Some Important Aspects of Forex Trading:

Not Using Money Management.

Most traders forget about this important aspect of trading. They think they shouldn't be using money management until they achieve consistent profitable results. They totally forget about the risk side of trading.
Fact: Money management allows your profits to increase geometrically, but also limits your risk on every single trade. Money management tells you how much to risk on each trade. Using money management is a must if you want to achieve your trading goals. By using money management you make sure you are going to be able to trade tomorrow, the next week, month and the following years.
Not Being Psychology Tuned
This is one of the most underestimated subjects when it comes to trading. One of the main principles of financial markets is that the price of each instrument is based on the perception of each individual participant "the crowd." In other words the price of each instrument is determined by the fear, greed, ego and hope of all traders.
Fact: Being aware of all psychological issues that affect the decisions made by traders will definitely put the odds in your favor.
Lack of Education
Education is the base of knowledge on every discipline. As lawyers and doctors require several years of college until they get their degree, Forex traders also require long years of study. It is better to have someone experienced to guide you through your trading, since some information could take you in the wrong path.
Fact: The market teaches us invaluable lessons on every single trade made. The process of education for a Forex trader could take for ever. That's right, we never stop learning. We should be humble about the markets and our knowledge; otherwise the market will prove us wrong.
These are some of the most important barriers every trader faces when trying to trade successfully.
Trading successfully the Forex markets is no easy task, it requires a lot of hard work to do it right, but with the right education, and you will put yourself closer to your trading goals.

SigmaForex LTD Registrations And Regulations

SigmaForex LTD is leading European professional online trading Brokers registered in the United Kingdom and most of the EU countries.

What is meaning by registered?

means that there is a company called SigmaForex LTD inside united kingdom & registered by United Kingdom Law & follow the governmental rules.

SigmaForex LTD registered & follows the governmental rules in United Kingdom and anyone can check that by visiting this official website: http://wck2.companieshouse.gov.uk/ this is a UK governmental website.

http://wck2.companieshouse.gov.uk/d8846c7fe805874be7c646b1ed4f10ce/companysearch?disp=1&frfsh=1216759237#result this is the full link where you can find SigmaForex LTD with the registration number.

SigmaForex LTD Regulations:

SigmaForex LTD working now to be regulated with FSA (United Kingdom Financial Service Authority) but now SigmaForex LTD is complying with FSA and many financial authorities like NFA, CFTC, FSC and others.

Why SigmaForex LTD not working in the regulation of NFA?

Most of Traders ask this question and it's a common question for any broker. Here's the answer; NFA (National Future Association) regulate the Financial Companies that based in United State and have Future Trading. SigmaForex LTD not inside United State and doesn't has Future Trading. But NFA rules are compatible with the rules that SigmaForex is following and you can check with your self.

Complying: Means that this company follows the rules 100% and meet their regulatory obligations efficiently.

Dear Trader, you must be involved and know the difference between FSA and NFA. Many Forex Brokers inside united State not regulated by NFA because they don't work with Future Trading but they are complying with them & follow the same rules as the Forex broker that regulated with NFA.

Forex Broker Regulation - Part One

What good is forex broker that you can trade and make money with, but when it comes time to take your money, they don't give it to you, because they don’t have it?

Forex Broker Bust Story. Refco was the biggest forex broker that was worth around $4 billion dollars. In October of 2005, Refco shut down its operations and every trader who had money with them got screwed big time.

Refco was regulated and for some time they were spending not only their profits but also deposits of their clients.
The amounts of money that traders saw on their trading platforms and the amounts of money Refco had in their bank accounts were different by $400 million.

So when the news hit the wire that Refco is running at such deficit, traders panicked and started asking for withdrawals. The only problem was that Refco was $400 million short of what it owed to traders.

There was a trial of course, and whatever assets the company had the court ordered to distribute among traders. I knew some people that had money with Refco. As far as I remember, after all assets were sold they got around 10% of what was owed to them. That means if person had $10,000 in his trading account, he got only $1,000 of it.

