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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 (14 – 18 Dec 20)

By Hector in Trade Ideas on 13 December 2020

1.(Hong Kong Index HKD5 CFD)

 

 

 

Big Picture – Bullish

Resistance : 26,774, 28,019    Support : 25,890

One Good Trade Idea

The recent rise in HKI may have stalled as the fourth wave of coronavirus hit Hong Kong and health officials have warned of spike in cases in the coming weeks. Price actions may trade in the range between 25,890 – 26.774. Bull traders may wait for further pullback before entering long above the 50EMA support line.

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Bullish

Resistance : 2,891    Support : 2,707

One Good Trade Idea

After a bullish rally back in Nov from the low of 2,420, the bulls may have lost the steam to charge higher. The likelihood that Phase 3 may not be implemented by end of the year may also have put a dampener to the momentum. Traders may prefer to be on the long side while waiting for price action to pullback lower to support at 2,707.

 

3.(US SP500 Index USD5 CFD)

 

 

Big Picture – Bullish

Resistance : 3,674    Support : 3,589

One Good Trade Idea

The sentiment remains bullish in S&P500 as the market reacted positively to the roll out of the first Covid 19 vaccine from Pfizer/BioNTech. However, the weak jobless data and the stalled US stimulus bill may have prompted investors to take profit from the recent high. Traders may continue to buy near support at 3,589 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.(AUDUSD)

 

 

 

Big Picture – Bullish

Resistance : 0.7676    Support : 0.7413

One Good Trade Idea

AUDUSD rose to a new year high last week despite relations with China plunged to a new low. While Australia’s export to China is affected, the Australia Dollar is benefitting from their iron ore exports to China which help to offset some of their trade woes. Traders may continue to buy on a pullback near support at 0.7413.

 

5.(GBPUSD)

 

 

Big Picture – Bullish

Resistance : 1.3482   Support : 1.3176

One Good Trade Idea

While the longer uptrend remains intact, GBPUSD may be under pressure from a pullback as the negotiation between UK and EU may hit a snag. UK PM Boris Johnson said last week that there is a possibility that an agreement with the European bloc would not be made. Price action may retreat to support at 1.3176 and traders may look for signal to buy.

 

6.(USDCAD)

 

 

Big Picture – Bearish

Resistance : 1.2993    Support : 1.2527

One Good Trade Idea

USDCAD continues to trade lower last week after breaking the range support at 1.2993. This level is now the new resistance. The latest move may be due to the weakness in USD as BoC has adopted a wait-and-see approach ahead of 2021. Traders may prefer to sell on pocket of strength below the 1.2993 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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