Forex Market Update : Epic Research Singapore

The dollar dropped against the yen on Wednesday after Japanese Prime Minister Shinzo Abe surprised markets during the Asia trading session by announcing that he would delay a planned sales-tax hike by 2½ years.

The delay was longer than anticipated by most market strategists, indicating that Japan will likely continue deficit spending alongside its quantitative easing program for the foreseeable future, said Boris Schlossberg, managing director of currency strategy at BK Asset Management.

The dollar USDJPY, -0.48%  bought ¥109.52 late Wednesday in New York, remaining lower against its main rivals after the Federal Reserve’s beige book painted a picture of subdued economic growth in the U.S. By comparison, the U.S. currency was down 1.1% from ¥110.72 late Tuesday in New York.

These fears helped drive the British pound GBPUSD, +0.0624% lower to trade at $1.4408 late Wednesday in New York. That’s compared with $1.4479 late Tuesday.

On other currency trading, the euro EURUSD, +0.2056%  strengthened to $1.1188, compared with $1.1131 late Tuesday.

The ICE U.S. Dollar index DXY, -0.19% a measure of the buck’s strength against a basket of rival currencies, was down 0.5% at 95.4430.

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SGX IForex Recommendations : Epic Research Singapore

TRADING TIPS :

The euro stayed supported above 10-week lows against the dollar on Tuesday after data showing that euro zone consumer prices remained in negative territory this month, though the rate of deflation eased.EUR/USD was last at 1.1131, holding above the 10-week trough of 1.1097 set on Monday.Eurostat reported that the flash estimate showed that consumer prices in the single currency bloc fell 0.1% on a year-over-year basis in May, in line with economists’ expectations after falling 0.2% in April.The European Central Bank targets inflation of close to, but just below 2%.The decline in inflation was due in large part to lower oil prices, Eurostat said.Energy prices fell by 8.1% in May from a year earlier, slowing from an 8.7% fall in April.Core inflation, which strips out energy and food costs, rose by 0.8% in May from 0.7% in April.

RECOMMENDATION:

BUY GBP/USD AROUND 1.4565-1.4568 TGT 1.4598 1.4628 SL 1.4535

SELL GBP/USD BELOW 1.4540 TGT 1.4520 1.4490 SL 1.4570

RECOMMENDATION:

BUY EURUSD ABOVE 1.1158 TGT 1.1178 1.1208 SL 1.1138

SELL EUR/USD BELOW 1.1146 TGT 1.1126 1.1096 SL 1.1176

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SGX IForex Recommendations : Epic Research Singapore

TRADING TIPS :

The EUR / USD tested the lower boundary of the rising channel; you can see a rebound there. The RSI on the four-hour chart rebounded from the support level, indicating the growth of the European currency. Thus, the forecast EUR / USD on 31 May 2016 provides the consolidation in the 1.1120 area and the upward movement development. There are attempts of the “bears” to break the ascending channel – the main support is in the 1.1100 area.

RECOMMENDATION:

BUY GBP/USD ABOVE 1.4590 TGT 1.4610 1.4640 SL 1.4560

SELL GBP/USD BELOW 1.4569 TGT 1.4549 1.4509 SL 1.4599

RECOMMENDATION:

BUY EURUSD AROUND 1.1125 TGT 1.1145 1.1175 SL 1.1095

SELL EUR/USD BELOW 1.1137 TGT 1.1117 1.1087 SL 1.1167

 

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Forex Market Update : Epic Research Singapore

The dollar advanced to a one-month high against the yen on n Monday, tracking its weekend gains after U.S. Federal Reserve Chairwoman Janet Yellen signaled an interest-rate rise was likely coming soon.

The dollar USDJPY, -0.04%  strengthened to ¥111.15 in the early afternoon Asia session, its highest since April 28, and remaining at those levels throughout Europe’s trading day. This compares with ¥110.38 late Friday in New York.

