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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 (09 – 13 Nov 20 )

By Hector in Trade Ideas on 08 November 2020

1.(Hong Kong Index HKD5 CFD)

 

 

 

Big Picture – Slightly Bullish

Resistance : 25,890    Support : 24,933

One Good Trade Idea

The bias is slightly bullish after the index broke the downtrend line last week. There is an overhead resistance at 25,890 nearby where the bears are defending that level. We may see a pullback from this level before the break of this resistance. As long as price action remains above 24,933, traders may look for price action long signal to buy.

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Slightly Bullish

Resistance : 2,602, 2,707    Support : 2,570, 2,501

One Good Trade Idea

Similarly, STI broke the horizontal resistance at 2,570 but is facing resistance nearby at 2,602. After 4 days of run up on the upside, there was some profit taking on Friday which saw it closed just above the support. As long as price action stay close to the support, there is a chance it can break away from the consolidation. Traders may prefer to buy on a pullback with a bullish price action signal to long for a move higher to 2,707.

 

3.(US Tech 100 Index USD5 CFD)

 

 

Big Picture – Bullish

Resistance : 12,468    Support : 10,671

One Good Trade Idea

Despite the political uncertainty in the United States over the election last week, there was a bullish charge in the US tech stocks. With the uncertainty now cleared  after Joe Biden has won the presidency, investors may increase their risk appetite for a shift in fiscal policy. The long term bias remains bullish and traders may continue to  buy above the support at 10,671 with a price action long signal.

 

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

One Good Trade Idea

While the trend remains neutral, EURUSD may push higher next week to test the resistance at 1.2011. In the absence of additional fiscal support package, the market is now waiting for the upcoming FOMC meeting for clues in any shift in monetary policy. Traders may buy above the support at1.1695 with a price action signal.

 

5.(USDCAD)

 

 

Big Picture – Bearish

Resistance : 1.3419    Support : 1.2993

One Good Trade Idea

The downtrend continues in USDCAD with the pressure in USD. But before it can go lower, it need to break the support at 1.2993, which was the previous low printed in Aug 20. It may test and bounce up from the support and traders may prefer to sell after the bounce with the 50EMA acting as the resistance to look for sell signal.

6.(USDJPY)

 

 

Big Picture – Bearish

Resistance : 103.99    Support : 101.18

One Good Trade Idea

USDJPY broke down the support at 103.99 last week and may head lower from here with the next support at 101.18. The downtrend is likely to continue after President Trump has lost the election. Traders may prefer to sell below the resistance at 103.99 for a move lower.

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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