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 (16 – 20 Nov 20)
1.(Hong Kong Index HKD5 CFD)
Big Picture – Bullish
Resistance : 26,774 Support : 25,890, 24,933
One Good Trade Idea
The bias is bullish after price action broke the resistance at 25,890. As Pfizer announced that the vaccine it developed with BioNtech had 90% efficacy rate, markets reacted positively to the news. Investors were also hopeful that Biden would take a more conciliatory approach in the US-China relationship. Traders may prefer to buy on a pullback above support 24,933 to long on a price action signal.
2.(Strait Times Index SGD5 CFD)
Big Picture – Bullish
Resistance : 2,707, 2,839 Support : 2,602
One Good Trade Idea
STI also broke above the consolidation between 2,500 – 2,600 and is testing the resistance at 2,707. Price actions may pullback after a bullish run since early Nov. Traders may look for opportunity to buy on pockets of weakness above 2,602 for a target move to the next resistance at 2,839.
3.(US SP500 Index USD5 CFD)

Big Picture – Bullish
Resistance : 3,589 Support : 3,293, 3,209
One Good Trade Idea
The longer term uptrend is still intact but price action remains trading in the range between 3,209 to 3,589. The bulls tried to break above the resistance last Monday but wasn’t able to close above it. Price action may pullback to the 20EMA as the US election and vaccine news may have lost a bit of a momentum. Traders may prefer to buy on a price action 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 – Slightly Bullish
Resistance : 0.7413 Support : 0.7242, 0.7005
One Good Trade Idea
AUDUSD broke above the downtrend line and the horizontal resistance at 0.7242 which gave it a slightly bullish bias. As it hovers near the 0.7242 level, it remains to be seen whether the bulls can keep the upward momentum going to test the higher resistance at 0.7413. With the recent weakness in USD, traders may prefer to buy with a price action long signal above 0.7242.
5.(EURUSD)
Big Picture – Neutral
Resistance : 1.2011 Support : 1.1611
One Good Trade Idea
The price actions of EURUSD continues to trade in a range between 1.1611 and 1.2011. This may be due to both FED and ECB keeping lending rates low and hinting more easing measures to tackle the Covid-19 pandemic. Traders may prefer to buy and sell within the range with their respective signals.
6.(GBPUSD)
Big Picture – Bullish
Resistance : 1.2482 Support : 1.2812
One Good Trade Idea
The uptrend line from Apr still holds and the outlook remains bullish for the British Pound against the dollar. Immediate support is at 1.2812 level and traders may look for trade setup to long above the trendline for a move towards 1.3482.
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