Saxo Trade Navigator. Wednesday, 27 January 2016

Similar documents
Contract Specifications

Contract Specifications

ECONOMIC CALENDAR 2010

4Man Fx EA FOREX MAKES PERFECT

Market Briefing: S&P 1500/500/400/600 Sectors YTD Performance

Stock Market Handbook

U.S. Oil & Gas Industry Chartbook

Market Briefing: Commodity Prices

Grain Market Outlook and Marketing Strategies Presented By: Brian Roach

Calendar On US Federal Reserve Holidays, no settlements will take place for USD.

U.S. Oil & Gas Industry Chartbook

The Anatomy of Bull and Bear Markets. Tom Vernon/James Hutton

Jacksonville & Terre Haute

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

U.S. Oil & Gas Industry Chartbook

Market Correlations: Copper

Global Economic Indicators: Global Growth Barometer

SEB Commodities Research

CEO Presentation -- AGM 15 November 2018 (ASX: RZI) Raiz Invest Limited

DAILY MARKET REPORT 30 NOVEMBER 2018

Market Insights. June 30, 2018

Market Insights. March 29, 2019

Market Correlations: US Trade-Weighted Dollar & Other Currencies

Market Correlations: Foreign Currencies

Disclaimer:

Interim Results 30 June 2014

Nasdaq Dubai AED TRADING HOLIDAYS AND SETTLEMENT CALENDAR 2018 For Equities Outsourced to the DFM (T+2)

Deutsche Bank. Consensus Report. 14 August 2018

2018 HR & PAYROLL Deadlines

Utility Debt Securitization Authority 2013 T/TE Billed Revenues Tracking Report

Stock Market Briefing: S&P 500 and DJIA 1921-Now

NASDAQ DUBAI TRADING HOLIDAYS AND SETTLEMENT CALENDAR 2018 For Equities Outsourced to the DFM (T+2)

Market Correlations: Copper

Financial assets. The need to raise money vertebrates economies

Deutsche Bank. Consensus Report. 13 March 2018

Chart Collection for Morning Briefing

Perspectives on the long-term outlook for iron ore

Global Economic Briefing: Industrial Production

Analyzing the Energy Economy Michael Plante Senior Research Economist

Global Economic Indicators: Eurozone Trade

b Number issued 200,000 (marked with * in the attached appendix) Exercise price is as set out in the appendix

Opening address for dinner-debate

The Merits of Diversification in Portfolio Management

The Merits of Diversification in Portfolio Management

A Giant Producer, & An Emerging Giant Consumer/Investor. Hong Liang

US Economic History: Industrial Production 1921-present

Index, nominal terms, 2010 = Energy. Agriculture Metals

Global Economic Indicators: Eurozone Trade

MNI FX Technical Analysis Report 21 December 2012

$UST10Y 10 Year US Treasury Yield Weekly and Daily Charts

Global Economic Indicators China Trade With Selected Countries

THE ROSEN MARKET TIMING LETTER

FINANCIAL ANALYSIS. Stoby

Global Economic Indicators: Global Leading Indicators

Common Factors in Commodity Futures Curves

Market Perspectives for the German and European Agricultural Machinery Industry

Bluetongue Disease (BT)

Combining Technical & Fundamental Analysis to Consistently Beat the Markets

FIVE GREAT STAGNATIONS

Producer Price Index - Agriculture (PPI-A) (January March 2001)

Asia Credit Research. SGD Corporate Perpetual Bonds: Paying issuers when it is at their option to call? Friday, March 09, 2018.

Top Of The League Fully Revised And Updated For 2018

Global Economic Indicators: Emerging Markets Trade

ROYAL MONETARY AUTHORITY OF BHUTAN MONTHLY STATISTICAL BULLETIN

Predicting the Markets: Chapter 15 Charts: Predicting Currencies

ROYAL MONETARY AUTHORITY OF BHUTAN MONTHLY STATISTICAL BULLETIN

SA economic review Kevin Lings. August 2018

ROYAL MONETARY AUTHORITY OF BHUTAN MONTHLY STATISTICAL BULLETIN

July 2015 Sept Cork City Pedestrian Counter Report

Commodity Market Outlook: Corn, Forage, Wheat & Cattle

Colombia: Economic Adjustment and Outlook. Andres-Mauricio Velasco Technical Deputy Minister of Finance, Republic of Colombia February 2018

