Archive for December 2010
Account Opening Video Tutorial
Click on the Link below to view our Account Opening Tutorial on Youtube.
Opening account with us is fast, easy, and secure.
Forex-Metal Daily Analysis -24 /12/2010
Diverse dynamics ahead of the holidays season.
Asian and European trading sessions:
Euro: On Thursday the euro strengthened and demonstrated maximums at the level of $1.3150. The euro received positive influence from the confirmations of the Government of China regarding their intentions to support the rehabilitation of the European economy.
US Dollar: In spite of the factors that rendered support to the euro on Thursday, the greenback managed to strengthen temporarily as well. When the released information confirmed that the Irish bank Allied Irish received 4 billion euro as the necessary financial help, the US dollar strengthened.
British Pound: The sterling was supported temporarily after the statement of the Bank of England regarding the possible increase of the interest rates. The GBP/USD pair reached the maximums of $1,5430.
The GBP/USD dropped and showed minimums at the level of $1,5369 after the statement of the representative of the Bank of England, Paul Fisher, that the British economy was expected to fall.
Japanese Yen: The USD/JPY pair traded around the level of Y82,80. The greenback was weakening against the yen.
New-Zealand Dollar: The New-Zealand dollar showed growth after the announcement of the Minister of Finances that the country’s economical growth would increase next year.
Oil: Increase of the US oil inventories pushed the oil prices higher to the level of $90.67 per barrel during the morning trading on Thursday.
Gold: The gold rate also grew and showed maximums at the $1388.50 mark per ounce. Later on the price decreased.
American trading session:
British Pound: The sterling managed to rehabilitate and by the end of the trading day the GBP/USD pair grew to the $1,5430 mark.
This is the last news and technical analysis issue for this year. The market reviews and analysis will resume on January 5, 2011. We wish all our customers happy and successful New Year 2011!
Forex-Metal Daily Analysis -23 /12/2010
The release of the GDP figures.
Asian and European trading sessions:
Euro: Today euro showed some growth as a correction from yesterday’s minimums. The willingness to take risks increased and high-risk currencies were supported. The EUR/USD pair increased to $1,3150 level.
The Euro-zone fundamentals, which were released today, supported the euro as well. The German import price index, the Italian retail sales and the Italian consumer confidence showed growth above expectations.
US Dollar: The greenback was under pressure in the threshold of the US GDP release.
British Pound: Sterling demonstrated negative dynamics today due to the released UK GDP level. The GDP for the 3-d quarter showed growth for only 0.7%, which was below the expected growth for 0.8% level. As a result, the GBP/USD pair decreased to $1.5426 minimums.
Later during the day the sterling managed to rehabilitate to the $1.5462 mark.
Japanese Yen: The yen decreased as the demand for the safe-haven assets dropped. The USD/JPY rate increased to Y83,85.
New-Zealand Dollar: The New-Zealand dollar was under pressure on Wednesday, since expectations for the growth rate of the national GDP were negative.
American trading session:
US Dollar: The released US GDP for the 3-d quarter showed growth below its forecast. The existing home sales were below expectations as well.
New-Zealand Dollar: The released GDP data turned out to be below forecasts. The New-Zealand quarterly GDP for the 3-d quarter dropped for 0.2%, when the indicator was supposed to grow for 0.1%.
Technical analysis for 23/12
EURUSD
The pair has reached Fibonacci retracement 38.2% at 1.31136. If the pair stays above 1.31136 the pair will try to rise to 1.33143. If the pair stays below 1.31136 the pair will decline to 1.30277.
Resistance: 1.33143, 1.34882, 1.35985
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has declined to Fibonacci retracement 23.6% at 1.53482 and may roll back to 1.54842.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53482, 1.52063, 1.50594
USDCHF
The pair is aiming to test 0.94661, this is a strong level and low of 14.10.10.
Resistance: 0.95510, 0.96480, 0.97130
Support: 0.94661, 0.93831, 0.92938
USDJPY
The pair has drawn Diamond figure on daily graph. Confirmation will be received if the pair breaks 83.065 level and decline to 82.219. The end of the figure maybe expected at 81.399 or 80.438.
