|
CURRENCY TRADING SUMMARY –16 MARCH 07 (23:30GMT)
- U.S. Dollar Trading (USD) was mixed against all majors last night mainly on the back of investors remaining concerned over the sub-prime mortgage market and its effect on the wider economy. In positive news, February U.S. inflation data and January U.S. capital inflows were higher than expected. But they were not enough to diminish investor focus away from the equity market for any indication of investor inclination for risk. In US share markets, the NASDAQ was up 6.96 points (0.29%) and the Dow Jones was also up 26.28 points (0.21%). Crude Oil rose by US$0.10 a barrel to US$57.61. Looking ahead, further key data is set for release out of the US in the form of the CPI, with markets expecting a figure of 1.8% slightly higher than the previous 1.7%.
- The Euro (EUR) strengthened against the dollar on the back of strong inflation data out of the region. Core CPI came in at 0.4% stronger then expected. Overall, the Euro traded with a low of 1.3193 and a high of 1.3253 before closing the day at 1.3232 in the New York session.
- The Japanese Yen (JPY) fell against the USD, GBP and EUR higher due to U.S. stock indexes reserved gains. Lately, low yielding currencies have been linked to the stock moves in an indirect manor. Overall, the JPY traded with a range of a low 117.02 and a high of 117.78 before closing the day at 117.62 in the New York session.
- The Sterling (GBP) traded in a narrow range before firming slightly against the USD largely on the back of a weaker USD. Overall, the GBP traded in a range of a low 1.9309 and a high of 1.9392 before closing the day at 1.9362 in the New York session.
- The Australian Dollar (AUD) strengthened on Thursday, shrugging off a worse than expected unemployment figure at 4.6%. Overall the AUD traded within a range of a low 0.7840 and a high of 0.7897 before closing the day at 0.7895.
- Gold (XAU) rebounded by US$1.90 an ounce to US$649.00 on the back of uncertainty in global markets.
- The Czech Crown (CZK) The Czech crown firmed to near two-month highs versus the Euro on buying led by U.S. investment banks and growing market confidence that the economy was sustaining a robust pace of expansion. The Crown traded with a low of 21.164 and a high of 21.325
TECHNICAL COMMENTARY
| Currency |
Sup 2 |
Sup 1 |
Spot |
Res 1 |
Res 2 |
| EUR/USD |
1.3108 |
1.3155 |
1.3280 |
1.3261 |
1.3298 |
| USD/JPY |
115.55 |
115.76 |
117.10 |
117.78 |
118.50 |
| GBP/USD |
1.9184 |
1.9212 |
1.9370 |
1.9395 |
1.9435 |
| AUD/USD |
0.7759 |
0.7796 |
0.7895 |
0.7899 |
0.7948 |
| XAU/USD |
633.00 |
637.12 |
647.65 |
650.20 |
652.20 |
Initial support at 1.3155 (Mar 13 low) followed by 1.3108 (Mar 12 low). Initial resistance is now located at 1.3261 (Feb 27 high) followed by 1.3298 (Jan 2 reaction high).
Initial support is located at 115.76 (Mar 8 low) followed by 115.55 (Mar 5 reaction low). Initial resistance is now at 117.78 (Mar 15 high) followed by 118.50 (Mar 12 high)
Initial support at 1.9212 (Mar 14 low) followed by 1.9184 (Mar 5 low). Initial resistance is now at 1.9395 (Mar 15 high) followed by 1.9435 (Mar 12 high)
- Australian Dollar – 0.7895
Initial support a 0.7796 (Mar 12 low) followed by 0.7759 (61.8% retracement of the 0.7680 to 0.7886 advance). Initial resistance is now at 0.7899 (Mar 15 high) followed by 0.7948 (Feb 27 high)
Initial support at 637.00 (Mar 14 low) followed by 633.00 (Mar 6 low). Initial resistance is now at 650.20 (Mar 14 high) followed by 652.20 (Mar 13 high).
