InvestMacro FX

By GCI Forex Research

Fundamental Outlook at 0800 GMT (EDT + 0400)

USD

The dollar continued to grind modestly higher during the Asia session, the move having first got underway during Monday’s holiday in the US. There were no major releases, but Asian equities were significantly weaker. EURUSD traded 1.3845-1.3901, USDJPY 81.85-82.36. We have changed our one-month forecasts for EURUSD, USDJPY, EURJPY, EURGBP, USDCHF, AUDUSD and NZDUSD in the wake of our economists now expecting the Fed to announce quantitative easing in the form of a programme of bond purchases on the order of $100-200 bn a quarter. We have however retained our three-month currency views, as we believe the market has already priced in substantial new Treasury purchases by the Fed, meaning that the eventual decision risks being a disappointment, which would likely limit any post-announcement dollar weakness.
Fed Vice Chairman Janet Yellen made her first remarks after being sworn in but did not directly address the economic outlook or upcoming policy decisions. She did say, however, that policymakers should be cautious as accommodative policies could spark a build-up in leverage and risk-taking. The September FOMC minutes are due – no surprises are expected, but these should at least provide a fuller picture of the discussions surrounding the surprisingly dovish Sept 21 policy statement.
EUR

ECB Governing Council member Quaden said excessive FX volatility needs to be avoided by common efforts at the global level. He also said the ECB is not pre-committed to making any decisions on exit strategies and that there are no plans right now to change collateral rules in order to stop banks refinancing exclusively at the ECB.
CPI data in Germany is due. At 0.0% (cons. 0.3%, prev. 0.9%) August French industrial output was released below expectations. In contrast, seasonal adjusted Italian industrial output was 1.3% (cons. 0.0%, prev. 0.1%).
JPY

Finance Minister Noda repeated that he is watching FX markets with great interest, and said Japan is willing to take decisive steps, including FX intervention, if needed. Economics Minister Kaieda repeated comments that Noda made over the weekend, saying that Japan’s explanation for its FX policy met with a certain understanding at the weekend IMF meetings. Given the likelihood that US yields will remain under pressure in the run-up to the FOMC’s November policy announcement, we lowered our 1m USDJPY forecast to 80 from 85. Our US economists expect that any Fed easing at that meeting will likely disappoint the market in terms of its size and ambition. Recognizing this, as well as the scope for further BoJ easing, we keep our 3m target unchanged at 85.
GBP

CPI is expected to remain unchanged at 3.1% y/y, while core CPI and RPI are expected to dip slightly. The m/m CPI consensus is 0.0% versus 0.5% previously. While we will not see how the latest MPC vote breaks down until Oct 20, any upside CPI surprises could intensify differences of opinion ahead of the UK spending review.
We remain cautious on sterling as fiscal austerity will dampen growth and keep monetary policy accommodative, particularly following recent comments by Prime Minster Cameron and Finance Minister Osborne. Cameron said that there are risks for the economy and that monetary policy was the best lever for support.

AUD

Business confidence in September was broadly unchanged at 10 (prev. 11), while business conditions rose to 7 from 5 in August. Our analysts note that there is nothing in the data that ought to change the RBA’s expectation that growth ahead will be at, or above, trend.

TECHNICAL OUTLOOK

USDCHF look for a break below 0.9500.
EURUSD BULLISH Violation of 1.4029 will trigger further acceleration to 1.4194. Near-term support holds at 1.3799 ahead of 1.3637.
USDJPY BEARISH Trend is bearish; initial support at 81.39 ahead of 79.75. Resistance remains at 83.03 ahead of 83.99.
GBPUSD BULLISH Sustained break of 1.6018/69 would expose 1.6276. Support at 1.5670 ahead of 1.5503.
USDCHF BEARISH Look for a break below 0.9500 which will expose 0.9078 next. Resistance at 0.9739 ahead of 0.9918 breakout low.
AUDUSD BULLISH Upside potential held at 0.9918 below 1.000 psychological resistance next. Support at 0.9709 reaction low.
USDCAD BEARISH As long as resistance at 1.0380 holds, expect losses to target 1.0063 with scope for 0.9931 and 0.9820 next.
EURCHF BULLISH Trend is bullish; break of 1.3494 would expose 1.3697 measured objective. Support at 1.3265.
EURGBP BULLISH Stalled in front of 0.8808 with next resistance at 0.8894. Support holds at 0.8689 ahead of 0.8563.
EURJPY BULLISH Pullback from 115.68 eyes 113.26 support, but overall outlook is bullish with next resistance at 116.68 and 119.33 next.

