SGX IForex Recommendations

TRADING TIPS :

GBP/USD hit 1.4896 during European morning trade, the session high; the pair subsequently consolidated at 1.4888, gaining 0.27%.The pound rose against the U.S. dollar on Wednesday, after upbeat U.K. mortgage approvals data, although the greenback remained mildly supported by hopes for a near-term U.S. rate hike.In a report, the British Banker's Association said that the number of new mortgages approved increased to a five-month high of 37,300 last month from January’s total of 36,400. Analysts had expected the number of new mortgages approved to rise to 36,900 in February.The uptick in underlying inflation indicated that the Federal Reserve would still have leeway to tighten monetary policy even with inflation running below target.

INTRADAY OUTLOOK

Support: 1.4839

Resistance: 1.4899

RECOMMENDATION:

1. Buy GBP/USD Above 1.4901-TG: 1.4921/1.4951 SL 1.4871

2. Sell GBP/USD Below 1.4837-TG: 1.4917/1.4887 SL 1.4867

INTRADAY OUTLOOK

Support: 1.0931

Resistance: 1.0991

RECOMMENDATION:

1. Buy EUR/USD Above 1.0993-TG: 1.1013/1.1043 SL 1.0963

2. Sell EUR/USD Below 1.0929 -TG:1.0909/1.0879 SL 1.0959

Gasoline Market Update

On Nymex, April gasoline RBJ5, +1.24% fell less than half a cent to $1.7997 a gallon, while April heating oil HOJ5, +1.85%  lost 2.4 cents, or 1.4%, to $1.7065 a gallon.

April natural gas NGJ15, +0.66%  settled at $2.786 per million British thermal units, up 5.3 cents, or 1.9%.

Oil Market Update

Oil futures finished modestly higher Tuesday, holding near a two-week high, as upbeat manufacturing data boosted the outlook for crude demand ahead of weekly reports on U.S. petroleum supplies.

On the New York Mercantile Exchange, crude for delivery in May CLK5, +3.74%  settled at $47.51 a barrel, up 6 cents, or 0.1% — the contract’s third-straight session gain. That was the highest settlement for a front-month contract since March 11.

May Brent crude LCOK5, +2.90%  on London’s ICE Futures exchange fell 81 cents, or 1.5%, to $55.11 a barrel.