Signals Articles

US Wholesale Inventories up EURUSD down

Forex Analysis
2016-06-09_17-11-24

EURUSD, H1        

US wholesale sales rose 1.0% in April, with inventories up 0.6%. The former is a little below forecast, while the latter was stronger than expected. March sales were revised to a 0.6% gain compared to the 0.7% previously. March inventories were bumped up to 0.2% from 0.1%. April posted broadbased gains with only the auto inventory component posting the only decline for the major categories. The inventory-sales ratio slipped to 1.35 from 1.36, though that’s considerably above the 1.19 level from mid-2014, with such a steep spike typically only seen in recessions. The data will help refine GDP forecasts.

The dollar has traded mixed in the wake of the wholesale trade data out of the US EURUSD logged a six-day low of 1.1306, though the USDJPY only briefly rose before subsequently whipsawing and settling to near net unchanged levels. The interpolation of this is fresh lows in EUR-JPY, which is foraying into further into 39-month low territory. The Euro’s bad day continues.

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.

JPY keeps on giving, 105.50 awaits USDJPY

Forex Analysis
2016-06-09_16-02-40

USDJPY, Daily        

USDJPY, had been heading south all day on yen outperformance, logging a one-month low at 106.25. Japanese core machinery orders dove 11.0% m/m in April, well off the median for a 2.3% drop and the biggest monthly dive in almost two years. The data had little bearing on the yen, however, which has been buoyed by a risk-off backdrop. Sharp losses were seen in EUR-JPY, which fell into 39-month terrain. USDJPY has since recovered a little on the publication of US initial jobless claims and currently trades at 106.60.

US initial jobless claims for the week ending June 4 fell 4k to 264k, following an unchanged dip to 268k (revised from 267k) for the week of May 28. It’s the lowest level since April 23, and leaves the 4-week moving average at 269.5k versus 277k (revised from 276.75k). Continuing claims dropped 77k to 2,095k for the May 28 week after rising 12k to 2,172. The BLS said there were no special factors impacting claims last week.

The Daily chart has support at 106.25 which we touched earlier today and 105.50. Resistance for the pair sits at 107.90 and 109.20.

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.

USDZAR In an Interesting place

Forex Analysis
2016-06-08_12-48-22

USDZAR, Daily        

Last month (May 16th) the USDZAR trade hit Target 1 (15.5380)  from our entry at 15.2322 before turning at 15.9742, less than 3 pips from Target 2 (16.0000).

On Friday S&P Global ratings affirmed South Africa’s investment-grade credit status, that, together with the poor US Non-farm payroll jobs report helped the USDZAR to one month lows on Monday. This also coincided with a break of the 50 DMA and the key psychological 15.0000 level, from a technical perspective this has been positive for the rand and negative for the USDZAR pair.

The next key level is the 200 DMA at 14.8540, which has held for two days.  A breach and break of this long term support area could take the pair to 14.2340 (2016 low) and further down to 13.9020.  A break above 15.5000 would be required for long positions to be considered.

Trading the exotic pairs brings some additional risks and rewards. The lower liquidity and higher spreads means that trades should be carefully constructed and evaluated before executing. As we always emphasize your trading capital is your most important asset and you should always trade with strict risk management rules.  “Trade what you see not what you think”, apply your rules consistently and you can be successful regardless of the asset or time frame you choose to 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.

Crude Oil Target 3 hit with Chinese oil imports up 38%

Forex Analysis
Crude oil

Crude Oil, daily

Crude oil price is at the time of writing trading higher with support given to it by the hefty increase in Chinese import numbers, low  US oil inventories and fears that Nigerian oil production might attract new attacks from the rebels. Chinese trade data published today showed that crude oil imports to China rose 38.7% in May YoY. This was the biggest jump in the last six years and increased hopes that the Chinese economy (the world’s second-largest oil user) may be stabilizing. Now, that further supply distractions are possible and market participants believe that the oil market is becoming more balanced it prices are supported by the bidders.

I wrote in my May 5th report that wildfires in Canada’s oil sands area and fighting in Libya threatened the North African output and that together with the bullish technical picture we should see the prices moving higher. I gave a buy area ($43.20 – $44.00) together with three targets which have now been met after price first retraced to my buy area. The third target was at $50 to $51 range which is exactly where the market is trading at the time of writing this report.

