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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 (15 – 19 Jun 20)

By Hector in Trade Ideas on 14 June 2020

1.(FTSE China A50 USD1 CFD)

 

 

Big Picture – Slightly Bullish

Resistance : 14,225    Support : 13,002, 11,500

One Good Trade Idea

The bias remains slightly bullish with the break of the downtrend line. But we need further price actions to confirm whether this is a trend reversal or a false breakout. If there is a second wave of Covid-19 infections, then the latter may happens and price action may resume lower to test the trendline and horizontal support near 13,002.

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Slightly Bullish

Resistance : 3,040    Support : 2,671

One Good Trade Idea

After the recent breakout from the resistance turned support at 2,671, it pullback last week to test it. The bulls managed to support it last Friday to close above it. Traders may look for a strong buy signal above this support to enter long. However, a close below it may signal consolidation to resume within this range of 2,501 to 2,671.

 

3.(US Tech 100 Index USD5 CFD)

 

 

Big Picture – Bullish

Resistance : 9,752    Support : 8,979

One Good Trade Idea

US tech index hit a new high last week, hitting above the resistance at 9,752 before pulling back lower at the end of the week. While the underlying sentiment remains bullish, the index may pullback next week after the market thought FOMC Chair Jerome Powell didn’t sound too optimistic about the economic conditions going forward. Traders may prefer to wait out near the 20EMA support at 9,300 for a price action signal to buy for another attempt to break the resistance at 9,752.

 

Note:

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

 

 

4.(NZDUSD)

 

 

 

Big Picture – Bullish

Resistance : 0.6477    Support : 0.6175

One Good Trade Idea

New Zealand Dollar has rallied with the recent weakness in USD. However, last week price actions may suggest the rally may have stalled and a pullback may be on the horizon. Despite the lifting of the coronavirus restrictions with the eradication of Covid-19 cases, it closed below the resistance level 0.6477. Whilst price remains above 0.6175 support, traders may buy on pockets of weakness with a price action signal above this support.

 

5.(USDCAD)

 

 

Big Picture – Bearish

Resistance : 1.3855    Support : 1.3201

One Good Trade Idea

The bias remains bearish with the market still respecting the blue downtrend line. For next week, it may test the confluence areas of the trendline and horizontal resistance at 1.3855. Traders may look for a bearish signal to sell near this resistance for a target move to 1.3201 support.

 

6.(XAUUSD)

 

 

Big Picture – Neutral

Resistance : 1,765    Support : 1.659

One Good Trade Idea

While the long term trend in gold remains bullish, it is now trading in range since setting a seven year high in May. Traders may prefer to buy near the support at 1,659 and sell at the upper limit of the range at 1,765. Enter only when there is price action signal that supports these 2 range limits.

 

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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