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CURRENCY TRADING SUMMARY –13 MARCH 07 (23:30GMT)
- U.S. Dollar Trading (USD) softened against all other majors on Monday as the confident Non-farm payrolls figure of last Friday began to lose its appeal amongst investors, who continued to weigh recent volatile conditions where global stocks tumbled and the yen rallied sharply. In US share markets, the NASDAQ rose by 14.74 points (0.62%) whilst the Dow Jones, 42.3 points (0.34%). Crude oil rose by US$0.05 a barrel to US$58.96. Looking ahead, Retail Sales (core) is set for release later on today with expectations of 0.3% same as the previous month.
- The Euro (EUR) strengthened against the Dollar on the back of poor economic data expected out of the US later on this week, as well as the EURJPY continuing to push higher. Overall, the Euro traded with a low of 1.3110 and a high 1.3202 before closing at 1.3188 in the New York session. Looking ahead, key data in the form of the German ZEW survey is scheduled for release today with markets expecting a figure of 3.3 for the month of March up on the previous 2.9.
- The Japanese Yen (JPY) strengthened on Tuesday against the USD. The yen rose as government bond yields fell on Monday, a sign that investors comfort with being in riskier, higher-yielding trades remained erratic ahead of U.S. economic data this week. Further more, relatively strong data out of Japan aided to the rally with GDP (Q4) confirmed at 1.3% and the Current Account Balance slightly higher at 49%. Overall, the JPY traded with a low of 117.27 and a high of 118.50 before closing the day at 117.61 in the New York session
- The Sterling (GBP) fell against the yen and Euro on Monday as appetite for risk evaporated and fresh concerns on the health of the U.S. housing market caused investors to exit sterling supportive carry trades. Following a strong PPI number (highest monthly increase since July 2006 in February at 1.3 percent, well above the 0.6 percent consensus forecast) the GBP rallied to a high of 1.9433 but surrendered gains following a GBPJPY sell off reaching lows of 1.9253 before closing the day at 1.9317 in the New York session. Looking ahead, RICS House Prices Balance (Feb) with expectations at 25 down on the previous 28, whilst Trade Balance is also out with expectations at -6.9 bln stronger than the previous -7.14 bln.
- The Australian Dollar (AUD) continued to strengthen on Monday despite investors looking to exit high yielding carry trades. Overall the AUD traded with a low of 0.7798 and a high of 0.7856 before closing at near day highs of 0.7853 in the New York session.
- Gold (XAU) traded in a wide and volatile range trading with a low 645.80 and a high of 654.00. Overall, the gold dropped by US$0.50 to US$651.50 an ounce.
- The South African Rand (ZAR) Solid U.S. jobs data had rejuvenated carry-trades on Friday, but currencies like the Euro, which the rand closely tracks given South Africa‘s close trading links with the European Union, retreated against the yen on Monday in a sign that investors remained somewhat risk-averse. After rallying in the first half of the day, the USDZAR retreated in the second half to European market opening level. Overall the ZAR traded with a low of 7.2865 and a high of 7.3785
TECHNICAL COMMENTARY
| Currency |
Sup 2 |
Sup 1 |
Spot |
Res 1 |
Res 2 |
| EUR/USD |
1.3072 |
1.3108 |
1.3185 |
1.3213 |
1.3261 |
| USD/JPY |
115.55 |
117.08 |
117.65 |
118.50 |
118.68 |
| GBP/USD |
1.9184 |
1.9252 |
1.9315 |
1.9435 |
1.9450 |
| AUD/USD |
0.7739 |
0.7768 |
0.7855 |
0.7868 |
0.7885 |
| XAU/USD |
633.00 |
643.00 |
648.55 |
658.10 |
659.65 |
Initial support at 1.3108 (Mar 12 low) followed by 1.3072 (Mar 5 low). Initial resistance is now located at 1.3213 (Mar 5 high) followed by 1.3261 (Feb 27 high).
Initial support is located at 117.08 (Mar 9 low) followed by 115.55 (Mar 8 low). Initial resistance is now at 118.50 (Mar 12 high) followed by 118.68 (50% retracement of the 122.2 to 115.15 decline)
Initial support at 1.9252 (Mar 12 low) followed by 1.9184 (Mar 5 low). Initial resistance is now at 1.9435 (Mar 12 high) followed by 1.9450 (Mar 5 high)
- Australian Dollar – 0.7855
Initial support at 0.7768 (Mar 9 low) followed by 0.7739 (Mar 7 low). Initial resistance is now at 0.7868 (Mar 12 high) followed by 0.7885 (61.8% retracement of the 0.7948 to 0.7680 decline)
Initial support at 643.00 (Mar 7 low) followed by 633.00 (Mar 6 low). Initial resistance is now at 658.10 (Mar 9 high) followed by 659.65 (Feb 27 low).
