DAILY MARKET COMMENTARY
4 May 2011 – 8:00 GMT
Wednesday
____________________________________________________________________
Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
_____________________________________________________________________
FUNDAMENTAL ANALYSIS at 0800 GMT
USD
FX risk appetite declined a little further during the Asia session as silver weakened again. News that Portugal had agreed the terms of a financial aid package with the EU/IMF/ECB did little to shore up sentiment. EURUSD traded in a range of 1.4755-1.4861, and USDJPY 80.82-81.11. Asian equities are down over 1% at the time of writing while the S&P 500 closed -0.34% lower. On the data front, US factory orders were stronger than expected at +3.0% in March, and vehicle sales also surprised to the upside, coming in at 10.2 mn for domestic sales and 13.14 mn for total sales (vs. 9.9 mn and 13 mn respectively). Ahead on Wednesday, European PMI figures are due, while the US gears up for the Friday payrolls print, beginning with the ADP survey and ISM non-manufacturing report for April.
EUR
Our European economists have tweaked their ECB rate hike forecast. They still see two further hikes this year, but now expect them to come sooner - in July and October, instead of September and December previously.
Portugal announced that a bailout deal had been agreed with the IMF and EU. Sources reported the total size of the bailout at EUR78 bn, with a maturity of three years. No details on the interest rate have yet been released.
Eurozone PPI came in at +0.7% m/m and +6.7% y/y, the latter slightly higher than expected. Our economists expect no policy change at this week's ECB policy meeting but recent elevated inflation prints suggest that there is a high chance President Trichet will stick to an assertive stance.
GBP
Manufacturing PMI in the UK was softer at 54.6 (cons. 57), providing further evidence that the index has peaked. With softer trends in core data releases recently, the likelihood of a BoE hike has receded and our UK economist expects rates will remain on hold on Thursday.
CAD
The ruling Conservative Party finally won a majority of parliamentary seats in Monday's Federal elections - the fourth election in seven years. Canada is now one of the few G7 economies which is likely to have a stable, majority government. This should allow the CAD to enjoy a strong political premium and outperform on the crosses.
A. White
Analyst at Fibosignals.com
DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.
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Wednesday, May 04, 2011
Tuesday, May 03, 2011
3rd of May 2011 - Fundamental Forex Market Overview
DAILY MARKET COMMENTARY
3 May 2011 – 8:00 GMT
Tuesday
____________________________________________________________________
Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
_____________________________________________________________________
FUNDAMENTAL ANALYSIS at 0800 GMT
USD
The price action during the Asia session was choppy and stop-loss driven. The RBA's policy statement was slightly more hawkish than the previous one, but there was not enough of a rhetorical shift to materially affect AUDUSD. EURUSD traded 1.4772-1.4882, USDJPY 80.98-81.29. Risk appetite was more or less unchanged. The Nikkei-225 was closed for the Golden Week holiday, but US stocks closed fractionally lower. Manufacturing ISM edged down slightly to a still better-than-expected 60.4. The survey components that most directly indicate output trends remained strong, on balance, although were down slightly from March. Our analysts think the strong reading reinforces their view that the economy is not losing momentum, despite the slower Q1 GDP report. As a result of recent dollar underperformance and the Fed continuing with QE2 through June, we lower our short-term dollar forecasts. We now see EURUSD at 1.48 in 1m and at 1.40 in 3m, up from 1.40 and 1.30, respectively. Our 1m USDCHF target drops to 0.89 and the 3m falls to 0.96. We mark to market our 1m commodity currency forecasts, putting USDCAD at 0.95, AUDUSD at 1.10 and NZDUSD at 0.81. We keep our USDJPY and EURCHF forecasts unchanged. Our UK economist recently revised his forecast for the first BoE rate hike, postponing it until August at the earliest. In line with his view, we now raise our 1m and 3m EURGBP targets to 0.90 from 0.85.
EUR
Eurogroup President Juncker said they would give a full response to Portugal by mid-May and reiterated that Greek debt restructuring is not an option at this stage. Juncker also said he thought Bank of Italy Governor Draghi appears to have strong support to be the next ECB president, once Trichet's term ends in October.
Greek Finance Minister Papaconstantinou repeated that Greece does not need to restructure its debt, but that an extension to the repayment schedule on the EU/IMF loans could be beneficial. EU's Rehn says the EU strategy to rescue Greece isn't 'failing'; and that the EU has 'largely contained' bond market distress.
