Archive for July 2011
Forex-Metal Daily Analysis -29/07/2011
Forex-Metal Daily Analysis -29/07/2011
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S&P downgraded Greece rating for 2 levels.
Asian and European trading session:
Euro: Another downgrade of Greece rating caused serious pressure on the euro today. The rating agency S&P downgraded the rating of Greece to ‘CC’ from ‘CCC’ with negative outlook yesterday. The rating is now on the same level with a rating from Moody’s. (It should be mentioned that the Fitch agency had downgraded Greece’s rating from B + to CCC).
The EUR/USD pair traded in the $1.4331-$1.4382 range. Its maximums were set during the European session at the $1.4400 mark.
New Zeeland Dollar: The New Zealand dollar continued its trading at the previously reached maximum levels against the US dollar after the RBNZ has left official interest rates unchanged at the 2.50% yesterday.
British Pound: The GBP/USD traded $1.6310-$1.6340 range and was under pressure after the weak Retail sales report of the Confederation of British Industry (-5% in July). The sterling rate fell to $1.6290, and then recovered to $1.6322 mark.
Japanese Yen: The yen rose against major currencies on concerns about the situation in the U.S. and Europe. The USD/JPY pair decreased to the area of Y77.70.
Swiss Frank: Since the demand for the save-heaven currencies was strong on Thursday, the Swiss frank continued to trade around its maximums.
Australian Dollar: Australian dollar, which set record highs against the U.S. dollar, was trading at its maximum levels.
American trading session:
US Dollar: Greenback was falling against the major currencies due to the events in the U.S. Congress, where Democratic and Republican parties continued to seek compromise on increasing the limit of public debt.
EUR/USD continues to trade near the resistance level at $1.4320.
Forex-Metal Daily Analysis -28/07/2011
Forex-Metal Daily Analysis -28/07/2011
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Market participants expect a US debt level decision. Dollar reached new lows.
Asian and European trading session:
Euro: During the Asian trading session the EUR/USD pair was trading in the $1.4491- $1.4536 range. During the European session the pair fell back toward the support at $1.4470, attempted to recover back and showed its highs at $1.4507, but later on the pair fell to $1.4440 mark.
US Dollar The dollar was trading at its lows against major currencies ahead of the vote in the U.S. on improving the dept situation. Dollar fell to record lows against the Australian and New Zealand currencies, as Barack Obama continued to lead the fight in Congress regarding the approval of a plan to raise debt limit and reduce the deficit. Greenback was also pressured after the release of the durable goods orders report, which has been published today in the afternoon. Orders unexpectedly fell in June by 2.1%, while analysts forecast a rise of 0.5%.
British Pound: The sterling fell after a disappointing factory orders report from the Confederation of British Industry, which showed that the volume of orders in July fell by 10% after rising for 1% in June.
The GBP/USD pair traded in the range of $1.6401 – $1.6436. After the weak CBI report the pound retreated to lows below the $1.6400 mark, continued moving to the lows of $1.6356 range.
Japanese Yen: The USD/JPY pair fell and traded at the Y77.60 – Y77.91 range.
Australian Dollar: The Australian dollar strengthened after the published data, which recorded greater than expected rise in consumer prices in Australia.
Gold: Today the gold price renewed its historical maximum at the level of $1.628.80 ounce. The desire of investors to maintain their status by investing in gold was due to continuing concerns regarding the U.S. decision to raise the debt limit from the current $ 14.3 trillion.
American trading session:
Canadian Dollar: The Canadian dollar fell against the U.S. dollar. Yesterday it reached the maximum level in the last 3 years.
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Forex-Metal Daily Analysis -27/07/2011
Forex-Metal Daily Analysis -27/07/2011
Market review for 26.07.2011: Speculations over the possible US default pressured the greenback.
Asian and European trading sessions:
Euro: The EUR/USD pair grew to the $1.4480 maximums during the Asian trading session.
Euro set new maximum during the European session at the $1.4520 mark.