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<p style="margin: 0in 0in 0pt tab-stops: 114.0pt center 3.0in"><b><span style="color: blue mso-bidi-font-family: arial"><font size=2><font face=arial>Strong data out of <st1:country-region w_st="on"><place w_st="on">Japan</place></st1:country-region> added to unwinding of carry trades a cause for Yen strength. US Retail Sales and German ZEW survey set for release.<span style="mso-spacerun: yes"> </span></p>
<p></font></font></span></b></p>
<p style="margin: 0in 0in 0pt tab-stops: 114.0pt center 3.0in"><b><span style="color: blue mso-bidi-font-family: arial"></p>
<p><font face=arial size=2> </font></p>
<p></span></b></p>
<p style="margin: 0in 0in 0pt tab-stops: 114.0pt center 3.0in"><b><span style="color: blue mso-bidi-font-family: arial"><font size=2><font face=arial><span style="mso-tab-count: 1"> </span><span style="mso-tab-count: 1"> </span></p>
<p></font></font></span></b></p>
<p style="margin: 0in 0in 0pt"><font size=2><font face=arial><b><span style="color: blue mso-bidi-font-family: arial">CURRENCY TRADING SUMMARY – 13 MARCH 07 (23:30GMT)<br /><span style="mso-tab-count: 3"> </span></span></b><span style="color: blue mso-bidi-font-family: arial"></p>
<p></span></font></font></p>
<ul style="margin-top: 0in" type=disc>
<li style="margin: 0in 0in 0pt text-align: justify tab-stops: list .5in mso-list: l1 level1 lfo2"><font size=2><font face=arial><b><u><span style="color: blue mso-bidi-font-family: arial">U.S. Dollar Trading (USD</span></u></b><u><span style="color: blue mso-bidi-font-family: arial mso-bidi-font-weight: bold">)</span></u><span style="mso-bidi-font-family: arial"> softened against all other majors on Monday as the confident Non-farm payrolls figure of last Friday began to lose its appeal amongst investors, who <span style="mso-bidi-font-weight: bold">continued to weigh recent volatile conditions where global stocks tumbled and the yen rallied sharply. In <st1:country-region w_st="on"><place w_st="on">US</place></st1:country-region> share markets, the NASDAQ rose by 14.74 points (0.62%) whilst the Dow Jones, 42.3 points (0.34%). Crude oil rose by US$0.05 a barrel to US$58.96. Looking ahead, Retail Sales (core) is set for release later on today with expectations of 0.3% same as the previous month.</span><span style="mso-spacerun: yes"> </span><span style="mso-spacerun: yes"> </span><span style="mso-spacerun: yes"> </span></span></font></font></li>
</ul>
<p style="margin: 0in 0in 0pt 0.25in text-align: justify">
<p><font face=arial size=2> </font></p>
</p>
<ul style="margin-top: 0in" type=disc>
<li style="margin: 0in 0in 0pt text-align: justify tab-stops: list .5in mso-list: l1 level1 lfo2"><font size=2><font face=arial><b><u><span style="color: blue mso-bidi-font-family: arial">The Euro (EUR)</span></u></b><b><span style="color: black mso-bidi-font-family: arial"> </span></b><span style="color: black mso-bidi-font-family: arial mso-bidi-font-weight: bold">strengthened against the Dollar on the back of poor economic data expected out of the <st1:country-region w_st="on"><place w_st="on">US</place></st1:country-region> later on this week, as well as the EURJPY continuing to push higher. Overall, the Euro traded with a low of 1.3110 and a high 1.3202 before closing at 1.3188 in the <state w_st="on"><place w_st="on">New York</place></state> session. Looking ahead, key data in the form of the German ZEW survey is scheduled for release today with markets expecting a figure of 3.3 for the month of March up on the previous 2.9. </span></font></font></li>
</ul>
<p style="margin: 0in 0in 0pt text-align: justify"><b><u><span style="color: blue mso-bidi-font-family: arial"></p>
<p><span style="text-decoration: none"><font face=arial size=2> </font></span></p>
<p></span></u></b></p>
<ul style="margin-top: 0in" type=disc>
<li style="margin: 0in 0in 0pt text-align: justify tab-stops: list .5in mso-list: l1 level1 lfo2"><font size=2><font face=arial><b><u><span style="color: blue mso-bidi-font-family: arial">The Japanese Yen (JPY)</span></u></b><b><span style="mso-bidi-font-family: arial"> </span></b><span style="mso-bidi-font-family: arial mso-bidi-font-weight: bold">strengthened on Tuesday against the USD. </span>The yen rose as government bond yields fell on Monday, a sign that investors comfort with being in riskier, higher-yielding trades remained erratic ahead of <st1:country-region w_st="on"><place w_st="on">U.S.</place></st1:country-region> economic data this week. Further more, relatively strong data out of <st1:country-region w_st="on"><place w_st="on">Japan</place></st1:country-region> aided to the rally with GDP (Q4) confirmed at 1.3% and the Current Account Balance slightly higher at 49%. Overall, the JPY traded with a low of 117.27 and a high of 118.50 before closing the day at 117.61 in the <state w_st="on"><place w_st="on">New York</place></state> session </font></font></li>
</ul>
<p style="margin: 0in 0in 0pt text-align: justify">
<p><font face=arial size=2> </font></p>
</p>
<ul style="margin-top: 0in" type=disc>
<li style="margin: 0in 0in 12pt text-align: justify tab-stops: list .5in mso-list: l0 level1 lfo1"><font size=2><font face=arial><b><u><span style="color: blue mso-bidi-font-family: arial">The Sterling (GBP)</span></u></b><span style="mso-bidi-font-family: arial"> </span>fell against the yen and Euro on Monday as appetite for risk evaporated and fresh concerns on the health of the <st1:country-region w_st="on"><place w_st="on">U.S.</place></st1:country-region> housing market caused investors to exit sterling supportive carry trades. Following a strong PPI number (<span style="mso-bidi-font-family: arial">highest monthly increase since July <metricconverter w_st="on" productid="2006 in">2006 in</metricconverter> February at 1.3 percent, well above the 0.6 percent consensus forecast)</span> the GBP rallied to a high of 1.9433 but surrendered gains following a GBPJPY sell off reaching lows of 1.9253 before closing the day at 1.9317 in the New York session. Looking ahead, RICS House Prices Balance (Feb) with expectations at 25 down on the previous 28, whilst Trade Balance is also out with expectations at -6.9 bln stronger than the previous -7.14 bln.<span style="mso-spacerun: yes"> </span></font></font></li>
