Month: July 2009

Oil prices rose significantly in the last few days and it is currently trading at $65.34 per barrel, reaching its highest level in almost two weeks, as equities firmed and the Dollar fell on hopes of a global economic recovery. Oil prices surprised many traders today as the price continued to climb above $65 a barrel. However, as I will demonstrate below, the price of Crude Oil may very well be heading for a reversal.

• The chart below is the 4-hour chart for Crude Oil by ForexYard.

• The technical indicators used are the Slow Stochastic, RSI and MACD.

• Point 1: RSI signals that the price of this pair currently floats in the over-bought territory, indicating downward pressure.

• Point 2: The Slow Stochastic indicates a bearish cross, signaling that the next move maybe in a downward direction.

• Point 3: The MACD also supports the downward direction.

By Back Bay FX – Ever since the US Fed’s FOMC statement on June 24, we have held a fundamental position that the USD would strengthen vs. EUR and GBP (expressed as lower EUR/USD & GBP/USD). The price action of those two pairs in the last few days has caused us to close down those positions.

Our hypothesis was that when the Fed made clear in their last meeting that they would not raise short-term interest rates by year’s end, that investors would be buying US notes and bonds (which would drive down the yield) and to do that, international investors would need to buy USD first. We did see a strong move in the US Treasuries markets with the US 10 year Note’s yield dropping from just above 4.00% pre Fed announcement to 3.22% just a few days ago. It has since rocketed back up to it’s present 3.65%. So we were correct about the expected move in US Treasuries……but it did not translate into USD strength.

EUR/USD and GBP/USD have been in a bit of a holding pattern for the last few weeks; like a spring being coiled tighter and tighter. Well now it seems that the spring has been unleashed and we expect that the moves higher in GBP/USD (present bid 1.6509)and EUR/USD (present bid 1.4235) that started late last week will push rather hard for the first half of this week.

We are no longer short either pair, and are waiting for a bit of a pullback in both before entering a long position.

We note that we had the fundamentals of the trade correct and the movements in the US Treasuries markets has previously caused a strong move in the USD. Does this mean that a correlation that has been working is no longer a valid market correlation? We will keep an eye on the US 10 year Note yield and USD correlation level to see.

Stay Nimble!

Stephen Leahy
Back Bay FX Services, LLC
www.backbayfx.com

Source: ForexYard

The U.S. dollar has ceded further ground on Monday as concerns about the U.S. economy abated and broadly improved corporate earnings lifted risk appetite and regional stock markets. The weak U.S. dollar had traders pushing up commodity prices. Crude remained relatively steady above $64 a barrel, after rising 2.5% on Friday on positive U.S. housing data that revived hopes of a global economic recovery.

Economic News

USD – Dollar Declines on Concerns About the U.S Economy

Last week the U.S dollar saw bearish trends against most of the major currency pairs. The Dollar dropped over 200 pips against the EUR and over 300 pips against the Pound during last week’s session. The Dollar weakened last week despite rather positive indications from the U.S economy. Economists said that although the earnings and data from the housing sector suggest the U.S. economy is showing signs of a recovery investors are still reluctant to pour capital in to it.

It seems that the positive figures from the U.S economy has lead investors to believe that the world is showing real signs for pulling out of recession. Expectations are that an improvement in the U.S economy situation will be resulted in an improvement in different economies as well, especially the European ones, and this has raised the European currencies against the U.S dollar.

There is little U.S. data to drive the market this week, so the focus will be on Federal Reserve Chairman Ben Bernanke’s semiannual monetary policy testimony to Congress. Traders will be seeking clues on whether the Fed will begin unwinding some of the huge stimulus measures it undertook at the height of the U.S. financial crisis.

EUR – EUR Soars against the Majors

The EUR rallied last week against all the major currencies. The EUR’s most significant appreciation was against the Japanese yen, as the pair rose over 400 during last week’s session. The EUR also marked a bullish session against the U.S dollar and the British pound.

The EUR soared last week as a result of some relatively positive data from the Euro-Zone leading economies. Both the German and the European ZEW Economic Sentiments delivered positive figures, proving that investors and analysts continue to hold their optimistic view regarding the European financial condition. The two reports have failed to reach expectations, yet the final result was still positive enough to strengthen the EUR. The slide of the Dollar also contributed to the rising EUR, and as a result, traders who went long on the EUR last week saw nice profits.

