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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.

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 (16 – 20 Mar 20)

By Hector in Trade Ideas on 15 March 2020

1.(Hong Kong Index HKD5 CFD)

 

 

 

Big Picture – Bearish

Resistance : 24,515    Support : 21,475

One Good Trade Idea

The bias is bearish as the weekly support at 24,515 broke last week. The downtrend accelerated with WHO announcement that Covid 19 has become a global pandemic and the fall of oil price last week. The support turned resistance at 24,515 is likely to attract sellers on a retest as it has now exposed the lower support at 21,475.

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Bearish

Resistance : 2,955    Support : 2,528

One Good Trade Idea

Last week I wrote here that if the monthly support at 2,955 is broken, it would expose the lower support at 2,528. Both events happened within the week. Price action may pullback higher towards resistance at 2,955 and traders may look for a price action sell signal below this resistance to enter.

 

3.(US SP500 Index USD5 CFD)

 

 

Big Picture – Short Term Bearish

Resistance : 2,879    Support : 2,315

One Good Trade Idea

The longer term monthly uptrend blue line was tested last week. The short term trend is bearish with US declaring a national emergency due to the coronavirus. A break of the trendline will likely see price action test key support at 2,315. Traders may sell on pocket of strength near resistance at 2,879 with a price action sell signal.

 

4.(EURGBP)

 

 

 

Big Picture – Bullish

Resistance : 0.9019    Support : 0.8575

One Good Trade Idea

The weakness in GBP after BOE announced an emergency 50 basis point rate cut has pushed EURGBP up to a 5 month high. Price may pullback lower next week with the overhead resistance 0.9019 nearby. Traders may look out for a price action Buy signal on the pullback to enter long.

 

5.(GBPUSD)

 

 

Big Picture – Bearish

Resistance : 1.2763    Support : 1.2194

One Good Trade Idea

The break of the support at 1.2763 has opened the bear gate in GBPUSD. The next stop for the bears is at support 1.2194 . Traders may prefer to wait for a pullback higher towards resistance to sell.

 

6.(USDCHF)

 

 

Big Picture – Bearish

Resistance : 0.9612    Support : 0.9181

One Good Trade Idea

The trend is bearish and it is pulling back higher towards the resistance at 0.9612. This area will attract sellers and is likely to see action next week with the FED meeting on 17-18 Mar. Any clues on further rate cut will see price action retest support at 0.9181.

 

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)

 

 

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