<li style="margin: 0in 0in 12pt text-align: justify tab-stops: list .5in mso-list: l0 level1 lfo1"><font size=2><font face=arial><b><u><span style="color: blue mso-bidi-font-family: arial">The Australian Dollar (AUD)</span></u></b><span style="color: blue mso-bidi-font-family: arial mso-bidi-font-weight: bold"> </span><span style="mso-bidi-font-family: arial mso-bidi-font-weight: bold">continued to strengthen on Monday despite investors looking to exit high yielding carry trades. Overall the AUD traded with a low of 0.7798 and a high of 0.7856 before closing at near day highs of 0.7853 in the <state w_st="on"><place w_st="on">New York</place></state> session.<span style="mso-spacerun: yes"> </span></span><span style="font-size: 12pt mso-bidi-font-family: arial">
</p>
<p></span></font></font></li>
<li style="margin: 0in 0in 12pt text-align: justify tab-stops: list .5in mso-list: l0 level1 lfo1"><font size=2><font face=arial><b><u><span style="color: blue mso-bidi-font-family: arial">Gold (XAU)</span></u></b><span style="mso-bidi-font-family: arial mso-bidi-font-weight: bold"> traded in a wide and volatile range trading with a low 645.80 and a high of 654.00. Overall, the gold dropped by US$0.50 to US$651.50 an ounce.<span style="mso-spacerun: yes"> </span></span><span style="font-size: 12pt mso-bidi-font-family: arial">
</p>
<p></span></font></font></li>
<li style="margin: 0in 0in 12pt text-align: justify tab-stops: list .5in mso-list: l0 level1 lfo1"><font size=2><font face=arial><b><u><span style="color: blue mso-bidi-font-family: arial">The South African Rand (ZAR) </span></u></b>Solid <st1:country-region w_st="on">U.S.</st1:country-region> jobs data had rejuvenated carry-trades on Friday, but currencies like the Euro, which the rand closely tracks given <st1:country-region w_st="on"><place w_st="on">South Africa</place></st1:country-region>‘s close trading links with the European Union, retreated against the yen on Monday in a sign that investors remained somewhat risk-averse. After rallying in the first half of the day, the USDZAR retreated in the second half to European market opening level. Overall the ZAR traded with a low of 7.2865 and a high of 7.3785</font></font></li>
</ul>
<p style="margin: 0in 0in 12pt text-align: justify tab-stops: list .5in mso-list: l0 level1 lfo1"><font face=arial size=2></font> </p>
<p><font face=arial size=2> </p>
<p style="margin: 0in 0in 0pt text-align: justify tab-stops: 150.75pt 178.5pt"><b><span style="color: blue mso-bidi-font-family: arial">TECHNICAL COMMENTARY<span style="mso-tab-count: 1"> </span><span style="mso-tab-count: 1"> </span></p>
<p></span></b></p>
<p style="margin: 0in 0in 0pt text-align: justify tab-stops: 48.0pt 71.25pt center 3.0in"><b><span style="color: blue mso-bidi-font-family: arial"><span style="mso-tab-count: 1"> </span><span style="mso-tab-count: 1"> </span><span style="mso-tab-count: 1"> </span></p>
<p></span></b></p>
<p style="margin: 0in 0in 0pt text-align: justify"><b><span style="color: blue mso-bidi-font-family: arial"><span style="mso-tab-count: 1"> </span></span></b><b><span style="mso-bidi-font-family: arial"></p>
<p></span></b></p>
<p style="margin: 0in 0in 0pt text-align: justify"><b><span style="mso-bidi-font-family: arial"><span style="mso-tab-count: 1"> </span><shapetype id=_x0000_t75 coordsize="21600,21600" o_spt="75" o_preferrelative="t" path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f"><stroke joinstyle="miter"></stroke><formulas><f eqn="if linedrawn pixellinewidth 0"></f><f eqn="sum @0 1 0"></f><f eqn="sum 0 0 @1"></f><f eqn="prod @2 1 2"></f><f eqn="prod @3 21600 pixelwidth"></f><f eqn="prod @3 21600 pixelheight"></f><f eqn="sum @0 0 1"></f><f eqn="prod @6 1 2"></f><f eqn="prod @7 21600 pixelwidth"></f><f eqn="sum @8 21600 0"></f><f eqn="prod @7 21600 pixelheight"></f><f eqn="sum @10 21600 0"></f></formulas><path o_extrusionok="f" gradientshapeok="t" o_connecttype="rect"></path><lock v_ext="edit" aspectratio="t"></lock></shapetype> </p>
<table style="width: 288pt border-collapse: collapse" cellspacing=0 cellpadding=0 width=384 border=0 x:str>
<colgroup>
<col style="width: 48pt" span=6 width=64>
<tbody>
<tr style="height: 12pt" height=16>
<td class=xl25 style="border-right: #ece9d8 border-top: windowtext 0.5pt solid border-left: #ece9d8 width: 48pt border-bottom: windowtext 1pt solid height: 12pt background-color: white" width=64 height=16><font size=2><strong>Currency</strong></font></td>
<td class=xl32 style="border-right: #ece9d8 border-top: windowtext 0.5pt solid border-left: #ece9d8 width: 48pt border-bottom: windowtext 1pt solid background-color: white" width=64><font color=#800080 size=2><strong>Sup 2</strong></font></td>
<td class=xl32 style="border-right: #ece9d8 border-top: windowtext 0.5pt solid border-left: #ece9d8 width: 48pt border-bottom: windowtext 1pt solid background-color: white" width=64><font color=#800080 size=2><strong>Sup 1</strong></font></td>
<td class=xl26 style="border-right: #ece9d8 border-top: windowtext 0.5pt solid border-left: #ece9d8 width: 48pt border-bottom: windowtext 1pt solid background-color: white" width=64><font color=#0000ff size=2><strong>Spot</strong></font></td>
<td class=xl29 style="border-right: #ece9d8 border-top: windowtext 0.5pt solid border-left: #ece9d8 width: 48pt border-bottom: windowtext 1pt solid background-color: white" width=64><font color=#ff0000 size=2><strong>Res 1</strong></font></td>
<td class=xl29 style="border-right: #ece9d8 border-top: windowtext 0.5pt solid border-left: #ece9d8 width: 48pt border-bottom: windowtext 1pt solid background-color: white" width=64><font color=#ff0000 size=2><strong>Res 2</strong></font></td>
</tr>
<tr style="height: 12.75pt" height=17>