The $50.89 resistance was able to turn the price lower in October last year and in theory could therefore act as a resistance again. However, the uptrend has been solid with the oil market finally finding (supply – demand) balance supporting higher prices. Also, the US driving months are ahead of us now. American holiday season traditionally increases demand while the Houston oil producer conference participants in May signaled that they will not be adding production before they’ve seen the price of oil settling in the range of $50 to $60. I’ll be looking for buy signals at supports as long as the uptrend is intact. The nearest daily support levels at the moment are at $49.40 and $50.20.

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 Production surprises to the upside

Forex Analysis
2016-06-08_12-22-41

GBPUSD, Daily        

UK production unexpectedly jumped 2.0% m/m in April and by 1.6% y/y, up from the 0.3% and -0.2% respective outcomes that were seen in March. The median forecasts had been for 0.0% m/m and -0.4% y/y. That was the biggest m/m rise since July 2012. The narrower manufacturing output gauge surged by 2.3% y/y. The unexpectedly strong report defies conjecture that Brexit risk has been taking a toll on economic activity, although PMI survey data is pointing to GDP growth slowing to 0.2% y/y in Q2, which would be half the Q1 figure.

Sterling has been knocked back after rallying following the release to the report. Cable spurted nearly 50 pips higher to a peak of 1.4580 before about-turning to the 1.4540-45 area. The gains offered an opportunity for the Brexit wary to sell. With only two weeks and a day to go to the EU vote, the FT’s poll tracker is showing the Remain campaign only marginally in the lead, with 45% support versus the 43% for Leave. We are of the view that the 12% of undecided voters will come down on the Remain side on the day of the poll. Undecided voters won’t have the headstrong conviction for leaving the EU as the true Brexiters do, and fear of near- to-medium term consequences will, we think, tip them to the vote Remain option. Registration for the poll closed yesterday with many potential voters not registered. According to the UK government’s data website, 525,000 people applied to register to vote during Tuesday – 170,000 were aged 25 to 34, 132,000 under the age of 25 and 100,000 aged 35 to 44.

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.

Strong GDP numbers support ECB’s stancev

Forex Analysis
Chart_16-06-07_12-32-52

Eurozone Q1 GDP was revised up to 0.6% q/q from 0.5% q/q reported initially, and Q4 last year was also revised higher to 0.4% q/q from 0.3% q/q. This means the trajectory is better than initially thought, which backs the ECB view that the recovery remains on track, even if Q1 data have to be taken with a pinch of salt and are likely to be followed by a relatively weak number for Q2.

The breakdown showed that private consumption growth accelerated strongly to 0.6% q/q from 0.3% in Q4 and was the biggest single contributor to the strong quarterly growth rate, which may partly be due to the Easter Effect. Fixed gross investment growth slowed, but still contributed 0.2% points, and government consumption a further 0.1% points, while net exports detracted 0.1% points. Again strong numbers, that will back the ECB’s wait and see stance, even if confidence indicators point to a slowdown ahead.

EURUSD has been reacting favorably to the numbers while the fact that Fed Chair Yellen didn’t put any specific date on the rate hike pressures the USD. Price has been moving higher from a support at 1.1360 and is now at minor resistance at 1.1380. The next significant resistance lies at 1.1445 while some minor resistance exits at 1.1404 – 1.1415.

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.

EURGBP Update: Target 1 hit today

Forex Analysis
Chart_16-06-07_11-24-32

EURGBP, Daily

I wrote yesterday that EUR had rallied strongly against USD and GBP after the stunningly low employment numbers from the US on Friday. I mentioned that as a result EURGBP moved to levels that might not be sustainable. Technical picture was also deteriorating with EURUSD struggling at 1.1355 resistance and EURGBP trading near levels that turned it lower in the beginning of May. Also, the 4h candle was about to create a bearish shooting star candle. Based on these factors I took a view that the price is probably turning lower. EURGBP dropped eventually as GBP rallied on the back of some trading algorithms gone haywire and the pair hit my Target 1 at 0.7776 – 0.7800. According to the method I teach in the webinars gained approximately 4:1 reward to risk was gained.