Looking ahead to this week, many interesting economic publications are expected from the Euro-Zone. The data that should affect the EUR the most will probably be from the leading economies such as Germany and French. The Purchasing Manger’s Index from the leading economies is expected on Friday, and currently analysts forecast rather positive results for the indices. If the actual results will be similar to predictions, traders might see the EUR continues its bullish trend.

JPY – Yen Bullishness Halts

Last week may have signaled the end of the JPY’s bullish trend. The Yen has weakened against all the major currencies including the Dollar, the EUR and the Pound.

During last week, the Bank of Japan (BoJ) has decided to leave the Japanese Interest Rates at 0.10%, which are the lowest rates in the western world. It seems that the Japanese chiefs have managed to weaken the JPY. The Japanese leaders feel that a weak Yen will support the export of the country, and thus will improve the general economic condition. In addition, the Tertiary Industry Activity reports has shown that the change in the total value of services purchased by businesses dropped by 0.1% on June. This means that businesses in Japan are cutting off spending, proving that Japan has yet to pull out of recession. If the BoJ will continue with its policy to depreciate the Yen, and the financial reports from Japan will continue to show negative figures, the Yen could depreciate further.

As for the week ahead, many significant data is expected from the Japanese economy. Yet the most significant report seems to be the Trade Balance, which is scheduled in Wednesday. The report will show the difference in value between imported and exported goods and services during May. Current expectations are for a very positive result. If the actual result will indeed be similar to forecasts, this will mean that the BoJ succeed in supporting the Japanese export, and might strengthen the Yen.

OIL – Could Crude Oil Reach $70 a Barrel?

Crude Oil marked an extremely bullish session last week, rising from $58 a barrel up to $65 a barrel. The bullish trend came mainly as a result of the better than expected U.S data and the weak U.S dollar.

Oil’s gains on Friday were boosted by a government report that showed construction of new homes and the issue of building permits in the United States rose more than expected in June, signaling a potential economic recovery.

In addition, the demand for Crud Oil in the U.S has an immense influence on the value of oil, and thus, when positive signals from the U.S economy are likely to create speculations that demand for oil will rise soon.

Looking ahead to this week, traders should continue follow the leading indicators from the U.S economy, as they seem to have a very string influence on Crude Oil prices. Traders should also closely watch for the U.S Crude Oil Inventories report on Wednesday, as this report has proven to have an immediate impact on Crude oil’s prices.

Technical News

EUR/USD

The 4 hour chart shows quite a wide range-trading with no specific direction; however, the daily chart’s Bollinger Bands are tightening, indicating upcoming increased volatility. A bearish cross on the hourly chart’s Slow Stochastic indicates an upcoming test of the 1.4075 level once again. If that level is breached, swinging in the trend would be the best strategy.

GBP/USD

It seems that the Cable has limited its bullish correction after peaking at the 1.64 price level. And now, a bearish cross on the hourly chart’s Slow Stochastic indicates that the general downtrend might extend. Going short seems to be the preferable choice today.

USD/JPY

There is a very distinct bullish formation continues on the hourly level, as the pair is now floating in its lower section. In addition, all oscillators on the daily chart are pointing up, suggesting that the bullish move might extend. Going long might be the right strategy today.

USD/CHF

The daily chart shows that the pair is currently range-trading within a restricted price range. However, as the RSI on the daily chart has already dropped beneath the 60 line and it appears that a bearish momentum might be impending. In this case, going short with tight stops might be the right choice today.

The Wild Card – Gold

There is a very accurate bullish channel forming on the 4 hour chart, as Gold prices had consecutively appreciated reaching the $940 an ounce price. Currently, as the RSI on the hourly chart is floating above the 50 line and the Slow Stochastic is pointing up, Gold might extend its bullish trend. This might be a great opportunity for forex traders to join a very popular trend.

Forex Market Analysis provided by Forex Yard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.

By Adam Hewison – In today’s video we’ll be looking at gold.

One of the nice features about MarketClub is the fact that we have real-time gold prices. If you’re going to be trading or looking at gold (XAUUSDO) you need real-time prices.