<td class=xl24 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 height: 12.75pt background-color: white" height=17><strong><font size=2>EUR/USD</font></strong></td>
<td class=xl33 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.3071999999999999"><font color=#800080 size=2>1.3072</font></td>
<td class=xl33 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.3108"><font color=#800080 size=2>1.3108</font></td>
<td class=xl27 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.3185"><font color=#0000ff size=2>1.3185</font></td>
<td class=xl30 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.3212999999999999"><font color=#ff0000 size=2>1.3213</font></td>
<td class=xl30 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.3261000000000001"><font color=#ff0000 size=2>1.3261</font></td>
</tr>
<tr style="height: 12.75pt" height=17>
<td class=xl24 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 height: 12.75pt background-color: white" height=17><strong><font size=2>USD/JPY</font></strong></td>
<td class=xl34 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#800080 size=2>115.55</font></td>
<td class=xl34 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#800080 size=2>117.08</font></td>
<td class=xl28 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#0000ff size=2>117.65</font></td>
<td class=xl31 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#ff0000 size=2>118.50</font></td>
<td class=xl31 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#ff0000 size=2>118.68</font></td>
</tr>
<tr style="height: 12.75pt" height=17>
<td class=xl24 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 height: 12.75pt background-color: white" height=17><strong><font size=2>GBP/USD</font></strong></td>
<td class=xl33 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.9184000000000001"><font color=#800080 size=2>1.9184</font></td>
<td class=xl33 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.9252"><font color=#800080 size=2>1.9252</font></td>
<td class=xl27 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.9315"><font color=#0000ff size=2>1.9315</font></td>
<td class=xl30 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.9435"><font color=#ff0000 size=2>1.9435</font></td>
<td class=xl30 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.9450000000000001"><font color=#ff0000 size=2>1.9450</font></td>
</tr>
<tr style="height: 12.75pt" height=17>
<td class=xl24 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 height: 12.75pt background-color: white" height=17><strong><font size=2>AUD/USD</font></strong></td>
<td class=xl33 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="0.77390000000000003"><font color=#800080 size=2>0.7739</font></td>
<td class=xl33 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="0.77680000000000005"><font color=#800080 size=2>0.7768</font></td>
<td class=xl27 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="0.78549999999999998"><font color=#0000ff size=2>0.7855</font></td>
<td class=xl30 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="0.78680000000000005"><font color=#ff0000 size=2>0.7868</font></td>
<td class=xl30 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="0.78849999999999998"><font color=#ff0000 size=2>0.7885</font></td>
</tr>
<tr style="height: 13.5pt" height=18>
<td class=xl24 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 height: 13.5pt background-color: white" height=18><strong><font size=2>XAU/USD</font></strong></td>
<td class=xl34 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#800080 size=2>633.00</font></td>
<td class=xl34 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#800080 size=2>643.00</font></td>
<td class=xl28 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#0000ff size=2>648.55</font></td>
<td class=xl31 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#ff0000 size=2>658.10</font></td>
<td class=xl31 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#ff0000 size=2>659.65</font></td>
</tr>
</tbody>
</table>
<p></span></b></p>
<p style="margin: 0in 0in 0pt text-align: justify"><span style="mso-bidi-font-family: arial"><span style="mso-tab-count: 1"> </span></p>
<p></span></p>
<p style="margin: 0in 0in 0pt text-align: justify"><span style="color: blue mso-bidi-font-family: arial"></p>
<p> </p>
<p></span></p>
<ul style="margin-top: 0in" type=disc>
<li style="margin: 0in 0in 0pt text-align: justify tab-stops: list .5in mso-list: l0 level1 lfo5"><b><u><span style="color: blue mso-bidi-font-family: arial">Euro 1.3185</span></u></b><u><span style="mso-bidi-font-family: arial">
</p>
<p></span></u></li>
</ul>
<p style="margin: 0in 0in 0pt 0.5in text-align: justify tab-stops: list .5in"><span style="color: black mso-bidi-font-family: arial">Initial support at 1.3108 (Mar 12 low) followed by 1.3072 (Mar 5 low). Initial resistance is now located at 1.3213 (Mar 5 high) followed by 1.3261 (Feb 27 high). </span><span style="color: blue mso-bidi-font-family: arial"></p>
<p></span></p>
<p style="margin: 0in 0in 0pt 0.5in text-align: justify tab-stops: list .5in left 159.0pt"><span style="color: blue mso-bidi-font-family: arial"> <span style="mso-tab-count: 1"> </span></p>
<p></span></p>
<ul style="margin-top: 0in" type=disc>
<li style="margin: 0in 0in 0pt color: blue text-align: justify tab-stops: list .5in mso-list: l2 level1 lfo4"><b><u><span style="mso-bidi-font-family: arial">Yen 117.65</span></u></b><u><span style="mso-bidi-font-family: arial">
</p>
<p></span></u></li>
</ul>
<p style="margin: 0in 0in 0pt 0.5in text-align: justify tab-stops: list .5in"><span style="color: black mso-bidi-font-family: arial">Initial support is located at 117.08 (Mar 9 low) followed by 115.55 (Mar 8 low). Initial resistance is now at 118.50 (Mar 12 high) followed by 118.68 (50% retracement of the 122.2 to 115.15 decline) </p>
<p></span></p>
<p style="margin: 0in 0in 0pt 0.25in text-align: justify"><u><span style="mso-bidi-font-family: arial"></p>
<p><span style="text-decoration: none"> </span></p>