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<![CDATA[</p>
<p style="margin: 0in 0in 0pt"><b><span style="color: blue mso-bidi-font-family: arial"><font size=2><font face=arial>Strong US data fails to strengthen the Dollar, as Eurozone CPI is stronger than expected. Looking ahead <st1:country-region w_st="on"><place w_st="on">US</place></st1:country-region> CPI scheduled for release.<span style="mso-spacerun: yes"> </span></p>
<p></font></font></span></b></p>
<p style="margin: 0in 0in 0pt"><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"><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"><font size=2><font face=arial><b><span style="color: blue mso-bidi-font-family: arial">CURRENCY TRADING SUMMARY – 16 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"> was mixed against all majors last night mainly on the back of investors remaining concerned over the sub-prime mortgage market and its effect on the wider economy. In positive news, </span>February U.S. inflation data and January U.S. capital inflows were higher than expected. But they were not enough to diminish investor focus away from the equity market for any indication of investor inclination for risk. In <st1:country-region w_st="on"><place w_st="on">US</place></st1:country-region> share markets, the NASDAQ was up 6.96 points (0.29%) and the Dow Jones was also up 26.28 points (0.21%). Crude Oil rose by US$0.10 a barrel to US$57.61. Looking ahead, further key data is set for release out of the <st1:country-region w_st="on"><place w_st="on">US</place></st1:country-region> in the form of the CPI, with markets expecting a figure of 1.8% slightly higher than the previous 1.7%. <span style="mso-spacerun: yes"> </span><span style="mso-spacerun: yes"> </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="mso-bidi-font-family: arial mso-bidi-font-weight: bold">strengthened against the dollar on the back of strong inflation data out of the region. Core CPI came in at 0.4% stronger then expected. Overall, the Euro traded with a low of 1.3193 and a high of 1.3253 before closing the day at 1.3232 in the <state w_st="on"><place w_st="on">New York</place></state> session. </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> fell against the<span style="mso-bidi-font-family: arial"> USD, GBP and EUR higher due to <st1:country-region w_st="on"><place w_st="on">U.S.</place></st1:country-region> stock indexes reserved gains. Lately, low yielding currencies have been linked to the stock moves in an indirect manor. Overall, the JPY traded with a range of a low 117.02 and a high of 117.78 before closing the day at 117.62 in the <state w_st="on"><place w_st="on">New York</place></state> session. </span></font></font></li>
</ul>
<p style="margin: 0in 0in 0pt text-align: justify"><span style="mso-bidi-font-family: arial mso-bidi-font-weight: bold"></p>
<p><font face=arial size=2> </font></p>
<p></span></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"> traded in a narrow range before firming slightly against the USD largely on the back of a weaker USD. Overall, the GBP traded in a range of a low 1.9309 and a high of 1.9392 before closing the day at 1.9362 in the <state w_st="on"><place w_st="on">New York</place></state> session. </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">strengthened on Thursday, shrugging off a worse than expected unemployment figure at 4.6%. Overall the AUD traded within a range of a low 0.7840 and a high of 0.7897 before closing the day at 0.7895.<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"> rebounded by US$1.90 an ounce to US$649.00 on the back of uncertainty in global markets. </span><span style="font-size: 12pt mso-bidi-font-family: arial">
</p>
<p></span></font></font></li>
<li style="margin: 0in 0in 0pt 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 Czech Crown (CZK) </span></u></b><span style="mso-bidi-font-family: arial">The Czech crown firmed to near two-month highs versus the Euro on buying led by U.S. investment banks and growing market confidence that the economy was sustaining a robust pace of expansion. The Crown traded with a low of 21.164 and a high of 21.325 </span></font></font></li>
</ul>
<p style="margin: 0in 0in 0pt text-align: justify tab-stops: list .5in mso-list: l0 level1 lfo1"><font size=2><font face=arial><span style="mso-bidi-font-family: arial"></span></font></font> </p>
<p><font size=2><font face=arial><span style="mso-bidi-font-family: arial"> </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 tab-stops: .5in 181.5pt"><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></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><shape id=_x0000_i1025 style="width: 303.75pt height: 75pt" o_ole="" type="#_x0000_t75"><imagedata src="file:///c:docume~1roryke~1locals~1tempmsohtml1 1clip_image001.emz" o_title=""> </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="1.3108"><font color=#800080 size=2>1.3108</font></td>
<td class=xl33 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.3154999999999999"><font color=#800080 size=2>1.3155</font></td>
<td class=xl27 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.3280000000000001"><font color=#0000ff size=2>1.3280</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>
<td class=xl30 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.3298000000000001"><font color=#ff0000 size=2>1.3298</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>115.76</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>117.10</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>117.78</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>
</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="1.9212"><font color=#800080 size=2>1.9212</font></td>
<td class=xl27 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.9370000000000001"><font color=#0000ff size=2>1.9370</font></td>
<td class=xl30 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="1.9395"><font color=#ff0000 size=2>1.9395</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>
</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="0.77590000000000003"><font color=#800080 size=2>0.7759</font></td>
<td class=xl33 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="0.77959999999999996"><font color=#800080 size=2>0.7796</font></td>
<td class=xl27 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="0.78949999999999998"><font color=#0000ff size=2>0.7895</font></td>
<td class=xl30 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="0.78990000000000005"><font color=#ff0000 size=2>0.7899</font></td>
<td class=xl30 style="border-right: #ece9d8 border-top: #ece9d8 border-left: #ece9d8 border-bottom: #ece9d8 background-color: white" x_num="0.79479999999999995"><font color=#ff0000 size=2>0.7948</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>637.12</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>647.65</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>650.20</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>652.20</font></td>
</tr>
</tbody>
</table>
<p></imagedata></shape></p>
<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 1.3280</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 1.3155 (Mar 13 low) followed by 1.3108 (Mar 12 low). Initial resistance is now located at 1.3261 (Feb 27 high) followed by 1.3298 (Jan 2 reaction 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 117.10</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 115.76 (Mar 8 low) followed by 115.55 (Mar 5 reaction low). Initial resistance is now at 117.78 (Mar 15 high) followed by 118.50 (Mar 12 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 – 1.9370</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 1.9212 (Mar 14 low) followed by 1.9184 (Mar 5 low). Initial resistance is now at 1.9395 (Mar 15 high) followed by 1.9435 (Mar 12 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 – 0.7895</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 a 0.7796 (Mar 12 low) followed by 0.7759 (61.8% retracement of the 0.7680 to 0.7886 advance). Initial resistance is now at 0.7899 (Mar 15 high) followed by 0.7948 (Feb 27 high)</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 – 647.65</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 at 637.00 (Mar 14 low) followed by 633.00 (Mar 6 low). Initial resistance is now at 650.20 (Mar 14 high) followed by 652.20 (Mar 13 high). </span><span style="mso-bidi-font-family: arial"><span style="mso-spacerun: yes"> </span></p>
<p></span></p>
<p></span></font></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> ]]>