After a spectacular run-up in gold values in the last decade, gold prices have slowed down and have entered into a broad trading a range. In today’s video I will be looking at what are the likely scenarios that come out of this 14 month trading range.

This week (starting 7/20) could be enormously important for the yellow metal as a key level is within striking distance which will kick this market into action. In this video I give you a specific level that I am watching personally in this market.

Watch the New Video here…

All the best,

Adam Hewison
President, INO.com
Co-creator, MarketClub

By Viktor Ka

Indicators in technical analysis could be divided into three categories: leading technical indicators, lagging technical indicators and informational technical indicators. These categories cover each known technical indicator depending on it particular role in technical analysis.

Leading Technical Indicators are the indicators that help to predict possible future trend. Many trading systems use these types of indicators to generate trend reversal signals. However, there is no guarantee that the analyzed security, index or market will reverse its trend after a signal is generated. The common problem with this type of technical studies is that in some cases a trade could be opened too early and the signal could be ignored (no reversal). Examples of such indicators could be volume based technical indicators.

Lagging Technical Indicators are the technical indicators that would rather follow a trend then predict its reversal. These studies are more reliable than the leading technical indicators. However they have other problem: in many cases a trade could be opened and closed when it is too late and the trend already in reversal movement. Example of these studies could be MACD, Moving Averages, etc.

The last category of Informational Technical Indicators does not predict trend reversals at all nor follow a trend. This group of technical indicators is used strictly to evaluate, describe the market, index or analyzed security. Average True Range, (ATR), Average Directional Index (ADX), VIX Volatility Index are examples of indicators from this category.

As a rule, a professional trading system developer would prefer using at least one indicator from each group. The leading indicators could be used to generate a signal and alert a trader about possible reversal. Then lagging technical indicator would be used to confirm this reversal and open or close a trade. The informational indicators would be used in professional trading system to adjust leading and lagging indicator to the current market which would provide better performance and filter fake signals: different indicators setting should be used in strong and weak trends as well as in different volatile periods.

Combination of lagging and leading indicators allows substantially increase profitability of a trading system. This union helps to eliminate fake signals generated by leading indicators and set more sensitive levels for lagging indicators. A simple trading system based on these indicators would look like:

1. Be ready when a leading indicator generated a signal;
2. Act (buy or sell) when a lagging indicator confirms the signal generated by the leading indicator;
3. Ignore the signal generated by the leading indicator if it is not confirmed by a lagging indicator.

About the Author

Find out about technical analysis of different indicators applied to the S&P 500, NASDAQ 100 and DJI to create index trading systems for stocks and options trading.

By Gary Grimes

The following article is adapted from market analysis by Elliott Wave International Chief Commodity Analyst Jeffrey Kennedy. Now through July 22, Jeffrey Kennedy’s daily, intermediate, and long-term forecasts for up to 18 markets are free via EWI’s FreeWeek. Learn more here.

Wave patterns are like beautiful women, classic cars and great art – you know them when you see them.

EWI analyst Jeffrey Kennedy drives this point home during his live Elliott wave trading tutorial. It’s my favorite of his tips for trading with Elliott waves.

“Trade the pattern not the count,” Jeffrey says.

If you don’t recognize a pattern at a glance, don’t trade it – plain and simple. After all, your wave count can be wrong; the pattern cannot.

Does that mean you must know the exact wave count at a glance, as well? No. Simply spotting a pattern you recognize is where you should start.

Jeffrey scans hundreds of charts, clicking through them one by one, spending mere seconds with each. If he doesn’t spot a pattern he recognizes, a click of his mouse takes him to another potential opportunity.

Does price action look extended or choppy? Is it trading in a channel? Is it forming a wedge or triangle shape? These are some of the signals Jeffrey’s looking for. Each could help him identify – at the quickest of glances – whether price action is impulsive or corrective. This is the first critical step, Jeffrey says, to spotting high-confidence, Elliott wave trade setups.

That brings us to the following chart. Do you see a pattern you recognize? I do.

Look at the downward price action; the moves look decisive, almost in straight lines like impulse waves. Now look at the upward moves; they look indecisive and choppy like corrections. There’s also one down move that is clearly longer than the others – that’s almost certainly a third wave of some degree.