Wisconsin 511 Traveler Information Annual Usage Summary January 3, Wisconsin 511 Phone Usage ( )

Maryland SREC Market Update. February 13, 2018

Foundations and Endowments Specialty Practice

The Great Economic Reset

Global economy maintaining solid growth momentum. Canada leading the pack

Fleet status report 1 December 2017

Manufacturers continue capacity expansion as technology orders grow

FOR RELEASE: FRIDAY, MARCH 30 AT 5 AM

STRATEGY (ROLL - OUT PLAN) ASA MISSION STATEMENT

FOR RELEASE: TUESDAY, DECEMBER 11 AT 4 PM

22 November 2016 OFFSHORE WIND EUROPE. Offshore wind smashes $100/MWh. Tom Harries

2014 December Gas Statement of Opportunities

Fleet status report 29 June 2018

PROPOSED EP BOWLS CALENDAR; January 2019 Version 2 Approved 22 November 2018

United Nations Conference on Trade and Development

African swine fever in domestic pigs and wild boar (ASF)

2018 Soybean, Corn, & Wheat Outlook KY and TN Grain Conference

Producer Price Index - Agriculture (PPI-A) (April - June 2003)

Discounted Cash Flow Analysis. Basic Information. Smith Investment Group. Property Address: 456 Sample St, Sampletown, SA, Year Built: 1995

Supported Market Types on ICE API

Muhlenkamp & Company. Webinar December 1, Ron Muhlenkamp, Portfolio Manager Jeff Muhlenkamp, Portfolio Manager Tony Muhlenkamp, President

How to Explain Car Rental to Banks and Investors

Hotel Industry Update. Stephen Hennis, CHA, ISHC

Iowa Land Values. Wendong Zhang Assistant Professor of Economics and Extension Economist

THIS AIN T THE 80s! And Houston isn t going anywhere.

Kevin Thorpe Financial Economist & Principal Cassidy Turley

From Recession to Recovery

THE DISCIPLINE DIVIDEND: TIME VS TIMIMG IN MARKET INVESTING

Capitalizing on the Opportunity in Emerging Markets

Transcription:

Saxo Trade Navigator 1

Forex Technical Levels SMA Breakout RSI Bollinger ATR Stop Trade size Instrument Last Sup 3 Sup 2 Sup 1 Pivot Res 1 Res 2 Res 3 5d 21d 55d High (20d) Low (20d) 9d 14d High (20d) Low (20d) 14d Dist. Units EUR/USD 1.0874 1.0780 1.0799 1.0835 1.0854 1.0890 1.0909 1.0945 1.0856 1.0869 1.0828 1.0992 1.0711 50.7 50.2 1.0961 1.0771 0.0096 0.0048 209000 USD/JPY 118.22 116.89 117.27 117.85 118.23 118.81 119.19 119.77 118.03 118.42 120.77 120.66 115.98 48.5 44.8 120.50 116.14 1.03 0.52 229000 EUR/JPY 128.55 127.21 127.51 128.12 128.42 129.03 129.33 129.94 128.13 128.73 130.77 132.36 126.17 48.7 44.3 130.94 126.23 1.10 0.55 214000 EUR/GBP 0.7586 0.7415 0.7482 0.7529 0.7596 0.7643 0.7710 0.7756 0.7616 0.7510 0.7298 0.7756 0.7313 55.3 59.1 0.7753 0.7281 0.0090 0.0045 155000 EUR/CHF 1.1049 1.0933 1.0960 1.1006 1.1033 1.1080 1.1107 1.1154 1.0981 1.0907 1.0861 1.1007 1.0778 81.6 74.5 1.1025 1.0795 0.0056 0.0028 365000 GBP/USD 1.4335 1.4034 1.4104 1.4227 1.4297 1.4420 1.4490 1.4613 1.4255 1.4477 1.4846 1.4914 1.4080 41.6 35.9 1.4877 1.4043 0.0126 0.0063 158000 USD/CHF 1.0161 1.0043 1.0081 1.0124 1.0162 1.0205 1.0243 1.0286 1.0115 1.0035 1.0031 1.0184 0.9857 66.0 61.9 1.0175 0.9906 0.0092 0.0046 221000 USD/CAD 1.4128 1.3719 1.3882 1.4000 1.4163 1.4281 1.4444 1.4562 1.4260 1.4185 1.3786 1.4690 1.3815 44.2 50.3 1.4658 1.3747 0.0160 0.0080 176000 AUD/USD 0.7028 0.6840 0.6880 0.6942 0.6982 0.7044 0.7084 0.7146 0.6974 0.7047 0.7151 0.7328 0.6827 52.6 47.9 0.7303 0.6767 0.0094 0.0047 212000 NZD/USD 0.6477 0.6358 0.6392 0.6445 0.6479 0.6532 0.6566 0.6619 0.6481 0.6594 0.6634 0.6883 0.6348 40.6 40.0 0.6856 0.6303 0.0086 0.0043 231000 AUD/NZD 1.0850 1.0688 1.0721 1.0749 1.0782 1.0810 1.0843 1.0871 1.0760 1.0685 1.0778 1.0841 1.0539 65.3 60.3 1.0815 1.0561 0.0101 0.0050 306000 AUD/JPY 83.08 80.08 80.78 81.87 82.57 83.66 84.36 85.44 82.32 83.47 86.38 88.22 79.22 50.9 46.2 87.95 78.55 1.61 0.81 147000 NZD/JPY 76.57 74.67 75.21 76.09 76.62 77.50 78.03 78.91 76.49 78.08 80.12 82.88 73.65 42.0 39.4 82.44 73.26 1.38 0.69 172000 XAU/USD 1118.59 1094.36 1100.73 1110.32 1116.69 1126.28 1132.65 1142.24 1105.58 1088.50 1078.16 1113.08 1058.36 69.0 63.8 1121.56 1057.37 14.45 7.23 140 XAG/USD 14.445 13.944 14.079 14.292 14.428 14.640 14.776 14.988 14.203 14.009 14.102 14.387 13.745 63.8 58.7 14.373 13.651 0.294 0.147 6800 XAU/XAG 77.426 75.451 76.182 76.692 77.422 77.932 78.662 79.172 77.855 77.709 76.467 79.331 75.967 47.3 50.6 79.265 76.263 1.224 0.612 110 EUR/NOK 9.4703 9.2812 9.3459 9.4029 9.4676 9.5246 9.5893 9.6463 9.5259 9.6029 9.4590 9.7478 9.4207 40.6 44.3 9.7589 9.4544 0.1164 0.0582 150000 EUR/SEK 9.2948 9.1977 9.2297 9.2551 9.2871 9.3125 9.3445 9.3699 9.3045 9.2655 9.2701 9.3982 9.1220 51.5 52.2 9.3827 9.1595 0.0604 0.0302 283000 NOK/SEK 0.9815 0.9648 0.9697 0.9755 0.9804 0.9862 0.9911 0.9969 0.9769 0.9650 0.9805 0.9840 0.9487 62.1 57.3 0.9840 0.9465 0.0106 0.0053 1610000 NOK/SEK 0.9815 0.9648 0.9697 0.9755 0.9804 0.9862 0.9911 0.9969 0.9769 0.9650 0.9805 0.9840 0.9487 62.1 57.3 0.9840 0.9465 0.0106 0.0053 1610000 USD/NOK 8.7092 8.5596 8.6185 8.6605 8.7194 8.7614 8.8203 8.8623 8.7747 8.8365 8.7353 8.9942 8.6611 39.4 44.0 8.9737 8.7106 0.1071 0.0535 163000 USD/SEK 8.5479 8.4865 8.5123 8.5252 8.5510 8.5639 8.5897 8.6026 8.5683 8.5250 8.5617 8.6562 8.3237 51.0 51.5 8.6386 8.4257 0.0781 0.0390 219000 EUR/PLN 4.4617 4.3719 4.4079 4.4292 4.4652 4.4865 4.5225 4.5438 4.4747 4.3773 4.3164 4.5120 4.2289 62.4 63.9 4.5407 4.2285 0.0409 0.0205 201000 EUR/HUF 312.56 310.50 311.17 311.63 312.30 312.76 313.43 313.89 313.08 314.61 313.90 319.12 311.31 38.4 42.3 317.59 311.80 2.21 1.10 261000 EUR/RON 4.5321 4.5143 4.5194 4.5252 4.5303 4.5361 4.5412 4.5470 4.5312 4.5296 4.4984 4.5484 4.5044 54.2 57.0 4.5418 4.5163 0.0151 0.0075 554000 EUR/TRY 3.2748 3.2114 3.2348 3.2531 3.2765 3.2948 3.3182 3.3365 3.2765 3.2600 3.1843 3.3556 3.1597 51.7 54.2 3.3607 3.1677 0.0476 0.0238 126000 USD/TRY 3.01 2.97 2.99 3.00 3.02 3.03 3.05 3.06 3.02 3.00 2.94 3.06 2.90 52.2 55.9 3.08 2.92 0.03 0.01 201000 USD/ZAR 16.4211 15.9601 16.1521 16.2706 16.4626 16.5811 16.7731 16.8916 16.5448 16.2360 15.2633 17.9169 15.2606 53.5 59.4 17.2465 15.3196 0.3319 0.1660 99000 USD/MXN 18.4728 18.0576 18.2259 18.3438 18.5121 18.6300 18.7983 18.9162 18.5529 17.9140 17.2727 18.8024 17.1575 64.8 67.3 18.8928 17.0014 0.2486 0.1243 149000 USD/RUB 79.285 72.373 75.043 76.936 79.605 81.499 84.168 86.062 80.195 76.365 71.231 85.957 71.759 57.8 61.1 82.402 70.734 2.395 1.197 66000 EUR/RUB 86.211 78.443 81.355 83.532 86.444 88.621 91.533 93.710 87.050 83.077 77.185 93.676 77.369 57.2 59.9 89.592 76.974 2.860 1.430 55000 2

