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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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Index CFD and Forex Trade Ideas & Chart Analysis (05 – 09 Oct 20)

By Hector in Trade Ideas on 04 October 2020

1.(Hong Kong Index HKD5 CFD)

 

 

 

Big Picture – Bearish

Resistance : 24,187    Support : 22,505

One Good Trade Idea

HKI had a short trading week and weakness may continue when market reopens next week after their holiday. With the escalating US-China tension, investors are likely to continue taking risk off the table. Traders may prefer to enter short below the resistance at 24,187 for a move lower to 22,505.

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Bearish

Resistance : 2,501    Support : 2,208

One Good Trade Idea

Price actions continue to trade sideway below the 2,500 resistance without a follow through to trade lower. Price closed near the resistance level last week and traders may prefer to wait for more price actions to confirm the next move.

 

3.(US Tech 100 Index USD5 CFD)

 

 

Big Picture – Bullish

Resistance : 12,468    Support : 10,371

One Good Trade Idea

Although the longer trend is bullish, the underlying sentiment is weak as investors are on risk aversion mode after news that US President Trump and First Lady Melania have tested positive for Covid-19. The lower than expected Non Farm Payroll data did not help too. Traders may prefer to enter long on further weakness near the support at 10,371.

 

Note:

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

 

 

4.(EURUSD)

 

 

 

Big Picture – Neutral

Resistance : 1.2011    Support : 1.1695, 1.1422

One Good Trade Idea

The bias is neutral as price actions remain trading in the range between 1.1695 and 1.2011. As inflation data in Euro remains low, the currency pair may continue to be under pressure as ECB may be open to give more stimulus package to add liquidity. Traders may prefer to wait for more price actions to take a position.

 

5.(USDCAD)

 

 

Big Picture – Bearish

Resistance : 1.3314    Support : 1.2993

One Good Trade Idea

The downtrend may continue after a three week pullback that bring price action to the resistance at 1.3314. The weakness in oil price may put a dampener on the Loonie. Nevertheless, traders may prefer to enter short below this resistance with a price action sell signal.

 

6.(USDJPY)

 

 

Big Picture – Bearish

Resistance : 107.03    Support : 104.18

One Good Trade Idea

After pulling back higher into the resistance zone between the 20-50 EMA , price action may resume lower next week. However, the recent Tankan survey showed that the economy has rebounded on a slower than expected pace and may undercut the Yen as a safe haven. Traders may prefer to enter short on a price action sell signal below the 50EMA resistance.

 

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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