Signals Articles

Eurozone CPI – In line with expectations

Forex Analysis

 Eurozone CPI – In line with expectations

Eurozone CPI – In line with expectations

EURUSD, Daily  

Eurozone March HICP inflation: -0.1% y/y. This was in line with median expectations and up from -0.2% y/y in the previous month. We had been looking for a slightly higher number after yesterday’s 0.3% point jump in the German HICP rate but national data from France and Spain earlier already suggested that steady rates elsewhere would prevent a more pronounced uptick in the overall number. Indeed Italian HICP, published at the same time as the EMU number, actually showed the headline rate falling even further into negative territory. The gap between Eurozone countries is widening again, which is not making the ECB’s task any easier. With the headline rate stuck in negative territory, markets will likely continue to speculate about Draghi’s next steps, although the fact that core inflation actually rose to 1.0% y/y from 0.8% y/y in February highlights that energy prices, where were down 8.7% y/y in March, remain the main driving factor behind the negative rate.

The dollar extended Yellen-inspired declines against the euro, which was the chief benefactor of the dynamic, while ebbing back toward lows versus other currencies. This put EUR-USD at a 1.1383 peak after breaching the February high, trading at levels last seen in October.

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.

GBPUSD Weak after daily shooting star

Forex Analysis

 GBPUSD Weak after daily shooting star

GBPUSD Weak after daily shooting star

GBPUSD, 240 min

GBPUSD created a daily shooting star candle yesterday and fell outside the rising channel in today’s trading.  The pair is about to create a four hour shooting star candle which suggests that the sellers are rejecting the rally attempts to the area above 1.4400. In the daily chart the Stochastics is getting overbought while the weekly resistance level at 1.4500 is relatively close.

I am therefore looking for sell signals inside the above sell area between 1.4395 and 1.4445. Target 1 for successful short entries is at 1.4174-1.4214 and Target 2 at 1.4033-1.4085. Please, remember to apply risk appropriate management measures and come to our webinars to learn more should feel the need for further education.

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-German Inflation Ticks Up

Forex Analysis

 EURUSD-German Inflation Ticks Up

German Inflation Ticks Up

 

EURUSD, daily

The German HICP – Harmonised Index of Consumer Prices – (used for European purposes and different to German CPI figures) inflation rose to 0.1% y/y in March. This was more than expected and lifted the headline rate back into positive territory, after the -0.1% y/y rate in February. Belgian numbers, released earlier also moved higher and the data is likely to set the stage for a rebound in the overall Eurozone headline rate this month, with base effects playing a role. For now this should at least limit speculation about further action from Draghi and the use of helicopter money, especially after Coeure suggested that the latter is an interesting academic option and favourite of the press, but not actively considered as a policy tool at the moment.

The EURUSD remains north of the psychological 1.1300 at 1.1315 today with the month high 1.1346 providing resistance further out. Support is provided by the the 10 and 20 Day Moving Averages at 1.1236 and 1.1154 respectively.

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.

Crude weak after a weekly shooting star?

Forex Analysis

 Crude weak after a weekly shooting star?

Crude weak after a weekly shooting star?

Crude Oil, Daily

Dallas Fed moderate-hawk Kaplan sees oil supply balanced with demand by mid-2017 and thinks there could be under supply by 2018-2019, though he is of course talking the book of the oil weathy region of Texas. Wall street Journal reports today that banks are worried about the growing pile of debt taken on by European oil companies making little or no profits, and that means money to finance new drilling and other projects is drying up. Several oil companies said they expect their ability to tap credit lines to be diminished after loan reviews.

While the Fed officials and banks view the markets from a longer term perspective we focus on near term opportunities that are created by market fluctuations. Three days ago the price of WTI crude fell below the rising regression channel it had been in since the mid-February this year. This happened after oil hit the upper Bollinger Bands in the weekly chart and created a bearish pin bar (a shooting star). This is a sign that institutions have been taking money off the table and suggests that we might see a correction in the price of crude. Crude oil is now oversold as per Stochastics (7, 3, 3) and near 23.6% Fibonacci level but could but could be a sell should it first rally higher from here.

