Forex forecast: MACD indicator is in the positive area for the pair AUD/USD and it is going up, confirming a previous buy signal for the pair. Stochastic oscillator is approaching oversold zone, not giving a clear signal.

Forex recommendations: off the market.

Feasible event scenario at Forex: in case of breakdown at the level of 0.9890 the pair will go to 0.9910 and 0.9930. If the level of 0.9832 is exceeded, traders’ target will be the levels of 0.9800 and 0.9780.

Thus, the Australian Dollar has failed to form a definite trend for the third session, being under the pressure from different factors.
Investors continue to express concern about continuation of Korean crisis: it became known on Monday that South Korea began shooting near the island of Yeonpyeong. According to the press, guns volleys have been heard there. We would remind that DPRK has repeatedly stressed that if South Korea would conduct military exercise on Yeonpyeong, the country would open fire on the island in “self-defence”.
In general, it is negative news for the AUD – negative factor prevails at the market now.

Domestic Australian news is far from being positive either. We would remind that according to the statistics released earlier, GDP in Australia increased by 0.2% on quarterly basis in QIII; while analytics had expected the rise by 0.5%; the growth over last quarter positioned as the lowest over the last two years, therefore GDP dynamics seems to be descending. It became known earlier that retail sales in October amounted to-1.1% m/m against +0.1% in September and trade balance surplus in October was $2.625 billion. It also became known earlier that current account balance amounted to -А$7.83 billion in QIII against the forecast of -А$6.60 billion.

Thus, trading session for the USD started at the level of 30.82 roubles, which is 15 kopeks more than the level on Friday; the EUR started at the level of 40.55 roubles (-12 kopeks).

Dual currency basket value has changed insignificantly on Monday and amounted to 35.2 roubles.

Note that currency market makes no way at the beginning of the week, watching the developments on the Korean peninsula.

Presumably the pair Rouble/Dollar will not go beyond the range of 30.75-30.95 roubles for the USD at the trading session on Monday

Forex forecast: MACD indicator is in the positive area for the pair USD/JPY and it continues to move along the signal line preventing from forming a clear signal. Stochastic Oscillator is giving a pair sell signal, being in the neutral zone.

Forex recommendation: off the market.

Feasible event scenario at Forex: in case of breakdown at the level of 83.80 the pair will go to 83.50 and 83.10. If the level of 83.95 is exceeded buyers’ targets will be the levels of 84.10 and 84.40.

The following Japanese news was published today:
– Index of leading indicators (unrevised) reduced by 1.4 points m/m in October which was the fourth reduction in a row.
– Index of coincident indicators (unrevised) declined by 1.3 points m/m in October, which was the second reduction in a row.
The data has demonstrated once again that the economic growth in the Country of the rising Sun has slowed down.

Two- day meeting of the Bank of Japan started today; interest rate decision, and assessment of the current situation in the country’s economy will be adopted there. It is predicted that soft monetary policy of the regulator will remain unchanged, since there is no other option in the current situation. Yesterday’s comments of the head of the Bank Mr. Shirakawa will be of interest; he is expected to touch upon the subject of rapid increase in bond yield at the domestic market which has been observed recently.

Interest rate is likely to be preserved in the target range of 0-0.1% and the regulator will not make new decisions of easing.
Tankan report released last week also deserves consideration: it showed decline for the first time in 7 quarters – up to the level of 5 against the previous level of 8 and the forecast of 3. Quarterly report of the Bank of Japan which shows sentiments in the business circles of the country once again confirmed the fact that Japanese indicators of QIV will be weak, which will indicate downturn in economy. Market believes that Tankan indicator will go down to -2 by March 2011 which will mean that pessimists dominate over optimists in the business-class of Japan.

LiteForex’s number one goal was to present MultiRebate innovatory project on this large-scale exhibition. The exhibition organizers and independent experts – representatives of traders’ communities – estimated the unique conditions of the project at their true value. Thus, LiteForex group of companies received the «Affiliate Program Innovator» award for their innovative approach when creating affiliate programs and for introducing advanced products to provide better conditions of cooperation.

Within the scope of the exhibition, LiteForex distributed precious prizes and money certificates to company’s clients and guests. The exhibition informative program included a specialized course of lectures from LiteForex’s experts which acquainted the interested audience with the fundamentals of online-trading and the prospects of financial markets development.

Within the framework of the presentation, LiteForex’s management and specialists held an informational seminar whose visitors were the representatives of Online Forex Traders Association of Nigeria (OFTAN), students of trading schools (NETOSHI FOREX TRAINING INSTITUTE – NFTI), leaders of banks and financial organizations.

