Signals Articles

German import price inflation higher than expected

Forex Analysis
Chart_16-04-27_09-41-14

EURUSD, 240 min

German March import price inflation higher than expected, with the annual rate falling to -5.9% from -5.7% y/y in February, against a Bloomberg median of -6.2% y/y. Excluding energy prices, however, the picture is somewhat different, as the annual rate dropped sharply to -3.6% y/y from -2.8% y/y in February and compared to 2.2% y/y in July last year. The data show ongoing dis-inflation pressures from import prices, stemming not only from oil prices and subsequently strengthen Draghi’s push for additional easing last month.

There was no notable market reaction in EURUSD to the release. The pair is ranging between 0.38 and 0.5 Fibonacci retracement levels after yesterday’s move to 1.1278 was rejected and price bounced higher from 30 period MA. Nearest significant support and resistance levels are at 1.1253 and 1.1340. Markets are likely to be in a wait and see mode until the FOMC rate decision. No change is expected and as there is no press conference the actual words in the Monetary Policy Statement released at 18:30 GMT will be scrutinized very closely.

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.

US Consumer Confidence – Also Disappoints

Forex Analysis
2016-04-26_17-03-01

GBPUSD, 1hr   

US Consumer confidence fell to 94.2 in April from 96.1 in March (was 96.2). The miss was more pronounced than expected (95.8). This also followed US Markit services flash PMI rose to 52.1 in April from a 51.3 final reading in March. But the employment index pulled back to 53.0 vs 54.0; the composite PMI rose to 51.7 vs 51.3; and the composite employment index sank to 52.5 vs 53.6, for the lowest reading since October. Overall not that impressive a start for the service sector in Q2, though the asset and FX markets remain focused on supply, oil and central bank meetings for now.

GBPUSD continued its rally from Friday trading to a 12 week high at 1.4635.

 

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

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.

US Durable Goods – Disappoint

Forex Analysis
2016-04-26_16-19-16

EURUSD, 1hr   

The U.S. durable goods report undershot assumptions due primarily to a weak round of equipment figures, alongside a small March durable orders rebound despite a defense orders surge with a slight drop ex-transportation, alongside the expected small shipments decline with a restrained inventory figure. We lowered our Q1 GDP growth forecast to a flat figure from 0.3% with a 6% (was 4%) contraction rate for real equipment spending, alongside an $11 (was $5) bln inventory subtraction. We expect a still-lofty $67 bln Q1 inventory accumulation rate that will weigh on Q2, where we now expect 2.0% (was 2.2%) GDP growth with a 4% (was 6%) bounce in equipment spending and a $20 bln inventory subtraction. We expect a flat March factory inventory figure with a 0.1% total business inventory rise, given today’s flat factory durable inventory figure. We assume a 0.1% March factory orders rise with a 0.5% factory shipments decline, given an assumed 0.5% nondurable shipments and orders drop.

EURUSD rallied higher from 1.12870 to 1.1334 and GBPUSD rallied from 1.4560 to an 11 week high at 1.4622.

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

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.

APPLE – No Longer a Growth Stock ?

Forex Analysis
2016-04-26_12-56-06

APPLE, Daily

We all have an opinion on Apple, one of the world’s largest corporations and most recognized brands, and they are loved and loathed in equal measure it seems.  They report their second quarter earnings today after the close of the New York stock exchange and the numbers are expected to be poor. It is likely to report its first year-over-year decline in iPhone sales since the product was launched in 2007.  The iPhone now accounts for over 65% of all Apple revenues and with sales of other products such as the iPad and MAC already slowing and Apple Watch seemingly being out sold by competitors the emphasis is more focused on the software and services platforms.

Apple TV was delayed last year, the tie up with IBM and Cisco to break in to the corporate market (along with the iPad Pro) seems to have stalled, the normal rally in the share price along with strong sales in the final quarter of 2015 did not materialize, and analysts are rather skeptical following poor first quarter earnings in January.

The charts are also telling a similar story. The share price closed yesterday at 104.92 – right on the lower Bollinger band of the Daily chart and the 38.2 Fib level, next support is at 104 (50 DMA) , 102.50 (50 Fib) and 100.00 (61.8 Fib and Psychological round number).

