

 

 

S&P 500 (CME)  

may rise to 3858.00 – 3891.00

Pivot

3800.00

Our preference

Long positions above 3800.00 with targets at 3858.00 & 3891.00 in extension.

Alternative scenario

Below 3800.00 look for further downside with 3780.00 & 3750.00 as targets.

Comment

Intraday technical indicators are mixed.

 

 

 Dax (Eurex)  

may rise to 14000.00 – 14120.00

Pivot

13800.00

Our preference

Long positions above 13800.00 with targets at 14000.00 & 14120.00 in extension.

Alternative scenario

Below 13800.00 look for further downside with 13745.00 & 13670.00 as targets.

Comment

The RSI is mixed to bullish.

 

SGX FTSE China A50  

may rise to 18880.00 – 19000.00

Pivot

18530.00

Our preference

Long positions above 18530.00 with targets at 18880.00 & 19000.00 in extension.

Alternative scenario

Below 18530.00 look for further downside with 18390.00 & 18300.00 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.

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