The attention of the seminar’s visitors was drawn to LiteForex’s innovative project – the MultiRebate service. Official program of the seminar proved to be useful and important for each participant. Interested visitors could familiarize themselves with full range of LiteForex’s services, receive professional advice of the company’s representatives, build up new partner relationship and discuss the current financial market situation. The amicable ambience of the seminar contributed to vivid dialogue: professional traders were sharing their personal experience and their own trading strategies with beginners.

The ceremony of awarding precious prizes to the winners of the Great Hundred regional contest crowned LiteForex’s presentation in the conference hall of Sheraton Lagos Hotel.

LiteForex group of companies received a prestigious award «Best Forex Broker in Nigeria 2010» according to the result of its regional activity and independent assessment of Online Forex Traders Association of Nigeria (OFTAN).

Kuala Lumpur, Malaysia – November 29, 2010. FXOpen, one of the world’s leading FOREX brokerage companies, is pleased to announce the results of the Myfxbook Trading Championship October 2010, sponsored by FXOpen. The contest with a $ 3500 prize award was conducted on ECN demo accounts during one month from October 25 to November 25, 2010.

FXOpen’s Myfxbook Trading Championship provided traders with an opportunity to show their skills and get rewarded for their superior trading results. Absolutely risk-free, the contest was a good chance to learn more about trading from the experience and examples of other participants.

The registration for FXOpen’s Myfxbook Trading Championship began on October 11, 2010, and lasted 2 weeks. During this period, more than 600 traders enrolled in the contest, and out of them there were 474 myfxbook users. The contest started on November 25, with an initial balance of $100,000.
At the end of the contest the three most profitable traders were announced as winners with the following results:

• 1st place: 4043.24%
• 2nd place: 2123.88%
• 3rd place: 968.64%

“We are glad to team up with Myfxbook to help our customers highlight their outstanding trading skills and gain more knowledge”, commented Ben Gates, FXOpen’s Chief Marketing Officer. “We hope that all participants learned from this experience and found it useful and helpful. We will be sponsoring many more competitions and events in the coming years as our core mission to promote forex awareness and improve traders’ trading skills”.

“First, I would like to thank the contest Organizers (FXOpen) and Myfxbook for making this Championship possible”, Melvin Maradak, the 1st place winner of the Myfxbook Trading Championship October 2010, shared his view of the contest. “This contest is a great platform for experienced and novice to test their trading strategies in a public global environment. I’m very glad to be a prize-winner. I’ve been trading on Forex for only a year and a half and this small victory will motivate me for more in-depth trading study. Many thanks to the company for the provided opportunity!”

Please, find the list of top 10 winners here.

Kuala Lumpur, Malaysia – November 29, 2010. FXOpen, one of the world’s leading FOREX brokerage companies, is pleased to announce the results of the Myfxbook Trading Championship October 2010, sponsored by FXOpen. The contest with a $ 3500 prize award was conducted on ECN demo accounts during one month from October 25 to November 25, 2010.

FXOpen’s Myfxbook Trading Championship provided traders with an opportunity to show their skills and get rewarded for their superior trading results. Absolutely risk-free, the contest was a good chance to learn more about trading from the experience and examples of other participants.

The registration for FXOpen’s Myfxbook Trading Championship began on October 11, 2010, and lasted 2 weeks. During this period, more than 600 traders enrolled in the contest, and out of them there were 474 myfxbook users. The contest started on November 25, with an initial balance of $100,000.
At the end of the contest the three most profitable traders were announced as winners with the following results:

• 1st place: 4043.24%
• 2nd place: 2123.88%
• 3rd place: 968.64%

“We are glad to team up with Myfxbook to help our customers highlight their outstanding trading skills and gain more knowledge”, commented Ben Gates, FXOpen’s Chief Marketing Officer. “We hope that all participants learned from this experience and found it useful and helpful. We will be sponsoring many more competitions and events in the coming years as our core mission to promote forex awareness and improve traders’ trading skills”.

“First, I would like to thank the contest Organizers (FXOpen) and Myfxbook for making this Championship possible”, Melvin Maradak, the 1st place winner of the Myfxbook Trading Championship October 2010, shared his view of the contest. “This contest is a great platform for experienced and novice to test their trading strategies in a public global environment. I’m very glad to be a prize-winner. I’ve been trading on Forex for only a year and a half and this small victory will motivate me for more in-depth trading study. Many thanks to the company for the provided opportunity!”

