KLSE IForex Recommendations

TRADING TIPS :

EUR/USD hit lows of 1.2279, the weakest level since August 16, 2012.Data released on Monday showed that Japan’s third quarter economic contraction was deeper than initially estimated.Revised data showed that Japan’s gross domestic product contracted by an annualized 1.9%, more than the preliminary estimate of a 1.6% decline. On a quarter-over-quarter basis the economy contracted by 0.5% in the three months to September, compared to a preliminary estimate of a 0.4% contraction.A separate report showed that Chinese exports rose just 4.7% in November from a year earlier, less than the expected 7.9% increase, while imports fell 6.7% on a year-over-year basis. The weak data added to concerns over a slowdown in the world’s second-largest economy.In the euro zone, data showed that German industrial production rose just 0.2% in October,


INTRADAY OUTLOOK
Support: 1.2238
Resistance: 1.2302

RECOMMENDATION:
1. Buy EUR/USD Above 1.2304-TG:1.2324/1.2354 SL 1.2274
2. Sell EUR/USD Below 1.2235-TG:1.2215/1.2185 SL 1.2265

INTRADAY OUTLOOK
Immediate Support: 120.67
Immediate Resistance: 121.28

RECOMMENDATION:
1. Buy USD/JPY Above 121.30-TG:121.50/121.80 SL 121.00
2. Sell USD/JPY Below 120.65-TG:120.45/120.15 SL 120.95