<p></span></u></p>
<ul style="margin-top: 0in" type=disc>
<li style="margin: 0in 0in 0pt text-align: justify tab-stops: list .5in mso-list: l4 level1 lfo3"><b><u><span style="color: blue mso-bidi-font-family: arial">Pound – 1.9315</span></u></b><u><span style="mso-bidi-font-family: arial">
</p>
<p></span></u></li>
</ul>
<p style="margin: 0in 0in 0pt 0.5in text-align: justify tab-stops: list .5in"><span style="color: black mso-bidi-font-family: arial">Initial support at 1.9252 (Mar 12 low) followed by 1.9184 (Mar 5 low). Initial resistance is now at 1.9435 (Mar 12 high) followed by 1.9450 (Mar 5 high) </p>
<p></span></p>
<p style="margin: 0in 0in 0pt 0.25in text-align: justify"><u><span style="mso-bidi-font-family: arial"></p>
<p><span style="text-decoration: none"> </span></p>
<p></span></u></p>
<ul style="margin-top: 0in" type=disc>
<li style="margin: 0in 0in 0pt text-align: justify tab-stops: list .5in mso-list: l1 level1 lfo2"><b><u><span style="color: blue mso-bidi-font-family: arial">Australian Dollar – 0.7855</span></u></b><u><span style="mso-bidi-font-family: arial">
</p>
<p></span></u></li>
</ul>
<p style="margin: 0in 0in 0pt 0.5in text-align: justify tab-stops: list .5in"><span style="color: black mso-bidi-font-family: arial">Initial support at 0.7768 (Mar 9 low) followed by 0.7739 (Mar 7 low). Initial resistance is now at 0.7868 (Mar 12 high) followed by 0.7885 (61.8% retracement of the 0.7948 to 0.7680 decline) </p>
<p></span></p>
<p style="margin: 0in 0in 0pt 0.5in text-align: justify tab-stops: list .5in"><span style="color: black mso-bidi-font-family: arial"><span style="mso-spacerun: yes"> </span></p>
<p></span></p>
<ul style="margin-top: 0in" type=disc>
<li style="margin: 0in 0in 0pt text-align: justify tab-stops: list .5in mso-list: l3 level1 lfo1"><b><u><span style="color: blue mso-bidi-font-family: arial">Gold – 648.55</span></u></b><u><span style="mso-bidi-font-family: arial">
</p>
<p></span></u></li>
</ul>
<p style="margin: 0in 0in 0pt 0.5in text-align: justify tab-stops: list .5in"><span style="color: black mso-bidi-font-family: arial">Initial support at 643.00 (Mar 7 low) followed by 633.00 (Mar 6 low). Initial resistance is now at 658.10 (Mar 9 high) followed by 659.65 (Feb 27 low). </span><span style="mso-bidi-font-family: arial"><span style="mso-spacerun: yes"> </span></p>
<p></span></p>
<p></font> ]]><![CDATA[</p>
<p style="margin: 0in 0in 0pt text-align: justify tab-stops: 358.5pt"><b style="mso-bidi-font-weight: normal"><span style="font-size: 11pt color: blue mso-bidi-font-family: arial"><font face=arial>RBA and BoE keep interest rates on hold, as RBNZ and ECB decide to hike. Strong Non Farm Payrolls and Trade balance out of US, as Japanese Yen carry trade phenomena returns. Another Heavy data week for the <st1:country-region w_st="on"><place w_st="on">US</place></st1:country-region> expected. </p>
<p></font></span></b></p>
<p style="margin: 0in 0in 0pt tab-stops: 358.5pt"><b style="mso-bidi-font-weight: normal"><span style="font-size: 11pt color: blue mso-bidi-font-family: arial"><font face=arial><span style="mso-tab-count: 1"> </span></p>
<p></font></span></b></p>
<p style="margin: 0in 0in 0pt tab-stops: 253.5pt"><b style="mso-bidi-font-weight: normal"><span style="font-size: 11pt color: blue mso-bidi-font-family: arial"><font face=arial>12/03/07<span style="mso-tab-count: 1"> </span></p>
<p></font></span></b></p>
<p style="margin: 0in 0in 0pt"><b style="mso-bidi-font-weight: normal"><span style="font-size: 11pt color: blue mso-bidi-font-family: arial"><br /></span></b><b style="mso-bidi-font-weight: normal"><u><span style="color: blue font-variant: small-caps mso-bidi-font-family: arial"><font size=2><font face=arial>last week’s currency trading review</p>
<p></font></font></span></u></b></p>
<p style="margin: 0in 0in 0pt"><b style="mso-bidi-font-weight: normal"><span style="color: blue font-variant: small-caps mso-bidi-font-family: arial"></p>
<p><font face=arial size=2> </font></p>
<p></span></b></p>
<p style="margin: 0in 0in 0pt text-align: justify"><font size=2><font face=arial><b style="mso-bidi-font-weight: normal"><span style="mso-bidi-font-family: arial">The Dollar </span></b><span style="mso-bidi-font-family: arial">experienced a relatively heavy data week beginning with Non-manufacturing ISM released on Monday. The actual figure was released at 54.3 down on the expected 57.5. On Thursday, the highlight of US Treasury Secretary Paulson trip to Asia was his address to the <city w_st="on"><place w_st="on">Shanghai</place></city> stock exchange, where he advised that the Chinese open up financial markets in the hope to move away from a nation of low cost manufactured goods. However it was Friday that most interest surrounded the <st1:country-region w_st="on"><place w_st="on">US</place></st1:country-region> markets with the release of key data. Beginning with the Unemployment rate, which came in slightly better than expected at 4.5%. Furthermore, the Trade balance was also made public with a narrowing of the deficit coming in near consensus at -59.12 bln. Finally the Non-Farm payrolls which was also made public on Friday, was released just under expectations, coming in at 97k however the previous was revised higher at 146k (from 111k). <b style="mso-bidi-font-weight: normal">The Euro </b>released the GDP (Q4) on Tuesday with the result being as expected at 0.9%. In Further news, the highlight of the Euro zones week was the ECB interest rate hike on Thursday to 3.75 % as expected. However, it was accompanying statements made by President Trichet usage of the phrase ‘accommodative side’ indicated a non-hawkish attitude by the ECB. The Euro closed last week at 1.3113 having opened at 1.3165. <b style="mso-bidi-font-weight: normal">The Japanese Yen </b>had a relatively quiet week in terms of data, yet was very much a presence in the market as the beginning of the week saw the ongoing unwinding of carry trades cause Yen weakness, up until investors re-entered risky bets on following the global stock rebound. The JPY closed last week at 118.08 having opened at 116.81. <b style="mso-bidi-font-weight: normal">The GBP </b>main focus surrounded the BoE interest rate announcement on Thursday where it was decided to keep rates on hold. The GBP closed last week at 1.9318 having opened at 1.9432. <b style="mso-bidi-font-weight: normal">The AUD </b>began its data week with the release of the Trade Balance coming in better than expected at -0.876 bln on Tuesday. Further more on Wednesday the RBA decided to keep interest rates unchanged whilst the GDP also came in strong at 1.0%. Overall the AUD closed last week at 0.7797 having opened at 0.7818. </p>