Please, find the list of top 10 winners here.

Forex forecast: MACD indicator is in the negative area for the pair AUD/USD however it started to go up, giving grounds for a pair buy signal. Stochastic Oscillator is giving a similar signal today, being in the neutral zone.

Forex recommendations: considering that bullish sentiments for the pair will probably intensify, and in case of breakdown at the level of 0.9830, buyers’ targets today will be the levels of 0.9860 and 0.9900.

The following Australian data was released today:
– Volume of complete construction in QIII declined by 2.1% against the growth forecast by 2.0%;
– Leading indicators index CB decreased by 0.1% in September against +0.2% in August.

In general, statistics today did not give rise to optimism. Current growth was caused entirely by the markets participants’ belief that the last events in Ireland and South Korea do not annul global economy recovery.

Chief newsmaker for Australia is China – the country has increased the level of reserve requirements for the banks for the fifth time this year, which suggests that the Celestial Empire intends to raise the level of the interest rate in the future. This is a negative signal for Australia and AUD.
According to the average forecast of economists and analytics the RBA is unlikely to raise interest rate before QIV of 2011. Current level of the interest rate is 4.75% per annum. The Australian Minister of Finance updated its budget forecast this week. Thus, GDP in 2011 is expected to be at the level of 3.5% (growth), in 2012 – 3.75% (unchanged). Net debt will amount to 6.4% by 2012. As for the employment sector- unemployment rate is expected to be at the level of 4.75% in 2011 and at the level of 4.5% in 2012.

Forex forecast: MACD indicator is in the negative area for the pair USD/JPY and it goes down which gives a pair sell signal. Stochastic Oscillator is giving a pair buy signal today, being in the neutral zone.

Forex recommendations: off the market.

Feasible event scenario at Forex: in case of breakdown at the level of 83.30 the pair will go to 83.50 and 83.95. If the level of 82.80 is exceeded, traders’ targets will be the levels of 82.50 and 82.10.

Markets in Japan were closed yesterday due to the holiday in the country.

The Bank of Japan maintained interest rate in the target range of 0-0.1% per annum; at the last meeting the Bank of Japan  announced the purchase of the mortgage investment trusts with the rating not lower than AA. As was noted earlier in accordance with the Bank of Japan expectations, domestic economy will revert to the moderate growth path in 2011; while average forecast of basic inflation amounts to 0.4% so far. Average forecast of the real level of GDP for the next fiscal year is at the level of +2.1% against the forecast of 2.6% in June. The head of the Bank Mr. Chirakawa noted that they will carry out monetary policy easing more actively than it was before, as the economy follows the way of development.

Japanese Finance Minister Mr. Noda stressed earlier that authorities intend to take decisive measures when required and if the Yen starts to grow rapidly. He also noted that the Bank of Japan shall provide full support to the country’s economy.

Noda also expressed hope that consumer prices in Japan will begin to grow in the new fiscal year which starts in April 2012. In general, the situation in Japanese economy remains unchanged, since attention of the monetary authorities is focused on the anti-deflation move and on the support to economy.

Forex forecast: MACD indicator is in the positive area for the pair USD/CHF and it goes up, giving a pair buy signal. Stochastic oscillator has not formed a clear signal today, being in the overbought zone.

Forex recommendations: off the market.

Feasible event scenario at Forex: in case of breakdown at the level of 1.0000 the pair will go to 1.0050 and 1.0085. If the level of 0.9925 is exceeded traders’ targets will become the levels of 0.9900 and 0.9870.

Philipp Hilderbrand, the head of Swiss National Bank, said today that his belief in the stability of Eurozone remains unchanged. In his view, European leaders are able to adopt measures to restore financial stability which, in its turn, will reduce pressure on the CHF“. “I am convinced that European Union and Eurozone will cope with challenges. Stability of the Eurozone is an important factor which affects the Franc and economy.” –he emphasized in his speech.  

The CHF rose by 11% against the Euro since the beginning of the year because of financial problems in Eurozone. Hilderbrand also noted in the middle of the week that the regulator of Switzerland is still focused on the maintaining levels of price stability in the country while the Bank is ready to take the extreme measures if the need arises. It became known earlier that Swiss surplus of trade balance increased to 2.102 billion francs in October while a month earlier the index amounted to 1.690 billion francs.
 
Note that situation in Ireland can be favourable for the Franc – if investors continue to avoid risks, stability of the CHF will encourage its   growth.
The next meeting of National bank of Switzerland is scheduled for 16 December.