Trade Ideas

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Forex and Index CFD Trade Ideas & Chart Analysis (06 – 10 Jul 20 )

By Hector in Trade Ideas on 05 July 2020

1.(Hong Kong Index HKD5 CFD)




Big Picture – Slightly Bullish

Resistance : 26,731    Support : 24,873, 22,505

One Good Trade Idea

The bias is slightly bullish with price action breaking above the 24,873 resistance again. Despite the newly enacted national security law and the protests in Hong Kong, the index managed to close at the highest since March. China Jun Caixin Service data has spurred positive sentiment in the market for recovery. Traders may look out for buy signal above the resistance turned support for a move higher in the coming months towards 26,731 target.


2.(Strait Times Index SGD5 CFD)



Big Picture – Neutral

Resistance : 2,671, 2,839    Support : 2,501

One Good Trade Idea

STI remains trading in the range below 2,671 immediate resistance. For next week, the coming election may keep investors putting money on the table. A strong mandate given to the government may help it breaks above 2,671 level and higher. Traders may prefer to enter long only if this level breaks for the next move to target at 2,839.


3.(US SP500 Index USD5 CFD)



Big Picture – Bullish

Resistance : 3,134, 3,975    Support : 2,972

One Good Trade Idea

The US market remains bullish. After pulling back recently to test the 50EMA support, the bulls pushed it higher last week to close just below the 3,134 resistance. Despite the increase in Covid-19 cases across the states in US, hopes remains for a brisk recovery after NFP report came out strong last week. Traders may continue to buy for a target move to 3,975 level.



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 : 0.7031    Support : 0.6684

One Good Trade Idea

While the trend is bullish, last week price action remained range bound and muted. Market players may be waiting for clues in the commentary around the exchange rate from the RBA monetary policy meeting next week. Traders may prefer to enter long on pockets of weakness above 0.6684 support.





Big Picture – Slightly Bearish

Resistance : 1.2646    Support : 1.1409

One Good Trade Idea

The recovery in GBPUSD from the low in March may have stalled with the break of the blue trendline. Traders may look for another attempt by the bulls to push it higher to test the 1.2646 resistance. Another rejection at the resistance could see this pair going lower for traders to enter short. Target move is towards support at 1.1409.





Big Picture – Bearish

Resistance : 1.3855    Support : 1.3314, 1.3201

One Good Trade Idea

The trend is still bearish in USDCAD as it consolidates lower after failing to break the Jun high. Canada’s GDP report showed a smaller than expected contraction and may suggest that the economic shock from Covid-19 is less severe. Traders may prefer to sell on a price action signal below the downtrend line for a move lower towards 1.3201 support.



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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