The ECB's Constancio reiterated that risks to the inflation outlook have moved to the upside and said officials have not decided to rush into a series of rate hikes. Constancio also said that non-standard measures are temporary by nature.
There was a series of upward revisions to European PMIs. German manufacturing PMI was revised up to 62.0, while the Eurozone-wide number was revised up to 58.0.
AUD
The RBA kept policy unchanged for the fifth consecutive meeting, but allowed slightly more hawkish language to creep into the policy statement. Our Australian economics team sees this as an attempt to reintroduce a near-term tightening bias, which was virtually absent in the previous statement. Specifically, the RBA noted the terms of trade were reaching higher levels than assumed a few months ago, and that the 'marked decline' in core inflation had now 'run its course'. It was again noted that the strong AUD was useful in the fight against inflation, but the board questioned the currency's ability to control inflation single-handedly. Our economists stick to their view that the next hike will likely come in August.
A. White
Analyst at Fibosignals.com
DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.
3 May 2011 – 8:00 GMT
Tuesday
____________________________________________________________________
Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
_____________________________________________________________________
FUNDAMENTAL ANALYSIS at 0800 GMT
USD
The price action during the Asia session was choppy and stop-loss driven. The RBA's policy statement was slightly more hawkish than the previous one, but there was not enough of a rhetorical shift to materially affect AUDUSD. EURUSD traded 1.4772-1.4882, USDJPY 80.98-81.29. Risk appetite was more or less unchanged. The Nikkei-225 was closed for the Golden Week holiday, but US stocks closed fractionally lower. Manufacturing ISM edged down slightly to a still better-than-expected 60.4. The survey components that most directly indicate output trends remained strong, on balance, although were down slightly from March. Our analysts think the strong reading reinforces their view that the economy is not losing momentum, despite the slower Q1 GDP report. As a result of recent dollar underperformance and the Fed continuing with QE2 through June, we lower our short-term dollar forecasts. We now see EURUSD at 1.48 in 1m and at 1.40 in 3m, up from 1.40 and 1.30, respectively. Our 1m USDCHF target drops to 0.89 and the 3m falls to 0.96. We mark to market our 1m commodity currency forecasts, putting USDCAD at 0.95, AUDUSD at 1.10 and NZDUSD at 0.81. We keep our USDJPY and EURCHF forecasts unchanged. Our UK economist recently revised his forecast for the first BoE rate hike, postponing it until August at the earliest. In line with his view, we now raise our 1m and 3m EURGBP targets to 0.90 from 0.85.
EUR
Eurogroup President Juncker said they would give a full response to Portugal by mid-May and reiterated that Greek debt restructuring is not an option at this stage. Juncker also said he thought Bank of Italy Governor Draghi appears to have strong support to be the next ECB president, once Trichet's term ends in October.
Greek Finance Minister Papaconstantinou repeated that Greece does not need to restructure its debt, but that an extension to the repayment schedule on the EU/IMF loans could be beneficial. EU's Rehn says the EU strategy to rescue Greece isn't 'failing'; and that the EU has 'largely contained' bond market distress.
The ECB's Constancio reiterated that risks to the inflation outlook have moved to the upside and said officials have not decided to rush into a series of rate hikes. Constancio also said that non-standard measures are temporary by nature.
There was a series of upward revisions to European PMIs. German manufacturing PMI was revised up to 62.0, while the Eurozone-wide number was revised up to 58.0.
AUD
The RBA kept policy unchanged for the fifth consecutive meeting, but allowed slightly more hawkish language to creep into the policy statement. Our Australian economics team sees this as an attempt to reintroduce a near-term tightening bias, which was virtually absent in the previous statement. Specifically, the RBA noted the terms of trade were reaching higher levels than assumed a few months ago, and that the 'marked decline' in core inflation had now 'run its course'. It was again noted that the strong AUD was useful in the fight against inflation, but the board questioned the currency's ability to control inflation single-handedly. Our economists stick to their view that the next hike will likely come in August.
A. White
Analyst at Fibosignals.com
DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.
3rd of May 2011 - Technical Forex Market Overview
DAILY MARKET COMMENTARY
3 May 2011 – 8:00 GMT
Tuesday
_____________________________________________________________________
Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
_____________________________________________________________________
TECHNICAL DATA
USDJPY 80.89/69 support.