I am therefore looking for sell signals between $40.17 and $40.80 with Target 1 at $34.47 – $38.85 area and Target 2 at $34.00 – $35.90. Please, remember to apply the entry and risk management principles I’m teaching in the webinars. Join me to free webinars if you want 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.

AUDUSD hits Target and GBPJPY Looks Overbought

Forex Analysis

 AUDUSD hits Target and GBPJPY Looks Overbought

AUDUSD hits Target and GBPJPY Looks Overbought

AUDUSD hits target & GBPJPY looking over bought

Following Mrs Yellen’s dovish comments last night and the subsequent commodity rally and pressure on the USD, our March 23 AUDUSD trade achieved its Daily target, (+102 pips).

However, following the sharp run up over night and this morning and it looks like some of the commodity currencies are getting a little toppy, especially the AUD and CAD.

Another currency pair that has a good run on the 240 min. chart is the GBPJPY, this maybe looking for a retrace before more possible upside. An initial target around 161.20 (20Day Moving Average), 161.00 and further out to 160.60  from current 161.85 levels. A recent high of 162.50 areas provides a stop area and a risk reward of around 1.

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 attractive near the channel low

Forex Analysis
EURUSD attractive near the channel low

EURUSD, Daily

Earlier today Eurozone M3 money supply came in unchanged at 5.0%, as expected in February data. Amid the components, private sector credit showed a 3.2% y/y increase, up from 2.6% y/y growth in the previous month. This moving in the right direction, though below where ECB policymakers would like. Money supply has long since been demoted in the metrics the ECB uses in formulating policy decisions.

Over the last week EURUSD traded lower from the weekly Bollinger Bands after it had rallied for three weeks in a row. Stochastics oscillator is near overbought levels in the weekly picture. The EURUSD pair has created higher lows and higher highs in the daily timeframe and looked like it was building upside momentum. However, the latest high is lower than February 2nd high and suggests the pair could correct lower towards the weekly 30 and 50 period SMAs. This would bring the pair near a rising channel low and the lower daily Bollinger Bands.

I am therefore looking for buy signals between 1.0915 and 1.0990 with Target 1 at 1.1134 – 1.1220 area and Target 2 1.1288 – 1.1360. Please, remember to apply the entry and risk management principles I’m teaching in the webinars. Join me to free webinars if you want 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.

US 4Q GDP Increased to 1.4%

Forex Analysis
US 4Q GDP Increased to 1.4%

US 4Q GDP Beats Expectations

The Q4 GDP growth boost to 1.4% from 1.0% beat estimates thanks to a big service consumption hike to 2.8% growth from 2.1% that fueled a larger than expected consumption growth boost to 2.4% from 2.0%. We otherwise saw the expected $4.9 bln hike for net exports but $3.4 bln trimming in inventories, alongside moderate boosts for private and public construction and tiny downward bumps for spending on equipment and intellectual property. We’ll keep our Q1 GDP growth estimate at 1.8% until we can review Monday’s income report. The Q4 GDP data still show a quarter with a contraction in foreign trade in the face of a weakening global economy and a surging dollar alongside an inventory pullback. We saw a Q4 slowdown in fixed investment growth that was aggravated by a resurgent petro-sector recession, and despite a small “El Nino” construction boost. Real consumption was restrained, with gains more reflective of weak prices than nominal spending strength.

The Q4 GDP growth boost implies a Q4 productivity hike to a 1.6% (was 2.2%) contraction rate that mostly reverses a 2.0% growth clip in Q3, alongside a boost in the Q4 output growth to 1.6% (was 1.0%) after a 1.8% Q3 clip. We expect a trimming in Q4 compensation growth to 1.0% (was 1.1%) after a 2.3% Q3 pace that leaves a unit labor cost trimming to 2.6% (was 3.3%) in Q4 after a 0.4% Q3 rate. The income data from GDP were revised slightly lower to show growth of just 3.1% (was 3.2%) in Q4 after a 4.4% Q3 pace, alongside disposable income growth of just 2.7% (was 2.9%) in Q4 after a 4.5% Q3 pace. We saw a modest trimming in the Q4 savings rate to 5.0% (was 5.1%) that left no change from the Q3 rate. There’s been no savings rate rise with falling oil prices this winter, as recent spending restraint is more a reflection of weak nominal income growth than consumer cautiousness.

