Daily Technical Analysis by FxGrow

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FxGrow Daily Technical Analysis – 15th Nov, 2016
By FxGrow Research & Analysis Team

GBP/USD AGAIN UNDER PRESSURE, AWAITING LOCAL DATA

GBP/USD opened with a bullish trend, seemed to be recovering as the pair beat the 1.25 handle clocking a high at 1.2528 as US dollar index marched backward from yesterday's highs at 100.24 to 99.75 today's low. The pair failed to guard early gains with an inverted candle pin sinking to 1.2464 today's low. British Pound awaits local data today at 9:30 AM GMT as CPI y/y and PPI data will be released, then at inflation rate hearing at 10:00 AM GMT which might restore some confidence in the Sterling or keep it under under pressure.

Trend: Bearish Sideways

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 15th Nov, 2016
By FxGrow Research & Analysis Team

AUSTRALIAN DOLLAR STRENGTHEN AFTER HINTS OF POSITIVE ECONOMY, AWAITING RBA

AUD/USD opened early trading sessions with gains as RBA meeting minutes gave hints that Australian economy continues to grow at a moderate rate. The pair opened at 0.7552, rallied to 0.7580 high, then dropped to 0.7534 low, currently trading at 0.7553 intraday. The pair stands with heavy guard at 0.75 handle, not able to break it as US dollar index sinks 99.68 today's low. Governor Lowe, head of RBA, will make an appearance shortly at 9:15 AM GMT, where he'll lay out policy headlines.

Trend: Bullish sideways

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 17th Nov, 2016
By FxGrow Research & Analysis Team

SILVER DIGESTS WEDNESDAY'S GAINS, US DATA EYED

XAGUSD opened yesterday at 17.04 and took a hike clocking a high at 17.23, touching 200 SMA at 17.19, then failed to guard the 17 handle. The shiny metal started a bearish afterwards sinking to 16.87. US economy still growing with US dollar index peeking yesterday to new high's at 100.60, currently trading at 100.41 intraday. XAGUSD still remains under pressure as greenback is strengthening, and today US dollar strength will undergo a further test as US CPI report will be published.

Trend: Bearish

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 17th Nov, 2016
By FxGrow Research & Analysis Team

GOLD PRICE SHIFTS UPWARD AS US DOLLAR EASED, AWAITING FURTHER US DATA

Gold hiked on Tuesday from 1218.90 low to 1231.64 high and closed at 1228.64. Yesterday, XAUUSD marched to a higher price scoring 1233.07, then plunged to 1221.50 low and closed at 1224.13. The yellow metal failed to soar and stay above 1230 level on strong US dollar especially after positive US retail sales data.. Add to that US dollar index peeked to a high new level yesterday at 100.60, currently trading at 100.19. With US dollar index drop, seems gold took the chance and surged 1229.78 high, currently trading at 1227.40 intraday. Traders have their eyes set on US data today with main focus on Core CPI and its result which will a better clue on how they will set their-ongoing-orders from XAUUSD. Gold at 200 SMA 1241.52, if price beats it, then look forward for next resistance levels.

Trend: bearish

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 18th Nov, 2016
By FxGrow Research & Analysis Team

EUR/USD EXTENDS BEARISH MOOD, AWAITING DRAGHI

EUR/USD failed to sustain yesterday's gains as positive US data was released and especially after Fed Chair Yellen noted in her testimony that an increase in interest rates “could well become appropriate relatively soon. The pair rallied yesterday to 1.0745 high then failed to keep gains as it sank to 1.0619 low, then closed at 1.0625. EUR/USD extended bearish momentum in opening trading sessions dropping to 1.0581 low, ( lowest June 2015). US dollar still dominating the market as US dollar index peeked to 101.39 today, currently 101.33 intraday. The pair is expected to drop further more as US economy still growing strongly since Trump victory. Today, Draghi makes an appearance at 8:30 AM GMT on behalf of ECB with efforts to stop EUR/USD from bleeding further more.