The Weekly chart looks equally bearish with the 20 MA and 50% Fib retracement offering support at 102. 53.

2016-04-26_13-01-25

On the upside 108 and 113 would need to be broken to reestablish the uptrend, with strong resistance at 118.

Let’s see how the numbers are received by the market today, before we take any action. There is often significant over reaction (both positive and negative) in the immediate aftermath of earnings announcements as we saw with Alphabet (Google) and Microsoft last week. Apple is always one to watch because of the sheer size of the company, its track record and the impact it can have on the overall US indices.  It is probably too early to be calling time on Apple as a growth stock, but time will tell.

 

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

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.

Gold rallies could fail

Forex Analysis
Chart_16-04-25_15-46-27

Gold, 240 min

Weak dollar has raised the demand for the physical gold while the futures markets have been cautious ahead of the Federal Reserve policy FOMC statement on Wednesday. This has kept the gold bulls in check and the rally above $1270 on Thursday was quickly turned into a pretty sizeable and fast drop to the current levels where the price of gold has attracted some buying today. Now that ECB’s Mario Draghi didn’t bring new strong QE measures to the table in the last week’s meeting the Fed Chair Yellen has less pressure to refrain from raising the US rates. This should increase the probabilities of a US rate hike and therefore keep the lid on gold. However, Fed’s still not likely to hike rates before the latter part of year and even then only gradually. This could mean serious selling pressure on gold still waits a little longer. Also, the uncertainty related to negative rates, a new financial experiment should create some support for gold.

Technically the price of gold has been moving sideways between a $1202 – $1206 support area and a resistance at $1288. In the monthly chart gold has created two pin bars that signal supply and demand having been in a relative balance in March and April. Such indecisiveness  usually means that the price is turning lower after a move higher but now price didn’t drop after the first bearish pin bar which suggest that there is some support for on gold as well. In other words this market is undecided and could range more before settling to a directional trade. The very recent price action however seems to me short term bearish with Thursday’s candle forming a shooting star and price following lower on Friday. This indicates that traders are likely to sell rallies into resistances.

I’m therefore looking for sell signals in gold at or inside my sell area near 38.2% and 50% Fibonacci levels between $1244 and $1254 with Target 1 at: $1227 – $1238 and Target 2 at: $1190 – 1204.70. Using strict risk management is recommendable as usual. If you don’t know what to look for as trade signals or how to manage your trading risks professionally you are welcome join to my free webinars to learn more.

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.

German IFO Weakens

Forex Analysis
2016-04-25_11-18-59

EURUSD, 1 hr   

German April  IFO reading fell to 106.6 from 106.7, slightly weaker than our below consensus forecast for a rise to 106.8, but with the breakdown revealing that the overall number was held back by a sharp decline in the current conditions indicator. The future expectations reading meanwhile improved for a second consecutive month to 100.4 from 100 in March. So the weaker than expected number serves as a confirmation that overall economic growth is slowing down in the second quarter, but still signals a stabilisation and slight improvement ahead. The diffusion index showed improvements in manufacturing and construction sentiment, while readings for wholesale and retail trade dipped, after improving in March. The variation may also reflect the early timing of Easter this year, however, so it remains to be seen whether sentiment in these sectors stabilises again in May.

EURUSD rather unmoved on the news and trading a little higher at 1.1256 on up from overnight lows of 1.1225.

 

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

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.

Canada CPI slowed to a 1.3% in March

Forex Analysis
Chart_16-04-22_15-55-39

USDCAD, Daily

Canada CPI slowed to a 1.3% y/y pace in March, leaving a modestly faster growth pace than expected (median +1.2%) following the 1.4% growth rate in February. CPI jumped 0.6% m/m in March after the 0.2% gain in February. The BoC’s core CPI accelerated to a 2.1% y/y pace in March, contrary to projections (median +1.8%) from the 1.9% rate in February. Core CPI shot 0.7% higher on a month comparable basis after the 0.5% gain in February.

The run-up in core CPI puts the measure back above the BoC’s 2.0% midpoint, but the focus at the Bank remains on the growth outlook, which remains subject to downside risk as outlined by Poloz this week and last week. Moreover, the Bank has repeated that temporary factors are behind recent elevated core CPI growth rates, with actual underlying inflation running at around 1.7%. Hence, based on today’s report we should look for steady rates for an extended period of time.

