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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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Forex and Index CFD Trade Ideas & Chart Analysis (22 – 26 Jun 20)

By Hector in Trade Ideas on 21 June 2020

1.(FBM KLCI MYR10 CFD)


 

 

Big Picture – Bullish

Resistance : 1,549    Support : 1,421

One Good Trade Idea

After the market meltdown in Mar, KLCI has recovered and rallied higher. It broke the resistance at 1,549 recently but wasn’t able to sustain above it. The pull back may be due to profit taking with the bulls taking a break from its recent strong performance. Traders may continue to look for opportunity to enter long near the support at 1,421 with a price action buy signal.

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Neutral

Resistance :2,671    Support : 2,501

One Good Trade Idea

The bias is neutral with the index back in the consolidation range between 2,501 and 2,671. The pullback from the recent high was not able to maintain above the 2,671 support level. While short term momentum may be weak, as long as the critical support near 2,500 level holds, the upside target of 3,040 is still in sight. Traders may prefer to wait for a clearer picture while price action remains in this range.

 

3.(Wall Street Index USD1 CFD)

 


 

Big Picture – Bullish

Resistance : 27,071    Support : 22,679

One Good Trade Idea

The uptrend is still intact after the support at 22,679 was tested last week. The central bank stepped in to support it with monetary policy after it announced that it would buy an index of individual bonds. The index managed to close higher for the week. Traders may prefer to buy on further pullback near the support at 22,679 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.(EURGBP)

 

 

 

Big Picture – Slightly Bullish

Resistance : 0.9499    Support : 0.9000

One Good Trade Idea

EURGBP closed above the 0.9000 level last week and the momentum may continue for this pair to trade higher in the coming weeks. The BoE left interest rates unchanged as expected and increased its bond buying program (QE). Price actions may continue within the upward-slopping channel, suggesting further gains going forward. Traders may continue to buy this pair for a target move to near 0.95 resistance.

 

5.(GBPJPY)

 

 

Big Picture – Bearish

Resistance : 135.73    Support : 123.72

One Good Trade Idea

The downtrend in GBPJPY continues as traders buy yen on a risk-off market. Market sentiment remains bearish as investor’s fear of a second Covid-19 wave. Traders may  continue to sell further with a price action signal for a target move to 123.72 support.

 

6.(GBPUSD)

 

 

Big Picture – Bearish

Resistance : 1.2646    Support : 1.1409

One Good Trade Idea

After the false break of the resistance at 1.2646, GBPUSD price action has retreated further with the break of the blue trendline. Traders may look for a pullback to retest the trendline resistance to sell below it. However, if it manage to close higher, then wait for it to retest and fail to close above 1.2646 horizontal resistance to sell.

 

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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