fbpx

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.

Note: Non-Members are strongly recommended to sign up for the online free course to have a better understanding of the setups as discussed below:

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

By Hector in Trade Ideas on 02 February 2020

1.(FBM KLCI MYR10 CFD)

 

  

 

Big Picture – Bearish

Resistance : 1,545    Support : 1,501 

One Good Trade Idea

The trading range between 1,545 and 1,633 broke last week and the trend is likely to turn lower. The impact of the Wuhan Virus will hit this region and could see some growth downgrades. The previous support at 1,545 is now the new resistance and is likely to attract sellers for a retest . Support is much lower at 1,501.

 

2.(Hong Kong Index HKD5 CFD)

 

 

Big Picture – Short Term Bearish

Resistance : 27,393    Support : 25,909

One Good Trade Idea

The recovery from the low of Aug 19 with the protest in Hong Kong is now under threat as it is approaching the previous support at 25,909. The Coronavirus is a double whammy taking its toll. A break of this support will expose the low at 24,880.

 

3.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Short Term Bearish

Resistance : 3,285    Support : 3,144

One Good Trade Idea

STI is at a critical support near 3,144. We have a double top at 3,285 and buyers and sellers are now at the neckline support near 3,144 in a battle. A break of this support could press it lower towards 3,068. Traders may prefer to wait for a clearer picture from this battle. Look out for a price action signal to give us a clue to the next move.

 

4.(EURUSD)

 

 

 

Big Picture – Bearish

Resistance : 1.1238    Support : 1.0980

One Good Trade Idea

The uptrend line broke 2 weeks ago and we are looking at a pullback towards this trend line resistance. Sellers may look out for a price action sell signal below this trend line and horizontal resistance near 1.1066. The first target move is towards lower support at 1.0980 followed by 1.0878.

 

5.(NZDUSD)

 

 

Big Picture – Bearish

Resistance : 0.6544    Support : 0.6465, 0.6321

One Good Trade Idea

Similar to EURUSD, the pair of NZDUSD broke trend line support and is now testing the horizontal support at 0.6465. We may see a pullback next week towards resistance at 0.6544. From there, we may look for a price action signal to sell.

 

6.(USDJPY)

 

 

Big Picture – Slightly Bullish

Resistance : 109.72    Support : 107.88, 106.48

One Good Trade Idea

The trend is slightly bullish above the support at 107.88. Buyers may step in as it pullback to this support. On the flip side, any close below this support could change the bias and expose the next lower support at 106.48.

 

Happy Trading!
One Good Trade

 

Note:
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)

Do you want more trade setup ideas and chart analysis delivered to you? In the Member's Area, we discuss more potential trade setup ideas on stocks of SGX, HKSE, NYSE, NASDAQ, World Indices, Forex and Commodities. It is Free! Sign Up!