Forex Daily Market Commentary provided by GCI Financial Ltd.

GCI Financial Ltd (”GCI”) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (”Forex”) brokerage. GCI executes billions of dollars per month in foreign exchange transactions alone. In addition to Forex, GCI is a primary market maker in Contracts for Difference (”CFDs”) on shares, indices and futures, and offers one of the fastest growing online CFD trading services. GCI has over 10,000 clients worldwide, including individual traders, institutions, and money managers. GCI provides an advanced, secure, and comprehensive online trading system. Client funds are insured and held in a separate customer account. In addition, GCI Financial Ltd maintains Net Capital in excess of minimum regulatory requirements.

DISCLAIMER: GCI’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be U.S.ed as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Source: ForexYard

Yesterday’s celebration of Columbus Day in the United States, coupled with Thanksgiving Day in Canada, led to thin market conditions in yesterday’s North American trading sessions. The tension building up in the forex market has resulted in the recent wave of stability, appearing to be a calm before the storm which may be released this week.

Economic News

USD – FOMC Minutes May Reveal QE Discussion

Yesterday’s celebration of Columbus Day in the United States, coupled with Thanksgiving Day in Canada, led to thin market conditions in yesterday’s North American trading sessions. The US dollar is little changed since yesterday against most of its rivals, but the market’s movements seem to suggest further downward pressure on the greenback.

The EUR/USD peaked around 1.4000 on Friday before falling back down to currently trade just under 1.3890. Meanwhile, the USD/JPY continues to plummet, dropping as low as 81.45 on Friday, but settling around 82.00 during today’s thin trading. Speculators have begun to assume an impending currency intervention by the Bank of Japan (BOJ) due to the strengthening yen, while also forecasting monetary measures by the Fed to combat the weakening dollar.

The tension building up in the forex market has resulted in the recent wave of stability, appearing to be a calm before the storm. If today’s release of the Federal Open Market Committee’s (FOMC) Meeting Minutes reveals discussions of quantitative easing measures, the market could respond with sharp volatility in USD pairs and crosses.

EUR – EUR Flattening Against Rivals under Thin Market Conditions

The euro fell against most of its currency rivals in yesterday’s thin trading environment. The euro zone was also largely absent from economic news yesterday, feeding into the low liquidity of yesterday’s trading sessions. Today should not be much different for the 16-nation single currency seeing as most European news today is centered on Great Britain.

The euro fell against the US dollar mildly, dropping from highs over 1.4000 to as low as 1.3879 in late trading. Against the British pound, the euro flattened out and appears to be consolidating around 0.8730.

Germany will be releasing some inflationary data in the early morning hours, but they should be of little consequence. The market may react in favor of the EUR if these figures come out above expectations. Britain will be releasing some impactful CPI figures which should carry a heavy impact on the GBP, especially ahead of Friday’s Inflation Report Hearings in the UK.

JPY – BOJ May Intervene as Yen Continues to Soar

The Japanese yen has remained in an ascending pattern against most of its currency rivals despite efforts by the Bank of Japan (BOJ) to intervene in the forex market. The sudden spike in risk aversion in favor of the yen has allowed the island currency to gain against its rivals regardless of efforts by the BOJ to counter those effects.

Speculators, as a result, have begun to anticipate another round of currency intervention by the BOJ to once again combat the rising yen. News of a potential market intervention by the US Federal Reserve, however, has appeared to temporarily offset the BOJ’s efforts. This monetary intervention war between major economies is providing some unique market fluctuations which allow traders to benefit from clear, long-term trends, with obvious highs and lows.

