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 (02 – 06 Mar 20)

By Hector in Trade Ideas on 01 March 2020

1.(Hong Kong Index HKD5 CFD)




Big Picture – Bearish

Resistance : 25,909, 27,943    Support : 25,489

One Good Trade Idea

Global equity markets came under intense selling pressure last week as fear about the coronavirus causing a recession affected sentiment. The trend in HKI remains bearish with the index breaking the support at 25,909. Price action may pullback from this break and traders may look out for a price action to sell below the 20EMA resistance, near 27,000. The target move is towards lower support at 25,489.


2.(Strait Times Index SGD5 CFD)



Big Picture – Bearish

Resistance : 3,040, 3,112    Support : 2,993

One Good Trade Idea

STI broke support at 3,112 and printed a lower low at 3,011 on Friday’s close, 100 points down. Price action may pullback higher towards resistance at 3,112 and the bears may be there on standby to drive it lower. The next lower support is near 2,993.


3.(US SP500 Index USD5 CFD)



Big Picture – Short Term Bearish

Resistance : 3,069    Support : 2,853

One Good Trade Idea

S&P 500 has the biggest single week drop last week since the 2008 financial crisis. It tested the support at 2,853 before closing on Friday with a long pin tail. We may have a technical rebound from this support next week and the resistance at 3,069 is the level to watch. The bulls need to pull it higher above 3,069 for S&P 500 to have any chance for the long term uptrend to continue. If it closes below 2,853 support, it will expose the next lower support at 2,776.






Big Picture – Neutral

Resistance : 1.3381    Support : 1.2950

One Good Trade Idea

This bias is neutral as USDCAD is trading in a range between 1.2950 to 1.3381.  We have a long bearish tail at the top of the range on Friday’s close.  This may signal a false break of this range last week and price action may pullback lower next week. Traders may prefer to adopt a range strategy to sell below 1.3381 and buy above 1.2950.





Big Picture – Neutral

Resistance : 112.22    Support : 107.80, 106.48

One Good Trade Idea

USDJPY tested support near 107.88 last week with investors concerned about the virus impact on global supply chains and trade. This helps to increase market expectations that the US FED will cut interest rate in Mar. If the fear continues, the support at 107.88 may breaks with the next lower support at 106.48. Until it breaks support, traders may prefer to stay neutral and wait for further price action confirmation on the direction.





Big Picture – Short Term Bearish

Resistance : 18.73    Support : 16.52

One Good Trade Idea

After testing the high near 18.73 with a potential breakout last Monday, Silver did a reversal off that confluence resistance level. Price is now back to the low near 16.52 printed in early Dec 19. . We have the bears driving it much lower with a long black body candle on Friday but the bulls step in near the support towards the close of the week. Price action can go either direction from here and traders may look for price action clues for the next move.


Happy Trading!
One Good Trade


To trade Index CFD, you may open a CFD Account with Phillip Securities under Hector (XL) as your preferred Trading Representative.
To trade Forex, you may first open a MT5 Demo Account under Phillip Futures A/c No (If any) : Hector (VXL)

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