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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 (27 – 31 Jul 20 )

By Hector in Trade Ideas on 26 July 2020

1.(FTSE China A50 USD1 CFD)

 

 

 

Big Picture – Bullish

Resistance : 16,406    Support : 14,705, 14,225

One Good Trade Idea

Although the longer term trend remains bullish, rising tension between China and US has led traders to take risk off the table after hitting a new high at 16,406. Traders may prefer to wait for price actions to pull into the support zone between 14,225 and 14,705 to enter long on a price action signal.

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Neutral

Resistance : 2,671                            Support : 2,501

One Good Trade Idea

Our neutral bias remains as price actions continue to trade sideway. As it pulls lower to the lower range near 2,500, the bulls may step in to support and traders may look for buy signal to enter there.

 

3.(US Tech 100 Index USD5 CFD)

 

 

Big Picture – Bullish

Resistance : 11,071    Support : 10,371, 9,752

One Good Trade Idea

US tech index is still bullish after erasing all losses earlier this year due to the Covid-19 pandemic. Supporting the bullish sentiments are Fed’s monetary stimulus pledge and the prospect of a post-crisis economic recovery. But the tension between China and US together with the high valuation may render the index due for a pullback. We have a potential double top formation with a neckline support at 10,371. Although the support held last Friday, a break of this neckline will expose the lower support at 9,752. With strong overheads above, traders may prefer to take profit and wait for the pullback to complete before entering long again.

 

Note:

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

 

4.(AUDUSD)

 

 

 

Big Picture – Bullish

Resistance : 0.7135, 0.7295    Support : 0.7031

One Good Trade Idea

The bias is bullish as AUDUSD broke out of the consolidation above 0.7031 resistance with a fresh yearly high. This level is now the new support. The recent weakness in USD is helping the bulls push higher. Traders may prefer to enter long above this support for  a move to the next resistance at 0.7195.

 

5.(EURUSD)

 

 

Big Picture – Bullish

Resistance : 1.1815    Support : 1.1422

One Good Trade Idea

The bullish trend in EURUSD continues after EU leaders agreed on the budget and recovery fund last week. It broke away from the 1.1422 resistance but may pullback on profit taking in the coming days ahead. Traders may prefer to wait for the pullback and enter long on a reversal signal above the support at 1.1422. The target move is towards 1.1815.

 

6.(XAUUSD)

 

 

Big Picture – Bullish

Resistance : 2,000    Support : 1,817

One Good Trade Idea

The bulls remain in charge of Gold after pushing it up higher to a fresh eight year high. I wrote here 2 weeks ago that price actions were likely to go higher and 2000 level is the next target to reach. After 5 consecutive days of higher close last week, price may pull back. Traders may continue to look out for price action long signal above 1,817 support to enter long or add tier to existing position.

 

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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