In other currency-pair trading, the euro EURUSD, +0.0808%  was at $1.1144 from $1.1115. The common currency EURJPY, +0.04%  was at ¥123.86 from ¥122.53.

The WSJ Dollar Index BUXX, -0.18% a measure of the dollar against a basket of major currencies, was up 0.12% at 87.91.

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SGX IForex Recommendations : Epic Research Singapore

TRADING TIPS :

EUR/USD is unchanged on Friday, after the pair posted small gains in the Thursday session.The pair is trading quietly slightly below the 1.12 line. On the release front, there are no Eurozone events on the schedule. The US will release two key indicators – Preliminary GDP and UoM Consumer Sentiment. As well, Fed chair Janet Yellen will deliver remarks at an event in Boston. Traders should be prepared for possible volatility from EUR/USD in the North American session.The US economy has shown mixed numbers in the first quarter, and Preliminary GDP, which can be treated viewed as an economic report card, will be closely monitored. Final GDP for the fourth quarter came in at 0.5%, shy of the estimate of 0.7%. The estimate for Preliminary GDP stands at 0.8%, and if the indicator matches or beats this reading, the US dollar could push upwards.

RECOMMENDATION:

UY GBP/USD ABOVE 1.4688 TGT 1.4708 1.4738 SL 1.4658

SELL GBP/USD BELOW 1.4640 TGT 1.4620 1.4590 SL 1.467 0

RECOMMENDATION:

BUY EURUSD ABOVE 1.1190TGT 1.1210 1.1240 SL 1.1160

SELL EUR/USD AROUND 1.1140-1.1142 TGT 1.1162 1.1192 SL 1.1110

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Forex Market Update : Epic Research Singapore

The dollar extended gains Friday after Federal Reserve Chairwoman Janet Yellen said an interest-rate increase may be coming in a matter of “months,” if the economy continues to improve.

Her comments boosted the greenback, which had already been flirting with a two-month high against the euro after fresh data showed the U.S. economy grew in the first quarter at a faster pace than initially estimated.

Though the strong gross-domestic-product data had fueled speculation that the Fed might raise rates soon, Yellen’s comments still surprised some market-watchers who thought she would likely wait until a June 6 speech to crank up the rate-specific rhetoric.

The ICE U.S. Dollar index DXY, +0.59% a measure of the dollar’s strength against a basket of six rivals, was up 0.6% at 95.75, its highest level since March 28.

The euro EURUSD, -0.7146% fell to $1.1115 late Friday, from $1.1195 late Thursday in New York, its lowest level since March 28. Meanwhile the pound GBPUSD, -0.3272% fell to $1.4613 from $1.4662 late Thursday.

Late Friday, the dollar USDJPY, +0.46%  was changing hands at ¥110.33, compared with ¥109.75 late Thursday in New York.

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SGX IForex Recommendations : Epic Research Singapore

TRADING TIPS :

EUR/USD rose moderately on Thursday, extending slight gains from the previous session, as foreign exchange traders awaited comments from Janet Yellen for possible signs of whether the Federal Reserve could tighten its monetary policy cycle next while the European Central Bank maintains an unorthodox negative interest rate policy.The currency pair traded between 1.1155 and 1.1217, before settling at 1.1193, up 0.0038 or 0.34% for the session. Despite the brief gains over the last two sessions, the euro is still in the midst of one of its driest spells on the calendar year. Since hitting nine-months in early-May, EUR/USD has fallen considerably by nearly 3%.EUR/USD likely gained support at 1.1055, the low from March 15 and was met with resistance at 1.1434, the high from May 12.

