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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 (23 – 27 Mar 20)

By Hector in Trade Ideas on 22 March 2020

1.(Strait Times Index SGD5 CFD)

 

  

 

Big Picture – Bearish

Resistance : 2,528    Support :2,211

One Good Trade Idea

The trend remains bearish after the break of the long term support at 2,528. With 2020 growth forecast lowered due to the impact from the Covid-19 outbreak, the negative sentiment is likely to continue. From the weekly chart, price action may pullback higher towards the resistance at 2,528 where the bears are likely to standby there to sell if there is a technical rebound. The next lower support is at 2,211.

 

2.(US SP500 Index USD5 CFD)

 

 

Big Picture – Bearish

Resistance : 2,565    Support : 2,315, 2,081

One Good Trade Idea

S&P500 broke the blue uptrend line and closed below the long term support at 2,315. It has given back all the gain made in 2019. The immediate resistance is near 2,565 and trader may look for a price action signal to sell on pocket of strength.

 

3.(US Tech 100 Index USD5 CFD)

 

 

Big Picture – Bearish

Resistance : 7,454    Support : 6,936

One Good Trade Idea

The bearish outlook is the same for US tech index. The global economy is bracing for a surge in US jobless data and there will be a slump in consumer spending. From the weekly chart, after breaking the uptrend line, it is now testing the long term horizontal support at 6.936. For next week, we are likely to see the retest of this support.Traders may prefer to sell below resistance near 7,454.

 

4.(EURGBP)

 

 

 

Big Picture – Bullish

Resistance : 0.9499    Support : 0.9019

One Good Trade Idea

The uptrend in EURGBP continues with the breakout of the resistance at 0.9019. For next week, traders can look for a buy signal near this support. The target move is higher towards 0.9499 resistance.

 

5.(EURUSD)

 

 

Big Picture – Bearish

Resistance : 1.0777    Support : 1.0324

One Good Trade Idea

Euro fell against the US dollars last week and the bias is still very much bearish. It is likely to continue lower towards parity. However, traders who are short in position, needs to be careful as the selling momentum may slow down towards parity. It is a level of high interest and may bounce up if it touches that 1.000 level. Traders may prefer to sell higher when there is a pullback higher.

 

6.(XAUUSD)

 

 

Big Picture – Short Term Bearish

Resistance : 1.556    Support : 1.445

One Good Trade Idea

The recent sell off in gold may have found a level of support near 1,445. Volatility remains high with the demand in USD. Short term traders may look for a price action sell signal to short near 1,556 resistance. Alternatively, we can buy as price approaches the uptrend line support near 1,445 for a rebound . Don’t forget to place a stop loss below the trend line near 1,400.

 

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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