Trend : bearish

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 18th Nov, 2016
By FxGrow Research & Analysis Team

CANADIAN DOLLAR CONTINUES PLUNGING, AWAITING LOCAL DATA
The pace of greenback is still increasing significantly since Trump election. The US dollar continues to soar all its rivals as US dollar index peeked to highest today clocking 101.39. USD/CAD extended the uptrend mood after positive US data released yesterday, and especially after Fed Chair Yellen noted in her testimony that an increase in interest rates “could well become appropriate relatively soon.
Key Quotes “The clear implication for monetary policy being that the case for a rate hike “continued to strengthen”, with action to be taken “relatively soon”. Barring a material adverse shock, that means December.”

USD/CAD rallied today from 1.3503 low, scored a 1.3564 high, currently trading at 1.3536. The US dollar is doing everything except for giving up the thrown, still dominating-relentless . The Canadian dollar awaits today local core CPI which will either give the pair a chance to breath, or the pair will extend is bullish momentum.

Trend : Bullish

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 21st Nov, 2016
By FxGrow Research & Analysis Team

EUR/USD Drifts Lower as Political Risks Emerged

EUR/USD opened Monday's trading sessions with a an-opposite-bullish-trend after 12 bearish consecutive sessions. The pair has been cornered by strong US economy with US dollar index peeking on Friday at 101.54, and EUR/USD sinking to 1.0577, especially after Fed Chair Yellen noted in her testimony that an increase in interest rates “could well become appropriate relatively soon. On the other hand, EUR index opened at 86.51 (low), surged at 86.79 highs, currently trading 86.75 awaiting new political issues in France and Italy while US dollar index trading at 101.14. Although EUR/USD managed to score some gains since morning taking advantage of EUR index increase, the pair is currently clocking at high 1.0635, but it still considered a bearish trend taking into consideration strong US economy. Today Draghi makes an appearance to discuss ECB current and future steps which will give a better outlook on how EUR/USD will react.

Trend: Bearish

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 21st Nov, 2016
By FxGrow Research & Analysis Team

Japanese Yen Strengthen After Masai's Strong Tone On Behalf of BOJ

The confidence in Japanese Yen currency seems to be favored and restored as USD/JPY reversed last weak's bullish trend to bearish in Monday's opening trading session. Japanese industrial activity scored 0.2% without a change in previous result, but with 0.1% increase than forecast, add to that strong tone of BOJ member Mrs. Masai, expressing her take on the impact of a Trump-win on the Japanese economy as well on the central bank’s monetary policy program. Last week, the US dollar soared the Japanese Yen for 10 consecutive sessions, sending the pair from 101.19 low, to Friday's June-fresh-highs at 110.95 after strong US economic data all over the week. The pair opened with a higher price on Monday clocking 111.18, then retreated 110.54 low, currently trading at 110.74 intraday. Although market has witnessed some gains on USDJPY, but the pair is considered to remain under strong US economy mercy.

Masai Key Headlines:

Hopes policies will also lead global economy

Hopes US government continues to take appropriate policies to drive growth

BOJ will watch what effect Trump will have on policy

Important to make sure intentions of BOJ policy are well understood to avoid volatility

Trend: Bullish

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 22nd Nov, 2016
By FxGrow Research & Analysis Team

USD/CAD Plunges Ahead of Canadian Retail Sales Data

The Canadian Dollar managed to stay ahead of its south neighbor although Canadian wholesales data scored a negative of -1.2% yesterday. USD/CAD extended bearish mood yesterday taking advantage of weaker US dollar index dropping 100.81 after being on to at 101.51. Add to that, a surge in oil prices at a 48.96 monthly fresh high, boosted the Canadian dollar to score against the greenback. In early trading sessions, the pair sank to 1.3396 low, but failed to sustain the 1.33 level, touched 50 SMA at 1.3428, then marched to 1.3433 high, currently trading at 1.3410 intraday. Today, USD/CAD awaits Canadian Retail Sales data, which in case, came to the favor of Canadian dollar, and taking into consideration the hikes in oil prices on optimism of OPEC-cut-deal, the market might witness a new lows for the pair this November.