Futures & Equities Technical Levels SMA Breakout RSI Bollinger ATR Stop Trade size Instrument Last Sup 3 Sup 2 Sup 1 Pivot Res 1 Res 2 Res 3 5d 21d 55d High (20d) Low (20d) 9d 14d High (20d) Low (20d) 14d Dist. Units WTI Crude (MAR) 30.73 26.50 27.88 29.66 31.04 32.82 34.20 35.98 30.37 33.42 38.48 39.53 27.56 41.1 38.1 39.47 26.81 2.07 1.03 970 Brent Crude (MAR) 31.21 26.36 27.81 29.81 31.26 33.26 34.71 36.71 30.32 32.83 38.86 39.30 27.10 46.5 41.4 39.13 25.99 2.10 1.05 950 Gasoline (FEB) 101.75 94.98 97.64 101.18 103.84 107.38 110.04 113.58 104.20 112.63 121.99 133.79 100.05 34.9 35.4 130.86 92.80 6.10 3.05 330 Natural gas (FEB) 2.184 2.041 2.085 2.132 2.176 2.223 2.267 2.314 2.147 2.244 2.228 2.495 2.044 49.6 48.7 2.463 2.013 0.104 0.052 19000 Gold (APR) 1119.3 1095.1 1101.4 1111.0 1117.3 1126.9 1133.2 1142.8 1105.3 1087.9 1078.1 1113.7 1058.1 66.9 62.4 1121.0 1056.7 15.8 7.9 130 Silver (MAR) 14.46 13.97 14.09 14.33 14.45 14.69 14.81 15.05 14.23 14.00 14.09 14.39 13.73 61.4 57.2 14.42 13.58 0.33 0.16 6100 Copper (MAR) 204.55 192.73 195.42 199.58 202.27 206.43 209.12 213.28 199.88 202.77 206.59 214.85 193.55 57.7 51.6 215.42 189.03 4.74 2.37 420 Wheat (MAR) 485.50 468.50 473.25 479.00 483.75 489.50 494.25 500.00 477.65 472.48 479.80 484.25 456.00 63.0 56.9 485.61 459.02 9.92 4.96 200 Milling wheat (MAR) 168.50 c 163.58 164.67 166.58 167.67 169.58 170.67 172.58 165.45 168.95 175.52 175.75 163.25 52.5 45.7 175.39 162.01 2.20 1.10 840 Corn (MAR) 370.75 361.83 364.42 366.83 369.42 371.83 374.42 376.83 369.00 360.50 367.12 372.50 348.50 65.3 58.1 373.09 347.71 6.00 3.00 330 Cocoa (MAR) 2829 c 2726 2756 2792 2822 2858 2888 2924 2837 2974 3186 3235 2755 34.4 33.9 3227 2696 69 35 29 Coffee Arabica (MAR) 116.70 c 112.62 113.63 115.17 116.18 117.72 118.73 120.27 115.03 118.23 120.14 126.80 111.05 49.4 47.0 126.74 109.41 2.96 1.48 680 Sugar (MAR) 14.02 c 13.44 13.70 13.86 14.12 14.28 14.54 14.70 14.23 14.61 14.84 15.44 13.93 37.3 40.6 15.38 13.83 0.44 0.22 4500 UST 10Y (MAR) 128.81 c 127.94 128.22 128.52 128.80 129.09 129.38 129.67 128.66 127.45 126.84 129.25 125.44 70.4 66.8 129.67 125.42 0.68 0.34 3000 Euro-bund 10Y (MAR) 161.95 161.10 161.32 161.58 161.80 162.06 162.28 162.54 161.44 159.73 158.61 161.94 157.52 76.3 70.1 162.17 157.48 0.81 0.40 2300 S&P 500 mini (MAR) 1886.8 1816.4 1833.8 1864.9 1882.3 1913.4 1930.8 1961.9 1876.3 1937.6 2011.8 2075.0 1804.3 41.8 39.9 2059.2 1802.5 45.8 22.9 44 Nasdaq 100 mini (MAR) 4200.25 4047.83 4090.42 4158.58 4201.17 4269.33 4311.92 4380.08 4184.85 4327.00 4512.60 4697.75 3983.50 41.1 39.5 4641.44 3976.21 117.32 58.66 17 Dow Jones mini (MAR) 16013 15309 15475 15770 15936 16231 16397 16692 15877 16457 17135 17660 15365 41.1 38.9 17536 15260 367 184 5 Euro STOXX 50 (MAR) 3021.0 2862.7 2900.3 2964.7 3002.3 3066.7 3104.3 3168.7 2970.6 3074.6 3244.7 3310.0 2832.0 47.8 44.1 3297.1 2829.6 91.4 45.7 20 DAX 30 (MAR) 9809.5 9334.3 9448.7 9641.8 9756.2 9949.3 10063.7 10256.8 9658.1 10017.2 10513.8 10886.0 9251.5 47.1 43.9 10797.5 9154.0 292.6 146.3 6 CAC 40 (FEB) 4343.5 4098.0 4157.0 4253.5 4312.5 4409.0 4468.0 4564.5 4259.1 4393.1 4618.8 4709.0 4057.5 49.7 45.7 4689.5 4065.8 126.2 63.1 15 FTSE 100 (MAR) 5861.0 5586.8 5651.7 5758.3 5823.2 5929.8 5994.7 6101.3 5772.1 5922.1 6092.8 6276.0 5545.5 49.7 46.5 6235.0 5576.1 141.7 70.8 10 IBEX 35 (FEB) 8675 c 8162 8276 8475 8589 8788 8902 9101 8522 8930 9574 9668 8151 44.9 40.7 9677 8113 246 123 7 FTSE MIB 40 (MAR) 18931 c 17761 18010 18471 18720 19181 19430 19891 18660 19904 21085 21720 17825 40.9 38.6 21849 17788 565 283 3 Nikkei 225 (MAR) 17170 15997 16313 16487 16803 16977 17293 17467 16606 17630 18745 19110 15780 47.9 44.5 19285 15840 566 283 420 Apple 99.99 c 95.60 96.84 98.41 99.65 101.22 102.46 104.03 98.79 100.43 108.91 109.43 93.42 48.2 43.8 106.80 93.23 3.05 1.52 660 BNP Paribas 44.05 c 40.71 41.43 42.74 43.46 44.77 45.49 46.80 43.58 47.87 51.85 53.26 42.14 33.8 32.2 54.27 40.96 1.60 0.80 1200 Citigroup 40.50 c 38.45 38.97 39.74 40.26 41.03 41.55 42.32 40.35 46.07 50.61 53.22 39.44 25.9 26.1 54.43 37.03 1.52 0.76 1300 Caterpillar 59.16 c 56.71 57.40 58.28 58.97 59.85 60.54 61.42 59.31 62.55 66.03 68.77 56.36 36.9 36.2 68.75 55.77 2.11 1.06 950 Facebook 97.34 c 93.82 94.74 96.04 96.96 98.26 99.18 100.48 96.16 99.17 103.14 107.74 89.37 46.2 44.2 106.17 91.37 3.25 1.62 620 Societe Generale 35.75 c 32.58 33.24 34.49 35.15 36.41 37.07 38.32 35.01 38.66 41.57 43.62 33.69 39.0 36.9 44.25 32.59 1.45 0.73 1300 Google 713.04 c 695.12 700.80 706.92 712.60 718.72 724.40 730.52 711.00 725.59 739.33 779.98 673.26 46.0 45.3 767.63 678.45 19.65 9.83 100 Goldman Sachs 154.45 c 146.82 149.00 151.73 153.91 156.64 158.82 161.55 153.57 164.92 177.99 184.18 151.12 36.7 35.4 183.77 144.21 4.81 2.41 420 JP Morgan 57.08 c 54.87 55.34 56.21 56.68 57.55 58.02 58.89 56.09 59.91 63.65 66.85 54.66 39.6 37.2 66.67 52.49 1.59 0.80 1300 Volkswagen 112.68 103.18 105.46 108.88 111.16 114.58 116.86 120.28 110.67 118.52 120.19 135.60 102.50 43.0 42.9 133.84 101.56 5.74 2.87 320 3