<p></span></font></font></p>
<p style="margin: 0in 0in 0pt text-align: justify"><span style="mso-bidi-font-family: arial"></p>
<p><font face=arial size=2> </font></p>
<p></span></p>
<p style="margin: 0in 0in 0pt text-align: justify"><span style="mso-bidi-font-family: arial"><font size=2><font face=arial><span style="mso-spacerun: yes"> </span></p>
<p></font></font></span></p>
<p style="margin: 0in 0in 0pt text-align: justify"><b style="mso-bidi-font-weight: normal"><u><span style="color: blue font-variant: small-caps mso-bidi-font-family: arial"><font size=2><font face=arial>The forex trading week preview</p>
<p></font></font></span></u></b></p>
<p style="margin: 0in 0in 0pt text-align: justify"><b style="mso-bidi-font-weight: normal"><u><span style="color: blue font-variant: small-caps mso-bidi-font-family: arial"></p>
<p><span style="text-decoration: none"><font face=arial size=2> </font></span></p>
<p></span></u></b></p>
<p style="margin: 0in 0in 0pt text-align: justify"><font size=2><font face=arial><b style="mso-bidi-font-weight: normal"><span style="mso-bidi-font-family: arial">In the States </span></b><span style="mso-bidi-font-family: arial">a heavy data week is once again expected, beginning with Retail Sales out on Tuesday, whilst Wednesday sees the release of Current Account Balance. The Empire State Manufacturing and TIC flows are both scheduled for release on Thursday. Finally, the trend continues on Friday with Core CPI, Industrial Production and the Michigan Sentiment Survey all made public. <b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style: normal">We will provide our previews and reviews of these data releases in the daily summary.</i></b></p>
<p></span></font></font></p>
<p style="margin: 0in 0in 0pt text-align: justify"><span style="mso-bidi-font-family: arial"><font size=2><font face=arial><span style="mso-spacerun: yes"> </span><span style="mso-spacerun: yes"> </span></p>
<p></font></font></span></p>
<p style="margin: 0in 0in 0pt text-align: justify"><span style="mso-bidi-font-family: arial"></p>
<p><font face=arial size=2> </font></p>
<p></span></p>
<p style="margin: 0in 0in 0pt text-align: justify"><font size=2><font face=arial><b style="mso-bidi-font-weight: normal"><span style="mso-bidi-font-family: arial">In the Eurozone </span></b><span style="mso-bidi-font-family: arial">begins its week on Tuesday with the release of Industrial Production and the German ZEW survey. ECB President Trichet is scheduled to speak in <city w_st="on"><place w_st="on">London</place></city> (Wednesday). ECB Monthly Bulletin and Core CPI are due for release on Thursday. <b style="mso-bidi-font-weight: normal">In the <place w_st="on"><st1:country-region w_st="on">UK</st1:country-region></place> </b>sees House Price Balance, and Trade Balance out on Tuesday. Whilst Wednesday finds the release Jobless claims and Average Earnings (incl. bonus) <b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style: normal">We will provide our previews and reviews of these data releases in the daily summary.</i></b></p>
<p></span></font></font></p>
<p style="margin: 0in 0in 0pt text-align: justify"><span style="mso-bidi-font-family: arial"></p>
<p><font face=arial size=2> </font></p>
<p></span></p>
<p style="margin: 0in 0in 0pt text-align: justify"><span style="mso-bidi-font-family: arial"></p>
<p><font face=arial size=2> </font></p>
<p></span></p>
<p style="margin: 0in 0in 0pt text-align: justify"><font size=2><font face=arial><b style="mso-bidi-font-weight: normal"><span style="mso-bidi-font-family: arial">In <place w_st="on"><st1:country-region w_st="on">Japan</st1:country-region></place> </span></b><span style="mso-bidi-font-family: arial">sees a frantic beginning to the week. GDP, Current Account and Trade Balance are all out on Monday. It is expected to ease with only Industrial Production (Wednesday) to follow.<span style="mso-spacerun: yes"> </span><b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style: normal">We will provide our previews and reviews of these data releases in the daily summary.</i></b></p>
<p></span></font></font></p>
<p style="margin: 0in 0in 0pt text-align: justify"><span style="mso-bidi-font-family: arial"></p>
<p><font face=arial size=2> </font></p>
<p></span></p>
<p style="margin: 0in 0in 0pt text-align: justify"><span style="mso-bidi-font-family: arial"><font size=2><font face=arial><span style="mso-spacerun: yes"> </span><span style="mso-spacerun: yes"> </span></p>
<p></font></font></span></p>
<p style="margin: 0in 0in 0pt text-align: justify"><font size=2><font face=arial><b style="mso-bidi-font-weight: normal"><span style="mso-bidi-font-family: arial">In <st1:country-region w_st="on"><place w_st="on">Australia</place></st1:country-region> </span></b><span style="mso-bidi-font-family: arial"> a significantly quiet week is expected with only the Unemployment rate on Thursday expected to create any interest. <b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style: normal">We will provide our previews and reviews of these data releases in the daily summary.</i></b></span></font></font></p>
<p style="margin: 0in 0in 0pt text-align: justify"><font size=2><font face=arial><span style="mso-bidi-font-family: arial"><strong><em></em></strong></span></font></font> </p>