At just a glance, here are a few things we can determine:

• This is a bearish market pattern, because downward impulses are interrupted by upward corrections.
• The price action from September to November seems to be a pretty clear wave 3 down, followed by waves 4 up then 5 down, completing what appears to be a larger degree wave 1 in early March.
• Wave 2 follows wave 1, so the upward move starting in early March is most likely a larger degree wave 2.
• Wave 3 follows wave 2, so that’s what we can expect next.
• Wave 3 is never the shortest and often the longest of all five waves, so we can expect the next impulse move to take prices to new lows.

You see, with just a quick glance, we’ve put a finger on the pulse of the market. Negative psychology pulls prices down, and brief reversals of mood result in upward corrections – this appears to be a long-term bear market.

If you can gain this much insight simply by glancing at a chart, just think of what else you can glean by spending more time with it. Look at this pattern within a longer time frame, and you can determine the degree of trend (this one appears to be primary). Formulate Fibonacci price and time targets, and you can be confident about when and where prices will most likely turn.
There are literally hundreds of things you can do with a good chart, but none of them mean much unless you can first identify a pattern you recognize.

———

For more information on using patterns to spot trading opportunities, access Elliott Wave International’s FreeWeek. Now through July 22, all of EWI Chief Commodity Analyst Jeffrey Kennedy’s daily, intermediate, and long-term market forecasts are completely free. Learn more here.

By Forextraders.com

Forex trading is best understood through trading. You can devour voluminous books, discuss with forum gurus for hours, paper-trade for ages, and become a billionaire demo trading, but ultimately the only way of succeeding in forex is trying a real forex strategy in a real market with real money the loss of which will not derail your future plans, and which is protected by low leverage and sensible risk controls.

While a period of patient practice with a demo account is obviously beneficial and helpful for traders who want to understand what the different concepts in trading and forex mean, the utility of this tool diminishes quickly as soon as the trader has a good degree of familiarity with the purpose of technical tools, order types, and the unique features of the trading platform used. As soon as this kind of basic knowledge is acquired, the trader will discover that he is not satisfied with the calm, protective, and risk-free environment of demo trading where there’s no possibility of experiencing the prominent emotional issues of trading. From then on, the real study of trading will begin where real money and real risk are inseparable parts of the game. It is in fact a good idea not to delay this process for too long, because good results gained in demo trading have little value and inspire false confidence which can be very harmful in actual trading.

Although many traders feel like demo or paper trading is a better way of learning forex, this belief is dis-proven by the facts. Demo accounts are offered by all kinds of brokers, and almost all new traders spend some time demo trading, but 80-90 percent of retail traders still lose money. It is clear that if demo trading offered any significant benefits to beginners, it should be reflected in the statistics, yet they are not. The low value of demo trading is born of the simple fact that some of the most important skills in a trading career, such as risk controls and emotional discipline, have little value while trading a demo account. After all, there is no risk in a practice account. And risk can only be controlled where it exists.

In short, there’s no substitute for the real market, and there’s no way of effectively simulating something risky like forex in a risk free environment. If you want to get a good forex education, the only way is to get it in the thick and heat of the real markets.

Author Box:

Forextraders.com is the place to learn forex market trading. Extensive studies of the market with in debt analysis of all aspects of the currency market ensure that you will never regret the time spent at this superb source of information on all things forex. Forex is risky, and to control the risk you need knowledge and trading. To avoid building the base of your career on weak foundations, choose the best teachers in the world: go to forextraders.com now and join this exclusive club of professionals.

By CountingPips.com

U.S. Housing Starts and Building Permits increased in the month of June according to data released by the Commerce Department on new residential construction. Housing Starts grew by 3.6 percent in June to a seasonally adjusted annual rate of 582,000, an increase from May’s 562,000 estimated housing starts. June’s total on an annual basis, despite the monthly increase, is still down 46.0 percent compared with June of 2008. The housing starts data surpassed economic forecasts that were expecting 530,000 starts for the month.

Building permits statistics, used as a predictor of future construction, showed a seasonally adjusted annual rate of 563,000 permits in June which is an increase of 3.0 percent compared to May. On an annual basis, June’s total is 52.0 percent below the level of June 2008. The permits data also surpassed forecasts that were predicting 524,000 permits in the month of June.

