Signals Articles

Away from Brexit AUDNZD looks interesting

Forex Analysis
2016-06-15_14-02-42

AUDNZD, Daily        

Away from the Brexit woes and the impending FOMC announcement and press conference later today my attention has turned to the some of the other crosses. The antipodean pair has been in a strong down trend on the Daily time frame since the end of April.

Today sees the GDT (Global Diary Trade) data released and it is a key for the New Zealand economy, tomorrow (Thursday) sees the announcement of GDP also from New Zealand. The NZD is having another strong day today too. Also tomorrow there is Inflation and Employment and Unemployment numbers from Australia.

Technically, the Daily down trend remains is intact, a potential SELL area appears where the channel, 20 DMA and 23.6 FIB retrace levels coincide between 1.0580 – 1.0620. This would generate Target 1 – 1.0486, Target 2 1.0340 and Target 3 1.0173.  A break above 1.0750 would be of interest for BUY positions.

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.

Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.


“My mission is to help you to become a confident and successful trader”

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

EURUSD waiting for the FOMC

Forex Analysis
EURUSD

EURUSD, 60 min

With the FOMC decision ahead of the markets are likely to stay on a wait and see mode. This means that EURUSD fluctuating between nearby minor support and resistance levels. Market participants are wary of taking strong views and large positions before they know what the US Fed is likely to decide. We don’t expect a rate hike today due to recent lousy NFP data and the UK’s EU referendum being so close and look for two rate hikes later on this year, with the first one possibly coming in July after UK voters have said no to Brexit.

The last time I was writing about EURUSD I suggested the market should be a sell either at or inside my Sell area of 1.1304 – 1.1320. Market rallied to 1.13027, turned and then moved through both my Target 1 and Target 2 areas.

Currently EURUSD is trending lower in 4h resolution and trading near resistance levels created by Monday’s lows ( 1.1230- 1.1240). If EURUSD manages to close above the resistance area, then it brings the channel high (currently at 1.1270) into play. However, with the FOMC statement ahead of us today markets are likely to be subdued and I’d be surprised if EURUSD started to break resistance levels. Therefore in the intraday picture I expect that the resistances will prevail while volatility will remain low until the FOMC statement. As the resistance has now been rejected I expect the pair to move to 1.1190 – 1.1200 range. In the longer term picture it seems that the USD is getting stronger and provided that the Fed Chair Yellen doesn’t come with any surprises we should see this trend continuing over the coming weeks.

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.

Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.


“My mission is to help you to become a confident and successful trader”

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

UK Unemployment falls in April

Forex Analysis
2016-06-15_12-15-55

GBPUSD, H4       

UK unemployment unexpectedly fell to 5.0% in April, which is the lowest level seen since November 2005. The median forecast had been for an unchanged reading of 5.1%. The employment rate was 74.2%, which is the joint highest since records began in 1971. Wage data were also perkier than expected, with the including-bonus average household income figure rising to 2.0% y/y in the three months to April, unchanged from March and contrary to expectations for a dip to 1.7%, while the ex-bonus figure rose to 2.3% y/y from 2.2%, contrary to the median forecast for a dip to 2.1%. The more timely claimant count change dipped by 0.4k in May, while the claimant count rate was 2.2%, unchanged from an upwardly revised figure for April. The data catalysed a 30 pip rally in sterling, thought follow-through has been limited given Brexit preoccupations.

With nine days to go until the UK’s referendum the FT poll tracker is showing 47% support for leaving the EU and 44% for remaining, with the Vote Remain campaign losing one percentage point since the last update. Conversely, bookmaker Ladbrokes is showing the betting market is discounting a 62% probability for the UK remaining in the single market, which is up from 57% yesterday, likely reflecting a betting response to the threat by pro-EU chancellor Osbourne today of higher taxes and cuts in public services in the event of a Brexit vote. Given the disrepute of pollsters following their abject failure to predict the comfortable Conservative Party victory at last year’s general election, many are looking to the betting market for a more accurate gauge on the vote outcome.

The H4 time frame has near term resistance at 1.4210-1.4220 and support at 1.4100, with the FOMC announcement and press conference awaited later today too.

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.

Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.


