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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 (24 – 28 Aug 20)

By Hector in Trade Ideas on 23 August 2020

1.(Hong Kong Index HKD5 CFD)


 

 

Big Picture – Neutral

Resistance : 26,731    Support : 24,873

One Good Trade Idea

The index is back above 25,000 as we have a close shave 2 weeks ago for the index to break the blue uptrend support. It is now barely hanging on to the 25,000 handle and bull traders may need to be cautions in the coming weeks in view of the US-China tension over Hong Kong’s national security law. It may continue to trade in the range between 24,873 – 26,731 in the coming days until the trade tension between US and China ease or escalate further.

 

2.(Strait Times Index SGD5 CFD)

 

 

Big Picture – Neutral

Resistance : 2,671   Support : 2,501

One Good Trade Idea

The bias is neutral as price action remains trading in the range between 2,500 and 2670. The recent bounce from the support near 2,500 did not reach the upper range with a lower pivot, resulting in a series of 3 lower highs. Bull traders may prefer to wait on the side line for a clearer picture. A break of the support near 2,500 may expose the next lower support at 2,380.

 

3.(US SP500 Index USD5 CFD)

 

 

Big Picture – Bullish

Resistance : 3,400, 3,500    Support : 3.293

One Good Trade Idea

The bulls in US S&P 500 continue to charge higher with the index pushing to a new closing high. Investors brushed aside disappointing jobless claims data , raising virus cases and the FED’s economics concerns. Traders may prefer to wait for a pullback to enter long on pocket of weakness above support at 3,293. The next target above is 3,500.

 

Note:

To trade Index CFD, you may open a CFD Account with Phillip Securities under Hector (XL) as your preferred Trading Representative.

 

 

4.(GBPUSD)


 

 

Big Picture – Bullish

Resistance : 1.3209    Support : 1.2812

One Good Trade Idea

The trend remains bullish with price action near multi month high. However, the bulls faced great resistance from the bears near the 1.3209 level. It may retrace lower to the blue uptrend line before making another attempt to clear it. The catalyst may be on the outcome of the EU/UK trade talk over the next few weeks. Traders may prefer to look for a price action buy signal to enter long above 1.2812.

 

5.(USDCAD)

 

 

Big Picture – Bearish

Resistance : 1.3714    Support : 1.3201, 1.2950

One Good Trade Idea

The downward trend continues as it is hovering near support at 1.3201. It may bounce from this support towards the 20EMA resistance. If it happens, traders may take the opportunity to add tier to existing position or initiate new position for a move lower to 1.2950.

 

6.(USDJPY)


 

Big Picture – Bearish

Resistance : 107.03 , 108.15    Support : 104.18

One Good Trade Idea

Price action has been bearish with momentum sliding downwards since the beginning of Jun. However, with the tension on China – US over trade, Hong Kong’s national security law and technology risk, USD may rise on with a pullback to first resistance at 107.03. Traders may look for sell signal below this resistance or higher below 108.15. The target move is the next lower support at 104.18.

 

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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