Trade Ideas

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Forex and Index CFD Trade Ideas & Chart Analysis (03 – 07 Aug 20)

By Hector in Trade Ideas on 02 August 2020

1.(Hong Kong Index HKD5 CFD)




Big Picture – Slightly Bullish

Resistance : 24,873    Support : 22,505

One Good Trade Idea

The bias is slightly bullish as price action remains above the blue uptrend line. The pullback from the recent high of 26,731 is still in play as it breaks the support at 24,873. For next week, traders may look out for trade signal as price action approaches the trendline support. A bullish reversal candle may signal the end of the pullback. On the flip side, a break of the trendline support may give hint of more downside to test the support at 22,505.


2.(Strait Times Index SGD5 CFD)



Big Picture – Neutral

Resistance : 2,671    Support : 2,501, 2,208

One Good Trade Idea

Our neutral bias remains for now but may turn bearish if price actions cannot holds above the support near 2,500. The shares of local banks tumbled last week after the MAS call on banks to cap FY20 dividends at 60% of last year’s. If the negative sentiments continues next week, then the bulls may not hold the support near 2,500.


3.(US SP500 Index USD5 CFD)



Big Picture – Bullish

Resistance : 3,395    Support : 3,134

One Good Trade Idea

The uptrend remains intact although the index has struggled to push higher in last week sessions. Nevertheless, it has notched its fourth consecutive monthly advance with the help from the rally in technology shares and virus relief packages. Traders may continue to buy on pocket of weakness near support for a target move to 3,395.


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





Big Picture – Bullish

Resistance : 124.42, 126.80    Support : 119.30

One Good Trade Idea

After consolidating below the 124.42 resistance, EURJPY broke out of the resistance and managed to closed higher for the week. The Euro has been rising with the support from the ECB and the latest speculation about the potential of the Euro as a future reserve currency. While there is a possibility of a false breakout, traders may continue buy while price action remains above the 20 EMA support. The target move is the next higher resistance at 126.80.





Big Picture – Bullish

Resistance : 1.3209    Support : 1.2812

One Good Trade Idea

The bullish bias in GBPUSD continues with the break of the resistance turned support at 1.2812. However, the rally is extended and may be due to take a break as shown in last Friday closing of a bearish candle. The confluent resistance at 1.3209 may be the reason for price action to pause before resuming higher . The risk / reward to enter long position here is not favorable and traders may prefer to wait for a pullback to enter new position to buy near support.





Big Picture – Bearish

Resistance : 0.9181    Support : 0.9072

One Good Trade Idea

The weakness in USD continues as USDCHF broke the support at 0.9181 last week. The remarks by President Trump suggesting a delay in the Nov 3rd election added more tension to the election season volatility. Traders may take the opportunities to sell on a bounce up to resistance near 0.9181 or the 20 EMA resistance. The next support is 0.9072 printed back in Dec 2014.


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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