RECOMMENDATION:

BUY GBP/USD ABOVE 1.4739 TGT 1.4759 1.4789 SL 1.4709

SELL GBP/USD BELOW 1.4677 TGT 1.4657 1.4627 SL 1.4707

RECOMMENDATION:

BUY EURUSD ABOVE 1.1190TGT 1.1210 1.1240 SL 1.1160

SELL EUR/USD BELOW 1.1145 TGT 1.1125 1.1095 SL 1.1175

 

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SGX IForex Recommendations : Epic Research Singapore

TRADING TIPS :

EUR/USD is currently trading with a slight bullish bias. Yesterday, the pair traded short and even broke below a very significant support level 1.1166 and is currently retracing towards it. We expect the current upward rally to be a mere upward retracement and should not go above 1.1166. A break above this level will lead to an acceleration to the upper side, but should not close above 1.12177. This pair should be traded alongside NZD/USD, DF/USD and ER/HKD. These pairs have a strong positive correlation of up to +0.96 and will likely have a similar price action during this intraday.

RECOMMENDATION:

BUY GBP/USD ABOVE 1.4663 TGT 1.4683 1.4713 SL 1.4633

SELL GBP/USD BELOW 1.4601 TGT 1.4581 1.4581 SL 1.4631

RECOMMENDATION:

BUY EURUSD ABOVE 1.1156 TGT 1.1176 1.1206 SL 1.1126

SELL EUR/USD BELOW 1.1132 TGT 1.1112 1.1083 SL 1.1162

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SGX IForex Recommendations : Epic Research Singapore

TRADING TIPS :

EUR/USD is currently trading with a slight bullish bias. Yesterday, the pair broke below the rising channel and is currently trading below a very significant support level 1.12177. We expect the just broken support level to act as a resistance to the current upward rally. A clear breakout above 1.12177 will lead to an acceleration to the upper-side but should not go beyond 1.1283, while a clear rebound from this level will lead to a downward rally towards 1.1166. Ideally, the anticipated downward rally should be the continuation of wave (c) but should not close below 1.1160. This pair should be traded alongside AUD/USD, EUR/HKD and NZD/USD. These pairs have a strong positive correlation of up to +0.95 and will likely move in a similar direction during this intraday.

RECOMMENDATION:

BUY GBP/USD ABOVE 1.4601 TGT 1.4621 1.4651 SL 1.4571

SELL GBP/USD BELOW 1.4548 TGT 1.4528 1.4498 SL 1.4578

RECOMMENDATION:

BUY EURUSD ABOVE 1.1211 TGT 1.1231 1.1261 SL 1.1181

SELL EUR/USD BELOW 1.1167 TGT 1.1147 1.1107 SL 1.1197

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SGX IForex Recommendations : Epic Research Singapore

TRADING TIPS :

The euro slid to the day’s lows on Monday after data showing that growth in the euro area’s private sector slowed to a 16-month low in in May, despite solid growth in Germany and France, asother areas struggled.EUR/USD was down 0.17% at 1.1203, re-approaching last Thursday’s two month lows of 1.1179.The preliminary reading of the euro zone composite purchasing managers’ index, which measures the combined output of both the manufacturing and service sectors, ticked down to a 16-month low of 52.9 from 53.0 in April.Economists had expected the index to rise to 53.2.The rate of business activity expansion in the dominant service sector was unchanged for a third successive month. But the rate of manufacturing output growth was the second-weakest since February 2015, the report said.

RECOMMENDATION:

BUY GBP/USD ABOVE 1.4548 TGT 1.4568 1.4598 SL 1.4518

SELL GBP/USD BELOW 1.4461 TGT 1.4441 1.4411 SL 1.4491

RECOMMENDATION:

BUY EURUSD ABOVE 1.1242 TGT 1.1262 1.1292 SL 1.1212

SELL EUR/USD BELOW 1.1201 TGT 1.1181 1.1151 SL 1.1231

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SGX IForex Recommendations : Epic Research Singapore

TRADING TIPS :

EUR/USD is steady on Friday, continuing the lack of movement which marked the Thursday session. The pair continues to hug the 1.12 line in the European session. On the release front, it’s a quiet end to the trading week. German PPI posted a small gain of 0.1%, edging above the forecast of 0.0%. Eurozone Current Account impressed, as the surplus surged to EUR 27.3 billion, well above the estimate of EUR 19.6 billion. Over in the US, the sole event on the schedule is Existing Home Sales. The markets are expecting an improvement in the April release, with an estimate of 5.40 million.