“My mission is to help you to become a confident and successful trader”

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

UK CPI unchanged but it’s all about Brexit

Forex Analysis
2016-06-14_12-10-42

GBPUSD, Daily        

UK May CPI remained unchanged at 0.3% y/y, below the median for 0.4% y/y. Rising transport costs and restaurant bills were principal upward drivers. Core CPI also came in unchanged, at 1.2% y/y. The data fits BoE projections, which is also expecting prices to rise markedly in the second half of the year on the back of rising energy prices, though the central bank still thinks CPI will remain below 2% at its two-year forecasting horizon. The wildcard will be if the UK votes to leave the EU, which would more than likely trigger a sharp drop in sterling (most think to around 1.20 versus the dollar) and which would in turn drive inflation well above BoE forecasts. As was the case in the 2008-2014 period, when CPI remain above the 2% target, the BoE would like ignore a post-Brexit spike in inflation.

The UK PPI data that was released at the same time was a little stronger than expected, however, sterling continues to trade lower.  1.4050 marks the April low and 1.3850 the 2016 low with Brexit woes continuing to dominate sentiment.

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.

Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.


“My mission is to help you to become a confident and successful trader”

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Weidmann: Low inflation justifies the ECB policy

Forex Analysis
Chart_16-06-13_12-07-30

Low inflation and expectations of further easing have been pressuring EURUSD. ECB’s Weidmann commented on inflation earlier today saying that expansionary policy currently justified, as low inflation is not just a consequence of low oil prices, but core inflation is also low. In what looked like comments to defend Draghi’s policy stance to the critical German audience, Weidmann said in Frankurt that “given these muted price prospects and expansionary monetary policy is current appropriate”, although he added that “you can have different opinions on the specific design of the unconventional measures”.

EURUSD has been violating support levels since it turned from the 1405 – 1415 resistance level I Identified in June 7th report. Now the pair is oversold as per Stochastics (7.3.3) in the 4h chart and is trying to retrace some of the recent losses. I expect that this rally will be short lived and the market will turn lower after the buying interest fails. I’m seeing a resistance area between 0.382 and 0.5 Fibonacci retracement levels (1.1300 – 1.1322) while there is a support level at 1.2200 together with further support at 1.1134. This support is significant and has potential to stop the down move and turn EURUSD higher.

I am therefore looking for sell signals at or inside my Sell Area 1.1304 – 1.1323 with Target 1 at 1.1268 – 1.1280 and Target 2 at 1.1230 – 1.1244. Target 3 is at 1.1135 – 1.1285. For those interested in the potential up move to the Sell Area, I’m seeing support between 1.1250 and 1.1260. Please remember that this is not investment advice and that you should not be trading without proper understanding of risk management.

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.

Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.


“My mission is to help you to become a confident and successful trader”

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

GBPJPY Target 1 hit, USDJPY awaiting Daily close

Forex Analysis
2016-06-13_10-41-48

GBPJPY, Daily        

The third week of June has got off to a very volatile start as markets rush to risk averse safe havens. The JPY, CHF, Gold and Government Bonds continue their appeal as money flows from Equities, (Japans Nikkei 225 closed down 3.51% today), Oil and the GBP.

USDJPY traded has low as 105.74, before recovering the 106.00 handle today.  The Daily support at 106.25 has been broken this morning and a close today below this level today will trigger a SHORT position with a Target 1 of 105.50.  

2016-06-13_10-52-03 

Last week we took 200+ pips on the GBPJPY as it rebounded up from 154.30 which we identified on Monday (June 6th). On Friday  this level was  breached and broken and triggered a sell on at the close at 152.43. Target 1 at the recent low of 151.78 (again identified Monday 6th)  this has been completed this morning for a net gain of 65 pips. The pair continue to look weak and has traded as low as 150.08 today. The Monthly support is at 148.80, 145.15 and 140.20 from 2013 and is likely to be tested with a Brexit vote or indeed a  very close vote in the UK EU Referendum next week .

Trading on the Daily time frame allows for Target and Entry levels to be set without the “noise” of the intra-day moves, and although we have “missed” the larger moves trading this way, the benefit is that you do not enter a market too soon.  Patience is a skill that all successful traders practice every time they open a trade.

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.

Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.


“My mission is to help you to become a confident and successful trader”

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

Canadian employment numbers surprised positively

Forex Analysis
Chart_16-06-10_15-39-26

USDCAD, Daily

Canada employment grew 13.8k in May, much better than anticipated (median 5.0k) following the 2.1k dip in April. Full time employment surged 60.5k in May after falling 2.4k dip in April. Part time employment fell 46.8k in May after the 0.4k rise in April. The unemployment rate fell to 6.9% in May (median 7.1%) from 7.1% in April. The participation rate was 65.7 in May versus 65.8 in April.