Crude Oil – Oil Prices Consolidating Near $82.50

Crude Oil prices have descended somewhat over the past 24 hours. Commodity markets spiked mildly on Friday as the US NFP report disappointed with a sharp decline in American employment. The corresponding drop in the US dollar helped push the price of oil over $84 a barrel.

The consolidating price behavior for Crude Oil over the last day could represent a minor break in a long-term uptrend for oil prices. Industrial growth is underway, albeit slowly, and commodities like oil are beginning to find fundamental support from market optimism and mild growth. If the dollar continues to fall, even with quantitative easing measures from the Fed, then oil price should see a steady rise with a target near $88 a barrel in the next few weeks.

Technical News

EUR/USD

The daily RSI on this pair shows the price in a downward slope, about to exit the over-bought territory. The daily Stochastic (slow) also appears to be displaying similar behavior. It appears this pair may be building steam in a bearish direction. Going short could end up paying off over the next 24 hours.

GBP/USD

There appears to be a bearish cross forming on the weekly Stochastic (slow), suggesting a recent buildup of downward pressure. A recent bearish cross on the daily MACD supports this notion. Going short with tight stops could be a wise tactic today.

USD/JPY

The daily Stochastic (slow) and the MACD on the daily and weekly charts are all showing an impending bullish cross, highlighting an increase in upward pressure. The price also appears to be floating in the over-sold region on the weekly RSI. Going long after the price bounces off its next resistance line at 81.75 could be a smart move.

USD/CHF

The price of this pair looks to be floating deep within the over-sold region on the weekly RSI, but has recently turned upward suggesting a coming end to this pair’s bearish trend. Recent, or impending, bullish crosses on the MACD and Stochastic (slow) indicators on the daily and weekly time scale all suggest that a major correction is on its way. Going long may not be a bad idea given these indications.

The Wild Card

Crude Oil

There appears to be impending bearish crosses on the daily MACD and weekly Stochastic (slow), suggesting a strong downward movement is building for this commodity. The price also appears to be descending out of the over-bought range on the daily RSI, which supports the above notion. Forex traders may want to pay attention to these technical indicators today as a downturn may be in the works. Going short with tight stops could be a good way to make a buck.

Forex Market Analysis provided by ForexYard.

© 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.

EUR/USD

Daily graph: http://www.real-forex.com/charts-daily/121010/EUR_DAILY_121010.JPG

One – hour graph: http://www.real-forex.com/charts-daily/121010/EUR_1H_121010.JPG

For the last few weeks, the pair had a clear and strong uptrend. A few sessions ago, a very important resistance at 1.4031 stopped it. The following session was quite anemic, but the last session showed a clear downtrend.

The uncorrected uptrend in addition to the important resistance opposed to the pair may suggest a reversing trend which will partially correct the intensive uptrend occurred during the last weeks, creating an opportunity to make a profitable “Short”.

Potential trade

We suggest looking for a decreasing configuration on one-hour graph. Such a configuration should appear once the support level 1.3866 will be crossed downward. If the configuration required is identified, we suggest to enter the following orders:

• “Limit” order on “Short” position 10 pips below the support level noticed earlier, meaning: 1.3856.
• “Stop loss” order on the last high occurred: 1.3901

NZD/USD

Weekly graph: http://www.real-forex.com/charts-daily/121010/NZD_WEEKLY_121010.JPG

A very sharp and clear uptrend started about 8 weeks ago. The potential stopping point can only appear on a weekly graph.

We are currently about 120 pips below an important resistance at 0.7642. We anticipate a reversing trend which may correct the uptrend occurred during the last period.  This correction may create an opportunity for a nice “Short”.

A daily reversal candle on the resistance could be a clear sign for the reversal.  If this candle appears, the opportunity to “Short” will be created.

Have a profitable day!

Real forex team 

By Manual Santos – The FX trading market is the biggest financial market in the world with trades surpassing 4 Trillion USD a day. The the diverse amount of currencies traded helps to maintain elevated levels of volatility day after day. Depending on the session, for the most part you will always see up/down currency movement, allowing superb opportunity for profits (and losses as well) for the seasoned trader. The Forex market offers plenty of instruments to limit risk and allows the trader to pull in profits in both rising and falling markets. Forex also allows highly leveraged trading with low margin requirements.

