Doo Prime Daily Featured Trading Strategies – October 13, 2020 - Doo Prime News
Doo Prime News > Important Notice > Doo Prime Daily Featured Trading Strategies – October 13, 2020

Doo Prime Daily Featured Trading Strategies – October 13, 2020 

1. Daily technical analysis of selected currency pairs 

XAU/USD Bullish 

Image Features: XAU/USD forms “Outside Bar (Bullish)” pattern

Target: 

– Opportunity recognized 2020 Oct 13 for the period of up to 12 hours

– 0.880 (88 pips) price change since the Technical Event at 1,911.900

Technical Analysis:  

– We found a pattern called Outside Bar (Bullish) on 2020 Oct 13 at 05:00 GMT on a 30-minute chart suggesting the outlook is bullish for up to 12 hours.

– The RSI rose above 30 on 2020 Oct 13 at 05:00 GMT, telling us the price is starting to recover from being oversold.

GBP/JPY Bearish 

Image Features: GBP/JPY forms “Hanging Man” pattern

Target:  

– Opportunity recognized 2020 Oct 13 for the period of up to 12 hours

– 0.043 (43 pips) price change since the Technical Event at 137.573

Technical Analysis: 

– We found a pattern called Hanging Man on 2020 Oct 13 at 05:00 GMT on a 5-minute chart suggesting the outlook is bearish for up to 12 hours.

– A bearish event triggered for Slow Stochastics on 2020 Oct 13 at 05:00 GMT when the %K line crossed below the %D line. The close prices are trading closer to the lower end of the recent high-low price range, which is associated with price decreases

2. Daily Analyst View 

EUR/USD  

may fall 9 – 24 pips 

Pivot

1.1815

Our preference

Short positions below 1.1815 with targets at 1.1785 & 1.1770 in extension.

Alternative scenario

Above 1.1815 look for further upside with 1.1830 & 1.1850 as targets.

Comment

A break below 1.1785 would trigger a drop towards 1.1770.

 

GBP/USD 

may fall 13 – 43 pips 

Pivot

1.3075

Our preference

Short positions below 1.3075 with targets at 1.3030 & 1.3000 in extension.

Alternative scenario

Above 1.3075 look for further upside with 1.3095 & 1.3115 as targets.

Comment

The RSI lacks upward momentum.

 

USD/CAD  

may rise 27 – 47 pips 

Pivot

1.3100

Our preference

Long positions above 1.3100 with targets at 1.3160 & 1.3180 in extension.

Alternative scenario

Below 1.3100 look for further downside with 1.3080 & 1.3050 as targets.

Comment

The RSI calls for a rebound.

 

Spot Gold  

may fall to 1890.00 – 1900.00 

Pivot

1925.00

Our preference

Short positions below 1925.00 with targets at 1900.00 & 1890.00 in extension.

Alternative scenario

Above 1925.00 look for further upside with 1933.00 & 1940.00 as targets.

Comment

The RSI advocates for further decline.

 

Brent Crude Oil 

may fall to 40.85 – 41.35 

Pivot

42.15

Our preference

Short positions below 42.15 with targets at 41.35 & 40.85 in extension.

Alternative scenario

Above 42.15 look for further upside with 42.60 & 42.95 as targets.

Comment

As long as the resistance at 42.15 is not surpassed, the risk of the break below 41.35 remains high.

 

S&P 500 Index Futures 

may rise to 3541.00 – 3565.00 

Pivot

3500.00

Our preference

Long positions above 3500.00 with targets at 3541.00 & 3565.00 in extension.

Alternative scenario

Below 3500.00 look for further downside with 3475.00 & 3445.00 as targets.

Comment

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

 

German DAX Index Futures 

may rise to 13190.00 – 13320.00 

Pivot

12990.00

Our preference

Long positions above 12990.00 with targets at 13190.00 & 13320.00 in extension.

Alternative scenario

Below 12990.00 look for further downside with 12920.00 & 12820.00 as targets.

Comment

The RSI is mixed with a bullish bias.

 

FTSE China A50 Index Futures 

may fall to 15600.00 – 15735.00 

Pivot

15955.00

Our preference

Short positions below 15955.00 with targets at 15735.00 & 15600.00 in extension.

Alternative scenario

Above 15955.00 look for further upside with 16030.00 & 16100.00 as targets.

Comment

As long as 15955.00 is resistance, look for choppy price action with a bearish bias.

 

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 is responsible to bear the relevant legal liabilities for the investment risks arising from your use of this report to make buying and selling decisions. 

Share to