Doo Prime Daily Featured Trading Strategies – October 22, 2020 - Doo Prime News
Doo Prime News > Important Notice > Doo Prime Daily Featured Trading Strategies – October 22, 2020

Doo Prime Daily Featured Trading Strategies – October 22, 2020 

  1. Daily technical analysis of selected currency pairs 

USD/JPY Bearish

Image Features:  forms “Inside Bar (Bearish)” pattern

Target

Opportunity recognized 2020 Oct 22 for the period of up to 12 hours

+0.065 (65 pips) price change since the Technical Event at 104.632

Technical Analysis

We found a pattern called Inside Bar (Bearish) on 2020 Oct 22 at 01:00 GMT on a 30 minute chart suggesting the outlook is bearish for up to 12 hours.

A bearish event triggered for Fast Stochastics on 2020 Oct 22 at 01:30 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.

GBP/NZD Bullish

Image Features: forms “Hammer” pattern

Target

Opportunity recognized 2020 Oct 22 for the period of up to 12 hours

+0.00088 (88 pips) price change since the Technical Event at 1.97601

Technical Analysis

We found a pattern called Hammer on 2020 Oct 22 at 02:05 GMT on a 5 minute chart suggesting the outlook is bullish for up to 12 hours.

The Williams %R indicator triggered a bullish signal on 2020 Oct 22 at 02:15 GMT, having risen up out of oversold (-80 level) and continued on to cross above the -50 level.

  1. Daily analyst View

 EUR/USD

may fall 14 – 34 pips

Pivot

1.1880

Our preference

Short positions below 1.1880 with targets at 1.1835 & 1.1815 in extension.

Alternative scenario

Above 1.1880 look for further upside with 1.1900 & 1.1915 as targets.

Comment

The RSI lacks upward momentum.

GBP/USD

may rise 39 – 64 pips 

Pivot

1.3100

Our preference

Long positions above 1.3100 with targets at 1.3175 & 1.3200 in extension.

Alternative scenario

Below 1.3100 look for further downside with 1.3075 & 1.3045 as targets.

Comment

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

USD/CAD

may rise 39 – 64 pips

Pivot

1.3135

Our preference

Long positions above 1.3135 with targets at 1.3205 & 1.3230 in extension.

Alternative scenario

Below 1.3135 look for further downside with 1.3105 & 1.3080 as targets.

Comment

The RSI is bullish and calls for further advance.

Gold spot

may fall to 1904.00 – 1910.00 

Pivot

1926.00

Our preference

Short positions below 1926.00 with targets at 1910.00 & 1904.00 in extension.

Alternative scenario

Above 1926.00 look for further upside with 1931.00 & 1939.00 as targets.

Comment

The RSI is bearish and calls for further decline.

Brent (ICE)

may rise to 43.30 – 43.45 

Pivot

41.85

Our preference

Short positions below 41.85 with targets at 41.35 & 41.15 in extension.

Alternative scenario

Above 41.85 look for further upside with 42.05 & 42.30 as targets.

Comment

A break below 41.35 would trigger a drop towards 41.15.

S&P 500 (CME)

may fall to 3359.00 – 3380.00

Pivot

3450.00

Our preference

Short positions below 3450.00 with targets at 3380.00 & 3359.00 in extension.

Alternative scenario

Above 3450.00 look for further upside with 3470.00 & 3485.00 as targets.

Comment

The RSI advocates for further downside.

Dax (Eurex)

may fall to 12215.00 – 12316.00 

Pivot

12670.00

Our preference

Short positions below 12670.00 with targets at 12316.00 & 12215.00 in extension.

Alternative scenario

Above 12670.00 look for further upside with 12770.00 & 12875.00 as targets.

Comment

The RSI shows downside momentum.

SGX FTSE China A50

may rise to 16080.00 – 16170.00 

Pivot

15880.00

Our preference

Long positions above 15880.00 with targets at 16080.00 & 16170.00 in extension.

Alternative scenario

Below 15880.00 look for further downside with 15790.00 & 15660.00 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.

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