Despite the immense nature of this market, Currency trading is quite risky with very few people attaining success. While many investors attempt to hurdle this large obstacle by themselves, many decide on using forex alerts companies to assist them in finding trades with higher probability. Many forex signals users will use these alerts as they arrive without further study while others will incorporate additional due diligence in order to increase their odds of a positive trade. If the currency alerts do not pass their review, they cancel the trade and move on to the next.

Other issues most currency traders find when subscribing to currency alerts is that they are not able to manually receive and enter the trade. Because the Currency market is open 24 hours 5 days per week, it is difficult to be available for all the signals because trades can arrive at a time when you are unavailable. That is why you want to find a Forex signals provider that interfaces with the Metatrader 4 trading platform, the most globally used trading platform for FX trading.

The advantage of executing on Metatrader is that it has a special plugin ability (expert advisers) to trade for you automatically. Some Metatrader 4 expert advisors will turn your platform into a robot and enter and exit trades robotically depending on your parameters, other advisors are programmed to provide a bridge between other computers. That is how the automated forex signals providers utilize metatrader. They send you a special expert advisor that you install on metatrader. That expert advisor creates a link between your account and the automated forex signals account so that whenever that signal provider’s account makes a trade, that information is quickly delivered to your metatrader account to do the same thing. There is no need for you to do anything, all is done in an automated manner.

This is why using a signals service that interfaces with Metatrader so beneficial because now you don’t have to stay up in the middle of the night wondering if or when a signal is going to come in, be afraid of not getting an alert, be interrupted in your job because of a signal or other hassles related to physically receiving and processing forex signals. With metatrader on your side and a Forex Signals provider that supports it, you are now ready to better profit from forex trading.

About the Author

Manuel is part of the forex signals team at Easy Pips Forex Signals. Easy Pips provides a Forex Signals advice service where their trade signals are sent direct to your account instead of SMS or email. Their Forex Trading Signals are available on a trial basis. Visit them to sign up for two free weeks.

GBPUSD stays in a rising price channel and remains in uptrend from 1.5296. The price action from 1.6017 is more likely consolidation of uptrend. As long as the channel support (now at 1.5850) holds, we’d expect uptrend to resume, and another rise towards 1.6100 is still possible. Only a clear break below the channel support will indicate that lengthier consolidation of uptrend is underway, then deeper decline to test 1.5669 key support could be seen.

Daily Forex Forecast

By Sara Nunnally, Editor, Smart Investing Daily, TaipanPublishingGroup.com

On Friday, gold futures for December finished at $1,345.30 an ounce… the second highest close on record. We spent some time last week discussing whether gold prices are overheated or not. Just before the weekend, the gold bugs spoke up about what factors are influencing prices.

Bloomberg surveyed 18 gold traders, analysts and investors at the end of last week and found that two-thirds predicted that gold prices would trend higher this week.

One of the reasons why is the Federal Reserve keeps talking about buying more government debt. I told you on Friday that this means the value of the U.S. dollar will keep falling. No surprise then that most traders and investors think gold prices will keep climbing.

Kitco News reporter Debbie Carlson said that another reason why gold prices may rally this week was Friday’s jobs report.

“The expectations of a second round of quantitative easing from the U.S. are more likely,” she wrote, “especially with Friday’s jobs report, which showed the shedding of 95,000 jobs, putting pressure on the buck.”

And with that pressure comes international concern.

U.S. Dollar Weighs on International Markets

This weekend (Friday and Saturday), the International Monetary Fund (IMF) met in Washington, D.C., to talk specifically about the impact of currency fluctuations, particularly as the U.S. dollar falls and emerging market currencies soar.

For a while now, international markets have been knocking the U.S. dollar for its sharp drops during the global financial crisis and its continued instability. Since the greenback is used in most trade transactions, and because the U.S. has sold huge amounts of Treasury bonds to other major economies, global markets can suffer when the U.S. dollar falls.

In turn, gold prices climb as demand for this safe haven turns gold into a major investment trend.

Now this investment demand is running smack into India’s festival and weddings seasons. You’d think that such high prices would be keeping jewelry demand down, but actually, demand is up.

