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HomeDoo Prime Daily Featured Trading Strategies – October 22, 2020
- 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.
- 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.
