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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 (13 – 17 Jul 20 )

By Hector in Trade Ideas on 12 July 2020

1.(FBM KLCI MYR10 CFD)

 

 

 

Big Picture – Bullish

Resistance : 1,671, 1.695    Support : 1,549, 1,475

One Good Trade Idea

The V shaped recovery in KLCI continues after the central bank cut its benchmark interest rate by 25 basic points to the lowest on record. With the overhead resistance at 1,671 nearby, traders may prefer to wait for a pullback lower nearer to support at 1,549 to enter long. If the resistance at 1,671 breaks, it will expose the next resistance at 1,695.

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Neutral

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

One Good Trade Idea

The bias remains neutral with the index moving sideway just below the resistance at 2,671. With the election over, we’ll see what the market tells us on the election results. If it can clear 2,671 and close above last week high of 2,707, there is a good chance that the recovery can continues with the phase 2 re-opening. Traders may look to buy above 2,671 with a price action long signal.

 

3.(US SP500 Index USD5 CFD)

 

Big Picture – Bullish

Resistance : 3,975    Support : 2,972

One Good Trade Idea

Despite the resurgence of Covid-19 cases in the US, the uptrend in the index remains intact even though it is not setting another record high like the tech index. Investors remain hopeful of another round of coronavirus relief to help the economy. The FED chairman had previously remarked that there is ‘no limit’ to what the bank can do with the liquidity programs available. Traders may prefer to buy on a pullback to the 20 EMA support or the horizontal support at 2,972.

 

Note:

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

 

 

4.(EURJPY)

 

 

 

Big Picture – Bullish

Resistance : 124.42    Support : 119.30

One Good Trade Idea

After breaking out from the downtrend line, EURJPY retreated from the high of 124.42. It found support above the trendline  at 119.30 and may resume the upward trend higher. For next week, price action may move sideway in the early part of the week until the ECB announced their monetary policy on Thursday. Traders may look for long signal to buy above the 119.30 support .

 

5.(EURUSD)

 

Big Picture – Neutral

Resistance : 1.1494    Support : 1.1147

One Good Trade Idea

The bias is neutral as EURUSD has been trading in the upper range between 1.1147 and 1.1494 since last month. This may be due to both FED and ECB sitting back now for a while before deciding whether further action is needed after their stimulus response to the Covid-19 pandemic. With this risk on / risk off sentiment mode, traders may prefer to look for signals to sell at the top of the range near 1.1494 and buy at support 1.1147.

 

6.(XAUUSD)

 

 

Big Picture – Bullish

Resistance : 1,871, 2,000    Support : 1,765

One Good Trade Idea

The bullish trend in gold continues at it pushed higher to a new eight year high above 1,800 last week. With FED remaining dovish as it faces pressure to add liquidity to the economy, the yellow metal may continue see higher price action. Traders may continue to buy on pocket of weakness with a target move to 2,000.

 

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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