KLSE IForex Recommendations

TRADING TIPS :

GBP/USD up 0.28% to 1.5496.during European morning trade, the pair’s highest since January 2; the pair subsequently consolidated at 1.5509, gaining 0.36%.In a report, the British Bankers’ Association said that mortgage approvals rose by 36,400 in January, beating expectations for an increase of 36,200. December’s figure was revised to a 35,800 gain from a previously estimated rise of 35,700.Meanwhile, the greenback remained under pressure after Fed Chair Yellen said it was “unlikely” that economic conditions would warrant an interest rate increase for “at least the next couple of FOMC meetings”.





INTRADAY OUTLOOK
Support: 1.5450
Resistance: 1.5537

RECOMMENDATION:
1. Buy GBP/USD Above 1.5539-TG: 1.5559/1.5589 SL 1.5509
2. Sell GBP/USD Below 1.5448-TG: 1.5428/1.5398 SL 1.5478

INTRADAY OUTLOOK
Support: 1.1316
Resistance: 1.1393

RECOMMENDATION:
1. Buy EUR/USD Above 1.1395-TG: 1.1415/1.1445 SL 1.1365
2. Sell EUR/USD Below 1.1314-TG: 1.1294/1.1264 SL 1.1284

KLSE Stock Recommendations

MARKET UPDATES :

The FBM KLCI index lost 2.82 points or 0.16% on Wednesday. The Finance Index fell 0.19% to 15850.15 points, the Properties Index dropped 0.13% to 1331.01 points and the Plantation Index down 0.89% to 8046.63 points. The market traded within a range of 9.70 points between an intra-day high of 1818.35 and a low of 1808.65 during the session.

STOCK RECOMMENDATION :

BUY IQ GROUP AT 2.345 -2.350 TARGET 2.400 2.460 SL 2.290

KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Gold prices gained on Thursday in Asia as investors eyed physical demand from China. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.62% to $1,209.00 a troy ounce. Meanwhile, silver futures for May delivery increased 0.84% t $16.612 a troy ounce. Elsewhere on Comex, copper for May delivery rose 0.33% to $2.654 a pound. Overnight, gold futures reversed most of the gains made in Asia on Wednesday afternoon before settling slightly higher.




TRADING STRATEGY :

BUY GOLD ABOVE 1212 TARGET 1217 1223 SL 1206
SELL GOLD BELOW 1205 TARGET 1200 1194 SL 1211

S&P Market News Update

U.S. stocks ended Wednesday’s choppy session virtually unchanged. But the Dow Jones Industrial Average eked out a small gain to close at a fresh record.

The S&P 500 SPX, -0.08%  closed 1.6 points, or 0.1%, lower at 2,113.86, with half of its 10 main sectors ending lower. Consumer discretionary stocks led the gains, utilities sold off the most.

Dollar dips on delayed rate-hike expectations

The U.S. dollar inched lower against its main trading partners Wednesday, extending losses from Tuesday’s session, after Federal Reserve Chairwoman Janet Yellen suggested the central bank isn’t ready to raise interest rates just yet.

The dollar traded lower against the euro EURUSD, -0.08%  and flat against the yen USDJPY, -0.09% with the euro worth $1.1360 and the buck trading at ¥118.85, compared with $1.1349 and ¥118.75 Tuesday.

The ICE U.S. Dollar Index DXY, +0.00% a measure of the dollar’s strength against a trade-weighted basket of six rival currencies, was 0.3% lower at 94.2260.

The pound GBPUSD, -0.06%  and the Australian dollar AUDUSD, -0.04%  were especially well-bid versus the buck, with sterling trading at $1.5525, its highest level since late December. It traded at $1.5476 late Tuesday.

The aussie AUDUSD, +0.01%  traded at 78.86 cents, just below its highest level since Jan. 28, up from 78.59 Tuesday.