Forex Broker Regulation - Part Two

Difference Between Regulated And Complying

The Most Common Question that traders ask brokers is:

"Are You Regulated by NFA?"
"Are You Regulated by FSA?"
"Are You Regulated by CFTC?"
"Are You Regulated by SEC?"
"Are You Regulated by SIPC?"
"Are You Regulated by FINRA?"
"Are You Regulated by Mr.X?" :)

No, Don't Ask this question because there are many fictions regulations. Don't Be The Fish!
The Right Action to take is to compare between the rules and restrictions of the regulatory associations and the rules that the broker follow.

Complying With FSA means that this broker working in the regulation process and follow all the rules that the regulatory body has.

Regulated By FSA means that this broker already regulated by FSA & may Follow the rules.

Why?
NFA, FSA, CFTC, SIPC, SEC, .....etc all of these associations are private sectors in the origin. The Main Aim is to Collect as much brokers as they can to increase from their popularity beside the governmental associations
Do You Know that FSA, NFA or others charge Millions Of Dollars to authorize the regulation of brokers. All these money are distributed as following;
1- Part For The Tax Authority
2- Part For The Private Sector
3- Part For Governmental Sector
Some Brokers Play with these rules after paying all of these parts and it's time for scamming.

Don't Take Your Decision After The 1st Impression
Test The Services
Test The Trust
Test The Security
Test The Attitude
Test The Credibility
Test The History
Test The Quality
Test The Speed
Compare With Others
The Take Your Decision!

Forex Broker Regulation - Part Three

The difference Between NFA (National Future Association) And FSA (Financial Services Authority)

NFA [National Future Association]:
To Be Able To Register in NFA you must have the following:

1. You Brokerage Firm Based in United State
2. Working in Futures
   

These two rules are basically must be there to be able to regulate with NFA

FSA [Financial Services Authority]:
To be able to register with The FSA your brokerage firm must be exist & based in United Kingdom

Question: I have a brokerage Firm in United Kingdom. Can I register with NFA?
Answer: No You Can't. But If you have branches in USA you can do it

Question: I have a brokerage Firm in USA. Can I register with FSA?
Answer: No You Can't

MetaTrader4 Creats Conflict between SigmaForex and InterBank FX

Confusions seem to be endless with technical programs. As a result of using MetaTrader4 program, many intersections between different platforms occur.

Applying this fact between SigmaForex platform and that of InterBank FX, while installing any of them.

InterBank FX MetaTrader4: After installing InterBank FX MetaTrader4 you will find the extension

[C:\Program Files\Interbank FX Trader 4\config]

Open the folder that called "config" you will find InterBank FX Demo.srv and InterBank FX -Live.srv

SigmaForex also have the same Forex Software but under their name Meta Trader 4.

Let's run the setup of this software & go the same extension again [C:\Program Files\MetaTrader - SigmaForex\config], Open also [C:\Program Files\InterBank FX Trader 4\config]

The Same Folders, The Same Software make some version of windows rewrite the files in these folders with different names.

The Result:

That you will be able to be connected with two kinds of servers through one program!

MetaTrader4 Creats Conflict between SigmaForex and FXCM

Let's Do It Again Using SigmaForex and FXCM (Forex Capital Market)

MetaTrader4 is mostly used among brokers because it is so simple in use & easier for new traders in Forex market, and more accurate.

There are many advantages for this Forex Software but as we know that there is no perfectness without drawbacks; so, one of the most known drawbacks of Meta Trader4 that there is conflict in SRV files in its configuration.

For An Example:

FXCM Meta Trader 4: After installing FXCM Meta Trader4, you will find in C:/ driver a folder named Program Files

C:\Program Files\FXCM Trader 4 this is the extension of the FXCM Meta trader 4

Open the folder that called "config" you will find FXCM-Demo.srv and FXCM-Live.srv

SigmaForex also have the same Forex Software but under their name Meta Trader 4.