EURUSD BULLISH Rise through 1.4905 would open up the way for further gains towards 1.5000. Support is at 1.4633.
USDJPY BEARISH Pressure on 80.89/69 support area, break through this would expose 80.00. Initial resistance lies at 82.28.
GBPUSD BULLISH A break above initial resistance at 1.6747 would expose 1.6878. Support lies at 1.6500.
USDCHF BEARISH Support is at 0.8600, move below this would expose 0.8569. Near-term resistance is at 0.8761.
AUDUSD BULLISH The pair targets initial resistance 1.1023, break here would open way to 1.1130. Support lies at 1.0852.
USDCAD BEARISH Break below 0.9446 would pave the way for weakness towards 0.9400. Resistance is at 0.9550/76 area.
EURCHF BEARISH As long as resistance at 1.2974 holds, look for a break of 1.2751/30 support zone which would expose 1.2624.
EURGBP BULLISH Focus is on key resistance at 0.8942, break of this would expose 0.9000. Support lies at 0.8847.
EURJPY BULLISH Pullback through 120.00 has exposed 118.50. While this level holds, expect recovery towards 121.00 and 121.84.
SCHEDULE
Please visit Fibosignals.com’s Economic Calendar for a schedule of market news and events.
A. White
Analyst at Fibosignals.com
DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.
3 May 2011 – 8:00 GMT
Tuesday
_____________________________________________________________________
Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
_____________________________________________________________________
TECHNICAL DATA
USDJPY 80.89/69 support.
EURUSD BULLISH Rise through 1.4905 would open up the way for further gains towards 1.5000. Support is at 1.4633.
USDJPY BEARISH Pressure on 80.89/69 support area, break through this would expose 80.00. Initial resistance lies at 82.28.
GBPUSD BULLISH A break above initial resistance at 1.6747 would expose 1.6878. Support lies at 1.6500.
USDCHF BEARISH Support is at 0.8600, move below this would expose 0.8569. Near-term resistance is at 0.8761.
AUDUSD BULLISH The pair targets initial resistance 1.1023, break here would open way to 1.1130. Support lies at 1.0852.
USDCAD BEARISH Break below 0.9446 would pave the way for weakness towards 0.9400. Resistance is at 0.9550/76 area.
EURCHF BEARISH As long as resistance at 1.2974 holds, look for a break of 1.2751/30 support zone which would expose 1.2624.
EURGBP BULLISH Focus is on key resistance at 0.8942, break of this would expose 0.9000. Support lies at 0.8847.
EURJPY BULLISH Pullback through 120.00 has exposed 118.50. While this level holds, expect recovery towards 121.00 and 121.84.
SCHEDULE
Please visit Fibosignals.com’s Economic Calendar for a schedule of market news and events.
A. White
Analyst at Fibosignals.com
DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.
Monday, May 02, 2011
2nd of May 2011 - Technical Forex Market Overview
DAILY MARKET COMMENTARY
2 May 2011 – 8:00 GMT
Monday
_____________________________________________________________________
Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
_____________________________________________________________________
TECHNICAL DATA
AUDUSD targets 1.1017
EURUSD BULLISH While support at 1.4633 is intact, expect the pair to gain towards 1.4905 and 1.5000.
USDJPY BEARISH Focus is on 80.89/69 support area; a break here would expose 80.00. Resistance lies at 82.28.
GBPUSD BULLISH Initial resistance is at 1.6747, move above the level would expose 1.6878. Support is at 1.6432.
USDCHF BEARISH Push below 0.8600 would expose 0.8569. Near-term resistance is at 0.8835.
AUDUSD BULLISH Following the break through 1.1000, the pair targets 1.1017 next. Near-term support is at 1.0852.
USDCAD BEARISH The pair found support at 0.9446, a break here would open 0.9400 next. Resistance lies at 0.9576.
EURCHF BEARISH The cross fails to break through 1.2974 resistance; while this level holds, break of 1.2730 would favour further losses towards 1.2624.
EURGBP BULLISH Upside potential targets 0.8942, move above this would open 0.9000 next. Support lies at 0.8847.
EURJPY BULLISH Initial resistance is at 121.84, break above this would signal scope for a run towards 122.41 and 123.33. Support is at 12000.
SCHEDULE
Please visit Fibosignals.com’s Economic Calendar for a schedule of market news and events.
