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HomeDoo Prime Daily Featured Trading Strategies – January 6, 2021
- Daily technical analysis of selected currency pairs
CAD/JPY Bullish
Image Features: forms “Diamond Bottom” pattern
Target
Opportunity recognized 2021 Jan 05 for the period of up to 48 hours
+0.266 (266 pips) price change since the Technical Event at 80.788
Technical Analysis
We found a pattern called Diamond Bottom on 2021 Jan 05 at 17:00 GMT on a 30 minute chart, providing a target price for up to 48 hours in the range of 81.110 to 81.190.
The faster moving average crossed above the slower moving average on 2021 Jan 05 at 18:00 GMT, signaling a new uptrend has been established.
AUD/NZD Bearish
Image Features: forms “Continuation Diamond (Bearish)” pattern
Target
Opportunity recognized 2021 Jan 06 for the period of up to 48 hours
-0.00020 (2 pips) price change since the Technical Event at 1.06910
Technical Analysis
We found a pattern called Continuation Diamond (Bearish) on 2021 Jan 06 at 01:15 GMT on a 15 minute chart, providing a target price for up to 48 hours in the range of 1.07000 to 1.08000.
The price crossed below its moving average on 2021 Jan 06 at 01:45 GMT signaling a new downtrend has been established.
- Daily Analyst View
EUR/USD
may rise 30 – 45 pips
Pivot
1.2275
Our preference
Long positions above 1.2275 with targets at 1.2325 & 1.2340 in extension.
Alternative scenario
Below 1.2275 look for further downside with 1.2255 & 1.2240 as targets.
Comment
Technically the RSI is above its neutrality area at 50.
GBP/USD
may rise 28 – 48 pips
Pivot
1.3600
Our preference
Long positions above 1.3600 with targets at 1.3650 & 1.3670 in extension.
Alternative scenario
Below 1.3600 look for further downside with 1.3575 & 1.3550 as targets.
Comment
The break above 1.3600 is a positive signal that has opened a path to 1.3650.
USD/CAD
may fall 47 – 92 pips
Pivot
1.2725
Our preference
Short positions below 1.2725 with targets at 1.2625 & 1.2580 in extension.
Alternative scenario
Above 1.2725 look for further upside with 1.2770 & 1.2800 as targets.
Comment
The immediate trend remains down and the momentum is strong.
Gold
may rise to 1965.00 – 1973.00
Pivot
1938.00
Our preference
Long positions above 1938.00 with targets at 1965.00 & 1973.00 in extension.
Alternative scenario
Below 1938.00 look for further downside with 1924.00 & 1913.00 as targets.
Comment
The RSI is mixed with a bullish bias.
Brent (ICE)
may rise to 54.70 – 55.20
Pivot
52.85
Our preference
Long positions above 52.85 with targets at 54.70 & 55.20 in extension.
Alternative scenario
Below 52.85 look for further downside with 52.10 & 51.55 as targets.
Comment
The RSI is bullish and calls for further upside.
S&P 500 (CME)
may rise to 3745.00 – 3773.00
Pivot
3670.00
Our preference
Long positions above 3670.00 with targets at 3745.00 & 3773.00 in extension.
Alternative scenario
Below 3670.00 look for further downside with 3653.00 & 3625.00 as targets.
Comment
The RSI is mixed to bullish.
Dax (Eurex)
may rise to 13810.00 – 13880.00
Pivot
13552.00
Our preference
Long positions above 13552.00 with targets at 13810.00 & 13880.00 in extension.
Alternative scenario
Below 13552.00 look for further downside with 13505.00 & 13410.00 as targets.
Comment
A support base at 13552.00 has formed and has allowed for a temporary stabilisation.
SGX FTSE China A50
may rise to 18630.00 – 18750.00
Pivot
18015.00
Our preference
Long positions above 18015.00 with targets at 18630.00 & 18750.00 in extension.
Alternative scenario
Below 18015.00 look for further downside with 17820.00 & 17660.00 as targets.
Comment
The RSI shows upside momentum.
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.
