IN THIS ISSUE:
1. Weekly market review from Forex-Metal.
2. Weekly technical analysis.
3. New! Keep your account balance in AUD.
4. Free debit cards promotion is on again.
5. Get a 30% trading bonus when you open a new account.
6. Representatives Wanted!
________________________________________
WEEKLY REVIEW FOR 20 -24. 06, 2011
As a result of the previous trading week, US dollar demonstrated a winning position. Nevertheless, a first few days were negative for the greenback.
The EU Finance Ministers meeting was held during the previous weekend. The fact that no agreement was formed over the bailout of Greece pressured the euro on Monday. The EUR/USD demonstrated a negative dynamics during the Asian and European trading sessions. Moody’s credit agency stated that the credit rating of Italy would be decreased, due to the released Italian GDP results. The EUR/USD dropped to its minimums of $1.4192. In addition, the released today German producer prices dropped to 6.1% against the forecasted 6.3%. The GBP.USD pair dropped to the lows of $1.6100 following the euro. But during the American session the trading dynamics changed. Since the decision regarding the Greek bailout would be positive, the euro started to strengthen based on the increased optimism of the market participants. The EUR/USD rehabilitated and reached the $1.43 mark, and the GBP/USD pair strengthened at the $1.6200 level.
Australian dollar decreased on Tuesday after the publication of the minutes of the last meeting of the Reserve Bank of Australia. RBA pointed out that its decision to keep the interest rate at the previous level was reasonable due to the uncertain situation with the European crises.
Released on the same day German ZEW survey turned to be -9 against the forecasted-3 level. The Euro-zone economic sentiment survey was at the -5.9 mark while the expected level was 6.1. As a result, the EUR/USD showed temporary minimums of $1.4315. Concerns over the situation in Greece weakened on Tuesday in anticipation of the vote of confidence for the Greek Prime Minister, Georgius Papandreu. But positive US statistics, which was released during the second part of the day, rendered support to the risky assets. The US existing home sales decreased only for 3.8% compared to the forecasted drop of 5.0%. Therefore, the EUR/USD managed to reach the $1.44 level, and the GBP/USD grew to the $1.6240 mark.
Wednesday saw a considerable decrease of the pound. The publication of the last minutes of the BoE meeting pressured the sterling. According to the released results of the votes, only two members voted for the increase of the principal rate and seven votes were in favour of leaving the principal rate unchanged. As a result, the GBP/USD pair dropped to the $1.6100 minimums.
The speech of the head of the FRS, Ben Bernanke, had a serious impact on the market dynamics on Wednesday. Ben Bernanke forecasted a gradual rehabilitation of the US economy. According to the released FOMC decision, the principal rate was left unchanged at the previous level of 0.25%. As a result, the EUR/USD decreased to the $1.4340 level, and the GBP/USD closed the day around the $1.6060 mark.
Euro was under pressure on Thursday in anticipation of the EC summit of the Euro-zone leaders in Brussels. Decreased Asian stock markets pressured the high-risk currencies. As a result, the EUR/USD pair decreased to $1.4300 range. EU leaders were holding a two-day summit to discuss Greece’s financing needs amid efforts by the nation to stay off default. Therefore, the greenback strengthened on Thursday as a save-heaven currency.
The release of the negative UK statistics pressured the pound on Thursday. CBI reported sales for June showed an unexpected drop to -2 level against the forecasted increase to 12 mark. The sterling followed the weakened euro dynamics. The GBP/USD rate decreased to $1.6015 minimums.
At the end of the week the US dollar continued to stabilize and the EUR/USD pair closed the week around the level of $1.44. The announcement of the reached agreement between the Government of Greece and the IMF regarding the 5-year plan of the external debt refinancing did not support the euro. The pound continued to drop and the GBP/USD pair closed the trading week at the low level of $1.5950. The USD/JPY traded in the range of Y80.00-Y80.80 during the whole week.
Happy trading!
________________________________________
WEEKLY REVIEW FOR 27.06 -1. 07, 2011
EURUSD
The pair is aiming to channel level at 1.41130. If this level is broken the pair will decline to 1.37441.
Resistance: 1.44835, 1.47697, 1.50676
Support: 1.41130, 1.37441, 1.33427
GBPUSD
The pair has broken 1.59962 and aiming to the Median line at 1.57391. If this level will be broken the pair will decline to 1.52523.
Resistance: 1.59962, 1.64274, 1.68504
Support: 1.52523, 1.48532, 1.43344
USDCHF
The pair has declined to 0.82723. The pair may roll back to channel line at 0.85633.
