Doo Prime Daily Featured Trading Strategies – December 18, 2020 

1. Daily technical analysis of selected currency pairs 

EUR/NZD Bullish 

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

Target  

Opportunity recognized 2020 Dec 17 for the period of up to 48 hours

+0.00261 (261 pips) price change since the Technical Event at 1.71486

Technical Analysis  

We found a pattern called Engulfing Line (Bullish) on 2020 Dec 17 at 17:00 GMT on a 4 hour chart suggesting the outlook is bullish for up to 48 hours.

The Williams %R indicator triggered a bullish signal on 2020 Dec 17 at 17:00 GMT, having risen up out of oversold (-80 level) and continued on to cross above the -50 level.

  

GBP/CHF Bearish

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

Target  

Opportunity recognized 2020 Dec 17 for the period of up to 48 hours

-0.00367 (367 pips) price change since the Technical Event at 1.20010

Technical Analysis  

We found a pattern called Two Bar Reversal (Bearish) on 2020 Dec 17 at 21:00 GMT on a 4 hour chart suggesting the outlook is bearish for up to 48 hours.

The RSI fallen below 70 on 2020 Dec 17 at 21:00 GMT, telling us the price is starting to pull back from being overbought.

 

2. Daily Analyst View

EUR/USD  

may fall 22 – 47 pips

Pivot

1.2275

Our preference

Short positions below 1.2275 with targets at 1.2225 & 1.2200 in extension.

Alternative scenario

Above 1.2275 look for further upside with 1.2300 & 1.2325 as targets.

Comment

The RSI calls for a new downleg.

GBP/USD  

may fall 36 – 81 pips

Pivot

1.3590

Our preference

Short positions below 1.3590 with targets at 1.3495 & 1.3450 in extension.

Alternative scenario

Above 1.3590 look for further upside with 1.3620 & 1.3655 as targets.

Comment

The RSI is bearish and calls for further downside.

 

USD/CAD  

may rise 21 – 36 pips

Pivot

1.2715

Our preference

Long positions above 1.2715 with targets at 1.2765 & 1.2780 in extension.

Alternative scenario

Below 1.2715 look for further downside with 1.2700 & 1.2685 as targets.

Comment

The RSI advocates for further upside.

 

Gold

may rise to 1896.00 – 1910.00

Pivot

1873.00

Our preference

Long positions above 1873.00 with targets at 1896.00 & 1910.00 in extension.

Alternative scenario

Below 1873.00 look for further downside with 1861.00 & 1854.00 as targets.

Comment

The RSI has just landed on its neutrality area at 50% and is turning up.

Brent (ICE)  

may rise to 51.90 – 52.10

Pivot

51.05

Our preference

Long positions above 51.05 with targets at 51.90 & 52.10 in extension.

Alternative scenario

Below 51.05 look for further downside with 50.70 & 50.35 as targets.

Comment

The RSI is mixed with a bullish bias.

S&P 500 (CME)  

may rise to 3725.00 – 3740.00

Pivot

3700.00

Our preference

Long positions above 3700.00 with targets at 3725.00 & 3740.00 in extension.

Alternative scenario

Below 3700.00 look for further downside with 3678.00 & 3664.00 as targets.

Comment

The RSI is mixed with a bullish bias.

 

Dax (Eurex)  

may rise to 13760.00 – 13900.00

Pivot

13497.00

Our preference

Long positions above 13497.00 with targets at 13760.00 & 13900.00 in extension.

Alternative scenario

Below 13497.00 look for further downside with 13360.00 & 13290.00 as targets.

Comment

The RSI is above its neutrality area at 50%.

SGX FTSE China A50  

may rise to 17110.00 – 17220.00

Pivot

16910.00

Our preference

Long positions above 16910.00 with targets at 17110.00 & 17220.00 in extension.

Alternative scenario

Below 16910.00 look for further downside with 16840.00 & 16750.00 as targets.

Comment

The RSI is bullish and calls for further advance.

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.