I want you to run the setup of this software & go the same extension again [C:\Program Files\MetaTrader - SigmaForex\config], Open also [C:\Program Files\FXCM Trader 4\config]

The Same Folders, The Same Software make some version of windows rewrite the files in these folders with different names

The Result:

That you will be able to be connected with two kinds of servers through one program!

Intersection between MetaTrader4 Programs

As you know that MetaTrader4 used widely among brokers because it is so simple in use & more easy for new traders in Forex market.

There are many advantages for this Forex Software but as we know that there is no advantages without disadvantages; so, one of the most disadvantages in Meta Trader4 that there is conflict in SRV files in its configuration.

For An Example:

FXCM Meta Trader 4: After installing FXCM Meta Trader4, you will find in C:/ driver a folder named Program Files

C:\Program Files\FXCM Trader 4 this is the extension of the FXCM Meta trader 4

Open the folder that called "config" you will find FXCM-Demo.srv and FXCM-Live.srv

SGB (Swiss Global Broker) also have the same Forex Software but under their name Meta Trader 4.

I want you to run the setup of this software & go the same extension again [C:\Program Files\Swiss Global Broker\config], Open also [C:\Program Files\FXCM Trader 4\config]

The Same Folders, The Same Software make some version of windows rewrite the files in these folders with different names

The Result:

That you will be able to be connected with two kinds of servers through one program!

What Is The Link Between SigmaForex And North Finance

Question: Is SigmaForex Partner with FXCM?

Question: Is SigmaForex Partner with North Finance?

Question: Is SigmaForex Partner With Interbankfx?

Answer: For Sure SigmaForex is an independent broker.

Question: Why I see in the statement of SigmaForex Another broker.

Answer: Because you don't follow the instructions of Meta Trader 4

Question: What are these instructions?

Answer: 1^st You have to make sure that your new installation is separated from the other installations that already exist.

Question: Please, open a channel of understanding for me

Answer: Tell You What?!

Look there is a problem in Meta Trader which is that most of brokers are using it as a trading station. Also most of traders are using it without any suffer because it's so easy & so simple while trading.

But because most of brokers are using it so you may find a conflict inside your Meta trader & another Meta Trader for a different broker inside our PC.

For Example: SigmaForex & North finance: the both are different brokers

After installing Meta Trader of SigmaForex & After Installing the Meta Trader of North Finance I found SigmaForex-Demo inside North Finance Meta Trader 4! I thought they are related to each others but the truth is that they are different independent brokers, but while installing one of them a file has been transferred from one Meta Trader to the other.

Open C:\Program Files\MetaTrader - SigmaForex\config

Open C:\Program Files\FxPro MetaTrader\config

You Will find SigmaForex.srv

SRV file is a linkage between your setup & the server of the broker, so if one or more from these files transferred from one setup to another it will show you two brokers in the same Platform!

Thanks For These Information

SigmaForex Doesn't Have Any Errors

Strange And unbelievable!
Meta Trader 4 has the option that you can enter more than type of account for different brokers through the same platform.
For Example If You installed SigmaForex Platform, you will find in your drive C:/ the following Pass: [C:\Program Files\MetaTrader – SigmaForex]
If you installed another Meta Trader 4 for another broker a conflict can be occurred because 2 Meta Trader 4 but for different Brokers.
Let's Continue our example with another broker like FXCM or Interbankfx or Swiss Global Broker. All of them are using Meta Trader 4 as trading station. Let's Install FXCM Software.You will find this pass in your Drive C:/ [C:\Program Files\FXCM Trader 4]
N.B: Some Versions of windows copy the same folders while installing the same version of the software .

That You may find FXCM installed inside SigmaForex & this one from the disadvantage in Meta Trader 4 & Meta Quote published this issue in their FAQs to be available for Traders to solve the issue.
The Solution is to open the platform that you are using e.g.: SigmaForex. Then Open A folder called Config. [C:\Program Files\MetaTrader - SigmaForex\config]
You have to erase All SRV files for other brokers & just leave SigmaForex-Demo.svr and SigmaForex-live.svr

And here's the post of the Meta quote from their website:
"Client terminal allows you to connect to any MetaTrader 4 Server. If you connected to another company's server from your client terminal, the parameters of that connection were stored in a special configuration SRV file in the "\MetaTrader 4\config\" folder of the client terminal.To remove foreign servers from the server list of your client terminal, just go to the "\MetaTrader 4\config\" folder of the client terminal and delete the unn.