Trend : Bearish sideways

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 23rd Nov, 2016
By FxGrow Research & Analysis Team

GOLD STEADIED DESPITE FIRMER US DOLLAR, AWAITING FURTHER US DATA

XAUUSD has been busy since Friday swinging between 1220 and 1206 levels. Gold sank on Thursday from 1231.51 high to 1211.13 low after positive US data. US dollar continued to soar XAUUSD on Friday sending it to the 1202.89 bottom, June fresh-lows while US dollar index peeked 101.54. The yellow metal made a slight correction on Monday then Tuesday, with absence of news on US dollar, as a result, XAUUSD was liberated from it's rival peeking to 1221.06 yesterday but failed to hold the gains. Yesterday, US dollar index dropped 100.71 low but then managed to climb back to 101.37 high causing Gold to give up high positions. Gold is currently trading at 1214.11, seems stable at this zone but it won't be long before XAUUSD volatility will start kicking as we get closer to US data release at 1:30 PM GMT today.

Trend : Bearish

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 23rd Nov, 2016
By FxGrow Research & Analysis Team

GBP/USD Bearish Until Further Notice, Awaiting local Data

GBP/USD fails to sustain Monday's gains as the pair seemed to be recovering with 1.2510 fresh-week-new-highs taking advantage of weaker US dollar index at 100.81 low. Although UK yesterday scored positive data, but strong US data weighed on the GBP. GBP/USD retreated to 1.2384 low yesterday after clocking a high at 1.2512. The pair continues to drift lower as it slumps to 1.2381 today's low ahead of UK Autumn Budget statement acknowledging that UK government debt is worryingly high. while US dollar Index recovers from Monday's drop and peeked to 101.37, currently trading at 101.20, hence extending and confirming the general trend as being bearish. Today, sterling might find some salvation with local Autumn forecast statement, scheduled at 12:30 PM GMT. GBP/USD is currently trading at 1.2376 intraday, below it's daily Pivot at 1.2440 which gives a better outlook on how below the pair is to be considered on recovery track.

Trend: bearish

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 25th Nov, 2016
By FxGrow Research & Analysis Team

Gold Technical Levels to Watch

XAUUSD extended further losses in early trading sessions as US Dollar peeked to 102.11. Gold dropped to new fresh-March lows touching 1170.99 bottom. US dollar index retreated to 101.64, and gold increased to 1186.86 high, currently trading at 1180.05. First resistance R1 1191.77, if price broke R1 then we are looking into next resistance level R2 at 1195.80 then R3 at 1202.30. On the other hand, support level S1 located at 1169.74, if gold drops below S1, then we should consider a further loss towards S2 at 1164.30 and S3 located at 1160.75. Trend is bearish given strong US dollar. Keep a close eye on US dollar index as it tends to peek with New York opening sessions.
Trend: bearish

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 25th Nov, 2016
By FxGrow Research & Analysis Team

USD/JPY Responds Positively to US Dollar Hike, Eight New Months Top

The data released in Japan showed consumer price index (CPI) dropped for an eighth straight month. The headline figure remained unchanged at 0.1%, while, the core CPI dropped 0.4% y/y in October. However, the headline figure has rebounded from last month’s print of -0.5%, slightly better-than-estimates. The numbers and above data didn't give the Japanese Yen a break from US dollar dominance as greenback still soaring all rivals. The US dollar index hysteria was not done yesterday, as the index peeked further more today to new high at 102.11 causing USD/JPY to rally from 113.18, to fresh 8 months high 113.89. The first resistance level at 114.07 to be considered and breaking this point will expand gains into next resistance levels.