Resistance: 83.933, 84.866, 85.960
Support: 83.065, 82.219, 81.399
AUDUSD
The pair is aiming to 1.00067. If this level is broken the pair will rise to 1.00907 (here is the end of the Flag’s figure). Higher is a strong level 1.01744 (high of 11.05.2010).
Resistance: 1.00067, 1.00907, 1.01744
Support: 0.99207, 0.98436, 0.97424
New Currency Pairs Added
Three new currency pairs have been added to our trading platform this week. Clients will now be able to trade
CADCHF (Canadian dollar vs Swiss Franc),
EURNZD (Euro vs New Zealand Dollar), and
GBPNZD (Great Britain Pound vs New Zealand Dollar).
Forex-Metal clients can now trade more than 50 currency pairs with very tight spreads. To view Forex-Metal’s competitive spreads for all currency pairs, visit https://forex-metal.com/home/contract_parameters
Looking for a specific pair that we don’t have? Talk to our support specialist at support@forex-metal.com and maybe we would be able to accommodate your trading needs.
Forex-Metal Daily Analysis -22 /12/2010
Ratings’ reduction pressures the euro.
Asian and European trading sessions:
Euro: The EUR/USD started today’s trading with the maximum of $1,3200, as the Government of China confirmed its intentions to support the European Union with debt problems. Therefore, the euro was gaining strength.
But the announcement that Moody’s would probably reduce the Portugal credit rating pressured the euro, and the EUR/USD pair started to loose its previously won positions.
US Dollar: The greenback was weakening as the euro showed some temporary stabilization.
British Pound: The GBP/USD rate showed maximums as well, the pair reached the $1,5560 level during the Asian session. Later on the sterling was weakening following the euro dynamics.
Japanese Yen: The yen consolidated before the end of the year period. The USD/JPY pair traded in the range of Y83,55-Y83,80.
According to the expectations, the Bank of Japan left the principal rate unchanged at the level of 0.10%.
Canadian Dollar: The Canadian dollar was loosing its positions against the greenback. The released Canadian consumer prices indices turned out to be below expectations, which pressured the national currency. And even the release of the Canadian retail sales, which was above forecasts, could not support the Canadian dollar.
Oil: The oil prices showed increase to the level of $89.64 per barrel, as the US economical growth showed positive forecasts.
Gold: Gold rate grew and well and reached the $1,386.70 mark per ounce.
American trading session:
Euro: Threat of Greece debt downgrade by Fitch agency rendered additional pressure to the euro. As a result, the EUR/USD dropped to the $1,3071 minimums.
Technical analysis for 22/12
EURUSD
The pair has reached Fibonacci retracement 38.2% at 1.31136. If the pair stays above 1.31136 the pair will try to rise to 1.33143. If the pair stays below 1.31136 the pair will decline to 1.30277.
Resistance: 1.33143, 1.34882, 1.35985
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has broken 1.54842 and aiming to decline to Fibonacci retracement 23.6% at 1.53482.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.53482, 1.52063, 1.50594
USDCHF
The pair has broken 0.96480 and aiming to strong support at 0.95510. If 0.95510 is broken the pair may decline to 0.94661 low of 14.10.10.
Resistance: 0.96480, 0.97130, 0.97892
Support: 0.95510, 0.94661, 93831
USDJPY
If the pair stays below 83.933 the pair will decline to 83.065.
Resistance: 83.933, 84.866, 85.960
Support: 83.065, 82.219, 81.399
AUDUSD
The pair nearly touched 1.00067 and rolling back to 0.99207.
Resistance: 1.00067, 1.00907, 1.01744
Support: 0.99207, 0.98436, 0.97424
Forex-Metal Daily Analysis -21 /12/2010
Demand for save-haven grows.