Instrument CFD Futures First Notice Futures WTI Crude (MAR) OILUS CL Dec-02 Brent Crude (MAR) OILUK LCO May-01 Gasoline (FEB) GASOLINEUS RB Feb-02 Natural gas (FEB) NATGASUS NG Apr-01 Gold (APR) GOLD GC Jul-03 Silver (MAR) SILVER SI May-02 Copper (MAR) COPPERUS HG May-02 Wheat (MAR) WHEAT ZW May-02 Milling wheat (MAR) CORN ZC Nov-03 Corn (MAR) EBM May-02 Cocoa (MAR) COCOANY CC Apr-02 Coffee Arabica (MAR) COFFEENY KC Jul-02 Sugar (MAR) SUGARNY SB Jan-03 UST 10Y (MAR) TY May-02 Euro-bund 10Y (MAR) US Aug-03 S&P 500 mini (MAR) SP500.I ES Jun-03 Nasdaq 100 mini (MAR) NAS100.I NQ Jun-03 Dow Jones mini (MAR) DJI.I YM Jun-03 Euro STOXX 50 (MAR) RUSSELL2000 TF Jun-03 DAX 30 (MAR) STOXX50E.I FESX Jun-03 CAC 40 (FEB) DAX.I FDX Jul-02 FTSE 100 (MAR) CAC40.I FCE Jun-03 IBEX 35 (FEB) FTSE100.I FFI Jul-02 FTSE MIB 40 (MAR) IBEX35.I MFXI Jun-03 Nikkei 225 (MAR) SPMIB.I SPMIB Oct-03 Apple AAPL:xnas BNP Paribas AMZN:xnas Citigroup BAC:xnys Caterpillar BARC:xlon Facebook BES:xlis Societe Generale BMW:xetr Google BNP:xpar Goldman Sachs BP:xlon JP Morgan C:xnys Volkswagen CAT:xnys 4