US Dollar: Greenback renewed its historical minimum against the Swiss franc today after the statement of Barak Obama regarding the increasing concerns that the growing national debt would reinforce the default of the US.
British Pound: Sterling followed the euro, and the GBP/USD pair grew to the level of $1.6340 during the Asian session.
The released UK GDP showed unexpected growth, which rendered support to the sterling.
Japanese Yen: Japanese yen rate grew as a save-heaven. The USD/JPY pair dropped to Y77.88 mark.
Later on, the USD/JPY pair rallied to the maximums of Y78.65 due to the speculations that the Bank of Japan could have fulfilled the intervention.
Oil: Oil was trading in the range of $99.47 per barrel.
American trading session:
US Dollar: Lack of fundamental releases during the American trading session resulted in the rather narrow trading range. The EUR/USD traded within the $1.4460 – $1.4520 limits. The GBP/USD pair increased to the $1.6428 mark.
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Forex-Metal Daily Analysis -26/07/2011
Forex-Metal Daily Analysis -26/07/2011
Credit rating of Greece reduced by the Moody’s agency.
Asian and European trading session:
Euro: Euro fell after the announcement that the rating agency Moody ‘s reduced the Greece credit rating to Ca from Caa1.
The EUR /USD pair showed maximum of $1.4400, but could not overcome this strong resistance level, which led to the pullback to the area of $1.4358.
US Dollar: The dollar updated a historical minimum against Swiss franc after the U.S. Senate on Friday failed to adopt a plan of the Republican Party, called the «Cut, Cap, and Balance».
British Pound: The GBP/USD pair showed a maximum at $ 1.6330 and then started to decline, it remained in the range $1.6260 – $1.6310.
Japanese Yen: Today the head of the Central bank of Japan, Shirakawa, said that growth in the yen may have a negative impact on the economy, pressuring corporate profits and sentiment.
The USD/JPY pair started the session in the range of Y78.20 – Y78.60 and could not overcome it.
American trading session:
Canadian Dollar: Canadian dollar rose as investors sought save-heaven amid concerns about possible default of the United States. Support for the Canadian dollar was also derived from the speculations regarding the possible increase of the interest rates one more time this year.
British Pound: British Pound remained under pressure ahead of tomorrow’s publication of the report on GDP for the second quarter. The nearest support-$ 1.6261. The following may decrease to $ 1.6232. The nearest resistance – $ 1.6340.
Swiss Frank: Swiss Frank strengthened as a save-haven asset. Also on this background, the Japanese yen is supported against the major currencies, including the U.S. dollar.
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Forex Metal Weekly Newsletter
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Market review for 18 – 22.07, 2011
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WEEKLY REVIEW FOR 18 – 22. 07, 2011
The beginning of the previous week saw strengthening of the greenback. The dollar rose on Monday as risk aversion grew following the increased Euro-zone debt fears. Uncertainty over the ongoing crisis of Greece, concerns about the banking system in the EU and fresh doubts about Italy’s solvency resulted in increased safe-heaven buying. Market participants were also concerned over the discussions regarding the increase of the US National debt level. Technical default of the US economy became possible.
Euro started the week by showing losses against major currencies on concerns about the fact that European leaders were unable to agree on measures aimed at stopping the further spread of the debt crisis in the EU. Next summit of the European leaders was scheduled for July 21, which was the main reason of investors’ unconfident behaviour on Monday. The EUR /USD pair hit its minimums of $ 1.4010. During the European trading session the euro managed to rehabilitate to $1.4050.
The yen was stabilizing as a save-heaven as well. The USDF/JPY traded in the range of Y78.90-Y79.20. Swiss franc continued to strengthen against major currencies against the backdrop of increased demand for the currency with the status of save-heaven.
On the same day gold prices renewed its historical maximums of $1.603.80 per ounce.
On Tuesday the euro remained under pressure. The financial stability of the region was the main issue of the European leaders summit, planned for July 21meeting. But during the European session amid speculation that European officials were close to agreement, Euro strengthened against the dollar and Swiss Franc. The EUR /USD pair dropped to the area of $1.4091. During the early European session the pair began to recover, overcame $1.4200 and showed highs at $1.4220.