Asian and European trading sessions:
Euro: On the first day of this week the euro was affected by the reduction of the EC countries’ credit ratings by Moody’s Investors Service. Last week the credit rating of Ireland has been reduced for 5 levels. Therefore, the euro was under pressure. Forecasts for the euro are bearish as well, according to the experts’ opinion.
The EUR/USD pair traded in the range of $1.3130 – $1.3180. Its minimum was set at the level of $1,3093.
US Dollar: The US dollar strengthened against the growing concerns over the European fiscal crises. Expectations for positive US news’ releases rendered support for the greenback.
British Pound: The GBP/USD pair traded around the range of $1.5475.
Japanese Yen: The USD/JPY pair traded in the range of Y84.10-Y83.80.
Swiss Frank: Swiss frank showed record-breaking maximums against the euro against the European uncertainty.
Oil: Oil prices managed to grow to the $88.87 mark.
American trading session:
Euro: The released today European fundamentals could not support the euro. German Producer price indices decreased below expectations. And Euro-zone consumer confidence showed reductions below its forecast.
US Dollar: Growing tension in the Korean Peninsula pressured the high-risk assets and supported the greenback.
Technical analysis for 21/12
EURUSD
The pair has reached Fibonacci retracement 38.2% at 1.31136 and rolled back to 1.31674. If the pair stays above 1.31136 the pair will try to rise to 1.33143.
Resistance: 1.33143, 1.34882, 1.35985
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has declined to 1.54842. If the pair stays above this level the pair will rise to 1.56722.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair has broken 0.96480 and aiming to strong support at 0.95510.
Resistance: 0.96480, 0.97130, 0.97892
Support: 0.95510, 0.94661, 93831
USDJPY
The pair has declined below 83.933. It may bring pair to 83.065.
Resistance: 83.933, 84.866, 85.960
Support: 83.065, 82.219, 81.399
AUDUSD
The pair is aiming to 1.00067.
Resistance: 1.00067, 1.00907, 1.01744
Support: 0.99207, 0.98436, 0.97424
Weekly market review from Forex-Metal.
In this issue:
1. Weekly market review from Forex-Metal.
2. Weekly technical analysis.
3. Holiday Schedule.
4. New Currency Pairs Added
5. Results of the “Jingle Bells” trading competition.
6. 30% trading bonus is on again!
7. Representatives Wanted!
8. Economic Calendar, Pip value calculator and other useful links.
1. Weekly review for 13 – 17. 12, 2010
Previous trading week saw greenback being pressured by various factors. On Monday after the announced information that the Chinese Government would not increase the interest rates, the stock market grew and the greenback was pressured. Possibility, that the agency Moody’s Investors Service Inc. would change the US credit rating forecast to negative, rendered additional pressure on the greenback. As a result, the EUR/USD maximum was reached at the $1.3435 level.
The pound showed similar dynamics to the euro. The sterling was pressured by the released weak UK Rightmove house prices, and the GBP/USD dropped to $1.5716. But the weakened greenback pushed the GBP/USD pair to the maximums of $1.5897.
Oil prices grew due to the fact that Bank of China did not increase the interest rate. Therefore, the speculations on increased demand for oil reinforced. The rate was around the $88.18 mark per barrel. It maximum was reached at $89.10 mark per barrel. Gold also demonstrated growth, and the price reached the $1395 level.
Euro continued to stabilize on Tuesday morning. Expectations for the strong European fundamental release on that day supported the euro. Eventually the Euro-zone ZEW survey (Economic sentiment) for December turned out to be above expectations: 15.5 against the forecasted 10.5. The EUR/USD pair consolidated around the $1,3450 mark. Its maximum was reached at the $1.3498 level. At the same time the sterling demonstrated growth and reached the $1,5900 level against the greenback. The released GB retail price indices for November showed higher levels, compared to expectations. The UK consumer price index grew above expectations as well.
Released US fundamentals supported the greenback, which started to rehabilitate against the euro and the pound. The US advance sales for November turned out to be 0.8% against the expected 0.6%. The US producer price index and US retail sales grew above forecasts as well. According to the expectations, at the FOMC meeting the rate was left unchanged at the level of 0.25%. The QE program would stay at the previous level of $600 billion. The results of the FOMC meeting did not render any special support to the greenback.
