Doo Prime Daily Featured Trading Strategies – October 29, 2020 - Doo Prime News
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Doo Prime Daily Featured Trading Strategies – October 29, 2020 

  1. Daily technical analysis of selected currency pairs

GBP/AUD   Bullish

Image Features:  forms “Hammer” pattern

Target

Opportunity recognized 2020 Oct 29 for the period of up to 12 hours

+0.00006 (06 pips) price change since the Technical Event at 1.83979

 Technical Analysis

We found a pattern called Hammer on 2020 Oct 29 at 03:35 GMT on a 5 minute chart suggesting the outlook is bullish for up to 12 hours.

The faster moving average crossed above the slower moving average on 2020 Oct 29 at 03:45 GMT, signaling a new uptrend has been established.

USD/AUD  Bullish

Image Features:  forms “Engulfing Line (Bullish)” pattern

Target

Opportunity recognized 2020 Oct 29 for the period of up to 12 hours

-0.00016 (16 pips) price change since the Technical Event at 1.41571

Technical Analysis

We found a pattern called Engulfing Line (Bullish) on 2020 Oct 29 at 03:40 GMT on a 5 minute chart suggesting the outlook is bullish for up to 12 hours.

The faster moving average crossed above the slower moving average on 2020 Oct 29 at 03:50 GMT, signaling a new uptrend has been established.

  1. Daily analyst View

EUR/USD

may fall 14 – 34 pips

Pivot

1.1760

Our preference

Short positions below 1.1760 with targets at 1.1735 & 1.1715 in extension.

Alternative scenario

Above 1.1760 look for further upside with 1.1785 & 1.1810 as targets.

Comment

The upward potential is likely to be limited by the resistance at 1.1760.

GBP/USD 

may fall 18 – 38 pips

Pivot

1.3015

Our preference

Short positions below 1.3015 with targets at 1.2975 & 1.2955 in extension.

Alternative scenario

Above 1.3015 look for further upside with 1.3040 & 1.3065 as targets.

Comment

As long as the resistance at 1.3015 is not surpassed, the risk of the break below 1.2975 remains high.

USD/CAD 

may rise 26 – 61 pips

Pivot

1.3260

Our preference

Long positions above 1.3260 with targets at 1.3335 & 1.3370 in extension.

Alternative scenario

Below 1.3260 look for further downside with 1.3235 & 1.3210 as targets.

Comment

The RSI calls for a new upleg.

Gold spot

is neutral

Pivot

1935.00

Our preference

Short positions below 1935.00 with targets at 1845.00 & 1815.00 in extension.

Alternative scenario

Above 1935.00 look for further upside with 1980.00 & 2015.00 as targets.

Comment

As long as 1935.00 is resistance, look for choppy price action with a bearish bias.

Brent (ICE) 

may fall to 38.50 – 39.20

Pivot

40.10

Our preference

Short positions below 40.10 with targets at 39.20 & 38.50 in extension.

Alternative scenario

Above 40.10 look for further upside with 40.60 & 41.00 as targets.

Comment

The RSI has just struck against its neutrality area at 50% and is reversing down.

S&P 500 (CME) 

may fall to 3238.00 – 3261.00

Pivot

3303.00

Our preference

Short positions below 3303.00 with targets at 3261.00 & 3238.00 in extension.

Alternative scenario

Above 3303.00 look for further upside with 3331.00 & 3357.00 as targets.

Comment

As long as the resistance at 3303.00 is not surpassed, the risk of the break below 3261.00 remains high.

Dax (Eurex) 

may fall to 11310.00 – 11444.00

Pivot

11755.00

Our preference

Short positions below 11755.00 with targets at 11444.00 & 11310.00 in extension.

Alternative scenario

Above 11755.00 look for further upside with 11950.00 & 12120.00 as targets.

Comment

Technically the RSI is below its neutrality area at 50.

SGX FTSE China A50 

may rise to 16596.00 – 16848.00

Pivot

15345.00

Our preference

As long as 15345 is support look for 16596.

Alternative scenario

The downside breakout of 15345 would call for 14927 and 14677.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The index could retrace in the short term. FTSE China A50 index is trading above both its 20 and 50 period MA (respectively at 15711.56 and 15575.77).

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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