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Trade Ideas

Disclaimer: The views on the posts and charts are for educational and illustration purpose only, as past performance is not necessarily indicative of future performance. They are provided for general information only and therefore should not be taken as any offer or solicitation to do any investment or trade.

Note: Non-Members are strongly recommended to sign up for the online free course to have a better understanding of the setups as discussed below:

Forex and Index CFD Trade Ideas & Chart Analysis (17 – 21 Feb 20)

By Hector in Trade Ideas on 16 February 2020

1.(Hong Kong Index HKD5 CFD)

 

 

 

Big Picture – Slightly Bearish

Resistance : 27,943    Support : 25,909

One Good Trade Idea

The bias is slightly bearish as price is pulling back from the support near 25,909. The recovery may have stalled near the 27,943 resistance and is likely to attract sellers there. Also, we have a bearish long tailed bar on Friday’s close and a possibility of a right shoulder formation in the Head & Shoulder pattern. On the other hand, a close above 27,943 could press it further towards 29,181.

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Slightly Bearish

Resistance : 3,231,  3,285    Support : 3,144

One Good Trade Idea

Last week we saw the retest of both the support at 3,144 and resistance at 3,231. There is still concerns about how the Coronavirus is going to impact financial markets in this region and the underlying sentiment is still slightly bearish. The resistance at 3,231 may be forming a lower high from 3,285 and heads lower below support at 3,144.

 

3.(US SP500 Index USD5 CFD)

 

 

Big Picture – Bullish

Resistance : 3,458    Support : 3,335, 3,212

One Good Trade Idea

The bullish trend in S&P 500 is still very much intact and traders can continue to buy on price weakness. The immediate support is at 3,335 followed by 3,212. Wait for a price action long signal to buy in this support zone for a move higher towards 3,348.

 

4.(EURGBP)

 

 

 

Big Picture – Bearish

Resistance : 0.8575    Support : 0.8276,  0.8116

One Good Trade Idea

The downtrend since Aug 19 is likely to continue lower. As it is approaching the support at 0.8276, there may be a rebound from there. Traders may then look for a price action to sell on pocket of strength . A break below 0.8276 level will expose the next lower support at 0.8116.

 

5.(EURJPY)

 

 

Big Picture – Bearish

Resistance : 120.16    Support : 117.06

One Good Trade Idea

The weakness in Euro is also reflected in the pair of EURJPY. The support at 120.16 was broken and price action is likely to continue lower towards 117.06 support. Traders may enter or add position with price action sell signal below 120.16.

 

6.(NZDUSD)

 

 

Big Picture – Bearish

Resistance : 0.6465, 0.6544    Support : 0.6321

One Good Trade Idea

I wrote about NZDUSD on 02 Feb on breaking the uptrend line and testing the 0.6465 support. Since then, it has broken the horizontal support and look set to go lower to next support at 0.6321.Trader may prefer to wait for a pullback higher to test the 50EMA resistance to sell.

 

Happy Trading!
One Good Trade

 

Note:
To trade Index CFD, you may open a CFD Account with Phillip Securities under Hector (XL) as your preferred Trading Representative.
To trade Forex, you may first open a MT5 Demo Account under Phillip Futures A/c No (If any) : Hector (VXL)

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