<p style="margin: 0in 0in 0pt text-align: justify"><font size=2><font face=arial><span style="mso-bidi-font-family: arial"><strong><em></em></strong></span></font></font> </p>
<p><font size=2><font face=arial><span style="mso-bidi-font-family: arial"></p>
<p><p style="margin: 0in 0in 0pt text-align: justify tab-stops: 150.75pt 171.0pt"><b><span style="color: blue mso-bidi-font-family: arial">KEY WEEKLY PIVOT LEVELS<span style="mso-tab-count: 1"> </span><span style="mso-tab-count: 1"> </span></p>
<p></span></b></p>
<p style="margin: 0in 0in 0pt text-align: justify tab-stops: 48.0pt 102.0pt"><b><span style="color: blue mso-bidi-font-family: arial"><span style="mso-tab-count: 1"> </span><span style="mso-tab-count: 1"> </span></p>
<p></span></b></p>
<p style="margin: 0in 0in 0pt text-align: justify"><b><span style="color: blue mso-bidi-font-family: arial"><span style="mso-tab-count: 1"> </span></span></b><b><span style="mso-bidi-font-family: arial"></p>
<p></span></b></p>
<p style="margin: 0in 0in 0pt text-align: justify"><b><span style="mso-bidi-font-family: arial"><span style="mso-tab-count: 1"> </span><shapetype id=_x0000_t75 stroked="f" filled="f" path="m@4@5l@4@11@9@11@9@5xe" o_preferrelative="t" o_spt="75" coordsize="21600,21600"><stroke joinstyle="miter"></stroke><formulas><f eqn="if linedrawn pixellinewidth 0"></f><f eqn="sum @0 1 0"></f><f eqn="sum 0 0 @1"></f><f eqn="prod @2 1 2"></f><f eqn="prod @3 21600 pixelwidth"></f><f eqn="prod @3 21600 pixelheight"></f><f eqn="sum @0 0 1"></f><f eqn="prod @6 1 2"></f><f eqn="prod @7 21600 pixelwidth"></f><f eqn="sum @8 21600 0"></f><f eqn="prod @7 21600 pixelheight"></f><f eqn="sum @10 21600 0"></f></formulas><path o_connecttype="rect" gradientshapeok="t" o_extrusionok="f"></path><lock aspectratio="t" v_ext="edit"></lock></shapetype> </p>
<table style="width: 288pt border-collapse: collapse" cellspacing=0 cellpadding=0 width=384 border=0 x:str>
<colgroup>
<col style="width: 48pt" span=6 width=64>
<tbody>
<tr style="height: 12pt" height=16>
<td class=xl25 style="border-right: #ece9d8 border-top: windowtext 0.5pt solid border-left: #ece9d8 width: 48pt border-bottom: windowtext 1pt solid height: 12pt background-color: white" width=64 height=16><font size=2><strong>Currency</strong></font></td>
<td class=xl32 style="border-right: #ece9d8 border-top: windowtext 0.5pt solid border-left: #ece9d8 width: 48pt border-bottom: windowtext 1pt solid background-color: white" width=64><font color=#800080 size=2><strong>Sup 2</strong></font></td>
<td class=xl32 style="border-right: #ece9d8 border-top: windowtext 0.5pt solid border-left: #ece9d8 width: 48pt border-bottom: windowtext 1pt solid background-color: white" width=64><font color=#800080 size=2><strong>Sup 1</strong></font></td>
<td class=xl26 style="border-right: #ece9d8 border-top: windowtext 0.5pt solid border-left: #ece9d8 width: 48pt border-bottom: windowtext 1pt solid background-color: white" width=64><font color=#0000ff size=2><strong>Spot</strong></font></td>
<td class=xl29 style="border-right: #ece9d8 border-top: windowtext 0.5pt solid border-left: #ece9d8 width: 48pt border-bottom: windowtext 1pt solid background-color: white" width=64><font color=#ff0000 size=2><strong>Res 1</strong></font></td>
<td class=xl29 style="border-right: #ece9d8 border-top: windowtext 0.5pt solid border-left: #ece9d8 width: 48pt border-bottom: windowtext 1pt solid background-color: white" width=64><font color=#ff0000 size=2><strong>Res 2</strong></font></td>
</tr>
<tr style="height: 12.75pt" height=17>
<td class=xl24 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 height: 12.75pt background-color: white" height=17><strong><font size=2>EUR/USD</font></strong></td>
<td class=xl33 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.3016000000000001"><font color=#800080 size=2>1.3016</font></td>
<td class=xl33 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.3071999999999999"><font color=#800080 size=2>1.3072</font></td>
<td class=xl27 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.3120000000000001"><font color=#0000ff size=2>1.3120</font></td>
<td class=xl30 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.3212999999999999"><font color=#ff0000 size=2>1.3213</font></td>
<td class=xl30 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.3261000000000001"><font color=#ff0000 size=2>1.3261</font></td>
</tr>
<tr style="height: 12.75pt" height=17>
<td class=xl24 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 height: 12.75pt background-color: white" height=17><strong><font size=2>USD/JPY</font></strong></td>
<td class=xl34 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#800080 size=2>115.55</font></td>
<td class=xl34 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#800080 size=2>117.08</font></td>
<td class=xl28 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#0000ff size=2>118.35</font></td>
<td class=xl31 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#ff0000 size=2>118.68</font></td>
<td class=xl31 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#ff0000 size=2>118.88</font></td>
</tr>
<tr style="height: 12.75pt" height=17>
<td class=xl24 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 height: 12.75pt background-color: white" height=17><strong><font size=2>GBP/USD</font></strong></td>
<td class=xl33 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.9181999999999999"><font color=#800080 size=2>1.9182</font></td>
<td class=xl33 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.9184000000000001"><font color=#800080 size=2>1.9184</font></td>
<td class=xl27 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.9335"><font color=#0000ff size=2>1.9335</font></td>
<td class=xl30 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.9360999999999999"><font color=#ff0000 size=2>1.9361</font></td>
<td class=xl30 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.9450000000000001"><font color=#ff0000 size=2>1.9450</font></td>
</tr>
<tr style="height: 12.75pt" height=17>
