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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 (18 – 22 May 20)

By Hector in Trade Ideas on 17 May 2020

1.(Hong Kong Index HKD5 CFD)

 

 

 

Big Picture – Bearish

Resistance : 24,515    Support : 23,348, 21, 475

One Good Trade Idea

The bias remains bearish with price actions  trading below the blue downtrend line resistance. It was tested together with the horizontal resistance at 24,515 last Monday and the bears were defending that area. Next week, we may see the support at 23,348 being tested. A break of this support will expose the lower support at 21,475 last visited in March.

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Neutral

Resistance : 2,671    Support : 2.528 – 2,501

One Good Trade Idea

STI tested lower range support near 2,528 – 2,501 last week. For next week ,traders may look for a clear price action reversal signal to buy whilst price is above this support. This can be in the form of a bullish engulfing candle or pin bar candle signal. However, a close below 2,500 could see bearish price action resume towards 2,380.

 

3.(US SP500 Index USD5 CFD)

 

 

Big Picture – Short Term Bullish

Resistance : 3,134    Support : 2,725

One Good Trade Idea

US sentiment improved towards the end of last week following hopes that economies around the world are slowly easing the lockdown measures. Whilst price remains above 2,725 support, traders may look for price action signal to enter long.

 

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

 

4.(EURGBP)

 

  

 

Big Picture – Slightly Bullish

Resistance : 0.9019    Support : 0.8863, 0.8744

One Good Trade Idea

The pullback and consolidation near support at 0.8744 may be completed with the range breakout above 0.8863 last Friday. It look set to move higher to test the next resistance at 0.9019. Traders may buy with a price action long signal near 0.8863.

 

5.(GBPJPY)

 

 

Big Picture – Bearish

Resistance : 135.73    Support : 123.72

One Good Trade Idea

I wrote about GBPJPY last week to consider selling after it failed to clear resistance at 135.73. After pulling back on Monday, it continued to slide lower with a bearish long body candle close on Friday. We may see further weakness next week and traders may prefer to sell on pockets of strength below the 20 EMA resistance to short with a price action signal.

 

6.(GBPUSD)

 

 

Big Picture – Bearish

Resistance :1.2646 Support : 1.1409

One Good Trade Idea

The weakness in GBP is also reflected in the GBPUSD pair. It broke the neckline of the double top pattern and we could see price actions push lower towards 1.1409. Traders my continue to short with a price action sell signal.


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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