Key levels to watch: Weekly Pp 109.48

Trend: Bullish

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 25th Nov, 2016
By FxGrow Research & Analysis Team

GBP/USD IMMUNE TO DOLLAR PUSHING HIGHER, AWAITING Q3 GDP

GBP/USD is neutral since today's opening trading sessions. The pair seems to be confused between 1.2428 low and 1.2457 high zone. Although US Dollar is hiking at a fast pace, peeking at new highs 102.11, the British Pound was immune against losses and it seems it to have picked up significant strength facing it's USD rival. Right now, US index retreated to 101.71, still to be considered high relative to previous trading sessions, and the pair is closing to today's high, currently trading at 1.2452 above weekly pivot at 1.2419. Also, traders should pay attention to 100 SMA at 1.2461 which to be considered a strong point in case the pair touches it. British Pound has a chance now in absence to US economic news to reclaim some gains and dignity as Sterling awaits second estimate GDP data, scheduled to be released at 9:30 AM GMT today.

Key levels to watch : Weekly Pp 1.2419

Trend: Bearish sideways

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 28th Nov, 2016
By FxGrow Research & Analysis Team

EUR/USD MARCHES STEADILY AS USD PLUNGES, ECB EYED

EUR/USD closed the week flat around 1.0600, but not before extending this year's decline to 1.0517 last Thursday, as demand for USD-related assets remained high, in spite of a shortened week in the US. FOMC Minutes released on Wednesday showed that FED's officers are mostly agreeing on an upcoming rate hike for this December, reinforcing what the market already anticipated. At this point, 100% odds of a move higher in the US benchmark has been fully priced in, probably, one of the reasons behind dollar's upward momentum fading.

Nevertheless, political uncertainty in Europe amid the referendum and elections in Italy and the UK with its Brexit, will likely keep the common currency subdued, at least, until the ECB and FED's December meeting, which will likely set the tone for the pair for the first quarter of 2017. Today, EUR awaits major news with money supply report, and ECB as Draghi makes appearance with more impact on EUR/USD.

Technical levels to watch : Weekly pivot 1.0588

Trend: Bearish sideways

Resistance : R1 1.0685, R2 1.0715, R3 1.0746

Support : S1 1.0594, S2 1.0551, S3 1.0522

Remark: EUR/USD general mood is still bearish although morning showed some bullish correction taking into consideration strong US economy. Price range expected between R1 and S1, but look forward at 9:00 AM GMT as EURO awaits news that could possibly create more volatility breaking support and resistance depending on the outcome.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 29th Nov, 2016
By FxGrow Research & Analysis Team

GOLD REBOUNDS ON WEAKER US DOLLAR, AWAITING FURTHER NEWS ON US TODAY

Gold performance last week was not up to expectations as the precious metal plunged to 1170.82 after strong US data, lowest level since February bringing its total losses to around $130 per ounce since Donald Trump won the US Presidential election. XAUUSD is in confusion this week, swinging between 1197 and 1182 handle as US dollar index surges. Gold clocked a high 1195.16, not long before plunging to 1188.72 low, currently 1189.89 intraday close to it's weekly Pp.

XAUUSD is still considered bearish as Trump trade is moving in the right path and at the same time pressured by strong US economy and today, US data might cost gold further losses as US dollar awaits Prelim GDP scheduled at 1:30 PM GMT, and later on Consumer confidence at 3:00 PM GMT.

Trend : Bearish sideways

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 29th Nov, 2016
By FxGrow Research & Analysis Team

USD/JPY BEARISH CORRECTION RESPONSE TO POSITIVE LOCAL DATA, AWAITING US DATA
The Japanese Yen strengthened yesterday, first on weaker US dollar, later on the Yen was boosted by positive local data. USD/JPY reversed the bullish cycle as US dollar index plunged 101.18, not long before dropping from 101.60 yesterday highs. The pair yesterday clocked a high at 112.78, and as greenback weakened, USD/JPY retreated to 111.34 low. The pair received another negative shock resulted in an extension of bearish momentum as Japanese house hold spending scored -0.4% compared to -2.1% in previous sessions.