<td class=xl24 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 height: 12.75pt background-color: white" height=17><strong><font size=2>AUD/USD</font></strong></td>
<td class=xl33 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="0.76800000000000002"><font color=#800080 size=2>0.7680</font></td>
<td class=xl33 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="0.77390000000000003"><font color=#800080 size=2>0.7739</font></td>
<td class=xl27 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="0.78100000000000003"><font color=#0000ff size=2>0.7810</font></td>
<td class=xl30 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="0.78159999999999996"><font color=#ff0000 size=2>0.7816</font></td>
<td class=xl30 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="0.78459999999999996"><font color=#ff0000 size=2>0.7846</font></td>
</tr>
<tr style="height: 13.5pt" height=18>
<td class=xl24 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 height: 13.5pt background-color: white" height=18><strong><font size=2>XAU/USD</font></strong></td>
<td class=xl34 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#800080 size=2>633.00</font></td>
<td class=xl34 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#800080 size=2>643.00</font></td>
<td class=xl28 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#0000ff size=2>649.35</font></td>
<td class=xl31 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#ff0000 size=2>657.86</font></td>
<td class=xl31 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x:num><font color=#ff0000 size=2>659.65</font></td>
</tr>
</tbody>
</table>
<p></span></b></p>
<p style="margin: 0in 0in 0pt text-align: justify"><span style="mso-bidi-font-family: arial"><span style="mso-tab-count: 1"> </span></p>
<p></span></p>
<p style="margin: 0in 0in 0pt text-align: justify"><span style="color: blue mso-bidi-font-family: arial"></p>
<p> </p>
<p></span></p>
<ul style="margin-top: 0in" type=disc>
<li style="margin: 0in 0in 0pt text-align: justify tab-stops: list .5in mso-list: l0 level1 lfo5"><b><u><span style="color: blue mso-bidi-font-family: arial">Euro 1.3120</span></u></b><u><span style="mso-bidi-font-family: arial">
</p>
<p></span></u></li>
</ul>
<p style="margin: 0in 0in 0pt 0.5in text-align: justify tab-stops: list .5in"><span style="color: black mso-bidi-font-family: arial">Initial support at 1.3072 (Mar 5 low) followed by 1.3016 (Feb 22 corrective low). Initial resistance is now located at 1.3213 (Mar 5 high) followed by 1.3261 (Feb 27 high). </span><span style="color: blue mso-bidi-font-family: arial"></p>
<p></span></p>
<p style="margin: 0in 0in 0pt 0.5in text-align: justify tab-stops: list .5in left 159.0pt"><span style="color: blue mso-bidi-font-family: arial"> <span style="mso-tab-count: 1"> </span></p>
<p></span></p>
<ul style="margin-top: 0in" type=disc>
<li style="margin: 0in 0in 0pt color: blue text-align: justify tab-stops: list .5in mso-list: l2 level1 lfo4"><b><u><span style="mso-bidi-font-family: arial">Yen 118.35</span></u></b><u><span style="mso-bidi-font-family: arial">
</p>
<p></span></u></li>
</ul>
<p style="margin: 0in 0in 0pt 0.5in text-align: justify tab-stops: list .5in"><span style="color: black mso-bidi-font-family: arial">Initial support is located at 117.08 (Mar 9 low) followed by 115.55 (Mar 8 low). Initial resistance is now at 118.68 (50% retracement of the 122.2 to 115.15 decline) followed by 118.88 (Mar 1 high) </p>
<p></span></p>
<p style="margin: 0in 0in 0pt 0.25in text-align: justify"><u><span style="mso-bidi-font-family: arial"></p>
<p><span style="text-decoration: none"> </span></p>
<p></span></u></p>
<ul style="margin-top: 0in" type=disc>
<li style="margin: 0in 0in 0pt text-align: justify tab-stops: list .5in mso-list: l4 level1 lfo3"><b><u><span style="color: blue mso-bidi-font-family: arial">Pound – 1.9335</span></u></b><u><span style="mso-bidi-font-family: arial">
</p>
<p></span></u></li>
</ul>
<p style="margin: 0in 0in 0pt 0.5in text-align: justify tab-stops: list .5in"><span style="color: black mso-bidi-font-family: arial">Initial support at 1.9184 (Mar 5 low) followed by 1.9182 (Former resistance from Nov 10). Initial resistance is now at 1.9361 (Mar 7 high) followed by 1.9450 (Mar 5 high) </p>
<p></span></p>
<p style="margin: 0in 0in 0pt 0.25in text-align: justify"><u><span style="mso-bidi-font-family: arial"></p>
<p><span style="text-decoration: none"> </span></p>
<p></span></u></p>
<ul style="margin-top: 0in" type=disc>
<li style="margin: 0in 0in 0pt text-align: justify tab-stops: list .5in mso-list: l1 level1 lfo2"><b><u><span style="color: blue mso-bidi-font-family: arial">Australian Dollar – 0.7810</span></u></b><u><span style="mso-bidi-font-family: arial">
</p>
<p></span></u></li>
</ul>
<p style="margin: 0in 0in 0pt 0.5in text-align: justify tab-stops: list .5in"><span style="color: black mso-bidi-font-family: arial">Initial support at 0.7739 (Mar 7 low) followed by 0.7680 (Mar 6 low). Initial resistance is now at 0.7816 (Mar 9 high) followed by 0.7846 (61.8% retracement of the 0.7948 to 0.7680 decline) </p>
<p></span></p>
<p style="margin: 0in 0in 0pt 0.5in text-align: justify tab-stops: list .5in"><span style="color: black mso-bidi-font-family: arial"><span style="mso-spacerun: yes"> </span></p>
<p></span></p>
<ul style="margin-top: 0in" type=disc>
<li style="margin: 0in 0in 0pt text-align: justify tab-stops: list .5in mso-list: l3 level1 lfo1"><b><u><span style="color: blue mso-bidi-font-family: arial">Gold – 649.35</span></u></b><u><span style="mso-bidi-font-family: arial">
</p>
<p></span></u></li>
</ul>
<p style="margin: 0in 0in 0pt 0.5in text-align: justify tab-stops: list .5in"><span style="color: black mso-bidi-font-family: arial">Initial support at 643.00 (Mar 7 low) followed by 633.00 (Mar 6 low). Initial resistance is now at 655.86 (Mar 9 high) followed by 659.65 (Feb 27 low). </span><span style="mso-bidi-font-family: arial"><span style="mso-spacerun: yes"> </span></p>
<p></span></p>
</p>
<p></span></font></font> ]]>