RECOMMENDATION:

BUY GBP/USD ABOVE 1.4510-1.4508 TGT 1.4490 1.4470 SL 1.4540

SELL GBP/USD ABOVE 1.4540 TGT 1.4560 1.4590 SL 1.4510

RECOMMENDATION:

BUY EURUSD ABOVE 1.1240 TGT 1.1260 1.1290 SL 1.1210

SELL EUR/USD BELOW 1.1180 TGT 1.1160 1.1130 SL 1.1210

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SGX IForex Recommendations : Epic Research Singapore

TRADING TIPS :

EUR/USD is unchanged on Thursday, following sharp losses in the Wednesday session. The pair is trading at 1.1210 in the European session. On the release front, the ECB will release the minutes of its April policy meeting. In the US, there are two key releases. Philly Fed Manufacturing Index is expected to climb 3.2 points, while the forecast for Unemployment Claims is 276 thousand. The Federal Reserve minutes hinted that a June hike remains on the table, and EUR/USD responded with sharp losses of about 100 points. According to the minutes, the Fed wants to see stronger growth in Q2 as well as better numbers from the inflation and employment fronts. If this is achieved, the Fed said it “likely would be appropriate” to raise rates at the June meeting.

RECOMMENDATION:

BUY GBP/USD ABOVE 1.4700 TGT 1.4720 1.4750 SL 1.4670

SELL GBP/USD AROUND 1.4696-1.4693 TGT 1.4673 1.4643 SL 1.4726

RECOMMENDATION:

BUY EURUSD ABOVE 1.1250 TGT 1.1270 1.1300 SL 1.1220

SELL EUR/USD BELOW 1.1205 TGT 1.1185 1.1155 SL 1.123 5

 

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SGX IForex Recommendations : Epic Research Singapore

TRADING TIPS :

EUR/USD is currently trading with a bearish bias. Yesterday, the pair broke above the resistance level 1.1324, but ended up closing below it. As previously forecasted, we still expect the pair to form a double bottom at the support level 1.1283. Thus, we expect a clear rebound from this support to go long with our target at 1.1324. A clear breakout below this support will invalidate the anticipated double bottom formation and may lead to an acceleration to the lower side. This pair should be traded alongside GBP/USD, AUD/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

RECOMMENDATION:

BUY GBP/USD ABOVE 1.4530 TGT 1.4550 1.4580 SL 1.4500

SELL GBP/USD AROUND 1.4520-1.4518 TGT 1.4500 1.4470 SL 1.4550

RECOMMENDATION:

BUY EUR/USD ABOVE 1.1290 TGT 1.1310 1.1340 SL 1.1260

SELL EUR/USD BELOW 1.1255 TGT 1.1235 1.1205 SL 1.1285

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SGX IForex Recommendations : Epic Research Singapore

TRADING TIPS :

EUR/USD was virtually flat on Tuesday, as investors digested hawkish signals from the Federal Reserve on the increased likelihood of multiple interest rate hikes from the U.S. central bank this year despite the release of subdued core inflation figures earlier in the session. The currency pair traded in a tight range between 1.1302 and 1.1347, before settling at 1.1314, down 0.0001 or 0.01% on the session. The euro has closed lower against the dollar in three of the last four sessions and nine of the last 11. Though the euro is only up modestly against the dollar over the last month, it still remains up by more than 4% against its American counterpart since the start of 2016. Incredibly, EUR/USD is only down 0.0003 from its level 52 weeks ago. EUR/USD likely gained support at 1.0538, the low from December 3 and was met with resistance at 1.1713, the high from Aug. 24.

