Serving Traders Since 2005
Forex Metal Weekly Newsletter
IN THIS ISSUE:
1. Weekly market review from Forex-Metal.
2. Weekly technical analysis.
3. New Introducing Broker Opportunities
4. Trade forex from iPhone or iPad: new apps are available.
5. 30% trading bonus is on again!
6. Representatives Wanted!
1. WEEKLY REVIEW FOR 7.02 – 11.02, 2011
The previous trading week saw the continuous strengthening of the US dollar. On the first day of the week German factory orders turned out to be below expectations: 19.7% against the forecasted 21.3%. As a result, the euro decreased against the greenback. The EUR/USD pair dropped to the $1,3540 level. Concerns over the instability in Egypt continued to pressure market participants’ trading. Minimums of the EUR/USD pair were set at the $1.3506 level.
The Australian dollar rate demonstrated a negative trend against the American dollar on Monday as well after the released Australian retail sales data during the Asian trading session, which happened to be below expectations: 0.2% against the forecasted 0.5%.
On Tuesday the trading dynamics demonstrated some change. Expectations for the strong Euro-zone fundamentals supported the euro. And the EUR/USD pair reached maximums at the $1.3688 level. Demand for the save-haven currencies started to drop, and the greenback rate decreased against the major currencies. American dollar was under additional pressure of the increased Chinese interest rate. People’s Bank of China announced the interest rate decision on Tuesday: principal rate was increased to 6.06%.
The released on the same day UK RICS House Price balance was better, than expected: -31% compared to the forecasted -38%. As a result, the pound grew against the US dollar and strengthened around the $1.6162 mark. Market participants were concerned regarding the interest rate announcement by the Bank of England, which was planned for this Thursday. But later during the day the decrease of the sterling showed minimums of $1.6080 as a result of the introduced additional taxes for banking institutions in the UK.
The Federal Reserve Chairman, Ben Bernanke, expressed his support of the QE2 program in his statement on Wednesday. He mentioned that this program would help job creation and economic growth. Ben Bernanke also stated that the unemployment level would remain above the “normal level”.
Greenback started to lose its positions during the American trading session, since Ben Bernanke did not mention any intentions to reinforce the credit monetary policies. As a result, the EUR/USD pair managed to hit the $1.3730 maximums. The pound followed the euro growth and the GBP/USD pair reached the $1.6125 highs.
On Thursday the US dollar rate rehabilitated and won its previously lost positions. The greenback was supported by the expectations for the release of the strong fundamentals. Decreased stock markets supported the growing demand for the save-haven assets.
According to the released information, the Bank of England left the principal rate unchanged at the previous level of 0.50% and the Assets purchase target at the previous level of 200B. The sterling was not influenced by this decision and the GBP/USD rate demonstrated moderate trading. The GBP/USD showed minimums of $1.6020.
Concerns over the possible interruptions of oil inventories through the Suez Canal pressured the oil prices, which made the oil rate grow up to $86.93 per barrel. Following the US dollar growth, the oil rate decreased to $86.30 per barrel.
The publication of the US fundamentals rendered additional support to the greenback during the second part of the day on Thursday. Initial jobless claims dropped to 383K against the expected 410K.
On Friday the resignation announcement of the President of Egypt increased the uncertainty of the country’s future, and the demand for the save-haven assets grew, which supported the US dollar rate. As a result, the greenback strengthened against its competitors even more.
2. WEEKLY TECHNICAL ANALYSIS FOR 14-18.02 2011
The pair is trading in the triangle. Upper border (resistance) is 1.41130, lower border (support) is 1.30651. The pair needs to break one of these levels to be able continue rising or falling.
Resistance: 1.37441, 1.41130, 1.44835
Support: 1.33427, 1.2800, 1.25667
The pair has reached channel line at 1.60874. If the pair rises above this level the pair will continue rising aiming to reach Fibonacci retracement 38.2% at 1.64274. If the pair stays below1.60874 the pair will decline to 1.56780.
Resistance: 1.64274, 1.68504, 1.72652
Support: 1.59962, 1.52523, 1.48532
The pair may roll back to support line at 0.96526 before continue rising to 0.99031.
Resistance: 0.99031, 1.01369, 1.04060
Support: 0.96525, 0.93264, 0.91074
The pair is closed in the triangle. Resistance 83.330 supports 81.010. The pair needs to break one of these levels to be able continue rising or declining.
Resistance: 83.330, 86.836, 90.909
Support: 80.244, 76.535, 73.126
The pair has risen to 1.01873 and rolled back to 1.00031. If 1.00031 is broke the pair will decline to 0.97889.
Resistance: 1.01873, 1.03847, 1.05810
Support: 1.00031, 0.97889, 0.94048
3. NEW INTODUCING BROKER OPPERTUNITIES
We recently have been upgrading our IB section with new exciting offers for our partners, starting with various commission structures for IBs and affiliates and also introducing new full White Label business options. Feel free to browse the information at our Introducing Broker section. Whether you are an investment manager or an IB, we are sure you will find some new information there that would help you to further develop your business.
4. TRADE FOREX FROM I-PHONE OR I-PAD: NEW APPS ARE AVAILABLE.
You can now trade forex and other instruments from your iPhone or iPad.
Simply look up the new app ( Forex Metal) at App Store on your device and start to trade.
You can login to your trading terminal via iPhone/iPad as usual, using your login and password. We hope you will enjoy this new convenient service.
Soon to come: a new application for Google Android.
30% TRADING BONUS IS ON AGAIN!
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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 email@example.com and confirm the bonus amount you would like to receive, at the time your account is being funded.
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 firstname.lastname@example.org or talk to our operators via live chat and they will put you to the right person.
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