In this issue:
1. Weekly market review.
2. Weekly technical analysis
3. 30% trading bonus is on again!
4. Representatives Wanted.
5. Economic Calendar, Pip value calculator and other useful links.
1. Weekly review for 16 – 20. 08, 2010
The first trading day of the previous week saw Japanese yen growth against the major currencies. Japanese Gross Domestic Product indicators, released on Sunday, turned out to be below expectations. The GDP annualized for the second quarter decreased to 0.4% against the forecasted 2.3%. Therefore, the outlook for the world rehabilitation rate dropped. Consequently the demand for the save-haven currencies increased. The speculations regarding the slow-down of the world rehabilitation rate pressured the New Zealand dollar rate. And the dropped expectations for the possible increase of the principal rate of Australia pressured the national currency rate.
The greenback decreased on Monday against the euro due to the released negative US fundamentals. The Empire Manufacturing index for August turned out to be the level of 7.10 against the forecasts of 8.0. The Net Long-term TIC flows for June was at the level of $44.4 Billion when the predicted level was $45.7 Billion. And, finally, the NAHB housing market index for August dropped to the level of 13 against the expectations of 15 and previous level of 14.
Risk appetite has moved higher on Tuesday, and the save haven currencies were under pressure. The EUR/USD pair showed maximums at the level of $1,2915. But the release of the German ZEW Survey (Economic Sentiment) for August rendered negative influence on the euro. The indicator showed unexpected reduction to 14 against its forecast of 20. And the EUR/USD rate dropped to $1.2860.
The sterling traded in the range of $1,5630-$1,5700 against the American dollar on the same day. Following the release of the annualized Retail Price index for July, which happened to drop to 4.8% against the forecast of 4.9%, the sterling rate decreased. The increased interest this week was placed on the Bank of England Minutes, which was planned to be released on Wednesday.
The Japanese yen continued to trade at the level of its maximums, nevertheless, the rate was under pressure for the following reasons: the head of the Bank of Japan and the Prime minister of Japan could probably discuss the recent rally of the national currency at their upcoming meeting. According to the growing speculations, the possible Bank of Japan intervention could be arranged in the nearest future, aimed to limit the further rate growth.
The British Pound managed to reach maximums at the level of $1.5669 during the European session on Wednesday as the released Bank of England minutes showed that one of the members suggested to raise the principal rate to 0.75%. The board member Andrew Sentence expressed his confidence that "economic conditions had improved over the past 12 months". The EUR/USD pair showed maximums at $1.2908. Among the released fundamentals, we should mention the Euro-zone construction output for June, which demonstrated growth to 2.7%.
Concerns over the Euro-zone rehabilitation rate slow-down pressured the euro on Thursday. In particular, the social tensions in Greece, as an outcome of the rigid economy measures, created additional negative influence over the Euro-zone outlook. According to the experts’ forecasts, the unemployment rate in Greece would show growth. The EUR/USD rate decreased to the $1.2800 level. The gold metal dropped to $1229.28 after the reached maximums. The gold price was also pressured by the growing concerns over the social tension in Greece.
The greenback managed to rehabilitate as the demand for the risky assets dropped on Thursday. This was a result of the US negative fundamentals release. The initial jobless claims grew and reached 500K against the forecasted 478K. The Philadelphia Federal index for August decreased to -7.7 against the expected 7.0 and previous level of 5.1.
Friday saw the EUR/USD minimums at the level of $1.2661, as the announcement of Aleks Weber was released, regarding the possibility that the Euro-zone economy would need additional support from the ECB up to the end of the year. Therefore the demand for the risky assets decreased drastically. The GBP/USD pair dropped to $1.5462.
Happy trading!
2. Weekly technical analysis for 23-27.08.10
EURUSD
The pair may find support at 1.26362 Fibonacci 23.6%. If this level is broken the pair will continue declining, next aim maybe at 1.23907.