The EUR/USD pair started Wednesday with a decrease to the $1,3300 mark. The euro was pressured by the announcement of Moody’s Investors Service that the credit rating of Spain would be possibly reduced. Minimums were reached at the $1.3284 mark. Expectations for the release of the positive US fundamentals later during the day supported the greenback. The speculations regarding the possible increase of the interest rate at the next FOMC meeting reinforced. The released consumer price index turned out to be at the forecasted level of 1.1%.
The sterling also decreased on Wednesday and the GBP/USD pair dropped to $1,5720 level. After the release of the UK employment data, the GBP/USD dropped to $1.5528. The jobless claims change decreased for 1.2K against the expected decrease for 3.0K.
The release of the strong US fundamentals supported the greenback on the same day. The Empire manufacturing index for December grew and reached 10.57 level against the forecasted level of 5.00. US industrial production increased as well and hit the 0.4% level against the expected 0.3%.
The euro was under pressure on Thursday due to the debt problems of some of the EC countries that weigh on the whole EC situation. During the morning trading the EUR/USD pair traded around the $1,3200-$1,3240 range. Euro received additional pressure from the announcement of Moody’s Investors Service regarding the possibility of reducing current rating of the Greek government obligations. Market participants are waiting for the results of the EC meeting, which was taking place in Brussels.
The publication of the strong UK economic data rendered temporary support to the sterling. In particular, the UK retail sales indicators turned out to be positive, and the GBP/USD reached the $1,5620 level. But later on, the pound stepped back from the reached daily maximums.
According to the expectations, the Swiss National Bank left the principal rate unchanged on Thursday at the level of 0.25%. As a result, the national currency stepped back from the reached Wednesday’s maximums.
Expectations for the results of the EC summit pressured the precious metals as well. The gold rate reached maximums of $1386, and fell back to $1380 per ounce. The silver reached maximums of $29.21 and stepped back to $28.98 per ounce.
On Friday the US dollar managed to strengthen against almost all counterparts. The released US fundamentals rendered support for the greenback. The announcement that Moody’s agency reduced the rating for Ireland for 5 levels down pressured the euro. As a result, the EUR/USD reached minimums at $1,3150. The GBP/USD pair decreased as well and reached the $1,5452 minimums.
Happy trading!
2. Weekly technical analysis for 20 – 24.12, 2010
EURUSD
The pair has broken support 1.33427 the next aim at Fibonacci retracement 38.2% at 1.30659.
Resistance: 1.33427, 1.37441, 1.41130
Support: 1.28004, 1.25667, 1.20280
GBPUSD
The pair is trading below Moving Average (100) 1.59962, it is a bearish sign. The pair may decline to Fibonacci retracement 23.6% at 1.53290.
Resistance: 1.59962, 1.64274, 1.68504
Support: 1.52523, 1.48532, 1.43344
USDCHF
The pair has broken resistance (green dash line). The pair may decline to 0.94580 if 0.96525 is broken.
Resistance: 0.99031, 1.01369, 1.04060
Support: 0.96525, 0.93770, 0.91074
USDJPY
The pair is trading above 83.330, it may bring pair to 84.849.
Resistance: 86.836, 90.909, 94.705
Support: 83.330, 80.244, 76.535
AUDUSD
The pair stays below 1.000031. It may bring pair to 0.97889. If 0.97889 is broken the pair will decline to 0.94048.
Resistance: 1.00031, 1.01873, 1.03847
Support: 0.97889, 0.94048, 0.89581
3. Holiday Schedule
Due to Christmas and New Year’s Eve holidays our trading schedule for the holiday period will be as follows:
On 24th of December 2010 we will close at 2pm GMT and will re-open as normal on the following Monday, 27th December 2010.
Then on 31st December we will close trading at 2pm GMT and will re-open at the usual time on Monday, 3rd January 2011.