USDCAD continues in the downward sloping trend channel with the nearest support and resistance levels at 1.2561 and 1.2750. The next significant daily support resistance levels can be found at 1.2132 and 1.2917. Continued strength in oil prices keep also pressure on the pair.

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 – Targets 1 & 2 both realized

Forex Analysis
2016-04-22_12-51-45

NZDUSD, 240min

On Wednesday (April 20)  I wrote “The appreciation of the NZDUSD has been significant over the last few days and I can see some weakness if the 0.7000 level fails to hold. The 240 min chart shows the retrace from the upper Bollinger band overnight and a Target 1 area of 0.69500 (20 DMA) and possibly to Target 2 at 0.69038 (50 DMA)”

The 0.7000 did indeed fail to hold and the pair subsequently retraced to Target 1 and Target 2 for a net gain of 96.7 pips. The energy of the retrace has been as strong as the leg up so the potential reversal LONG trade was not triggered as the candle closed below the lower range of my potential buy zone.

Interestingly, ( I do use that word a lot) the longer term DAILY uptrend remains intact as the 20 DMA seems to be providing support and the pair remain in the upper half of the Bollinger band, let’s see how we finish today and the week.

2016-04-22_12-55-43

Always trade with strict risk management. Your capital is the single most important financial aspect of your trading business.

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.

EURJPY bouncing from weekly lows

Forex Analysis
Chart_16-04-22_11-39-33

EURJPY, 240 min

The yen has weakened on a report that the BoJ is considering making a bigger commitment to NIRP, which may be a cut in the -0.1% rate on selected excess bank reserves and the introduction of negative-rate loans, according to Bloomberg sources. Japan’s Markit manufacturing PMI survey for April underscored the plight of Japanese policymakers. The headline dove to 48.0 from 49.1 in the previous month and is the lowest since January 2013. The sector has been blighted by a double whammy of yen gains during the early part of April, which sent the currency to 18-month highs versus the dollar and three-year highs against the euro, and the activity-disrupting earthquakes that struck the island of Kyushu.

EURJPY is at the time of writing trading near a resistance at 124.87. This resistance level is outside the upper Bollinger bands in the 4h chart and lower time frame charts suggest loss of upside momentum near the level. I’m not as a rule a buyer near resistances but rather wait for pullbacks to my buy areas before risking money. This means that sometimes I prepare to take a trade at certain levels but the market doesn’t move to those levels. That however, is fine. In the long run it is better to be selective with risk taking than overtrade when we don’t have an edge. In the bigger picture EURJPY is trading near weekly lows and I’m therefore interested in long trades but only after significant pullbacks. Due to recent volatility in EUR I’d rather be careful with my entries and therefore seek for buy signals between the 38.2 and 61.8% Fibonacci levels that coincide with the lower Bollinger bands and both 30 and 50 period moving averages.

I’m looking for buy signals in EURJPY at or inside my buy area between 122.95 and 123.70 with Target 1 at: 124.80 – 125.40 and Target 2 at: 126.75 – 127.35. Using strict risk management is recommendable as usual. If you don’t know how to manage your trading risks professionally you are welcome join to my free webinars to learn more.

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.

SILVER – Looking to go higher

Forex Analysis
2016-04-21_16-15-53

Silver, Daily  

My last post on Silver, March 18th followed a new 2016 high ($15.75) and a quick run up to my Target 1 ($16.10 ) later the same day. Target 2 was not achieved and the market retreated closing below $15.00 by month end with the 200 DMA proving a strong support area.

As the USD continues to weaken and commodities continue to strengthen Silver has rallied strongly during April and it appears almost inevitable that the May 2015 high $17.72 will be achieved, the next upside target would be 2015 high at $18.42.

Silver looks over extended on this short squeeze rally, particularly over the last two days. It has rallied over $2.00 since the beginning of the month which represents a very significant 14 percent move. My preference is to buy on a retrace to the $16.20 – $15.70 area with Target 1 at $17.72 and Target 2 $18.42.

Always trade with strict risk management and remember that your capital is the single most important financial aspect of your trading business.

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.