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HomeDoo Prime Daily Featured Trading Strategies – February 11, 2021
- Daily technical analysis of selected currency pairs
XAG/USD Bullish
Image Features: forms “Engulfing Line (Bullish)” pattern
Target
Opportunity recognized 2021 Feb 11 for the period of up to 12 hours
-0.026 (26 pips) price change since the Technical Event at 26.826
Technical Analysis
We found a pattern called Engulfing Line (Bullish) on 2021 Feb 11 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 11 at 03:00 GMT, telling us the price is starting to recover from being oversold.
CAD/JPY Bearish
Image Features: forms “Engulfing Line (Bearish)” pattern
Target
Opportunity recognized 2021 Feb 10 for the period of up to 48 hours
-0.040 (4 pips) price change since the Technical Event at 82.376
Technical Analysis
We found a pattern called Engulfing Line (Bearish) on 2021 Feb 10 at 21:00 GMT on a 4 hour chart suggesting the outlook is bearish for up to 48 hours.
The Williams %R indicator triggered a bearish signal on 2021 Feb 11 at 01:00 GMT, having fallen out of overbought (-20 level) and continued on to cross below the -50 level.
- Daily Analyst’s View
EUR/USD
may fall 15 – 30 pips
Pivot
1.2140
Our preference
Short positions below 1.2140 with targets at 1.2100 & 1.2085 in extension.
Alternative scenario
Above 1.2140 look for further upside with 1.2160 & 1.2180 as targets.
Comment
The RSI calls for a new downleg.
GBP/USD
may fall 18 – 38 pips
Pivot
1.3845
Our preference
Short positions below 1.3845 with targets at 1.3805 & 1.3785 in extension.
Alternative scenario
Above 1.3845 look for further upside with 1.3865 & 1.3885 as targets.
Comment
The RSI shows downside momentum.
USD/CAD
may rise 14 – 39 pips
Pivot
1.2665
Our preference
Long positions above 1.2665 with targets at 1.2710 & 1.2735 in extension.
Alternative scenario
Below 1.2665 look for further downside with 1.2650 & 1.2635 as targets.
Comment
The RSI calls for a rebound.
Gold
may fall to 1828.00 – 1834.00
Pivot
1848.00
Our preference
Short positions below 1848.00 with targets at 1834.00 & 1828.00 in extension.
Alternative scenario
Above 1848.00 look for further upside with 1855.00 & 1863.00 as targets.
Comment
Intraday technical indicators are mixed.
Brent (ICE)
may rise to 61.70 – 62.00
Pivot
60.90
Our preference
Long positions above 60.90 with targets at 61.70 & 62.00 in extension.
Alternative scenario
Below 60.90 look for further downside with 60.45 & 60.05 as targets.
Comment
The RSI is mixed and calls for caution.
S&P 500 (CME)
may fall to 3860.00 – 3878.00
Pivot
3925.00
Our preference
Short positions below 3925.00 with targets at 3878.00 & 3860.00 in extension.
Alternative scenario
Above 3925.00 look for further upside with 3940.00 & 3960.00 as targets.
Comment
The RSI is bearish and calls for further decline.
Dax (Eurex)
may fall to 13735.00 – 13820.00
Pivot
13970.00
Our preference
Short positions below 13970.00 with targets at 13820.00 & 13735.00 in extension.
Alternative scenario
Above 13970.00 look for further upside with 14020.00 & 14090.00 as targets.
Comment
As long as the resistance at 13970.00 is not surpassed, the risk of the break below 13820.00 remains high.
SGX FTSE China A50
may rise to 20180.00 – 20360.00
Pivot
19880.00
Our preference
Long positions above 19880.00 with targets at 20180.00 & 20360.00 in extension.
Alternative scenario
Below 19880.00 look for further downside with 19680.00 & 19570.00 as targets.
Comment
The immediate trend remains up but the momentum is weak.
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.