A. White
Analyst at Fibosignals.com
DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.
2 May 2011 – 8:00 GMT
Monday
_____________________________________________________________________
Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
_____________________________________________________________________
TECHNICAL DATA
AUDUSD targets 1.1017
EURUSD BULLISH While support at 1.4633 is intact, expect the pair to gain towards 1.4905 and 1.5000.
USDJPY BEARISH Focus is on 80.89/69 support area; a break here would expose 80.00. Resistance lies at 82.28.
GBPUSD BULLISH Initial resistance is at 1.6747, move above the level would expose 1.6878. Support is at 1.6432.
USDCHF BEARISH Push below 0.8600 would expose 0.8569. Near-term resistance is at 0.8835.
AUDUSD BULLISH Following the break through 1.1000, the pair targets 1.1017 next. Near-term support is at 1.0852.
USDCAD BEARISH The pair found support at 0.9446, a break here would open 0.9400 next. Resistance lies at 0.9576.
EURCHF BEARISH The cross fails to break through 1.2974 resistance; while this level holds, break of 1.2730 would favour further losses towards 1.2624.
EURGBP BULLISH Upside potential targets 0.8942, move above this would open 0.9000 next. Support lies at 0.8847.
EURJPY BULLISH Initial resistance is at 121.84, break above this would signal scope for a run towards 122.41 and 123.33. Support is at 12000.
SCHEDULE
Please visit Fibosignals.com’s Economic Calendar for a schedule of market news and events.
A. White
Analyst at Fibosignals.com
DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.
2nd of May 2011 - Fundamental Forex Market Overview
DAILY MARKET COMMENTARY
2 May 2011 – 8:00 GMT
Monday
____________________________________________________________________
Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
_____________________________________________________________________
FUNDAMENTAL ANALYSIS at 0800 GMT
USD
US President Obama announced that Osama Bin Laden has been killed by US forces in Pakistan. The dollar strengthened across the board shortly after the news broke. In fact, a nervous open by precious metals had already set the dollar on a strengthening trajectory. EURUSD traded 1.4763-1.4864, and USDJPY 81.00-81.69. Earlier, AUDUSD finally took out the 1.10 level, but could not hold it.
Although the S&P500 only rose +0.23% on Friday, the index's sharp rebound since mid-April has helped keep FX risk appetite supported over the past fortnight. S&P Futures are already trading 7.1 points higher. The University of Michigan confidence index reached 69.8, narrowly missing consensus expectations. The Chicago PMI slipped to 67.6, again failing to meet consensus forecasts. The key ISM manufacturing survey for April is due. Our US economics team are in line with consensus opinion and expect some slippage to 59.5, from 61.2 in March. Both the UK and Singapore are on holiday today.
EUR
Greek Finance Minister Papaconstantinou repeated that Greece does not need to restructure its debt, but that an extension to the repayment schedule on the EU/IMF loans could be beneficial.
Eurozone CPI inflation accelerated in April, exceeding consensus expectations for a second consecutive month. The flash estimate rose to +2.8% y/y (cons. +2.7%), well above the ECB's policy target of "below, but close to, 2%". Germany's seasonally adjusted jobless rate for April was unchanged at 7.1% (cons. 7.0%). The number of unemployed dropped by 37k.
CHF
The CHF advanced strongly on Friday after SNB Chairman Hildebrand made some surprisingly hawkish remarks. On inflation, he said that "certain upside risks are visible", but that these are still moderate. He acknowledged though that the unexpectedly high March CPI exaggerated these effects due to methodological changes. Hildebrand also said that keeping rates at current levels for too long would entail long term risks to price stability. One could certainly argue that he is preparing the ground for a June hike, though he included enough disclaimers to leave the policy board's options open if, for example, more weakness were to appear on the export side, or if the franc were to strengthen further.
The Swiss KOF leading indicator for April printed well above expectations at +2.29 (cons +2.20). Our Swiss economist notes that the report hints at accelerating growth and increasing momentum. Also, a strong positive signal came from construction.
NZD
Moody's announced that the content of New Zealand's May 19 budget will be critical to whether the outlook on the Aaa rating is kept at stable.
New Zealand's commodity prices set another new record high in April rising +1.6% m/m.
AUD
Australian house prices fell -1.7% q/q in Q1, their sharpest pace of decline since Sept. 2008. Our Australian economists stick to their view that the next RBA hike will likely come in August. We remain long AUDNZD from 1.3545, targeting a move up to 1.42.