Disclaimer NON-INDEPENDENT INVESTMENT RESEARCH This investment research has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Further it is not subject to any prohibition on dealing ahead of the dissemination of investment research. Saxo Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. None of the information contained herein constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy. This material is produced for marketing and/or informational purposes only and Saxo Bank A/S and its owners, subsidiaries and affiliates whether acting directly or through branch offices ( Saxo Bank ) make no representation or warranty, and assume no liability, for the accuracy or completeness of the information provided herein. In providing this material Saxo Bank has not taken into account any particular recipient s investment objectives, special investment goals, financial situation, and specific needs and demands and nothing herein is intended as a recommendation for any recipient to invest or divest in a particular manner and Saxo Bank assumes no liability for any recipient sustaining a loss from trading in accordance with a perceived recommendation. All investments entail a risk and may result in both profits and losses. In particular investments in leveraged products, such as but not limited to foreign exchange, derivatives and commodities can be very speculative and profits and losses may fluctuate both violently and rapidly. Speculative trading is not suitable for all investors and all recipients should carefully consider their financial situation and consult financial advisor(s) in order to understand the risks involved and ensure the suitability of their situation prior to making any investment, divestment or entering into any transaction. Any mentioning herein, if any, of any risk may not be, and should not be considered to be, neither a comprehensive disclosure or risks nor a comprehensive description such risks. Any expression of opinion may be personal to the author and may not reflect the opinion of Saxo Bank and all expressions of opinion are subject to change without notice (neither prior nor subsequent). 5