RECOMMENDATION:

BUY GBP/USD ABOVE 1.4530 TGT 1.4550 1.4580 SL 1.4500

SELL GBP/USD AROUND 1.4510 TGT 1.4490 1.4460 SL 1.4540

RECOMMENDATION:

BUY EUR/USD ABOVE 1.1320 TGT 1.1340 1.1370 SL 1.1290

SELL EUR/USD BELOW 1.1270 TGT 1.1250 1.1220 SL 1.1300

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Forex Market Update : Epic Research Singapore

The dollar finished flat against its main rivals Tuesday after a key gauge of U.S. inflation showed prices continued to rise in April.

The consumer-price index, a widely watched gauge of inflation pressures in the U.S., rose 0.4% in April as gasoline prices surged. Economists polled by MarketWatch had expected a gain of 0.3%. Other than a tick lower in March, key inflation indicators have risen so far this year as oil prices CLM6, +0.25%  have climbed.

The ICE U.S. Dollar index DXY, +0.18% a measure of the greenback’s strength against a basket of rivals, was flat at 94.5580 in recent trade.

One euro EURUSD, -0.2121%  bought $1.1318 late Tuesday in New York, compared with $1.1316 late Monday in New York. The dollar USDJPY, +0.14% traded at ¥109.10 late Tuesday, compared with ¥109.07 late Monday.

Meanwhile, the pound GBPUSD, -0.1659%  rose to $1.4456 late Tuesday, up from $1.4427 late Monday, after a recent poll suggested that support for a U.K. exit from the European Union has waned recently.

The Australian dollar AUDUSD, -0.4642%  traded at 73.24 U.S. cents late Tuesday, compared with 72.87 cents late Monday in New York.

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SGX IForex Recommendations : Epic Research Singapore

TRADING TIPS :

The EUR/USD is trading better at the mid-session. The range is tight and volume is relatively low after Friday’s sharp break. Prices could consolidate this week until Wednesday, May 18 with the release of the Euro Zone’s Final CPI report. It is expected to show year-over-year consumer inflation declined 0.2%. On Thursday, the European Central Bank is scheduled to release its monetary policy meeting accounts. The G-7 meetings will be held on Thursday and Friday.Technically, the main trend is up according to the daily swing chart. However, momentum has been to the downside since the 1.1616 main top on May 3.The main range is 1.0821 to 1.1616. Its retracement zone at 1.1218 to 1.1125 is the primary downside target.Based on Friday’s close at 1.1303, the direction of the market today is likely to be determined by trader reaction to the long-term up trending angle at 1.1291.Holding above 1.1291 will indicate the presence of buyers.

RECOMMENDATION:

BUY GBPUSD ABOVE 1.4440 TARGET 1.4460 1.4490 SL 1.4410

SELL GBPUSD AROUND 1.4445-1.442 TARGET 1.4422 1.4392 SL 1.4475

RECOMMENDATION:

BUY EURUSD AROUND 1.1315-1.1317 TARGET 1.1335 1.1390 SL 1.1285

SELL EURUSD BELOW 1.1280 TARGET 1.1260 1.1230 SL 1.1310

 

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Forex Market Update : Epic Research Singapore

The dollar weakened Monday against the euro and a host of other rivals after Federal Reserve data showed a decline in New York-area manufacturing activity.

The euro EURUSD, +0.0000%  rose to $1.1319 late Monday in New York, compared with $1.1308 late Friday, after the Empire State general business conditions index plummeted to a reading of negative 9 for early May, down from 9.6 in April.

That data weighed on global stocks and some emerging-market currencies, including the South African rand USDZAR, -0.3073% and Turkish lira USDTRY, -0.3359% market strategists said. Another notable exception to Monday’s broad-based dollar weakness was the yen. The greenback USDJPY, -0.04%  bought ¥108.97 late Monday in New York, compared with ¥108.65 late Friday.

New York-traded crude oil futures CLM6, +1.07%  settled at $47.72 a barrel, up 3.3% on the day. The rise helped support commodity-linked currencies like the Russian ruble, Canadian and Australian dollars against the greenback.

One dollar USDRUB, -0.0111%  bought 64.88 rubles late Monday, compared with 65.21 rubles late Friday in New York.