SigmaForex Doesn't Have Any Errors

Strange And unbelievable!
Meta Trader 4 has the option that you can enter more than type of account for different brokers through the same platform.
For Example If You installed SigmaForex Platform, you will find in your drive C:/ the following Pass: [C:\Program Files\MetaTrader – SigmaForex]
If you installed another Meta Trader 4 for another broker a conflict can be occurred because 2 Meta Trader 4 but for different Brokers.
Let's Continue our example with another broker like FXCM or Interbankfx or Swiss Global Broker. All of them are using Meta Trader 4 as trading station. Let's Install FXCM Software.You will find this pass in your Drive C:/ [C:\Program Files\FXCM Trader 4]
N.B: Some Versions of windows copy the same folders while installing the same version of the software .

That You may find FXCM installed inside SigmaForex & this one from the disadvantage in Meta Trader 4 & Meta Quote published this issue in their FAQs to be available for Traders to solve the issue.
The Solution is to open the platform that you are using e.g.: SigmaForex. Then Open A folder called Config. [C:\Program Files\MetaTrader - SigmaForex\config]
You have to erase All SRV files for other brokers & just leave SigmaForex-Demo.svr and SigmaForex-live.svr

And here's the post of the Meta quote from their website:
"Client terminal allows you to connect to any MetaTrader 4 Server. If you connected to another company's server from your client terminal, the parameters of that connection were stored in a special configuration SRV file in the "\MetaTrader 4\config\" folder of the client terminal.To remove foreign servers from the server list of your client terminal, just go to the "\MetaTrader 4\config\" folder of the client terminal and delete the unn.

CURRENCY TRADING SUMMARY – 3rd July 2008

CURRENCY TRADING SUMMARY – 3rd July 2008 (00:30GMT)

· U.S. Dollar Trading (USD) was unable to sustain a mild bounce during the European session with markets reacting to a surprisingly negative ADP jobs report of -79K change in June. Forecasts of much more modest -20K have lead to concerns that June’s Nonfarm Payrolls initially expected at -60K could come in much lower. Compounding the Dollar weakness was this Weeks Crude Oil inventories report showing a drop of 2 million Barrels sending Crude Oil to new record highs. Equities remained under pressure slipping 20% below October’s highs indicating a bear market. In U.S. share markets, the NASDAQ was down 53 points (-2.30%) and the Dow Jones was down 166 points (-1.46%). Crude Oil closed up $2.60 ending the New York session at $143.57 per barrel. Looking ahead, June NonFarm Payrolls forecasted at -60K with an Unemployment rate of 5.4%. Weekly Jobless claims are expected to remain unchanged at 384K and the June ISM Non-Manufacturing Composite is seen at 51 slightly down from 51.7 in May.

· The Euro (EUR) rallied through resistance at 1.5850 as Oil jumped higher. May PPI came in strong at 1.2% m/m confirming inflation fears in the Eurozone. The Market shrugged off US President Bush’s comments about a strong Dollar policy. Overall the EUR/USD traded with a low of 1.5787 and a high of 1.5889 before closing the day at 1.5883 in the New York session. Looking ahead, May Eurozone Retail sales are expected to rise 0.5% after falling -0.6 in April. Also the ECB Rate Announcement widely expect to be a hike of 0.25% to 4.25%.

· The Japanese Yen (JPY) early weakness in the European session was quickly reversed by falling equities and US job data. Most of the crosses were able to track the Majors higher lead by the EUR/JPY regaining the 168 level. Overall the USDJPY traded with a low of 105.78 and a high of 106.78 before closing the day around 105.94 in the New York session.

