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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:

Index CFD and Forex Trade Ideas & Chart Analysis (19 – 23 Oct 20)

By Hector in Trade Ideas on 18 October 2020

1.(Hong Kong Index HKD5 CFD)

 

 

 

Big Picture – Bearish

Resistance : 24,933, 25,890    Support : 22,979, 22, 505

One Good Trade Idea

While HKI has recovered from the recent low of 22,979, it is still trading below the downtrend line. Whilst price action remains below this trendline, traders may consider shorts on price strength for a target move to 22,979.

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Neutral

Resistance : 2,671    Support : 2,501

One Good Trade Idea

STI continues to trade in the range above the 2,500 support. As the government is planning to release the road map for reopening the economy in the coming weeks, traders may prefer to enter long above 2,500 with a price action signal. However, price actions are likely to remain volatile leading to up to the US election.

 

3.(US Tech 100 Index USD5 CFD)

 

 

Big Picture – Bullish

Resistance : 12,468    Support : 10,371

One Good Trade Idea

The uptrend is still intact but price actions last week gave clue that the bulls are exhaustive as it is approaching the previous high at 12,468. There are regulatory concerns that tough news rules and stricter enforcement may be introduced to curb the market power abuses by the big tech companies. Traders with positions may prefer to sell and take profit as the index is heading higher towards the pivot at 12,468.

 

Note:

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

 

 

4.(AUDUSD)

 

 

 

Big Picture – Bearish

Resistance : 0.7413    Support : 0.7063, 0.6776

One Good Trade Idea

AUDUSD may continue to trade lower as we have a series of lower highs since the high at 0.7413 printed on 01 Sep. With the escalation of the trade war between Australia and China, AUD may continue to remain in selling pressure. Traders may prefer to sell on pocket of strength below 0.7413 resistance for a move lower to 0.6776.

 

5.(EURUSD)

 

 

Big Picture – Neutral

Resistance : 1.2011    Support : 1.1695

One Good Trade Idea

The bias is neutral as the bounce from the support at 1.1695 failed to take off higher last week. The support may be under pressure again as more EU nations moves to tightens borders and measures amid a record surge in Covid-19 infections. A break of the support will expose 1.1494 for a move lower. Traders may prefer to stay sidelined for more price actions to confirm the next move.

 

6.(USDJPY)

 

 

Big Picture – Bearish

Resistance :107.03    Support : 103.99

One Good Trade Idea

The downward trend may continue lower after the recent pullback higher. Amid fading hopes of additional US fiscal stimulus measures before the election, the greenback remains at risk of trading lower towards support at 103.99. Traders may continue to sell below 107.03 resistance with a price action signal.

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

 

 

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