Doo Prime Daily Featured Trading Strategies – January 29, 2021 

1. Daily technical analysis of selected currency pairs 

EUR/NZD  Bullish

Image Features: forms “Hammer” pattern

Target  

Opportunity recognized 2021 Jan 29 for the period of up to 12 hours

+0.00040 (4 pips) price change since the Technical Event at 1.68980

Technical Analysis  

We found a pattern called Hammer on 2021 Jan 29 at 03:25 GMT on a 5 minute chart suggesting the outlook is bullish for up to 12 hours.
The price crossed above its moving average on 2021 Jan 29 at 03:25 GMT signaling a new uptrend has been established.

GBP/EUR   Bearish

Image Feature:  forms “Engulfing Line (Bearish)” pattern

Target  

Opportunity recognized 2021 Jan 29 for the period of up to 12 hours

-0.00015 (15 pips) price change since the Technical Event at 1.13274

Technical Analysis  

We found a pattern called Engulfing Line (Bearish) on 2021 Jan 29 at 03:15 GMT on a 5 minute chart suggesting the outlook is bearish for up to 12 hours.
The price crossed below its moving average on 2021 Jan 29 at 03:40 GMT signaling a new downtrend has been established.

2. Daily Analyst View

EUR/USD  

may fall 26 – 41 pips

Pivot

1.2140

Our preference

Short positions below 1.2140 with targets at 1.2085 & 1.2070 in extension.

Alternative scenario

Above 1.2140 look for further upside with 1.2155 & 1.2170 as targets.

Comment

The RSI calls for a new downleg.

 

GBP/USD  

may rise 28 – 43 pips

Pivot

1.3700

Our preference

Long positions above 1.3700 with targets at 1.3745 & 1.3760 in extension.

Alternative scenario

Below 1.3700 look for further downside with 1.3680 & 1.3655 as targets.

Comment

A support base at 1.3700 has formed and has allowed for a temporary stabilisation.

 

USD/CAD  

may rise 15 – 50 pips

Pivot

1.2790

Our preference

Long positions above 1.2790 with targets at 1.2845 & 1.2880 in extension.

Alternative scenario

Below 1.2790 look for further downside with 1.2765 & 1.2745 as targets.

Comment

The RSI lacks downward momentum.

 

Gold

may rise to 1853.00 – 1864.00

Pivot

1833.00

Our preference

Long positions above 1833.00 with targets at 1853.00 & 1864.00 in extension.

Alternative scenario

Below 1833.00 look for further downside with 1825.00 & 1815.00 as targets.

Comment

A support base at 1833.00 has formed and has allowed for a temporary stabilisation.

Brent (ICE)  

may fall to 54.40 – 54.90

Pivot

55.50

Our preference

Short positions below 55.50 with targets at 54.90 & 54.40 in extension.

Alternative scenario

Above 55.50 look for further upside with 55.90 & 56.20 as targets.

Comment

The RSI is mixed to bearish.

S&P 500 (CME)  

may rise to 3800.00 – 3823.00

Pivot

3747.00

Our preference

Long positions above 3747.00 with targets at 3800.00 & 3823.00 in extension.

Alternative scenario

Below 3747.00 look for further downside with 3725.00 & 3703.00 as targets.

Comment

The RSI is mixed and calls for caution.

Dax (Eurex)  

may rise to 13850.00 – 13920.00

Pivot

13500.00

Our preference

Long positions above 13500.00 with targets at 13850.00 & 13920.00 in extension.

Alternative scenario

Below 13500.00 look for further downside with 13310.00 & 13170.00 as targets.

Comment

The break above 13500.00 is a positive signal that has opened a path to 13850.00.

 

SGX FTSE China A50  

may rise to 18510.00 – 18600.00

Pivot

18180.00

Our preference

Long positions above 18180.00 with targets at 18510.00 & 18600.00 in extension.

Alternative scenario

Below 18180.00 look for further downside with 18050.00 & 17955.00 as targets.

Comment

The RSI calls for a rebound.

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.