· The Sterling (GBP) helped lower in the European session from Dovish comments from BoE member Bean highlighting the risks to the downside. Broad USD weakness helped the pair to bounce higher. Overall the GBP/USD traded with a low of 1.9890 and a high of 2.006 before closing the day at 1.9941 in the New York session. Looking ahead, June PMI service forecasted at 49.5.

· The Australian Dollar (AUD) received a boost from a better than expected May Retails Sales showing a bounce to 0.7% from April’s -0.2%. Strong commodities also helped to underpin. Overall the AUD/USD traded with a low of 0.9533 and a high 0.9551 before closing the day at 0.9620. Looking ahead, May Trade Balance expected at -900 Million. Update May Trade Balance at -957 Million deficit while April’s Trade Balance was revised up to a 12 Million surplus.
· Gold (XAU) gained inline with Oil’s surge after an early dip in the European Session. Overall trading with a low of USD$932 and high of USD$946 ending the New York session at USD$945 an ounce.

TECHNICAL COMMENTARY

Currency---Sup 2---Sup 1---Spot----Res 1---Res 2

EUR/USD---1.5628--1.5720--1.5880--1.5943--1.6019

USD/JPY---104.42--104.99--106.00--106.78--107.22

GBP/USD---1.9806--1.9846--1.9905--2.0008--2.0027

AUD/USD---0.9491--0.9512--0.9615--0.9670--0.9700

XAU/USD---885.10--910.60--943.00--946.40--953.00

· Euro – 1.5880
Initial support at 1.5720 (June 27 low) followed by 1.5628 (June 26 low). Initial resistance is now located 1.5943 (channel top) at followed by 1.6019 (April 22 high).

· Yen – 106.00
Initial support is located at 104.99 (June 30 low) followed by 104.42 (Jun 9 low). Initial resistance is now at 106.78 (July 2 high) followed by 107.22 (Jun 27 high).

· Pound – 1.9905
Initial support at 1.9846 (July 2 low) followed by 1.9806 (Jun 27 low). Initial resistance is now at 2.0008 (July 1 high) followed by 2.0027 (Apr 21 high)

· Australian Dollar – 0.9615
Initial support at 0.9512 (July 1 low) followed by 0.9491 (June 20 low). Initial resistance is now at 0.9670 (Jun 30 high) followed by 0.9700 (Round number resistance).

· Gold – 943
Initial support at 910.6 (Jun 27 low) followed by 885.1 (Jun 26 low). Initial resistance is now at 946.4 (July 1 high) followed by 953.0 (April 17 high).

More With SigmaForex

CURRENCY TRADING SUMMARY – 2nd July 2008

CURRENCY TRADING SUMMARY – 2nd July 2008 (00:30GMT)

· U.S. Dollar Trading (USD) saw some continued weakness early in the European session as potential profit warnings from UBS and Deutsche Bank sent European and US futures into deep negative territory. A surprising jump in June ISM manufacturing index to 50.2 put the sector in expansion territory for the first time in 5 months. Economist’s were looking for a weaker 48.6 figure and combined with a relief rally in the US stocks the Dollar was able to rally off lows. In U.S. share markets, the NASDAQ was up 11 points (0.52%) and the Dow Jones was up 32 points (0.28%). Crude Oil closed up $0.77 ending the New York session at $140.97 per barrel. Looking ahead, ADP Employment Report for June expected at -20K down from May’s 40K. May Factory Orders expected at 0.4% falling form Aprils 1.1%.

· The Euro (EUR) received a boost from a strong rebound in German Retail Sales at 1.3% in May vs. -0.6% in April. Attempts above 1.5800 were short lived however with profit taking pushing the pair into its more comfortable 1.5750-90 range. Stronger US data and a barrage of weak third tier data helped to also cap with market seen consolidating before the ECB rate announcement on Thursday. Overall the EUR/USD traded with a low of 1.5723 and a high of 1.5818 before closing the day at 1.5789 in the New York session. Looking ahead, we have ECB president Trichet speaking and May PPI expected to rise to 0.9% from 0.8% in April.

