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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 (07 – 11 Sep 20)

By Hector in Trade Ideas on 06 September 2020

1.(FBM KLCI MYR10 CFD)

 

 

 

Big Picture – Neutral

Resistance : 1,622    Support : 1,475

One Good Trade Idea

The bias is neutral with price actions below the 50EMA but remains above the horizontal support at 1,475. It bounced off from the 1,500 psychological support last Friday and retraced higher on the close. Traders may wait for a price action long signal closer to 1,475 to enter long for a retest of the resistance at 1,622.

 

2.(Strait Times Index SGD5 CFD)

 

Big Picture – Neutral

Resistance : 2,671    Support : 2,501

One Good Trade Idea

The index opened below the critical support 2,500 but managed to close above it at 2,509 on Friday. Market sentiment was affected by the sell off in US markets last Thursday. A close below 2,500 next week will expose the lower support at 2,208 printed back on 23 March. However, if it is a false break, we may see a bounce up to resistance at 2,671. Traders may prefer to wait for more price actions to confirm the direction it is heading.

 

3.(US SP500 Index USD5 CFD)

 

 

Big Picture – Bullish

Resistance :3,589    Support : 3,395,  3,293

One Good Trade Idea

Although the longer term trend remains bullish, the index pullback with high volatility for the last 2 days. Markets were taking risk off the table despite a better than expected US job data. September is known to be a bearish month and market participants may have decided to reduce their risk exposure after a strong rally for the past few months. Traders may look for a price action signal in the support zone between 3,395 and 3,293 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.(EURUSD)

 

 

 

Big Picture – Bullish

Resistance : 1.1815    Support : 1.1695, 1.1422

One Good Trade Idea

Even though the bias is bullish, the EURUSD currency pair has been consolidating since end July above the support at 1.1695. The dollar is boosted by better than expected unemployment rate and may retest the 1.1695 support next week. A break of this support may expose the 1.1422 level. Traders may prefer to long with a price action signal above support.

 

5.(GBPJPY)

 

 

Big Picture – Bullish

Resistance : 144.91    Support : 139.72

One Good Trade Idea

GBPJPY is undergoing a pullback after the break of the resistance at 139.72. This is now the new support level. With the resignation of Prime Minister Abe last week, the Yen received a boost with the potential policy changes that may come along with his successor. But traders may continue to stay on the long side and buy near support with a price action signal.

 

6.(GBPUSD)

 

 

Big Picture – Bullish

Resistance : 1.3514    Support : 1.2812

One Good Trade Idea

The bias remains bullish and is pulling back in its first test at previous resistance turned support level at 1.3209. Despite the possibility of a no trade deal in the EU/UK negotiation at the end of the year, the British Pound remains elevated against the US Dollar. Traders may prefer to buy on weakness with a price action signal for a move to 1.3514 target.

 

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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