SGX IForex Recommendations

TRADING TIPS :

GBP/USD hit 1.5029 during European morning trade, the session low; the pair subsequently consolidated at 1.5052, declining 0.51%.Cable was likely to find support at 1.4986, the low of February 3 and resistance at 1.5135, Monday’s high.The dollar remained broadly supported after the latest U.S. jobs report heigthened expectations for higher interest rates.The Fed is expected to begin raising interest rates around the middle of this year and investors were looking ahead to next week’s policy statement to see if it would drop its reference to being patient before raising rates.

INTRADAY OUTLOOK

Support: 1.5022

Resistance: 1.5097

RECOMMENDATION:

1. Buy GBP/USD Above 1.5099-TG: 1.5119/1.5149 SL 1.5069

2. Sell GBP/USD Below 1.5020-TG: 1.5000/1.4970 SL 1.5050

INTRADAY OUTLOOK

Support: 1.0722

Resistance: 1.0788

RECOMMENDATION:

1. Buy EUR/USD Above 1.0790-TG: 1.0810/1.0840 SL 1.0760

2. Sell EUR/USD Below 1.0720-TG: 1.0700/1.0670 SL 1.0750