The Canadian dollar fell against the backdrop of weakening global stock markets as a result of the falling commodity prices, including oil. The Bank of Canada left the principal rate unchanged at the previous level of 1.00%.
The dollar strengthened during the Asian session on Wednesday against the euro and the pound after the announcement that U.S. President Barack Obama has reached an agreement with a group of six senators over the plan of substantial government spending reductions, primarily for social purposes, and raising of the tax bar. However, during the European session dollar reached a one week low against the euro in anticipation for the agreement between the European on solutions to the debt crisis.
During the European session Euro rose against the USD due to the increased investors’ optimism regarding achieving of the possible agreement over the Spanish and Italian debt. The EUR/USD pair showed its lows at $1.4130 and then began to recover and reached the $1.4200 mark.
Released Minutes of the Meeting of the Bank of England read that the majority of the members believed tightening of monetary policy in the short term was less likely. Before the publication the GBP fell to the lows of $1.6070. But as a result of the released meeting minutes, the GBP/USD pair rose sharply, reaching the $1.6150 highs.
The Canadian dollar rose on Wednesday to its highest level since May 2 against the U.S. dollar against the optimistic expectations on the eve of Thursday’s EU summit. This has led to increased demand for high-risk currencies. The Canadian dollar was also supporting by yesterday’s comments of the Bank of Canada Governor, Mark Carney, who suggested a likely increase in interest rates in September.
The euro rose for a third day against the dollar after German Chancellor Angela Merkel and French President Nicolas Sarkozy agreed on a solution for the debt problems in Greece. Details of arrangements would be announced on the same day at the summit of EU leaders with the main topic of the financial stability in the region. During the European session Euro fell against the dollar after European officials made ??it clear that Greece could face a default on government bonds. Euro retreated on concerns about the fact that the summit would not be able to control the spread of the debt crisis in Greece to other countries in the region. The EUR/USD pair grew and reached the $1.4271 mark, came close to $1.4298, but wasn’t able to overcome this level, which provoked a correction to the lows at $1.4139. Later, pair recovered to $1.4190.
Greenback decreased after the administration of U.S. President Obama has made it clear that to take short-term increase in U.S. debt limit was possible only if it would be combined with the agreement of reducing the deficit.
The Japanese yen rose after published news from the Ministry of Finance of Japan. The positive balance of trade at ¥70.737 billion ($897 million) in June, exceeded the average of analysts’ forecasts. The USD/JPY pair fell to the range of ??Y78.60, but later recovered. Tested and retreated to Y79.00-Y78.80.
Euro reached a 2-week peak against the dollar amid speculation that the European financial stability mechanism (EFSF) would finance the Greek bonds. The U.S. dollar fell against major currencies against the background of the negotiations regarding the increasing U.S. national debt. Moreover, on Thursday, the rating agency S & P affirms a 50% risk reduction of U.S. debt in three months. The Australian dollar recovered and showed strong growth. Canadian dollar continued to grow after the Bank of Canada statement on the possibility of raising interest rates.
As a result, the EUR/USD managed to grow to $1.4350 maximums by the end of the week. The GBP/USD pair reached the $1.6300 mark, and the USD/JPY pair decreased below the Y78.50 level.
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Forex-Metal Daily Analysis -21/07/2011
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European Summit expectations increase the demand for the high-risk assets.
Asian and European trading session:
Euro: During the European session Euro rose against the USD due to the increased investors’ optimism regarding achieving of the possible agreement over the Spanish and Italian debt. The EUR/USD pair showed its lows at $1.4130 and then began to recover and reached the $1.4200 mark.
US Dollar: The dollar strengthened during the Asian session against the euro and the pound after the announcement that U.S. President Barack Obama has reached an agreement with a group of six senators over the plan of substantial government spending reductions, primarily for social purposes, and raising of the tax bar. However, during the European session dollar reached a one week low against the euro in anticipation for the agreement between the European on solutions to the debt crisis.