· The Japanese Yen (JPY) banking rumours lead the Yen to make good gains on rising risk aversion before reversing on positive US data and equities. The Yen was also supported by the Tankan Large manufacturing Index of 5 for 2nd Quarter beating expectations of 3. Overall the USDJPY traded with a low of 105.33 and a high of 106.39 before closing the day around 106.05 in the New York session.

· The Sterling (GBP) shrugged off weak UK data to test the key 2.00 level on the cable. Nationwide House prices continued to fall -0.9% in June m/m and -6.3% y/y. The June Manufacturing PMI capped the rally though with a disappointing 45.8(forecast 49.8).Overall the GBP/USD traded with a low of 1.9890 and a high of 2.006 before closing the day at 1.9941 in the New York session.

· The Australian Dollar (AUD) came under pressure after the RBA held rates and released a relatively neutral statement disappointing the Aussie bulls. The statement suggested that the current monetary policy was appropriate and that substantial tightening of financial conditions had occured. Overall the AUD/USD traded with a low of 0.9512 and a high 0.9594 before closing the day at 0.9525. Looking ahead, May retails sales are expected to be slightly positive and Building permits are expected to fall -3% m/m after Aprils 6.7% rise.

· Gold (XAU) broke through some key resistances on route to new multi month highs with Oil remaining strong and rising risk aversion seen supporting. Overall trading with a low of USD$922 and high of USD$946.50 ending the New York session at USD$940 an ounce.

TECHNICAL COMMENTARY

Currency---Sup 2---Sup 1---Spot---Res 1---Res 2

EUR/USD---1.5628--1.5720--1.5790--1.5836--1.5844

USD/JPY---104.42--104.99--106.00--106.47--107.22

GBP/USD---1.9806--1.9881--1.9950--2.0008--2.0027

AUD/USD---0.9491--0.9512--0.9545--0.9670--0.9700

XAU/USD---885.10--910.60--939.00--946.40--953.00

· Euro – 1.5790
Initial support at 1.5720 (June 27 low) followed by 1.5628 (June 26 low). Initial resistance is now located 1.5836 (Jun 30 High) at followed by 1.5844 (Jun 9 high).

· Yen – 106.00
Initial support is located at 104.99 (June 30 low) followed by 104.42 (Jun 9 low). Initial resistance is now at 106.47 (Jun 30 high) followed by 107.22 (Jun 27 high).

· Pound – 1.9950
Initial support at 1.9881 (June 30 low) followed by 1.9806 (Jun 27 low). Initial resistance is now at 2.0008 (July 1 high) followed by 2.0027 (Apr 21 high)

· Australian Dollar – 0.9585
Initial support at 0.9512 (July 1 low) followed by 0.9491 (June 20 low). Initial resistance is now at 0.9670 (Jun 30 high) followed by 0.9700 (Round number resistance).

· Gold – 939
Initial support at 910.6 (Jun 27 low) followed by 885.1 (Jun 26 low). Initial resistance is now at 946.4 (July 1 high) followed by 953.0 (April 17 high).

More With SigmaForex

CURRENCY TRADING SUMMARY – 1st July 2008

· U.S. Dollar Trading (USD) had a choppy day but was able to recover off lows and make small gains into the US session. Month end adjustment’s and more talk from US treasury Paulson on the strong dollar policy supported. The June Chicago PMI was better than expected at 49.6 bouncing from May’s 48.2. In U.S. share markets, the NASDAQ was down 22 points (-0.98%) and the Dow Jones was up 3 points (0.03%). Crude Oil closed flat ending the New York session at $140.20 per barrel. Looking ahead, May construction spending is forecast to continue is downward slide to -0.6% from Aprils -0.4%. June ISM manufacturing is expected to remain below 50 in a contractionary position at 48.6 (May 49.6).

