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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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Trade Setups & Chart Analysis (25 – 29 May 20)

By Hector in Trade Ideas on 24 May 2020

1.(Hong Kong Index HKD5 CFD)

 

 

 

Big Picture – Bearish

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

One Good Trade Idea

Last week I wrote here on HKI that it remained bearish and the support at 23,348 may be retested. Last Friday, it dropped more than 5% and broke the support convincingly. China imposition of National Security law on Hong Hong led to the market’s crash. The latest development brings back fear of last year’s violent protests over the city’s autonomy. The next support is 21,475 and we may see it tested in the coming weeks if the situation worsens.

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Bearish

Resistance : 2,671    Support : 2.380, 2,208

One Good Trade Idea

The index closed just a tad below 2,500 last Friday and the bias is turning bearish. If it is not a false break here, then there is a high chance that it will go down further to test lower support at 2,380. The tension in Hong Kong , the trade war between US and China and the Covid 19 crisis may  put investors in cautious mood and take risk off the table.

 

3.(US SP500 Index USD5 CFD)

 

 

Big Picture – Bullish

Resistance : 3.134    Support : 2,725

One Good Trade Idea

The trend is mildly bullish with price action remains at the top of the trading range. The first target is for the index to break the 3,000 mark before it can test the resistance at 3,134. With the easing of coronavirus lockdowns to some extents in the states, we may see a slow claw up higher. Traders may buy on pocket of weakness above support at 2,725 to enter long with a price action signal.

 

Note:

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

 

 

4.(EURJPY)

 

 

 

Big Picture – Bearish

Resistance : 119.03    Support : 114.42

One Good Trade Idea

The Euro has been taking back some of the ground lost in Apr and may have further room to move up to the resistance near 119.03. However, the upside may be cap by the longer term downtrend line . Longer term trader may wait for a pullback higher to test the confluence area near the horizontal resistance and the downtrend line to sell.

 

5.(XAGUSD)

 

 

Big Picture – Bullish

Resistance : 18.94    Support : 15.83

One Good Trade Idea

The bullish bias in Silver continues after the break of the resistance at 15.83. Trader may prefer to enter long on a pullback lower near this resistance turned support . The target move is towards resistance at 18.94.

 

6.(XAUUSD)

 

 

Big Picture – Bullish

Resistance : 1,765    Support : 1,659

One Good Trade Idea

The uptrend in Gold remains intact. However, recent price actions may hint that the bulls in XAUUS may be losing steam as price approaches the 1,800 level. Traders may prefer to wait and buy on a pullback to support near 1,659 with a price action long 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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