SGX IForex Recommendations : Epic Research Singapore

TRADING TIPS :

The GBP/USD pair dropped to 1.5650 raising questions on whether the breakout from the multi-week range of 1.5460-1.5690 was a bull trap. The spot turned lower from the 7-week high of 1.5819 seen on Tuesday after China’s rate cut pushed the markets into stabilization mode. The USD was ditched on Monday, leading to an upside breakout in the GBP/USD pair from the multi-week range of 1.5460-1.5690 levels. The focus now shifts to the US durable goods figure for July. The market expects the headline figure to print at -0.4% from June’s 3.4%. However, the markets would be more interested to see if core durable goods have ticked higher.

RECOMMENDATION:

BUY GBPUSD ABOVE 1.5560 TARGET 1.5580 1.5610 SL 1.5530

SELL GBPUSD BELOW 1.5430 TARGET 1.5410 1.5380 SL 1.5460

RECOMMENDATION:

BUY EURUSD ABOVE 1.1440 TARGET 1.1460 1.1490 SL 1.1410

SELL EURUSD BELOW 1.1235 TARGET 1.1215 1.1185 SL 1.1265

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