The pair has now rallied strongly since hitting my first target and is currently reacting lower from an area below a minor resistance level at 0.7834. It is not unusual to see a second leg down after an initial price move lower in volatile market conditions. This move could take the price near to the levels it found support earlier today. The 0.50 Fibonacci retracement level (drawn from the May low to the latest high) is near a 0.7754 support that could prove the be a challenge to the bears if the price moves to these levels. In the daily chart we have bearish pin bar from yesterday’s trading which supports the idea of price moving lower first before it can recover. I would like to meet you in the free webinars that we run on weekly basis. We all should take time to learn more about trading and make sure we know what to do before committing serious money to it. If you would like to become better and more confident trader, feel free to join us! I look forward to meeting 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.

GBPJPY Retraces to target

Forex Analysis
2016-06-07_10-01-14

GBPJPY, Daily        

Following the big gaps on the GBP pairs yesterday  after the surprise lead for the Leave group in the UK EU Referendum, I wrote that GBPJPY “Technically sterling is looking oversold, and should retrace from here. I expect some retracement from this current oversold level (153.30 at the time) to the 156.00 – 157.000 area”.

Thanks in part to more polls, Sterling rallied on new Brexit polls, which indicate a swing back of support for the Remain-in-the-EU campaign, the retrace was completed with 24 hours for a net gain of over 200 pips.

Two new polls, a YouGov survey for the Times and an ORB telephone poll for the Telegraph, showed the Remain camp in the lead, reversing yesterday’s polls that showed the opposite. Cable spiked over 1.5% to an eight-day peak of 1.4662 before ebbing back to the low 1.45s, still up over 50 pips from yesterday’s closing level. The mix of the Brexit polls and the thin market for sterling in Asia caused the whippy price action.

The Daily support remains at 154.30 and this level needs to be breached and broken before any further down action, on the upside 160.60 and 162.00 will provide resistance.

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.

EURGBP rolling over from resistance

Forex Analysis
EURGBP1

EURGBP, 60 min

EUR rallied strongly against USD and GBP after the stunningly low employment numbers from the US. This took EURGBP to levels that might not be sustainable. While EURUSD is struggling with 1.1355 resistance EURGBP is trading near levels that turned it lower in the beginning of May. The resistance area between 0.7894 and 0.7920 turned out to be a challenge for the bulls after the pair had moved higher by more than 3% in 5 days. Daily Stochastics oscillator is about to give a bearish signal and price itself is rolling over in the 60 min time frame. If the current 4h candle closes (< 60 min to go) below 0.7885 a bearish shooting star candle is created. This adds to my view that price is probably turning lower.

I’m looking for sell signals inside my Sell Area between 0.7870 and 0.7900 while my Target 1 for the this trade is at 0.7776 – 0.7800 bracket and my Target 2 at 0.7690 – 0.7720. If you don’t know how to trade I strongly advise you to join our educational webinars before attempting to utilize our analysis or trade on your own.

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 Opens the week very weak

Forex Analysis
2016-06-06_10-26-35

GBPJPY, Daily        

Big gaps on the GBP pairs this morning as two new polls shows the “Leave “ camp moving into the lead. 17 days to polling  day and a poll by YouGov for ITV’s “Good Morning Britain” has the leave camp on 45% and Remain on 41%.  A poll by TNS has the Leave camp with a 2% lead on 43% and Remain on 41%. 16% of respondents polled by TNS were Undecided.

Ladbrokes now has a Brexit at 30.7% up from 28.5% June 1.

The GBP fell on the news in Asian trading and has fallen further as the European session opens. Sterling is currently 0.7880 against the EUR, GBPUSD touched 1.4351 before covering to 1.4400 and GBPJPY broke 153.00 before recovering to 154.32.

Technically sterling is looking oversold, and should retrace from here. The GBPJPY pair could test the April and Fibonacci low of 151.80, and further down the Monthly time frame support is at 148.80.  The Daily support of 154.30 needs to be breached and broken before this next leg down.  I expect some retracement from this current oversold level to the 156.00 – 157.000 area.

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.