fbpx

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.

Note: Non-Members are strongly recommended to sign up for the online free course to have a better understanding of the setups as discussed below:

Index CFD and Forex Trade Ideas & Chart Analysis (17 – 21 Aug 20 )

By Hector in Trade Ideas on 16 August 2020

1.(FBM KLCI MYR10 CFD)

 

  

 

Big Picture – Bullish

Resistance : 1,622    Support : 1,475

One Good Trade Idea

The bullish trend in KLCI is still intact even though it has been consolidating between 1,475 – 1,622 since June. It may pullback lower next week as the economy recorded the lowest growth in the second quarter amid the Covid-19 pandemic. Whilst price action remains above the support at 1,475, traders may prefer to look for opportunities to buy with a price action long signal. The target is the break of the resistance at 1,622 and higher.

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Neutral

Resistance : 2,671     Support : 2,501

One Good Trade Idea

The bias is neutral after a false break of the support near 2,500 last week and price actions were trading higher above this support. It may continue to trade within this range in the coming weeks. For next week, price actions may move higher in the early part of the week in anticipation of the ministerial statement on Monday on how the Government will continue its support for workers and businesses amid the Covid-19 pandemic. Traders may prefer to buy and sell with price action signal within the range respectively with price action signals.

 

3.(Wall Street Index USD1 CFD)

 

 

Big Picture – Bullish

Resistance : 28,169    Support : 27,156, 26,004

One Good Trade Idea

The bulls continue their work to push the index above the resistance at 27,156, even as Covid-19 continues to wreak havoc in US. The trillions in stimulus package has been helpful. With the low yield in bonds, investors continue to chase equities. Traders may prefer to wait for a pullback below this new support and preferably into the zone between the 20-50EMA support to buy or add tier.

 

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 : 1.1422

One Good Trade Idea

The upward trend remains intact but EURUSD was struggling for the last 2 week to gain momentum and push higher. It is currently consolidating above the 20EMA and traders may prefer to buy if price action pull back lower into the buying zone between the 20-50EMA. Look for a price action buy signal above 1.1422 support.

 

5.(USDCHF)

 

  

 

Big Picture – Bearish

Resistance : 0.9181, 0.9375    Support : 0.9072

One Good Trade Idea

The trend is still bearish as the rising Covid 19 cases in US has caused USD to weaken and traders seeking safe haven assets in the Swiss franc CHF . Adding to the slide is the delay in passing more stimulus. Should USD weakens further, there is a high chance that the 0.9000 critical support be broken in the coming weeks. Traders may look for price action signal to sell below 0.9181 resistance.

 

6.(XAUUSD)

 

 

Big Picture – Bullish

Resistance : 2,075    Support : 1,817

One Good Trade Idea

After reaching a new high of 2,075 last week, there was a big sell off and profit taking last Tuesday. It managed to find support above the 50EMA. While price actions may continue to drift sideway or lower in the coming weeks, traders may prefer to stay on the long side and look for opportunities to buy. The US-China tensions is likely to remains and the loose monetary policies are likely to weaken the US dollar leading to the US election.

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

Do you want more trade setup ideas and chart analysis delivered to you? In the Member's Area, we discuss more potential trade setup ideas on stocks of SGX, HKSE, NYSE, NASDAQ, World Indices, Forex and Commodities. It is Free! Sign Up!