Resistance: 1.28630, 1.30277, 1.31181
Support: 1.27009, 1.25690, 1.23907
GBPUSD
The pair is aiming to 1.54842. This level may give support to the pair. If the pair breaks this level and closes below, then the pair will continue declining to 1.52523.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54843, 1.52523, 1.50581
USDCHF
If the pair breaks 1.02747 the pair will drop to 1.01498.
Resistance: 1.03987, 1.05139, 1.06179
Support: 1.02747, 1.01498, 1.99821
USDJPY
The pair is trading in the narrow range between 86.246 and 85.161.
Resistance: 86.246, 87.014, 87.728
Support: 85.161, 84.260, 83.330
AUDUSD
If the pair stays below 0.89029 the pair may decline to 0.87243. If the pairs stays above 0.89029 the pair may rise to 0.90284.
Resistance: 0.90284, 0.92170, 0.93788
Support: 0.89029, 0.87243, 0.85760
3. 30% trading bonus is on again!
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/discount08
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.
4. 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.
5. Economic Calendar, Pip value calculator and other useful links.
o The general trading conditions and to open an account click here:
https://forex-metal.com/accounts/new
o Make an instant deposit into your account using credit card, Liberty Reserve or other methods. Visit the Deposit Funds page for full list of available payment methods:
https://forex-metal.com/fund_transactions/new
o Economic Calendar: https://forex-metal.com/ecpresentations
o Pip value calculator: https://forex-metal.com/home/pip_calculator
o No-swap or Islamic accounts.
Did you know that you can have a no-swap account or Islamic account at Forex-Metal?
We offer two types of no-swap accounts: with gifts and donations and without gifts and donations.
No-swap account with gifts and donations: with very small credits (gifts) and debits (donations) on your trading account which are approximately equal to the swap amounts. No account costs.
No-swap account without gifts and donations: no additional credits or debits, only spreads (the same spreads, no difference from the regular account). No account costs.
Watch our new commercial at YouTube: [ame="http://www.youtube.com/watch?v=o0fQEydv-3M"]Dance With Us - Trade With Us - YouTube[/ame]
1. Weekly market review.
2. Weekly technical analysis
3. 30% trading bonus is on again!
4. Representatives Wanted.
5. Economic Calendar, Pip value calculator and other useful links.
1. Weekly review for 16 – 20. 08, 2010
The first trading day of the previous week saw Japanese yen growth against the major currencies. Japanese Gross Domestic Product indicators, released on Sunday, turned out to be below expectations. The GDP annualized for the second quarter decreased to 0.4% against the forecasted 2.3%. Therefore, the outlook for the world rehabilitation rate dropped. Consequently the demand for the save-haven currencies increased. The speculations regarding the slow-down of the world rehabilitation rate pressured the New Zealand dollar rate. And the dropped expectations for the possible increase of the principal rate of Australia pressured the national currency rate.
The greenback decreased on Monday against the euro due to the released negative US fundamentals. The Empire Manufacturing index for August turned out to be the level of 7.10 against the forecasts of 8.0. The Net Long-term TIC flows for June was at the level of $44.4 Billion when the predicted level was $45.7 Billion. And, finally, the NAHB housing market index for August dropped to the level of 13 against the expectations of 15 and previous level of 14.
Risk appetite has moved higher on Tuesday, and the save haven currencies were under pressure. The EUR/USD pair showed maximums at the level of $1,2915. But the release of the German ZEW Survey (Economic Sentiment) for August rendered negative influence on the euro. The indicator showed unexpected reduction to 14 against its forecast of 20. And the EUR/USD rate dropped to $1.2860.
The sterling traded in the range of $1,5630-$1,5700 against the American dollar on the same day. Following the release of the annualized Retail Price index for July, which happened to drop to 4.8% against the forecast of 4.9%, the sterling rate decreased. The increased interest this week was placed on the Bank of England Minutes, which was planned to be released on Wednesday.