Resistance: 0.85633, 0.88022, 0.91074
Support: 0.82723, 0.79957, 0.76882
USDJPY
The pair has declined to 80.244. If the pair stays above this level the pair will rise to 83.330.
Resistance: 83.330, 86.836, 90.909
Support: 80.244, 76.535, 73.126
AUDUSD
The pair has broken 1.05810 and aiming to 1.03847.
Resistance: 1.05810, 1.07806, 1.09604
Support: 1.03847, 1.01873, 1.00031
________________________________________
TRADING ACCOUNT BALANCE CAN NOW BE HELD IN AUD CURRENCY!
We are happy to advice that you can now have your account balance and trade in AUD currency. If you trade many AUD crosses, keeping your balance in that currency will give you an extra flexibility.
Of course the account balance can be kept in most major currencies including USD, EUR, CHF, GBP, JPY and now AUD.
If you plan to open a new account in any other currencies except USD, please contact support for assistance. We hope that you will enjoy your trading experience with us.
________________________________________
GET A FREE ATM DEBIT CARD WITH EVERY NEW ACCOUNT
The debit cards promotion is on again! Open a new account today with a minimum balance of $500 to get a free debit card accepted in most ATMs around the world, with $100 cash on it! This is a limited time offer. For full conditions and to apply please click here:
https://forex-metal.com/home/cardspromotion.rhtml
________________________________________
GET A 30% TRADING BONUS WHEN YOU OPEN A NEW ACCOUNT
Cash bonus promotion - "You nominate the amount of the bonus". Get a cash bonus of up to $3000 when you deposit funds into your account for the first time. The full bonus conditions are available here: https://forex-metal.com/discount/discount06
If you have just opened a trading account with us and fund your trading account within a week from the time of this message, you can receive a cash bonus in addition to your deposit. If you would like to receive the bonus, please contact us at payments@forex-metal.com and confirm the bonus amount you would like to receive, at the time your account is being funded. REPRESENTATIVES WANTED !
We are expanding our operations and would like to open a representative office in your country, so we can be closer to our customers.
If you feel that you are up to it: to have an interesting business and to have a steady income, then talk to us.
You do not need to have any special knowledge - full training and support will be provided by us. For more details please contact our Business Development team at business@forex-metal.com or talk to our operators via live chat and they will put you to the right person.
________________________________________
1. Weekly market review from Forex-Metal.
2. Weekly technical analysis.
3. New! Keep your account balance in AUD.
4. Free debit cards promotion is on again.
5. Get a 30% trading bonus when you open a new account.
6. Representatives Wanted!
________________________________________
WEEKLY REVIEW FOR 20 -24. 06, 2011
As a result of the previous trading week, US dollar demonstrated a winning position. Nevertheless, a first few days were negative for the greenback.
The EU Finance Ministers meeting was held during the previous weekend. The fact that no agreement was formed over the bailout of Greece pressured the euro on Monday. The EUR/USD demonstrated a negative dynamics during the Asian and European trading sessions. Moody’s credit agency stated that the credit rating of Italy would be decreased, due to the released Italian GDP results. The EUR/USD dropped to its minimums of $1.4192. In addition, the released today German producer prices dropped to 6.1% against the forecasted 6.3%. The GBP.USD pair dropped to the lows of $1.6100 following the euro. But during the American session the trading dynamics changed. Since the decision regarding the Greek bailout would be positive, the euro started to strengthen based on the increased optimism of the market participants. The EUR/USD rehabilitated and reached the $1.43 mark, and the GBP/USD pair strengthened at the $1.6200 level.
Australian dollar decreased on Tuesday after the publication of the minutes of the last meeting of the Reserve Bank of Australia. RBA pointed out that its decision to keep the interest rate at the previous level was reasonable due to the uncertain situation with the European crises.
Released on the same day German ZEW survey turned to be -9 against the forecasted-3 level. The Euro-zone economic sentiment survey was at the -5.9 mark while the expected level was 6.1. As a result, the EUR/USD showed temporary minimums of $1.4315. Concerns over the situation in Greece weakened on Tuesday in anticipation of the vote of confidence for the Greek Prime Minister, Georgius Papandreu. But positive US statistics, which was released during the second part of the day, rendered support to the risky assets. The US existing home sales decreased only for 3.8% compared to the forecasted drop of 5.0%. Therefore, the EUR/USD managed to reach the $1.44 level, and the GBP/USD grew to the $1.6240 mark.
Wednesday saw a considerable decrease of the pound. The publication of the last minutes of the BoE meeting pressured the sterling. According to the released results of the votes, only two members voted for the increase of the principal rate and seven votes were in favour of leaving the principal rate unchanged. As a result, the GBP/USD pair dropped to the $1.6100 minimums.
