fbpx

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 (10 – 14 Aug 20)

By Hector in Trade Ideas on 09 August 2020

1.(Hong Kong Index HKD5 CFD)

 

  

Big Picture – Bearish

Resistance : 24,873   Support : 22,505

One Good Trade Idea

The bias is turning bearish as the escalating US-China tensions is putting a dampener on investor sentiment. Price action is now on the brink of breaking the blue uptrend line and may expose the next lower support at 22,505. The executive orders prohibiting US firms from doing business with TikTok and Wechat may lead to a retaliation from China and prolong the risk aversion from investors. Traders may prefer to sell on a pullback below 24,873 with a price action signal. 

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Neutral

Resistance :  2,671   Support : 2,501, 2,380

One Good Trade Idea

The trend remains side way after a false breakdown of the 2,501 support last Monday. The weaker results from the banks did not help to push the index much higher.  With the tensions in US – China escalating, negative sentiments still persist. Bull traders may prefer to wait for more price actions for a clearer picture to buy. Bear traders may prefer to enter short only after a clear breakdown from the support near 2,500. This may be a candle close below last Monday low of 2,478  or a bearish engulfing candle below the 2,500 support.

 

3.(US Tech 100 Index USD5 CFD)

 

 

Big Picture – Bullish

Resistance : 11,291    Support : 10,371

One Good Trade Idea

The bullish trend in the US Tech index continues with a new record high. The benefits and greater demand for digital services may be fueling the rally as prices of Apple, Facebook, Alphabet rose higher. Market’s hope of an approved vaccine by the end of the year and better than expected US jobs data helped put the bulls in control. Traders may continue to buy on pullback nearer to support at 10,371.

 

Note:

To trade Index CFD, you may open a CFD Account with Phillip Securities under Hector (XL) as your preferred Trading Representative.

 

4.EURUSD

 

 

 

Big Picture – Bullish

Resistance : 1.1815    Support : 1.1422

One Good Trade Idea

The bulls in EURUSD remain in control but may be due for a pause and pullback after trading to a fresh 2020 high this week. However, as the FOMC may keep its status quo at the next meeting on Sep 16, the currency pair may continue to trade higher as FED is likely to support the economy during this Covid-19 pandemic with loose monetary policies. Traders may prefer to buy on pocket of weakness above the support at 1.1422.

 

5.GBDUSD

 

 

Big Picture – Bullish

Resistance : 1.3209    Support : 1.2812

One Good Trade Idea

The bias remains bullish although it may due for a pullback after a good run with heavy overhead resistance at 1.3209. If it can consolidate just below this resistance without a breakdown of  the up trendline, we may see a resistance breakout in the not too far distant future. Traders may continue to buy on a price action buy signal above 1.2812 support.

 

6.(USDCAD)

 

 

Big Picture – Bearish

Resistance : 1.3714    Support : 1.3201

One Good Trade Idea

The downtrend that began in Mar this year is still very much intact. However, It may pull back next week after Trump hinted at imposing a 10% tariffs on Canadian aluminum imports. Nevertheless, we’ll still prefer to sell USDCAD below the 20EMA or horizontal resistance at 1.3714 for a target move to break the support at 1.3201 and lower.

 

Note:

To trade Forex, you may first open a MT5 Demo Account under Phillip Futures A/c No (If any) : Hector (VXL)

 

Happy Trading!
One Good Trade

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. ...
  9. 80

Do you want more trade setup ideas and chart analysis delivered to you? In the Member's Area, we discuss more potential trade setup ideas on stocks of SGX, HKSE, NYSE, NASDAQ, World Indices, Forex and Commodities. It is Free! Sign Up!