Gold.org, in conjunction with Adfero, Ltd., reports, “Imports of gold into Ahmedabad rose by nearly 25 per cent between July and September in the traditional upswing of trading in the precious metal, reports DNA India.”

Imports topped 65.5 metric tons, or 2.3 million ounces.

When Will Gold Prices See a Correction?

And yet, for all this talk of bullish indicators for gold, this rally keeps pushing prices ever higher, and we’ve yet to see any correction or consolidation.

Prices have even popped above their sharp uptrend. Consider this chart from The Weekly Gold Digger:

View Larger Chart

From this chart’s indicators, we see an overheated RSI and a massive spike in volume from Thursday’s peak prices.

But Friday’s action appears to have found support on that top trend line.

That sets up two technical scenarios. First, Friday’s rebound could keep prices above this trend line, and with the economic factors still screaming “bullish” for gold, we might see prices shoot back up to the $1,360 level in short order.

The second scenario sees gold prices dip back into the established uptrend. Should this happen, you might see gold prices arch down to test that bottom trend line before continuing higher.

This would be a great time to establish a position, should you not have some sort of gold or gold-based investment in your portfolio.

But the next few days will be tricky, as gold prices try to make up their mind.

Either scenario still works with the majority of analysts’ macro ideas about gold. The economic anchors around the U.S. dollar aren’t going to go away any time soon. Perhaps not for decades… And in the meantime, gold will maintain its appeal as a hedge against a sinking dollar.

We’ll be dedicating a chunk of time this week to gold as we continue to see record prices.

Don’t forget to follow us on Facebook and Twitter for the latest in financial market news, investment commentary and exclusive special promotions.

About the Author

Sara is Co-Editor of Smart Investing Daily. As Senior Research Director and global correspondent, Sara Nunnally’s diverse resume includes studies in art history, computer science and financial research. She has appeared on news media such as Forbes on Fox, Fox News Live, and CNBC’s Squawk Box, as well as numerous radio shows around the country.

As Senior Research Director, global correspondent and co-editor of Smart Investing Daily, Sara has traveled all over the world in search of the best investment opportunities to recommend to her readers, be they in developed economies like France and Italy, in emerging markets like the Czech Republic and Poland, or in frontier terrain like Vietnam and Morocco. Her unique “holistic” approach of boots-on-the-ground research has given her an edge in today’s financial marketplace as she searches for the next investment opportunities in hot sectors like alternative energy, currency markets and commodities.

By Vincent Parker – Contracts for Difference (CFDs) can be quite confusing. Here is a quick article explaining CFDs, leaving Contracts for Difference explained once and for all.

Contracts for difference are a contract created between two different parties, stating that one party will pay the other party the difference in the value of that contract at a point in time in the future. One party will expect to receive money if the value of the contract is higher, while the other will expect to receive money if the value is lower.

In the real world, the contract is created between a trader and a CFD broker. The contracts are open ended, unlike a future contract meaning that its up to the trader to decide when to close the trade and collect (or pay) his money. From this sense, CFDs work much like a share trade.

Contracts for difference are usually traded on leverage, meaning you only need a small portion of the trade funds to execute the trade. For instance, if you were to open a position of $10,000 and the margin was 10% you would only need $1000 to open the position. This means that much larger profits can be achieved with smaller amounts of money.

The fact that you take a position out on leverage, means that there is an interest element associated with your purchase. And you will find yourself paying and an annual interest rate a few percentage points higher than the official cash rate.

Another great thing about CFDs is that it’s very easy to open a short position. What this means is that you can actually trade on the value of a CFD going down instead of up. Something that was very difficult until this tool was created.

A CFD is priced based on the value of the underlying asset. The underlying asset could be a share, currency, commodity or indices in many markets. The flexibility of the different types of assets you can trade with CFDs is unparalleled by anything else. Which is why if you are looking to get into short term trading, anything from spread betting, FOREX trading or day trading, CFDs are your best option.

