Doo Prime Daily Featured Trading Strategies – February 08, 2021 - Doo Prime News
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Doo Prime Daily Featured Trading Strategies – February 08, 2021 

  1. Daily technical analysis of selected currency pairs

 USD/GBP Bullish

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

Target  

Opportunity recognized 2021 Feb 08 for the period of up to 12 hours

-0.00017 (17 pips) price change since the Technical Event at 0.72851

Technical Analysis 

We found a pattern called Engulfing Line (Bullish) on 2021 Feb 08 at 01:00 GMT on a 30 minute chart suggesting the outlook is bullish for up to 12 hours.
The price crossed above its moving average on 2021 Feb 08 at 02:30 GMT signaling a new uptrend has been established.

 

 

AUD/JPY   Bearish

Image Feature:  forms “Two Bar Reversal (Bearish)” pattern

Target  

Opportunity recognized 2021 Feb 08 for the period of up to 12 hours

+0.013 (13 pips) price change since the Technical Event at 80.919

Technical Analysis  

We found a pattern called Two Bar Reversal (Bearish) on 2021 Feb 08 at 02:30 GMT on a 30 minute chart suggesting the outlook is bearish for up to 12 hours.
The RSI fallen below 70 on 2021 Feb 08 at 01:00 GMT, telling us the price is starting to pull back from being overbought.


2. Daily Analyst’s View

EUR/USD  

may rise 22 – 42 pips

Pivot

1.2015

Our preference

Long positions above 1.2015 with targets at 1.2055 & 1.2075 in extension.

Alternative scenario

Below 1.2015 look for further downside with 1.1990 & 1.1970 as targets.

Comment

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

 

 

GBP/USD  

may rise 20 – 40 pips

Pivot

1.3705

Our preference

Long positions above 1.3705 with targets at 1.3745 & 1.3765 in extension.

Alternative scenario

Below 1.3705 look for further downside with 1.3680 & 1.3655 as targets.

Comment

A support base at 1.3705 has formed and has allowed for a temporary stabilisation.

 

USD/CAD  

may fall 19 – 34 pips

Pivot

1.2785

Our preference

Short positions below 1.2785 with targets at 1.2745 & 1.2730 in extension.

Alternative scenario

Above 1.2785 look for further upside with 1.2810 & 1.2830 as targets.

Comment

As long as the resistance at 1.2785 is not surpassed, the risk of the break below 1.2745 remains high.

Gold

may rise to 1827.00 – 1837.00

Pivot

1801.00

Our preference

Long positions above 1801.00 with targets at 1827.00 & 1837.00 in extension.

Alternative scenario

Below 1801.00 look for further downside with 1793.00 & 1785.00 as targets.

Comment

The RSI is mixed with a bullish bias.

 

Brent (ICE)  

may rise to 60.30 – 60.80

Pivot

59.20

Our preference

Long positions above 59.20 with targets at 60.30 & 60.80 in extension.

Alternative scenario

Below 59.20 look for further downside with 58.80 & 58.45 as targets.

Comment

The RSI is bullish and calls for further advance.

S&P 500 (CME)  

may rise to 3920.00 – 3940.00

Pivot

3868.00

Our preference

Long positions above 3868.00 with targets at 3920.00 & 3940.00 in extension.

Alternative scenario

Below 3868.00 look for further downside with 3852.00 & 3840.00 as targets.

Comment

The RSI is bullish and calls for further advance.

 

Dax (Eurex)  

may rise to 14180.00 – 14300.00

Pivot

14025.00

Our preference

Long positions above 14025.00 with targets at 14180.00 & 14300.00 in extension.

Alternative scenario

Below 14025.00 look for further downside with 13960.00 & 13900.00 as targets.

Comment

The RSI is bullish and calls for further upside.

 

SGX FTSE China A50  

may rise to 19375.00 – 19570.00

Pivot

19070.00

Our preference

Long positions above 19070.00 with targets at 19375.00 & 19570.00 in extension.

Alternative scenario

Below 19070.00 look for further downside with 18940.00 & 18780.00 as targets.

Comment

The RSI calls for a new upleg.

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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