Housing Completions for June decreased when compared to May with an annual rate of 818,000 privately-owned housing completions. This is a decrease of 0.4 percent from May and June’s annual rate is 27.7 percent below the June 2008 level.

US Dollar showing mixed results in quiet trading.

The U.S. dollar has been mixed in forex trading today against the major currencies with trading being quiet this morning and showing very little movements as of 10:55 am EST. The dollar is showing gains against the Japanese yen, British pound and Swiss franc while falling to lower levels versus the Australian dollar and Canadian dollar since the beginning of the day at 00:00 GMT.  The dollar is trading virtually unchanged so far today against the euro and New Zealand dollar.

USD/JPY Chart – The US dollar rising today verses the Japanese Yen in forex trading and ascending back above the 94.00 level. (21-hour simple moving average in green, 55-hour simple moving average in purple)

Yesterday’s trading session saw two main things:

1.Crude Oil continues to be the dominant investment in the market. Moreover, it seems that as long as the press continues to report that the global economic situation is improving, Crude Oil’s prices will keep climbing. From a technical perspective, it seems that a rounded bottom formation is being drawn on the daily chart, which means that a change in trends is taking place.

2.The JPY has halted its modest drop against the major currencies, and might soon resume seeing rising trends against the main currency crosses.

Regarding today’s trading, the leading publications that will impact the market today are the housing sector data from the U.S, scheduled at 12:30 GMT. Housing data from the U.S has managed to create great volatility in the market in the past few months, and today should be no different Current forecasts are predicting relatively positive figures for both the Building Permits and the Housing Starts indicators. This has the potential to support the Dollar today.

Also today, the Canadian Consumer Price Indices are expected to show that the inflation level in Canada is slightly lower than the previous release. Unless there will be a significant change in the actual results, this is unlikely to have a large influence on market volatility.

Source: ForexYard

The forex market is set to go very volatile on the release of Building Permits data from the U.S. In turn, this is likely to be crucial in determining the Dollar’s strength, as this week’s trading comes to a close. If the results equal to or higher than the forecasted 0.52 million, then the USD may record a bullish trading session today. On the other hand, if the data is worse than forecast, then the Dollar could possibly fall against its major currency pairs. Traders are also advised to follow Crude Oil prices today, as sudden movements in this commodity may have a strong impact on the USD.

Economic News

USD – Dollar Drops on Poor Economic Data

Yesterday the Dollar depreciated against all its main currencies crosses. The greenback’s biggest drop was against the EUR, as the EUR/USD pair rose above the 1.4150 level. The Dollar also dropped against the Pound and the Yen as well.

The Treasury International Capital (TIC) published the Long-Term Purchases report yesterday. This report measures the difference in value between foreign long-term securities purchased by US citizens and U.S long-term securities purchased by foreigners during May. The figures showed a negative balance of $19.8 billion. The data also showed that China’s holding of U.S treasury securities topped $800 billion. The gigantic debt has raised concerns that it might have the potential to erode the value of the Dollar in the long term.

Also yesterday, the Philadelphia Manufacturing Index, which is used to measure the business conditions in the Federal Reserve district, was published. The report showed a -7.5 mark, which means that the factory activity in the district has contracted for the 10th consecutive month in July. This contributed to the Dollar’s downfall as well.

As for today, very important housing data are scheduled from the U.S. At 12:30 GMT, both the Building Permits and Housing Starts indicators will be published. The two are leading gauge of the housing sector in the U.S, and has the potential to severely impact the market. According to current forecasts, the housing sector has shown relatively positive figures in June. If the actual result will be similar or even higher than forecasts, the USD might be able to correct yesterday’s slide. Traders are advised to follow the publications, and take advantage of their impact on the market.

EUR – EUR Hits 2 Week High against the Dollar

The EUR continued its bullish trend against the Dollar yesterday, and the EUR/USD is currently trading near the 1.4130 level. The EUR rose against the Pound as well and declined slightly against the JPY.

The EUR climbed against the Dollar as poor data was released from the U.S economy and Crude Oil’s prices rose, which further weakened the Dollar. This drove the European currency to a 2 week high against the USD.