British Pound: Released Minutes of the Meeting of the Bank of England read that the majority of the members believed tightening of monetary policy in the short term was less likely. Before the publication the GBP fell to the lows of $1.6070. But as a result of the released meeting minutes, the GBP/USD pair rose sharply, reaching the $1.6150 highs.
Japanese Yen: The JPY/USD pair fell to the area of Y79.00.
Oil: The August crude rose $1.25 to $98.75 per barrel.
Gold: Gold fell in price by $13.30 to $1,587.80 per troy ounce.
American trading session:
Canadian dollar: The Canadian dollar rose on Wednesday to its highest level since May 2 against the U.S. dollar against the optimistic expectations on the eve of tomorrow’s EU summit. This has led to increased demand for high-risk currencies.
The Canadian dollar was also supporting by yesterday’s comments of the Bank of Canada Governor, Mark Carney, who suggested a likely increase in interest rates in September.
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Technical analysis for 21/07
EURUSD
The pair has broken support level and aiming to reach Fibonacci 61.8% at 1.38867. Strong support is at median line at 1.37486.
Resistance: 1.41780, 1.42996, 1.44400
Support: 1.40690, 1.38554, 1.37486
GBPUSD
The pair has risen to resistance 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair is aiming to 0.82483. If this level is broken the pair will rise to 0.83541.
Resistance: 0.82483, 0.83541, 0.84685
Support: 0.81356, 0.80313, 0.79115
USDJPY
The pair has broken 79.070 and aiming to 78.345.
Resistance: 79.070, 79.707, 80.438
Support: 78.345, 77.539, 76.463
AUDUSD
The pair has risen to the median line at 1.07739. This is a resistance level and the pair may decline to 1.07005.
Resistance: 1.07739, 1.08413, 1.09112
Support: 1.07005, 1.06164, 1.05332
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Forex-Metal Daily Analysis -20/07/2011
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Euro strengthens in anticipation of the Euro-zone Ministers’ Summit.
Asian and European trading session:
Euro: Euro remains under pressure by showing losses against major currencies on concerns about the fact that European leaders were unable to agree on measures aimed at stopping the further spread of the debt crisis in Spain and Greece. Next summit of the European leaders was scheduled for July 21.The financial stability of the region is the main issue of this meeting. But during the European session amid speculation that European officials were close to agreement, Euro strengthened against the dollar and Swiss Franc.
The EUR /USD pair dropped to the area of $1.4091. During the early European session the pair began to recover, overcame $1.4200 and showed highs at $1.4220.
British Pound: The GBP/USD pair traded in the range of $1.6080-$ 1.6160.
Japanese Yen: The USD/JPY pair traded in the range of Y79.00-Y79.20.
Australian dollar: The Australian dollar retreated after the published RBA report, which showed last meeting of the RBA has shown that the Australian central bank may pause in raising interest rates on the background of the debt crisis in Europe (need to paraphrase)
Canadian Dollar: The Canadian dollar fell against the backdrop of weakening global stock markets and as a result of the falling commodity prices, including oil.
The Bank of Canada left the principal rate unchanged at the previous level of 1.00%.
Oil: The oil prices grew to the level of $98.30 per barrel.
Gold: The gold rate decreased after the reached historical maximums and dropped to $1600.60 per ounce.
American trading session:
Dollar: Greenback was under pressure as the demand for the risky assets grew.
  Technical analysis for 20/07
EURUSD
The pair has broken support level and aiming to reach Fibonacci 61.8% at 1.38867. Strong support is at median line at 1.37486.
Resistance: 1.41780, 1.42996, 1.44400
Support: 1.40690, 1.38554, 1.37486
GBPUSD
The pair has declined to 1.60322. If the pair stays below this level the pair will decline to 1.58543.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair is aiming to 0.82483. If this level is broken the pair will rise to 0.83541.
Resistance: 0.82483, 0.83541, 0.84685
Support: 0.81356, 0.80313, 0.79115
USDJPY
The pair has broken 79.070 and aiming to 78.345.
