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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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Forex and Index CFD Trade Ideas & Chart Analysis (08 – 12 Jun 20)

By Hector in Trade Ideas on 07 June 2020

1.(Hong Kong Index HKD5 CFD)

 

 

 

Big Picture – Bullish

Resistance : 28,019    Support : 24,515

One Good Trade Idea

HKI broke out of the consolidation on the bullish side last Friday and this may be the first sign of the reversal from the blue down trend line. Despite the uncertainties over US/China tension and the protests in Hong Kong against the national security laws, risk assets has been pushed higher. Central banks and governments have provided plentiful liquidity to kick start their economies and investors has put risk assets on the table. Traders may look for buy signal to enter long with a price action signal above 24,515 support. The target move is towards 28,019 resistance.

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Bullish

Resistance : 3,040    Support : 2,671

One Good Trade Idea

With the end of the Covid-19 circuit breaker and the phase 1 safe re-opening, STI has also emerged out of the consolidation since April  to close above 2,671. The four budgets with a total of S$193B may have provided the momentum and liquidity to push the index higher. Traders may continue to buy on pocket of weakness whilst price action is above the support.

 

3.(US SP500 Index USD5 CFD)

 

 

Big Picture – Bullish

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

One Good Trade Idea

The V shaped recovery continues in US markets as stocks rallied last Friday with better than expected monthly jobs data reported. Although US economy has been hit hard by the coronavirus pandemic and the US employment situation remains gloomy, the markets prefer to bet on a faster recovery of the economy and the potential economic strength in the second half of 2020. The index may pullback to test the support near 3,134 and traders may look for long signal to add enter long or add tiers to current positions.

 

Note:

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

 

 

4.(AUDUSD)

 

 

 

Big Picture – Bullish

Resistance : 0.7031    Support : 0.6684

One Good Trade Idea

After reaching a 17 year low and breaking the 0.6000 level, AUDUSD has emerged stronger with an impressive show of strength for the last 2 months. It is now nearing the 0.7031 resistance and traders may prefer to wait for a pullback to enter long above the 0.6684 support.

 

5.(EURUSD)

 

 

Big Picture – Bullish

Resistance : 1.1494    Support : 1.1147

One Good Trade Idea

Despite the 1st day reversal last Friday after a 8 days higher run, the bullish trend remains with the resistance at 1.1494 still within sight and target. With the larger ECB stimulus package and optimism for the European economy to follow through, traders may look to buy on further pullback to support near 1.1147 with a price action signal.

 

6.(GBPJPY)

 

 

Big Picture – Bullish

Resistance : 144.91    Support : 135.73

One Good Trade Idea

GBPJPY broke out the resistance at 135.73 and this is now the new support level. Price action may continue higher with the next resistance level at 144.91 exposed. While post Brexit trade talks between UK and EU may not progress much, the potential of reaching a deal may keep the bulls here defending the support at 135.73.

 

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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