Trade Ideas

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Forex and Index CFD Trade Ideas & Chart Analysis (20 – 24 Jul 20)

By Hector in Trade Ideas on 19 July 2020

1.(Hong Kong Index HKD5 CFD)




Big Picture – Slightly Bullish

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

One Good Trade Idea

HSI is looking for support near 24,873, which is the previous resistance level it broke 2 weeks ago. Breaking below it may expose more downside extension to the blue trendline support at 24,000. If it holds above 24,873 – 25,000 support and consolidates above this levels, it may make another attempt to challenge the resistance at 26,731. Traders may look for a price action signal to enter long near support.


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 as the index is still consolidating for the last 30 days between the range 2500 – 2670. Traders may prefer to wait for more price actions for a better picture to confirm the direction it is going in the coming weeks.


3.(US SP500 Index USD5 CFD)



Big Picture – Bullish

Resistance : 3,395    Support : 3,134, 2,972

One Good Trade Idea

S&P has nearly recovered the losses since the Covid-19 pandemic sent it into a free fall early this year. Investors need to be aware that the current rally appears to be lacking in equity fundamentals. As Covid-19 infections rates hit new high in US, the index continues to tick higher. This may be due to investors’ ground for optimism of the monetary support from FED. Traders may continue to buy with price action signal above 3,314 for a move towards 3,395 resistance.



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 : 0.9499    Support : 0.9000

One Good Trade Idea

EURGBP is gradually moving up on a gently slope. The bulls strongly support the 0.9000 level with a bullish candle last Monday. This may suggest that the trend may have more room to move higher. Traders may look to buy above this support for a move towards 0.9499.





Big Picture – Bullish

Resistance : 0.6755    Support : 0.6477, 0.6175

One Good Trade Idea

The trend remains bullish after more than 20% gain off the yearly lows. It pulled back to test support at 0.6477 and the bulls supported that level. For next week, traders may look for a test of the blue trendline support to find a buy signal to long. It may be a bullish engulfing candle just like the one we saw earlier on 18th May.





Big Picture – Bearish

Resistance : 0.9491    Support : 0.9181

One Good Trade Idea

USDCHF continues to trade lower over Covid-19 resurgence in the US and the economic recovery. The pair closed the week on Friday with a bearish candle that wipe up the whole week’s gain. Traders may prefer to sell below the 0.9491 resistance with a price action signal.



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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