· The Euro (EUR) found trading above 1.5800 heavy even as the June Eurozone Inflation Report came in at 4.0% on the high end of expectations. The elevated Euro levels brought more overvalued comments this time from French President Sarkozy and ECB’s Almunia. Overall the EUR/USD traded with a low of 1.5732 and a high of 1.5836 before closing the day at 1.5757 in the New York session. Looking ahead, May German Retail Sales seen at 0.5% up from Aprils -0.6%. Euro zone PMI Manufacturing for June expected at 49.1 and the May Unemployment rate forecasted to hold steady at 7.1%.

· The Japanese Yen (JPY) lead by the USD/JPY rebounded of 105 to close above 106 dragging the crosses higher. Steadier stocks and strong month end demand supported. Overall the USDJPY traded with a low of 104.99 and a high of 106.47 before closing the day around 106.05 in the New York session. Looking ahead, 2nd Quarter Tankan Large Manufacturing Index seen at 3 along with Tankan Capex estimate at 2%. Update Tankan Large manufacturing Index out at 5 for 2nd Quarter.

· The Sterling (GBP) had a very whippy day tracking the USD strength lower but supported was twice below 1.99. GFK Consumer confidence fell to -34 in June dropping from -29 in May with consumers not expecting the economic situation to improve. Overall the GBP/USD traded with a low of 1.9882 and a high of 1.9966 before closing the day at 1.9927 in the New York session. Looking ahead, June PMI Manufacturing expected 49.8 slightly lower than May’s 50.

· The Australian Dollar (AUD) traded at multi year highs of .9667 on the back of soaring commodities prices but was unable to maintain this level as the USD gain strength in the US session. AUD/NZD traded lower dipping below the 1.26 level as NZD/USD strengthened overnight. Overall the AUD/USD traded with a low of 0.9552 and a high 0.9667 before closing the day at 0.9587. Looking ahead, RBA Interest rate Decision widely expected to remain on hold at 7.25%. Markets will be focusing on the accompanying statement for future rate direction.

· Gold (XAU) rallied to multi month highs as Crude Oil scaled new record highs but eased into the US session as Oil pared gains and USD gained some strength. Overall trading with a low of USD$918.80 and high of USD$935.35 ending the New York session at USD$925 an ounce.


TECHNICAL COMMENTARY

Currency----Sup 2---Sup 1---Spot----Res 1----Res 2

EUR/USD---1.5628---1.5720--1.5755--1.5836---1.5844

USD/JPY---104.42---104.99--106.15--106.47---107.22

GBP/USD---1.9715---1.9806--1.9925--1.9967---2.0027

AUD/USD----0.9542--0.9554--0.9585--0.9689--0.9700

XAU/USD----885.10--910.60--925.00--935.40--939.25


· Euro – 1.5755
Initial support at 1.5720 (June 27 low) followed by 1.5628 (June 26 low). Initial resistance is now located 1.5836 (Jun 30 High) at followed by 1.5844 (Jun 9 high).

· Yen – 106.15
Initial support is located at 104.99 (June 30 low) followed by 104.42 (Jun 9 low). Initial resistance is now at 106.47 (Jun 30 high) followed by 107.22 (Jun 27 high).

· Pound – 1.9925
Initial support at 1.9806 (June 27 low) followed by 1.9715 (Jun 26 low). Initial resistance is now at 1.9967 (Jun 30 high) followed by 2.0027 (Apr 21 high)

· Australian Dollar – 0.9585
Initial support at 0.9554 (June 30 low) followed by 0.9543 (June 27 low). Initial resistance is now at 0.9689 (Intraday channel resistance) followed by 0.9700 (Round number resistance).

· Gold – 925
Initial support at 910.6 (Jun 27 low) followed by 885.1 (Jun 26 low). Initial resistance is now at 935.4 (May 22 high) followed by 939.25 (50% retrace of 1032-846 decline).

More......