The positive data from the Euro-Zone leading nations also supported the EUR yesterday. The French Consumer Price Index rose 0.1% in June, showing that fears from deflation are very unlikely, resulting in a temporary relief for the crisis-hit economy. The Italian Trade Balance, which measures the difference in value between imported and exported goods and services during May, rose by 1.19 billion EUR. This has a crucial impact on the Italian economy, which relies greatly on its exporting activity.

Looking ahead to today, the only significant data from the Euro-Zone will be the European Trade Balance. Analysts forecast a 1.2B result, which means that the exporting activity in the Euro-Zone was larger by 1.2 billion EUR from importing during May. If the actual result will be similar to forecasts, it will be the first positive result in 13 months. In turn, this may have a positive effect on the EUR.

JPY – JPY Records Mixed Results against the Majors

The Yen underwent an extremely volatile session against the major currencies yesterday. Although the Yen did not see a sharp depreciation yesterday, it is about to mark the biggest weekly loss against the EUR in two months, following an extremely bearish week. The most significant publication from the Japanese economy was the Tertiary Industry Activity report. The report failed to reach expectations for a 0.3% rise, as the actual result showed that the value of services purchased has dropped by 0.1% in May.

As for now, current expectations are assuming that the Yen may fall against the EUR on speculations an advance in stocks will increase demand for higher yielding assets. The JPY is known as a currency which rises in times of global financial crisis, and it seems that the rising stocks could be a leading sign for the financial improvement which has the potential to significantly weaken the Yen.

Crude Oil – Crude Oil Completes Bullish Week

Crude Oil continued to hold its yesterday, and a barrel of Oil is currently traded for $62.70. Crude Oil is currently heading for its first bullish week in more than a month.
Crude rose as a result of two leading factors. One, the bearishness of the USD supported the price of Oil. Crude Oil’s prices are valued in Dollars, and thus any depreciation in the USD’s value has the potential to further push-up Oil prices. Higher global equity markets also restored optimism that an economic recovery is impending.

An improvement in economic conditions is set to increase demand for Crude Oil, which will of course hike Crude Oil prices. This week might be acknowledged as the first strong sign that investors have regained their faith in Crude Oil as a long-term investment. Traders are now advised to follow the news from the strongest economies and especially from the U.S in order to predict Oil’s direction for the coming weeks. It seems that as long as the news will show that the world is pulling out of recession, Crude Oil prices are likely to rise.

Technical News

EUR/USD

The pair as experienced much bullishness in the past week, reaching as high as the 1.4165 level on Thursday. The chart’s oscillators signal that there is still more support for the pair to go higher today. The hourly chart’s Slow Stochastic supports a further bullish move for the pair today. This is also backed up by the daily chart’s RSI. Going long with tight stops may turn at to be a wise choice today, as this week’s trading comes to a close.

GBP/USD

The GBP/USD cross has risen significantly this week, dipping slightly lower yesterday. The cross is currently trading around the 1.6390 level. On one hand the Stochastic Slow of the 4-hour charts signals the pair to go bearish today. However, on the other hand, the daily chart’s RSI and the weekly chart’s MACD support a bullish move for the pair today. Entering the pair now may turn out to pay off today.

USD/JPY

The USD/JPY pair went higher for most of the current trading week. However, yesterday saw the pair decline to as low as 93.26. The chart’s oscillators seem to be showing mixed signals. The weekly chart’s RSI indicates that the pair may go bullish for the coming day. However, this is contradicted by the daily chart’s Stochastic Slow that shows that the pair may end up lower today. Entering the pair when the signals are clearer may be a wise choice for today.

USD/CHF

The last 2 days has seen this cross tumble significantly, as it currently stands at the 1.0760 level. It seems that there is still much bearishness left in this cross. Further bearishness is supported by the hourly chart’s Stochastic Slow and the daily chart’s RSI. A further downward move for the pair today is also supported by the daily chart’s Stochastic Slow. Entering the popular trend now could turn out to pay off today.

The Wild Card – Gold

Gold has returned as one of the main money maker for forex traders this week. It seems to have gone increasingly bullish as the U.S. Dollar plummeted this week. The daily chart’s Stochastic Slow signals that the price of Gold may go bearish today, as the trading week comes to an end. The 4-hour chart’s RSI indicates that the commodity is overbought, signaling that a bearish move is imminent. Entering the trend an early stage may turn out to be a wise choice today.

Forex Market Analysis provided by Forex Yard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.