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With the Wuhan Coronavirus scare in the past 1-2 months, the stock markets have been cautiously bullish, but it somehow feels that the market is still in risk-off mode.

Currencies like the EUR have been weakening, whereas “safe haven” assets like USD, Gold and Bitcoin have been very bullish.

Here are some of the trade signals taken from our private “Synapse Network”, which we post daily for our members:

 

Weakness in the Euro (EUR)

Based on the currency strength meter, we can see that Gold and Bitcoin are the strongest, whereas EUR is the weakest.

Hence shorting EUR against the USD and against the CHF were very profitable trades for us.

 

Strength in the US Dollar (USD)

We managed to identify early the breakout of USD against the Singapore dollar (SGD), giving us a very good early entry and the ability to hold (or even add!) onto the trade and ride profits confidently.

This lead to a windfall trade of 400+ profits just from this one trade!

 

The Rise of Bitcoin (BTC/USD)

At the start of the year we identified the emerging strength of Bitcoin, and advised everyone to get in early before the real price movement starts.

At that time, price was only $8,000+, and since then, price has surged up to $10,000+, giving a minimal 20% ROI for this trade, and it’s just the start of the year!

If you would like to avoid missing out on any of such awesome trades (which we deliver on a daily basis), then you should definitely check out our training program & trading signals bundle:
https://synapsetrading.com/the-synapse-program/

See you on the inside!

This week, the central bank is predicted to ease monetary policy for Singapore, considering we have officially slipped into recession for the first time since the global financial crisis in 2008-09. Our economy was expected to have shrunk 0.1 per cent in the third quarter from the previous three months on an annualised and seasonally adjusted basis after a 4 per cent contraction, according to a Reuters poll.

For those unfamiliar with our monetary policy, the central bank manages monetary policy by letting the Singdollar rise or fall against the currencies of its main trading partners within an undisclosed trading band based on its S$NEER.

Singaporean dollar bank notes are arranged for a photograph in Singapore, on Tuesday, Aug. 9, 2011. Singapore reduced the top end of its growth forecast for 2011 as a faltering U.S. economy and the European debt crisis heightened the risks to global expansion. Photographer: Munshi Ahmed/Bloomberg

Photographer: Munshi Ahmed/Bloomberg

Of the 25 analysts surveyed by Reuters, 15 expect the Monetary Authority of Singapore (MAS) to loosen policy. And among those who predict an easing, seven expect the slope to be reduced to zero and four see a lower mid-point. Three others expect a slope reduction and re-centering, while one analyst expects a zero slope and band widening.

 

usdsgd 141015

Looking at the chart of the USD/SGD, we can observe that the medium-term trend is still bullish, with the recent weakness in the USD causing a correction in the past week. This gives rise to a possible double-bottom bull flag pattern, resting on a previous level of support.

I think it would be a good opportunity to initiate a long position on the USD/SGD, as the strength in the USD is expected to persist. Good luck! 😀