Hi all,
Do take note of the labour day on Wednesday. So if you're are Singapore stocks trader, maybe you would wan to reduce your trading sizes. Personally, I feel that a mid-week holiday is not good for trading.
I know I have been forex bias in my posting. So I decided to post some views on the Singapore stock market.
STI - It broke out of the recent peak of 3330 and managed to closed above it. However, the price target of 3353 is met, so any upside could still be limited. In order for STI to go higher, Singapore markets might look at the Shanghai Stock Exchange (SSE). So for now, I would not suggest buying any blue chips counters.
As for pennies, I do not really study them, so I cannot really advise on them.
SSE - I remain bullish on this index in the short to medium term. SSE managed to hold well at current levels despite the negative numbers coming out from China. SSE is currently at the 200MA again. If this breaks, the next support will be 2140 as per mentioned in my previous post.
US Dollar - US dollar could be heading south in the short-term but in the longer term I still remain bullish. There numerous reasons such as the removal of QE or even increase of interest rates should the US economy improve but these monetary policies would not be implemented unless there are significant progress in the economy. US economy is still pretty much affected by the instability of the Europe economy especially when the numbers for Germany economy is not so good.
Currency Pairs
EUR/USD - Uncertain.
GBP/USD - Should be heading higher and hitting around 1.56 area.
AUD/USD - Short-term wise could be heading downwards, but still remain rangebound so could rise back to 1.05 area again.
USD/CHF - Short-term downside but will be rising to hit 0.95 area.
Yen pairs - All are consolidating.
I didn't have time to post charts. Hope you all understand. Will do the charts once I have a break which will be after my exams (After June).
Good luck in all your trading.
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