Resistance: 79.070, 79.707, 80.438
Support: 78.345, 77.539, 76.463
AUDUSD
The pair may decline to median line at 1.05332.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407
Forex-Metal Daily Analysis -19/07/2011
Forex-Metal Daily Analysis -19/07/2011
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Concerns and expectations for the European Summit.
Asian and European trading session:
Euro: Euro started the week by showing losses against major currencies on concerns about the fact that European leaders were unable to agree on measures aimed at stopping the further spread of the debt crisis in the EU. Next summit of the European leaders was scheduled for July 21, which was the main reason of investors’ unconfident behavior on Monday.
The EUR /USD pair hit its minimums of $ 1.4010. During the European trading session the euro managed to rehabilitate to $1.4050.
US Dollar: The dollar rose as risk aversion grew following the increased Euro-zone debt fears. Uncertainty over the ongoing crisis of Greece, concerns about the banking system in the EU and fresh doubts about Italy’s solvency resulted in increased safe-heaven buying.
British Pound: The GBP/USD pair traded in the range of $1.6060-$1.6130.
Japanese Yen: The yen was stabilizing as a save-heaven as well. The USDF/JPY traded in the range of Y78.90-Y79.20.
Swiss franc: Swiss franc continues to strengthen against major currencies against the backdrop of increased demand for the currency with the status of save-heaven.
Australian Dollar: The Australian dollar fell against the lower interest rate expectations the RBA in the next 12 months.
Oil: Oil prices were also pressured by the European crises, and resulted in a decrease to $97.19 per barrel.
Gold: Gold prices renewed its historical maximums of $1.603.80 per ounce.
American trading session:
US Dollar: Market participants were also concerns over the discussions regarding the increase of the US National debt level. Technical default of the US economy became possible.
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Technical analysis for 19/07
EURUSD
The pair has broken support level and aiming to reach Fibonacci 61.8% at 1.38867. Strong support is at median line at 1.37486.
Resistance: 1.41780, 1.42996, 1.44400
Support: 1.40690, 1.38554, 1.37486
GBPUSD
The pair has declined to 1.60322. If the pair stays below this level the pair will decline to 1.58543.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair is aiming to 0.82483. If this level is broken the pair will rise to 0.83541.
Resistance: 0.82483, 0.83541, 0.84685
Support: 0.81356, 0.80313, 0.79115
USDJPY
The pair has broken 79.070 and aiming to 78.345.
Resistance: 79.070, 79.707, 80.438
Support: 78.345, 77.539, 76.463
AUDUSD
The pair may decline to median line at 1.05332.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407
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Forex Metal Weekly Newsletter
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Market review for 11 – 15.07, 2011
https://forex-metal.com/newsletters/235
Weekly technical analysis for 18 – 22.07
IN THIS ISSUE:
1. Weekly market review from Forex-Metal.
2. Weekly technical analysis.
3. Trade forex with effective leverage of 1:1100.
4. Affiliate referral links for mobile devices.
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WEEKLY REVIEW FOR 11 – 15. 07, 2011
New wave of concerns over the possible debt crises of Italy and Ireland overwhelmed the market in the beginning of the previous week. Euro was under pressure on Monday, since concerns regarding possible spreading of the budget crises over Italy, worried investors, while decision about Greece was still not taken. According to the released information, the ECB was looking for possible ways to increase the financial support volume, including the potential help for Italy. The EUR/USD pair dropped to $1.4130 minimums on that day. Eventually the EUR/USD dropped for 200 points to minimums of $1.4000. And the GBP/USD decreased to $1.5900 range.
Save-heaven currencies strengthened on Monday and the greenback grew against its major currencies. Non-farm payroll data from the US was much weaker today than estimated, and the unemployment figure increased to 9.2%.
The EUR/USD dropped to minimums of $1.3830 during the morning trading on Tuesday. The meeting of the EU Finance Ministers did not bring any concrete solutions to the debt-problems of Greece, Italy and Spain. It has been addressed that the selective default of Greece would be inevitable. The pound followed the euro drop, but was also influenced by the release of the negative UK fundamentals. UK Consumer price indices dropped below expectations, the Retail price indices decreased against the forecasts as well. The GBP/USD pair decreased to $1.5775 range.
