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Trading Setups / Chart in Focus:
HSI – Hong Kong Index sell signal
The Hong Kong Index is in a longer-term downtrend but we can see in recent weeks price has rotated back up to value / key resistance near 25550 (underside of prior support, now support – see chart below). We could see price fall 500 to 1000 points from here following yesterday’s pin bar sell signal, however wide stop losses are best here as price could try to retest 25550 before falling again. As always, trade at your own risk.
Note: If you don’t have access to the Hong Kong Index on your trading platform, you can access it on our preferred platform here.
GBPUSD – Sterling/dollar still looking strong
The GBPUSD moved higher early today but did reverse gains into the close. However, we still see more evidence of bullish movement recently and we will look to be buyers on a price action buy signal down near 1.5525 near-term support or further below whilst above 1.5330 key support.
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