The ICE U.S. Dollar index DXY, -0.12% a measure of the buck’s strength against a basket of rival currencies, was down less than 0.1% to 94.5640.

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SGX IForex Recommendations : Epic Research Singapore

TRADING TIPS :

EUR/USD fell sharply on Friday, as the dollar continued its rally from 9-month lows amid an unexpected surge in U.S. consumer sentiment. The currency pair traded in a broad range between 1.1283 and 1.1379, before settling at 1.1313, down 0.0061 or 0.56% on the session. At session-lows, the euro fell below 1.13 against the dollar for the first time in the month of May. The euro has now closed lower versus the dollar in eight of the last nine sessions. Despite the recent downturn, the euro is still up against American counterpart by more than 4% since the start of the year.EUR/USD likely gained support at 1.0538, the low from December 3 and was met with resistance at 1.1496, the high from Oct. 15.

RECOMMENDATION:

BUY GBPUSD ABOVE 1.4440 TARGET 1.4460 1.4490 SL 1.4410

SELL GBPUSD AROUND 1.4445-1.442 TARGET 1.4422 1.4392 SL 1.4475

RECOMMENDATION:

BUY EURUSD AROUND 1.1315-1.1317 TARGET 1.1335 1.1390 S

L 1.1285

SELL EURUSD BELOW 1.1280 TARGET 1.1260 1.1230 SL 1.1310 

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SGX IForex Recommendations : Epic Research Singapore

TRADING TIPS :

EUR/USD is currently trading with a bullish bias. Yesterday, the pair broke above the descending channel, headed long and even tested the resistance level 1.1438. During this intraday, we still expect further movements to the upper side but should not go above 1.14770, A clear breakout above 1.1477 will push the price further to the upper side. This view can only be invalidated in case the price clearly rebounds from 1.1438. This pair should be traded alongside EUR/GBP, GBP/USD, and NZD/USD. These pairs have a strong positive correlation of up to +0.96 and will likely have a similar price action during this intraday.As long as the level 1.1438 protects the upper side, look for possible short positions from 1.1438 with your target at 1.1396. A clear breakout above 1.1438 will call for long positions with a target at 1.1477. A clear a breakout above 1.1477 will call for further long positions with an ideal target at 1.14391.

RECOMMENDATION:

BUY GBPUSD AROUND 1.4425 TARGET 1.4445 1.4475 SL 1.4395

SELL GBPUSD AROUND 1.4488-1.4490 TARGET 1.4466 1.4436 SL 1.4518

RECOMMENDATION:

BUY EURUSD AROUND 1.1370 TARGET 1.1390 1.1420 SL 1.1340

SELL EURUSD AROUND 1.1447-1445 TARGET 1.1427 1.1397 SL 1.1477

  

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SGX IForex Recommendations : Epic Research Singapore

TRADING TIPS :

EUR/USD is currently trading with a bullish bias.Yesterday, the pair traded short but could not close below the descending trend line. During this intraday, We expect an upward acceleration but should not close above 1.1396. Ideally, we expect the upper resistive trend line to mark the end of wave (4) but should be the beginning of wave (5). A clear breakout above 1.1396 will push the price further to the upper side but should not go above 1.1438. However, as long as the pair trades within the descending channel, we expect a rally to the lower side. This pair should be traded alongside EUR/GBP, NZD/USD, GBP/USD. These pairs have a strong positive correlation of up to +0.89 and will likely have a similar price action during this intraday.

RECOMMENDATION:

BUY GBPUSD AROUND 1.4395 TARGET 1.4415 1.4445 SL 1.4365

SELL GBPUSD AROUND 1.4485-1.4483 TARGET 1.4465 1.4435 SL 1.4515

RECOMMENDATION:

BUY EURUSD AROUND 1.1400 TARGET 1.1420 1.1450 SL 1.1370

SELL EURUSD AROUND 1.1400 TARGET 1.1380 1.1350 SL 1.1430

  

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