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 (01 – 05 Jun 20)

By Hector in Trade Ideas on 31 May 2020

1.(Hong Kong Index HKD5 CFD)

 

  

 

Big Picture – Bearish

Resistance : 23,348, 24,515    Support : 21,475

One Good Trade Idea

The bias remains bearish with the widening rift between US and China. The political concern about Hong Kong and its autonomous status may see investors taking risk off the table. A pullback into the resistance zone between 23,348 and 24,515 may give traders an opportunity to enter short with a price action sell signal. The target move is towards 21,475 support.

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Neutral

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

One Good Trade Idea

Last week, STI traded mostly above the 2501 support and our bias remains neutral for now as it is back into the consolidation range. Traders may prefer to wait for the market to show us the next move with a strong price action signal either way.

 

3.(Wall Street Index USD1 CFD)

 

 

Big Picture – Bullish

Resistance : 27,071    Support : 22,679

One Good Trade Idea

The Dow Jones performed relatively well for the month of May with an accommodative monetary policy and hopes of further lifting the restrictions of business . Despite the fears of a major economic contraction shown in the data, the bulls may be pushing it higher to test the resistance at 27,071. Traders may prefer to enter long with a price action buy signal near 22,679 support.

 

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 – Bullish

Resistance : 0.6684, 0.7031    Support : 0.6378

One Good Trade Idea

The strength in AUDUSD continues with the upbeat tone in the RBA meeting minutes for May. This may push it higher back to pre-crisis level to the next higher resistance at 0.7031. For now, it need to clear the immediate resistance at 0.6684 with the bulls hanging out just below it for most of last week.

 

5.(EURGBP)

 

 

Big Picture – Bullish

Resistance :0.9000, 0.9500    Support : 0.8863, 0.8670

One Good Trade Idea

The recent strength in EUR continues with the second test to break the resistance at 0.9000 last Friday. However, it failed again with a bearish long tail pin bar and price action may pullback lower. The big item for next week Thurday is the ECB rate decision meeting and we may see more volatile price actions towards the press statements for more clues on the direction going forward.

 

6.(USDCAD)

 

 

Big Picture – Bearish

Resistance : 1.3855, 1.4666    Support : 1.3201

One Good Trade Idea

The trend is downward after the break of the horizontal support at 1.3855 in the descending triangle. Traders may look for a price action sell signal below the support turned resistance level for a move down to 1.3201.

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. 70

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!