CURRENCY TRADING SUMMARY – 25th June 2008

· U.S. Dollar Trading (USD) gave up some ground yesterday as June Consumer Confidence fell for the 6th month in a row to 50.4. Most economists were looking for a much milder decline of 56.5. With the markets attention now turned to the FOMC decision, falling stocks and low confidence should limit the hawkishness of the accompanying statement. This paring back of interest rate expectations is being seen through the increased bond prices and falling dollar over the last week. Also released yesterday the April Case-Schiller House Price Index falling to -15.3% Y/Y slightly better than market forecasts of -16%. In US share markets, the NASDAQ was down 17 points (-0.73%) and the Dow Jones was down 35 (-0.3%). Crude Oil closed up $0.31 ending the New York session at $137.05 per barrel. Looking ahead, a very big data day out of the US with the FOMC rate announcement expected to be held at 2.00% accompanied by a moderately hawkish statement on inflation concerns. Released prior to this are two other important pieces of data with Durable Goods for May expected at 0.1% and May New Home Sales forecasted at 515K.

· The Euro (EUR) made gains last night shrugging off poor July German Consumer Confidence of 3.9 vs. 4.6 expected. Crude Oil remained high and weak US data supported allowing Monday’s losses to all but be erased on the Euro. Overall the EUR/USD traded with a low of 1.5493 and a high of 1.5622 before closing the day at 1.5576 in the New York session. Looking ahead, April Euro Zone Industrial Orders predicted at -0.6%.

· The Japanese Yen (JPY) traded in a range with the USD/JPY falling with stocks before recovering as EUR/JPY and AUD/JPY made fresh multi-month highs. Overall the USDJPY traded with a low of 107.36 and a high of 108.23 before closing the day around 107.84 in the New York session. Japanese Trade Balance for May 365 Billion Yen vs. 40 Billion Yen forecast.

· The Sterling (GBP) grinded higher on greenback weakness but gains were hampered by traders trimming their expectations of BoE rate rises as the housing slump deepened. BBA Mortgage approvals fell to 28K in May down from 35K in April and down 56% from last year. Overall the GBP/USD traded with a low of 1.9627 and a high of 1.9723 before closing the day at 1.9695 in the New York session. Looking ahead, CBI Sales for June forecasted to fall to -17 from -14 in May.

· The Australian Dollar (AUD) continued to make gains on strong cross performance and reported M&A activity in the energy sector. AUD/NZD made 6 ½ year highs at 1.2620 overnight. Overall the AUD/USD traded with a low of 0.9501 and a high 0.9586 before closing the day at 0.9557.

· Gold (XAU) was able to rebound off Monday’s lows as safe haven flows increased on more Iran/Isreal rumours and broad dollar weakness. Overall trading with a low of USD$883 and high of USD$994 ending the New York session at USD$889 an ounce.

TECHNICAL COMMENTARY

Currency----Sup 2----Sup 1 ----Spot----Res 1----Res 2

EUR/USD----1.5303----1.5461---1.5575---1.5636---1.5844

USD/JPY----106.80----107.12---107.80---108.61---108.98

GBP/USD----1.9471----1.9580---1.9710---1.9791----1.9852

AUD/USD----0.9448---0.9491---0.9570---0.9587---0.9648

XAU/USD----850.00---858.00---888.00---908.00--909.00

· Euro – 1.5575
Initial support at 1.5461 (June 17 low) followed by 1.5303 (June 13 low). Initial resistance is now located 1.5636 (Jun 20 High) at followed by 1.5844 (Jun 9 high).


· Yen – 107.80
Initial support is located at 107.12 (June 23 low) followed by 106.8 (Jun 12 low). Initial resistance is now at 108.61 (Feb 14 high) followed by 108.98 (Jan 14 high).


· Pound – 1.9710
Initial support at 1.9580 (June 20 low) followed by 1.9471 (Jun 17 low). Initial resistance is now at 1.9791 (Jun 20 high) followed by 1.9852 (May 23 high)


· Australian Dollar – 0.9570
Initial support at 0.9491 (June 20 low) followed by 0.9448 (June 19 low). Initial resistance is now at 0.9587 (June 24 high) followed by 0.9648 (Jun 9 high).


· Gold – 888
Initial support at 858 (Jun 12 low) followed by 850 (Psychological Number). Initial resistance is now at 908 (June



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