About the Author

123CFD is a resource for CFD Trading Plans where we cover topics like CFD Trading

By CountingPips.com

The latest Commitments of Traders (COT) report, released on Friday by the Chicago Mercantile Exchange, showed that futures speculators continued to increase their bets in favor of the euro and other major currencies against the US dollar. Non-commercial futures positions, those taken by hedge funds and large speculators, were net long the euro against the U.S. dollar by 48,243 contracts as of October 5th following net positioning of 35,330 contracts on September 28th. The latest data was the best euro futures positioning in over a year and marked a fifth straight week of improvement in favor of the euro.

The COT report is published every Friday by the Chicago Mercantile Exchange (CME) and shows futures positions as of the previous Tuesday. It can be a useful tool for traders to gauge investor sentiment and to look for potential changes in the direction of a currency or commodity. Each currency contract is a quote for that currency directly against the U.S. dollar, where as a net short amount of contracts means that more speculators are betting that currency to fall against the dollar and net long position expect that currency to rise versus the dollar. Open interest is the number of open contracts that have not been closed by a transaction or by delivery.

The British pound sterling had been the last major currency on the short side against the dollar in the CME futures market but the British currency’s fortunes have changed as speculators increased their bets for the GBP to a positive net amount of contracts. The euro, Australian dollar, New Zealand dollar, Japanese yen, Canadian dollar, Swiss franc and Mexican peso all continued to have a net positive amount of contracts.

The British pound sterling positions increased to a net of 9,403 contracts after being short on September 28th by -2,194 positions. This is the fourth straight week of improvement for the British pound future positions and the best showing for GBP contracts in over a year.

The Japanese yen net long contracts increased to 49,206 as of October 5th from 28,666 net long contracts reported on September 28th. Yen positions have now climbed for two straight weeks after declining on September 21st as many speculators may have decreased their yen long positions due to the Bank of Japan’s currency intervention.

The Canadian dollar positions increased higher to a net total of 42,678 contracts after totaling 27,870 net longs on September 28th and rose to their highest level since May.

Swiss franc long positions advanced to 22,599 long contracts as of October 5th after totaling a net of 19,993 long contracts on September 28th. This is the highest level for long Swiss franc positions since early in December 2009 when long contracts totaled 24,725.

The Australian dollar positions edged very slightly lower after reaching their highest level since April on September 28th. AUD futures contracts declined to a net amount of 69,036 long contracts as of October 5th from 69,533 long contracts on September 28th.

New Zealand dollar futures positions declined for second straight week to a total of 16,334 long contracts after a total of 17,270 long contracts the week before.

Mexican peso long contracts jumped higher as of October 5th to 85,764 net long positions from 66,591 longs the week prior. Peso positions are at their highest since May and have now risen for four consecutive weeks.

COT Data Summary as of October 5th, 2010
Large Speculators Net Positions vs. the US Dollar

Euro: +48,243 contracts from +35,330 contracts on September 28th
British pound sterling: +9,403 contracts from -2,194 contracts
Australian dollar: +69,036 contracts from +69,533 contracts
Canadian dollar: +42,678 contracts from +27,870 contracts
Japanese yen: +49,206 contracts from +28,666 contracts
Mexican peso: +85,764 contracts from +66,591 contracts
New Zealand dollar: +16,334 contracts from +17,270 contracts
Swiss franc: +22,599 contracts from +19,993 contracts

Go to the Commitment of Traders CME raw futures data

Further COT Resources from around the web:

Forecast The FX Market With The COT Report

The Only Indicator You Will Ever Need

By Anton Eljwizat – The volatile of the AUD/USD pair continues to be affected by the volatile forex market. The last few weeks has seen a lot of bullish strength in the AUD/USD pair. However, as I demonstrated below, it seems that the pair’s bullish run may have run out of steam, and a bearish correction could be underway soon. This might be a good opportunity for forex traders to enter the trend at a very early stage and at a great entry price.

• Below is the daily chart of the AUD/USD currency pair.

• The technical indicators that are used are the Relative Strength Index (RSI), Slow Stochastic and MACD.

• Point 1: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.

• Point 2: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure.

• Point 3: The MACD indicates an impending bearish cross, which may signal a downward movement is going to occur in the near future.

AUD/USD Daily Chart

Forex Market Analysis provided by ForexYard.

© 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.