According to the announced information on Tuesday, the Bank of Japan left the principal rate unchanged at the previous level of 0.10%.
By the end of the trading day the EUR/USD managed to rehabilitate and closed the day a little below the $1.400 level. Additional pressure was experienced by euro after the announcement that Moody’s reduced the credit rating of Ireland. The sterling grew as well and the GBP/USD managed to close above the $1.5900.
On Wednesday’s sessions we saw strengthening of the EURO against USD on the background of rising stock markets and revival in demand for high-risk assets. Also, today’s investors were satisfied after the publication of unexpectedly strong macro-economic data from China. The EUR/USD traded in the range of $1.3960-$1.4030 during the Asian session. European session showed some volatility and the pair has reached its highs at $1.4110, but after retreated to its lows at $1.4070.
Dollar dropped sharply after Fed Chairman Bernanke indicated that the FRS was ready to take additional incentives, including the launch of another round of government bonds redemption, if the outlook for the economy shows a risk of a new recession.
The YEN confirmed stabilization against the major currencies on the backdrop of speculation about possible intervention by Japan for supporting national exporters. USD/JPY pair has tested sessions’ lows of Y79.20/15, then rebounded to Y79.35.
The Australian dollar rose as a result of the increasing Asian stock markets after the release of positive macroeconomic data from China and continued growing against USD.
The pressure on the euro on Thursday was caused by the decision of the international rating agency Fitch Ratings to downgrade the credit rating of Greece for CCC from B +. Fitch was also reviewing the possibility of further credit rating lowering. During the Asian session the EUR/USD pair established its maximum at $1.4285 and then declined. During the European session after the publication of the Euro-Zone Consumer Price Index for June, whose rate has been increased by 0.1% to 1.6%, the euro was forced to recover from its lows at $1.4155 to its highs at $1.4196.
The New-Zealand dollar was supported by the released statistics which showed the GDP growth above expectations (+0.8% quarterly against the forecasted +0.5%). As a result, the speculations that the Reserve Bank of New-Zealand would increase the interest rate this year, reinforced.
The EUR/USD pair closed the week at the $1.4150 maximums, and the GBP/USD reached the $1.6150 range after the reinforced possibility that the international rating agencies Moody’s and Standard&Poor’s would downgrade U.S. credit rating.
Happy trading!
________________________________________
WEEKLY REVIEW FOR 18- 22.07, 2011
EURUSD
The pair couldn’t stay above 1.44835 and declining to the channel line at 1.41130. If this level is broken the pair will decline to Moving Averages (100 and 200) at 1.37441.
Resistance: 1.44835, 1.47697, 1.50676
Support: 1.41130, 1.37441, 1.33427
GBPUSD
The pair is trading around support 1.59962. If the pair stays below this level, the pair will decline to 1.57233.
Resistance: 1.64274, 1.68504, 1.72652
Support: 1.59962, 1.52523, 1.48532
USDCHF
The pair has broken 0.82723 and aiming to 0.79957.
Resistance: 0.82723, 0.85633, 0.88022
Support: 0.79957, 0.76882, 0.73183
USDJPY
The pair has broken 80.244 and aiming to 76.535.
Resistance: 80.244, 83.330, 86.836
Support: 76.535, 73.126, 69,117
AUDUSD
The pair is trading below 1.07806, this may bring pair to test channel line at 1.03847.
Resistance: 1.07806, 1.09604, 1.11831
Support: 1.05810, 1.03847, 1.01873
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If you haven’t got the affiliate profile yet you can set up one inside your “trader’s room” account.
If you are a developer designing new apps for iPhone or android or have access to such apps, you can easily add these new mobile links to the mobile applications and refer more people.
More information on how to use the new mobile referral links can be obtained from your Affiliate account manager or via marketing@forex-metal.com .
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GET A 30% TRADING BONUS WHEN YOU OPEN A NEW ACCOUNT
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/discount07
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. 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.
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forexmetal 