The speech of the head of the FRS, Ben Bernanke, had a serious impact on the market dynamics on Wednesday. Ben Bernanke forecasted a gradual rehabilitation of the US economy. According to the released FOMC decision, the principal rate was left unchanged at the previous level of 0.25%. As a result, the EUR/USD decreased to the $1.4340 level, and the GBP/USD closed the day around the $1.6060 mark.
Euro was under pressure on Thursday in anticipation of the EC summit of the Euro-zone leaders in Brussels. Decreased Asian stock markets pressured the high-risk currencies. As a result, the EUR/USD pair decreased to $1.4300 range. EU leaders were holding a two-day summit to discuss Greece’s financing needs amid efforts by the nation to stay off default. Therefore, the greenback strengthened on Thursday as a save-heaven currency.
The release of the negative UK statistics pressured the pound on Thursday. CBI reported sales for June showed an unexpected drop to -2 level against the forecasted increase to 12 mark. The sterling followed the weakened euro dynamics. The GBP/USD rate decreased to $1.6015 minimums.
At the end of the week the US dollar continued to stabilize and the EUR/USD pair closed the week around the level of $1.44. The announcement of the reached agreement between the Government of Greece and the IMF regarding the 5-year plan of the external debt refinancing did not support the euro. The pound continued to drop and the GBP/USD pair closed the trading week at the low level of $1.5950. The USD/JPY traded in the range of Y80.00-Y80.80 during the whole week.
Happy trading!
________________________________________
WEEKLY REVIEW FOR 27.06 -1. 07, 2011
EURUSD
The pair is aiming to channel level at 1.41130. If this level is broken the pair will decline to 1.37441.
Resistance: 1.44835, 1.47697, 1.50676
Support: 1.41130, 1.37441, 1.33427
GBPUSD
The pair has broken 1.59962 and aiming to the Median line at 1.57391. If this level will be broken the pair will decline to 1.52523.
Resistance: 1.59962, 1.64274, 1.68504
Support: 1.52523, 1.48532, 1.43344
USDCHF
The pair has declined to 0.82723. The pair may roll back to channel line at 0.85633.
Resistance: 0.85633, 0.88022, 0.91074
Support: 0.82723, 0.79957, 0.76882
USDJPY
The pair has declined to 80.244. If the pair stays above this level the pair will rise to 83.330.
Resistance: 83.330, 86.836, 90.909
Support: 80.244, 76.535, 73.126
AUDUSD
The pair has broken 1.05810 and aiming to 1.03847.
Resistance: 1.05810, 1.07806, 1.09604
Support: 1.03847, 1.01873, 1.00031
________________________________________
TRADING ACCOUNT BALANCE CAN NOW BE HELD IN AUD CURRENCY!
We are happy to advice that you can now have your account balance and trade in AUD currency. If you trade many AUD crosses, keeping your balance in that currency will give you an extra flexibility.
Of course the account balance can be kept in most major currencies including USD, EUR, CHF, GBP, JPY and now AUD.
If you plan to open a new account in any other currencies except USD, please contact support for assistance. We hope that you will enjoy your trading experience with us.
________________________________________
GET A FREE ATM DEBIT CARD WITH EVERY NEW ACCOUNT
The debit cards promotion is on again! Open a new account today with a minimum balance of $500 to get a free debit card accepted in most ATMs around the world, with $100 cash on it! This is a limited time offer. For full conditions and to apply please click here:
https://forex-metal.com/home/cardspromotion.rhtml
________________________________________
GET A 30% TRADING BONUS WHEN YOU OPEN A NEW ACCOUNT
Cash bonus promotion - "You nominate the amount of the bonus". Get a cash bonus of up to $3000 when you deposit funds into your account for the first time. The full bonus conditions are available here: https://forex-metal.com/discount/discount06
If you have just opened a trading account with us and fund your trading account within a week from the time of this message, you can receive a cash bonus in addition to your deposit. If you would like to receive the bonus, please contact us at payments@forex-metal.com and confirm the bonus amount you would like to receive, at the time your account is being funded. REPRESENTATIVES WANTED !
We are expanding our operations and would like to open a representative office in your country, so we can be closer to our customers.
If you feel that you are up to it: to have an interesting business and to have a steady income, then talk to us.
You do not need to have any special knowledge - full training and support will be provided by us. For more details please contact our Business Development team at business@forex-metal.com or talk to our operators via live chat and they will put you to the right person.
________________________________________