Although the pair made a short-term-downswing-correction resulted in bearish momentum as the dollar takes a break after a strong move, it still remains under the mercy of relatively strong US dollar awaiting Prelim GDP scheduled at 1:30 PM GMT, and later on Consumer confidence at 3:00 PM GMT. USD/JPY made it's first test as first support and the level was successful resulted in reverse to bullish candle sending the pair above 112 handle ahead of further economic data.


Key levels to watch : Week;y Pp 112.41

Trend : Bullish Sideways

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 30th Nov, 2016
By FxGrow Research & Analysis Team

OIL PRICES ARE POISED FOR OPEC-DEAL FINAL TOUCHES, US CRUDE INVENTORIES EYED

OPEC members are once again closing on final touches to strike a deal set in Vienna on the 30th of Nov between the old rivals. OPEC leaders are convening as final talks ahead of Wednesday's announcement begin.

On the weekend, signs of rift erased the illusion that it was virtually a done deal. On the weekend, Algeria's oil minister flew to Tehran to help break a deal. Also, Saudi official said the market could re-balance on its own. That was a signal they would be ready to walk away from any proposal. Iran and Iraq are the main key players in act of glue for the final oil cartel decision. Iraq has shown a willingness to compromise but it wants flexibility to bring production back online in ISIS-controlled areas. Iran is more insistent on raising production to 4 million barrels per day and beyond.

Technical levels to watch : Weekly Pp 47.01

Resistance levels : R1 46.81, R2 47.89, R3 48.65

Support levels : S1 44.43, S2 43.61, S3 43.04

Remark : traders should stay alert and tight attention to OPEC meeting results today in Vienna, also US crude oil inventories scheduled to be released at 3:30 PM GMT. These are the elemental keys for the coming crude oil price.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 30th Nov, 2016
By FxGrow Research & Analysis Team

Canadian Dollar Surges On Weaker US Dollar, Awaiting Local Data

USD/CAD currently in bearish mood taking advantage of weakening Dollar as US dollar index 100.97 low today. The pair dropped on Monday to 1.3396, then rallied yesterday to 1.3480 high. USD/CAD touched 50 SMA 1.3444 from above then retreated 1.3412 today's low, currently trading 1.3428 intraday.

Trend: Bearish sideways

Key levels to watch : Weekly Pp 1.3480

Resistance levels : R1 1.3455, R2 1.3486, R3 1.3523

Support : S1 1.3394 , S2 1.3363, S3 1.3327

Remark : Price range S1 and R1, but look forward for Canadian GDP, later on oil prices. Traders should expect more volatility on economic news.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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FxGrow Daily Technical Analysis – 01st Dec, 2016
By FxGrow Research & Analysis Team

BRITISH POUND RECOVERING AFTER CARNEY'S COMMENTS, AWAITING LOCAL DATA

The Sterling found a shelter yesterday against greenback as Carney on behalf of BOE, held the press conference yesterday with reassuring words coming out of his mouth directly to the press. Mr. Carneys' comments regarding UK financial system suggest that the performance of the system indicates that UK passed several tests and obstacles this year. The drop in the Sterling since Brexit suggests markets expect modest real income growth, less open trade and consumers drawing down savings and borrowing for first time since crisis, reinforcing indebtedness.

GBP/USD nourished in early trading sessions after BOE statement yesterday, made a rally from 1.2502 low, clocked a high at 1.2541 at which the pair is trading right now.

Trend: Bullish Sideways

Key levels to watch : Weekly Pp 1.2433

Resistance levels : R1 1.2544, R2 1.2586 , R3 1.2637

Support levels : S1 1.2493, S2 1.2449, S3 1.2397

Remark : Although GBP/USD is bullish sideways, a bearish short-term-downswing should be taken into consideration due to crucial news today on UK and US economy. Price range between S1 and R1 but look forward for more volatility as UK releases manufacturing PMI today, later on US PMI scheduled at 3:00 PM GMT which will settle the rift between GBP/USD.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.