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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.

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Index CFD and Forex Trade Ideas & Chart Analysis (21 – 25 Sep 20)

By Hector in Trade Ideas on 20 September 2020

1.(Hong Kong Index HKD5 CFD)

 

 

 

Big Picture – Bearish

Resistance : 25,890    Support : 22,505

One Good Trade Idea

The trend is bearish as the bounce from last week is not able to close above the blue uptrend line and the 50 EMA resistance. Price actions are likely to move lower from here as the lower support at 22,505 is now exposed as the next stop. Traders may prefer to sell with a price action short signal.

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Bearish

Resistance :2,501, 2,671    Support : 2,380,  2,208

One Good Trade Idea

The bias is bearish as the bulls and bears are battling it out near the 2,500 level. The bears are barely in control as the index closed just below 2,500 for the week. The current slide in the US markets is also giving the bears a helping hand here. While price action is below 2,500, traders may prefer to sell with a price action signal.

 

3.(US SP500 Index USD5 CFD)

 

 

Big Picture – Bullish

Resistance : 3,589    Support : 3,293, 3,233

One Good Trade Idea

While the uptrend remains intact, the index closed below the 50 EMA  last week as the correction in the broad market continues. With the increasing US-China tension and rout in tech stocks, a deeper pullback is expected in the coming weeks. Traders may wait for a buy signal when price actions fall into the support zone between 3,233 and 3,293 to enter long.

 

Note:

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

 

 

4.(GBPUSD)

 

  

 

Big Picture – Bullish

Resistance : 1.3209    Support : 1.2812

One Good Trade Idea

The pair has bounced and recovered from the support at 1.2812. Price actions may continue upwards with the blue line or continue with the pullback lower to retest the horizontal support. BOE may consider using negative interest rate if the government fails to reach an agreement with the EU. If this happens, the support may breaks and expose the next lower support at 1.2251. Whilst price remains above 1.2812, traders may prefer to buy above the trend line with a price action signal for a move higher to test 1.3209 resistance.

 

5.(NZDUSD)

 

 

Big Picture – Bullish

Resistance : 0.6788    Support : 0.6488

One Good Trade Idea

The uptrend continues in NZDUSD as the Kiwi Dollars pushed higher to near 2020 high. The bulls were betting that second quarter GDP data would come in better than expectation last week. This may undermines the need for more stimulus policies. Traders may prefer to buy on a pullback to the 50 EMA or support at 0.6488 to enter.

 

6.(USDCHF)

 

 

Big Picture – Bearish

Resistance : 0.9181    Support : 0.8998

One Good Trade Idea

The bias remains bearish while price is consolidating between 0.8998 and 0.9181. On the downside, a break of the support at 0.8998 will resume the downtrend after this consolidation. On the upside, a break of the resistance may signal the first sign of a short term bottoming. Traders may prefer to sell on pockets of strength towards the resistance level with a price action reversal 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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