We would like to take this opportunity and to wish all our valued customers a very happy and prosperous year 2011.
4. New Currency Pairs Added.
Three new currency pairs have been added to our trading platform this week. Clients will now be able to trade
CADCHF (Canadian dollar vs Swiss Franc),
EURNZD (Euro vs New Zealand Dollar), and
GBPNZD (Great Britain Pound vs New Zealand Dollar).
Forex-Metal clients can now trade more than 50 currency pairs with very tight spreads. To view Forex-Metal’s competitive spreads for all currency pairs, visit https://forex-metal.com/home/contract_parameters
Looking for a specific pair that we don’t have? Talk to our support specialist at support@forex-metal.com and maybe we would be able to accommodate your trading needs.
5. Results of the “Jingle Bells” trading competition.
Our final trading competition for this year has begun. We welcome all registered participants and wish you all good luck. For all those who haven’t joined the competition yet, the main details of the championship are:
Takes place from 22nd November 2010 to 24th December 2010
This is a demo competition – you are playing with virtual cash. But the prizes are absolutely real!
The prizes are as follows:
* 1st place — 500 USD;
* 2nd place — 250 USD;
* 3rd place — 100 USD.
Plus EVERY participant even if he is not a winner will receive a cash prize at the end of the competition. Absolutely everyone if welcome to participate. For more details and to register please visit this page: https://forex-metal.com/promotions/competition
The current results of the ongoing competition could be checked here:
https://forex-metal.com/competition_accounts_presentations
6. 30% trading bonus is on again!
Cash bonus promotion – “You nominate the amount of the bonus”. Get a cash bonus of up to $3000 when you deposit funds into your account for the first time.
The full bonus conditions are available here: https://forex-metal.com/discount/discount12
If you have just opened a trading account with us and fund your trading account within a week from the time of this message, you can receive a cash bonus in addition to your deposit.
If you would like to receive the bonus, please contact us at payments@forex-metal.com and confirm the bonus amount you would like to receive, at the time your account is being funded.
7. Representatives Wanted!
We are expanding our operations and would like to open a representative office in your country, so we can be closer to our customers. If you feel that you are up to it: to have an interesting business and to have a steady income, then talk to us. You do not need to have any special knowledge – full training and support will be provided by us.
For more details please contact our Business Development team at business@forex-metal.com or talk to our operators via live chat and they will put you to the right person.
8. Economic Calendar, Pip value calculator and other useful links.
• 4 major currency pairs are now also available for trading with market execution. All trading on our platform is done as instant execution, however for USDJPY, EURUSD, USDCHF and GBPUSD you now have a choice to trade them with instant or market execution. To trade these pairs with market execution right click on your symbols, choose Symbols in the menu, then in the section Forex choose these 4 pairs with letter M at the end, i.e. EURUSD_M and press Show.
• The general trading conditions and to open an account click here:
https://forex-metal.com/accounts/new
• Make an instant deposit into your account using credit card, Liberty Reserve or other methods. Visit the Deposit Funds page for full list of available payment methods:
https://forex-metal.com/fund_transactions/new
• Economic Calendar: https://forex-metal.com/ecpresentations
• Pip value calculator: https://forex-metal.com/home/pip_calculator
• No-swap or Islamic accounts.
Did you know that you can have a no-swap account or Islamic account at Forex-Metal?
We offer two types of no-swap accounts: with gifts and donations and without gifts and donations.
No-swap account with gifts and donations: with very small credits (gifts) and debits (donations) on your trading account which are approximately equal to the swap amounts. No account costs.
No-swap account without gifts and donations: no additional credits or debits, only spreads (the same spreads, no difference from the regular account). No account costs.
Forex-Metal Daily Analysis – 17/12/2010
Expectations for the EC meeting in Brussels.
Asian and European trading sessions:
Euro: The euro was under pressure due to the debt problems of some of the EC countries that weigh on the whole EC situation. During the morning trading the EUR/USD pair traded around the $1,3200-$1,3240 range. Euro received additional pressure from the announcement of Moody’s Investors Service regarding the possibility of reducing current rating of the Greek government obligations.