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.

GBPUSD – The Next Three Months

Forex Analysis
GBPUSD – The Next Three Months

GBPUSD – 3 Months to the Brexit Referendum

Three months from today, June 23 2016, the UK votes on whether to remain a member of the European Union. A decision to leave could have a profound impact on the UK economy and the Great British Pound (GBP) in particular. FX markets hate uncertainty and continued volatility looks the norm for the next three months or until one side or the other in the Brexit (“British Exit”) debate takes a significant lead.

Earlier this month the BOE announced that it would make extra cash available to banks around the time of the referendum. The extra cash is designed to help the financial industry to keep ticking over during possible periods of market turbulence or when there might be a risk of a “credit crunch” Currency markets have already been rocked by fears that Britain could leave the 28-member bloc, with the GBPUSD dipping to seven and a half year lows.

So where now for GBPUSD? – Markets have pushed BoE tightening expectations out to Q1 next year, and have built in Brexit risk premium. The latest Poll of polls tracker has 43% in favour of remaining in the union, 41% wanting to leave and 16% undecided, little changed over the last couple of weeks.

The GBP was last surrounded with such political uncertainty in the run to the September 2014 Scottish Referendum. Now, like then, the assumption was the UK government would prevail. It did in 2014 but the vote was MUCH closer than opinion polls or the general public had anticipated. This time the two opposing camps start much closer and the momentum, with three months to go, lies with the UK out campaign.  The assumption is that many voters will settle for the status quo as the safe option. However, with the ruling Conservative party and government deeply divided on the issue (6 members of the cabinet, together with the highly influential Boris Johnson are campaigning for exit) and one cabinet member has actually resigned (although not directly over the Brexit debate), nothing can be taken for granted.

The tragic events in Brussels yesterday also added to GBP’s woes. We see continued depreciation for the GBP in the next three months. The news today reaffirmed our view, overseas investors will continue to reduce their holdings of UK assets, or continue to hedge those holdings because of the volatility and uncertainty surrounding the vote. The cost of hedging the GBPUSD increased by 14.50 percent today as the GBPUSD3M Option soared in value. This is the Option that covers the June 23 vote.

The Monthly Chart above shows the intact down trend with 1.3500 not unrealistic within the next three months.

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.

AUDUSD Strength Set to Continue

Forex Analysis
AUDUSD Strength Set to Continue

AUDUSD Strength Set to Continue

The ongoing AUDUSD strength looks set to continue and the overnight retracement may be an opportunity.

The AUDUSD moved above 0.7600 during the early weeks of March the first time since last July. The move extend gains seen since mid-January, which have been in tandem with rallying commodity markets over the same period. Chinese growth concerns peaked in January, and stimulus from global central banks, or expectations thereof, have since soothed investor nerves, while the Australian economy has surprised many in its ability to fare well despite the drop in mining investment.

The overnight move down could be the opportunity as suggested by the Daily and 4 hour charts. The pair maybe entering a consolidation phase over the next day or two so watch the following levels.

 

The Daily Chart (above) offers Support around the 0.7450 level and Target 1  0.7690 and a break of this level would suggest the next leg up to Target 2  0.7730.

The 4 Hour Chart (240 min below) offers Support at 0.7576 and Target 1 0.7650.

 

2016-03-23_1141

 

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.

Silver – Breaks Key Resistance

Forex Analysis
Silver – Breaks Key Resistance

XAGUSD, Daily

Silver like many commodities has had a good start to 2016, rising over 14% from January’s open at $13.85 to close yesterday at $15.87.  This was on the back of a commodity rally and USD weakness following the dovish tones from the FED on Wednesday.  Thursdays close for Silver represented a new 2106 high and above previous resistance at $15.70. 

The next leg up could be interesting, there is resistance at the psychological $16.00 and $16.05.

Silver is classified as an industrial metal and so moves in different although similar phases to the Gold price which is very much a precious metal and safe haven asset. Silver has not moved as aggressively as Gold during 2016 and we believe there could be further for the silver rally to run as the fundamentals of strong demand for bars and coins builds.

An initial T1 target of $16.10 (October 2015 high) and then to previous high (T2) of $16.25.

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.