USDCAD reacted lower on the surprisingly good numbers and hit a support at 1.2656. Should this support hold the market will challenge the 1.2767 resistance. However, the pair is in a downtrend and the likelihood of supports being broken is higher than that of resistance levels. In the event of market breaking lower the May low at 1.2464 will come into play.

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.

Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.


“My mission is to help you to become a confident and successful trader”

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

NZDUSD Update: Target 1 hit at 0.7110

Forex Analysis
Chart_16-06-10_13-27-14

NZDUSD, 5 min

I posted earlier today a brief intraday analysis in Facebook saying that I was seeing support in NZDUSD at 0.7080-0.7090 and that there’s an attempt to take the pair higher. My Targets were as follows: T1 at 0.7110 and T2 at 0.7150.

Price retraced to my support area quite a few times but eventually broke out and had a healthy run to my Target 1 at 0.7110. If you want to lear about trading and analysis, our free webinars are just the right place for you. Join now by clicking the link below. I really look forward to seeing you there!

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.

Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.


“My mission is to help you to become a confident and successful trader”

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

GBP What a volatile week…and more to come

Forex Analysis
2016-06-10_11-57-05

GBPUSD, Daily        

Sterling has seen a bout of Brexit-related volatility today (and this week), dipping sharply against the dollar, euro and other currencies, before whipping back some. One-month implied volatility for Cable spiked to a new six-year high of 23.7%, up 2 points on the day, as Cable clocked a six-day low at 1.4410. The pair has since recouped above 1.4440. EURGBP spiked from sub-0.7810 levels to over 0.7850, since settling around 0.7830. In a word, choppy, and very much reflective of the fast nearing referendum, which takes place the Thursday after next. Televised debates between Remain and Leave campaigners reached fever pitch this week, stirring a sense of unease among onlookers. The FT’s poll tracker continues to show a narrow 2 percentage point lead for the Remain camp, with 45% support versus 43% support for Leave. Despite the narrowness of this, Bookmaker Ladbrokes is showing that the betting market is giving a 74% probability for the UK remaining in the EU, up from the 69% nadir seen earlier in the week after a spate of polls suggested a shift in support in favour of Leave. Our hunch is that the 12% of undecided voters — who presumably lack the headstrong conviction for leaving the EU like true Brexiters — will be more likely to fall on the Remain side of the fence, if only out of fear of near- to-medium term economic consequences of Brexit.

Construction output data and the BOE Consumer Inflation expectations both beat their consensus figures. Consumers now expect the price of goods and services over the next 12 months to rise by 2.0% compared to 1.8% in the last quarter.

GBPUSD is currently 1.4431 having traded as low as 1.4409.  DAILY near term support at 1.4415 and resistance at 1.4545. 1.4700 remains the longer term resistance level as the pair bounces between the 20 DMA and 50 DMA.

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.

Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.


“My mission is to help you to become a confident and successful trader”

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

NZDUSD at channel high but near support

Forex Analysis
Chart_16-06-10_11-03-29

NZDUSD, Daily

NZDUSD rallied strongly after the RBNZ didn’t cut the rates after the governor Wheeler had been suggesting there might be a need for further easing. He said, “Further policy easing may be required to ensure that future average inflation settles near the middle of the target range. We will continue to watch closely the emerging flow of economic data.” This took the pair beyond the 0.7054 resistance which is now likely to act as a support.

In in the daily picture NZDUSD is trading outside the upper Bollinger Bands and near a channel high which has already meant that the buyers find it difficult to take the pair higher. It has resulted in a shooting star candle in the daily timeframe and a potential roll over of the Stochastics oscillator. These are bearish signs and could lead to price drifting lower towards the 0.7054 support. However, the 0.7054 support is relatively near and is likely to put off the shorts at the current levels. This should lead the market to rally attempts from the supports.  The intraday support and resistance levels are at 0.7080 – 0.7090 and 0.7140 – 0.7150 while daily support and resistance levels are at 0.7054 and 0.7148.

I posted earlier today a brief intraday analysis in Facebook with long targets at 0.7110 and 0.7150. Price has since rallied almost to my T1 but retraced then back into the support with the upside momentum fading. Just at the time of writing there’s been some buying coming in (current price at 0.7096) with price creating higher lows in small time frame charts. If the support holds and NZDUSD moves to my T2 at 0.7050 the probabilities of market breaking higher will increase.

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.

Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.


“My mission is to help you to become a confident and successful trader”

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.