Market participants are waiting for the results of the EC meeting, which is taking place in Brussels. If EC leaders reach a common approach to avoid the proliferation of the credit crisis in the region, the euro could receive substantial support.
US Dollar: Greenback continued to strengthen on Thursday as well. The support was rendered by the expectations for the positive US fundamentals, which were planned to be released during the trading day.
British Pound: The publication of the strong UK economic data rendered temporary support to the sterling. In particular, the UK retail sales indicators turned out to be positive, and the GBP/USD reached the $1,5620 level. But later on, the pound stepped back from the reached daily maximums.
Japanese Yen: The USD/JPY pair dropped to the level of Y83.94.
Swiss Frank: According to the expectations, the Swiss National Bank left the principal rate unchanged at the level of 0.25%. As a result, the national currency stepped back from the reached maximums on Wednesday.
Oil: Released yesterday US oil inventories, which showed decrease, kept oil prices at maximum levels of around $88.50 per barrel. Later on the price decreased to $88.
Gold: Expectations for the results of the EC summit pressured the precious metals as well. The gold rate reached maximums of $1386, and fell back to $1380 per ounce. The silver reached maximums of $29.21 and stepped back to $28.98 per ounce.
American trading session:
US Dollar: The US housing starts for November turned out to be above forecasts: 555K against the expected 550K. Initial jobless claims decreased, and the Philadelphia Fed. index grew to 24.3 compared to forecasted 15.0.
Forex-Metal Daily Analysis – 16/12/2010
Demand for the risk drops.
Asian and European trading sessions:
Euro: The EUR/USD pair started Wednesday with a decrease to the $1,3300 mark. The euro was pressured by the announcement of Moody’s Investors Service that the credit rating of Spain would be possibly reduced. Minimums were reached at the $1.3284 mark.
US Dollar: Morning trading saw the stabilization of the US dollar. Expectations for the release of the positive US fundamentals later during the day supported the greenback. The speculations regarding the possible increase of the interest rate at the next FOMC meeting reinforced.
The released consumer price index turned out to be at the forecasted level of 1.1%.
British Pound: The sterling also decreased and the GBP/USD pair dropped to $1,5720 level. After the release of the UK employment data, the GBP/USD dropped to $1.5528. The jobless claims change decreased for 1.2K against the expected decrease for 3.0K.
Japanese Yen: The USD/JPY pair reached maximums at Y84.50 and stepped back to Y83.60 levels.
Swiss Frank: Today Swiss frank reached maximums against the euro due to the European financial crises.
Oil: Oil prices showed decrease to the level of $87.74 per barrel after the FRS commentaries regarding the slow-down of the US economy rehabilitation.
American trading sessions:
US Dollar: The demand for the save-heaven assets grew, as the uncertainty around the European countries increased.
The release of the strong US fundamentals supported the greenback. The Empire manufacturing index for December grew and reached 10.57 level against the forecasted level of 5.00. US industrial production increased as well and hit the 0.4% level against the expected 0.3%.
Technical analysis for 16/12
EURUSD
The pair has broken 1.33143 and aiming to Fibonacci retracement 38.2% at 1.31136.
Resistance: 1.33143, 1.34882, 1.35985
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair wasn’t able to close above 1.58543. The pair declining to support level 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair has declined to 0.96480. Lower is strong support at 0.95510.
Resistance: 0.96480, 0.97130, 0.97892
Support: 0.95510, 0.94661, 93831
USDJPY
The pair has risen to 83.933 and trying to reach 84.866.
Resistance: 84.866, 85.960, 86.861
Support: 83.933, 83.065, 82.219
AUDUSD
The pair has declined to support 0.98436. If this level is broken the pair may decline to 0.97423.
Resistance: 0.99207, 1.00067, 1.00907
Support: 0.98436, 0.97424, 0.96464
forexmetal 