The Japanese yen continued to trade at the level of its maximums, nevertheless, the rate was under pressure for the following reasons: the head of the Bank of Japan and the Prime minister of Japan could probably discuss the recent rally of the national currency at their upcoming meeting. According to the growing speculations, the possible Bank of Japan intervention could be arranged in the nearest future, aimed to limit the further rate growth.
The British Pound managed to reach maximums at the level of $1.5669 during the European session on Wednesday as the released Bank of England minutes showed that one of the members suggested to raise the principal rate to 0.75%. The board member Andrew Sentence expressed his confidence that "economic conditions had improved over the past 12 months". The EUR/USD pair showed maximums at $1.2908. Among the released fundamentals, we should mention the Euro-zone construction output for June, which demonstrated growth to 2.7%.
Concerns over the Euro-zone rehabilitation rate slow-down pressured the euro on Thursday. In particular, the social tensions in Greece, as an outcome of the rigid economy measures, created additional negative influence over the Euro-zone outlook. According to the experts’ forecasts, the unemployment rate in Greece would show growth. The EUR/USD rate decreased to the $1.2800 level. The gold metal dropped to $1229.28 after the reached maximums. The gold price was also pressured by the growing concerns over the social tension in Greece.
The greenback managed to rehabilitate as the demand for the risky assets dropped on Thursday. This was a result of the US negative fundamentals release. The initial jobless claims grew and reached 500K against the forecasted 478K. The Philadelphia Federal index for August decreased to -7.7 against the expected 7.0 and previous level of 5.1.
Friday saw the EUR/USD minimums at the level of $1.2661, as the announcement of Aleks Weber was released, regarding the possibility that the Euro-zone economy would need additional support from the ECB up to the end of the year. Therefore the demand for the risky assets decreased drastically. The GBP/USD pair dropped to $1.5462.
Happy trading!
2. Weekly technical analysis for 23-27.08.10
EURUSD
The pair may find support at 1.26362 Fibonacci 23.6%. If this level is broken the pair will continue declining, next aim maybe at 1.23907.
Resistance: 1.28630, 1.30277, 1.31181
Support: 1.27009, 1.25690, 1.23907
GBPUSD
The pair is aiming to 1.54842. This level may give support to the pair. If the pair breaks this level and closes below, then the pair will continue declining to 1.52523.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54843, 1.52523, 1.50581
USDCHF
If the pair breaks 1.02747 the pair will drop to 1.01498.
Resistance: 1.03987, 1.05139, 1.06179
Support: 1.02747, 1.01498, 1.99821
USDJPY
The pair is trading in the narrow range between 86.246 and 85.161.
Resistance: 86.246, 87.014, 87.728
Support: 85.161, 84.260, 83.330
AUDUSD
If the pair stays below 0.89029 the pair may decline to 0.87243. If the pairs stays above 0.89029 the pair may rise to 0.90284.
Resistance: 0.90284, 0.92170, 0.93788
Support: 0.89029, 0.87243, 0.85760
3. 30% trading bonus is on again!
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/discount08
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.
4. 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.
5. Economic Calendar, Pip value calculator and other useful links.
o The general trading conditions and to open an account click here:
https://forex-metal.com/accounts/new
o Make an instant deposit into your account using credit card, Liberty Reserve or other methods. Visit the Deposit Funds page for full list of available payment methods:
https://forex-metal.com/fund_transactions/new
o Economic Calendar: https://forex-metal.com/ecpresentations
o Pip value calculator: https://forex-metal.com/home/pip_calculator
o No-swap or Islamic accounts.
Did you know that you can have a no-swap account or Islamic account at Forex-Metal?
We offer two types of no-swap accounts: with gifts and donations and without gifts and donations.
No-swap account with gifts and donations: with very small credits (gifts) and debits (donations) on your trading account which are approximately equal to the swap amounts. No account costs.
No-swap account without gifts and donations: no additional credits or debits, only spreads (the same spreads, no difference from the regular account). No account costs.
Watch our new commercial at YouTube: [ame="http://www.youtube.com/watch?v=o0fQEydv-3M"]Dance With Us - Trade With Us - YouTube[/ame]