CAD
A surprise contraction in February's GDP caught the wider market off-guard, leading to some CAD selling on the numbers. GDP fell -0.2% m/m (cons. 0.0%). The annualised figure also disappointed but still grew at a healthy clip, coming in at +2.9% y/y (cons. 3.1%).
Our Canadian economists are not especially concerned about the negative monthly print, and observe that this is only the third monthly decline in the past 21 months. FX markets eventually reached the same conclusion and USDCAD closed lower at levels unseen since Nov. 2007.
A. White
Analyst at Fibosignals.com
DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.
2 May 2011 – 8:00 GMT
Monday
____________________________________________________________________
Market Analysis Desk
Foreign Exchange Research: www.fibosignals.com/5585/resources.html
_____________________________________________________________________
FUNDAMENTAL ANALYSIS at 0800 GMT
USD
US President Obama announced that Osama Bin Laden has been killed by US forces in Pakistan. The dollar strengthened across the board shortly after the news broke. In fact, a nervous open by precious metals had already set the dollar on a strengthening trajectory. EURUSD traded 1.4763-1.4864, and USDJPY 81.00-81.69. Earlier, AUDUSD finally took out the 1.10 level, but could not hold it.
Although the S&P500 only rose +0.23% on Friday, the index's sharp rebound since mid-April has helped keep FX risk appetite supported over the past fortnight. S&P Futures are already trading 7.1 points higher. The University of Michigan confidence index reached 69.8, narrowly missing consensus expectations. The Chicago PMI slipped to 67.6, again failing to meet consensus forecasts. The key ISM manufacturing survey for April is due. Our US economics team are in line with consensus opinion and expect some slippage to 59.5, from 61.2 in March. Both the UK and Singapore are on holiday today.
EUR
Greek Finance Minister Papaconstantinou repeated that Greece does not need to restructure its debt, but that an extension to the repayment schedule on the EU/IMF loans could be beneficial.
Eurozone CPI inflation accelerated in April, exceeding consensus expectations for a second consecutive month. The flash estimate rose to +2.8% y/y (cons. +2.7%), well above the ECB's policy target of "below, but close to, 2%". Germany's seasonally adjusted jobless rate for April was unchanged at 7.1% (cons. 7.0%). The number of unemployed dropped by 37k.
CHF
The CHF advanced strongly on Friday after SNB Chairman Hildebrand made some surprisingly hawkish remarks. On inflation, he said that "certain upside risks are visible", but that these are still moderate. He acknowledged though that the unexpectedly high March CPI exaggerated these effects due to methodological changes. Hildebrand also said that keeping rates at current levels for too long would entail long term risks to price stability. One could certainly argue that he is preparing the ground for a June hike, though he included enough disclaimers to leave the policy board's options open if, for example, more weakness were to appear on the export side, or if the franc were to strengthen further.
The Swiss KOF leading indicator for April printed well above expectations at +2.29 (cons +2.20). Our Swiss economist notes that the report hints at accelerating growth and increasing momentum. Also, a strong positive signal came from construction.
NZD
Moody's announced that the content of New Zealand's May 19 budget will be critical to whether the outlook on the Aaa rating is kept at stable.
New Zealand's commodity prices set another new record high in April rising +1.6% m/m.
AUD
Australian house prices fell -1.7% q/q in Q1, their sharpest pace of decline since Sept. 2008. Our Australian economists stick to their view that the next RBA hike will likely come in August. We remain long AUDNZD from 1.3545, targeting a move up to 1.42.
CAD
A surprise contraction in February's GDP caught the wider market off-guard, leading to some CAD selling on the numbers. GDP fell -0.2% m/m (cons. 0.0%). The annualised figure also disappointed but still grew at a healthy clip, coming in at +2.9% y/y (cons. 3.1%).
Our Canadian economists are not especially concerned about the negative monthly print, and observe that this is only the third monthly decline in the past 21 months. FX markets eventually reached the same conclusion and USDCAD closed lower at levels unseen since Nov. 2007.
A. White
Analyst at Fibosignals.com
DISCLAIMER: Fibosignals.com’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Fibosignals.com assumes no responsibility or liability from gains or losses incurred by the information herein contained. Opinions, conclusions and other information expressed in this message are not given or endorsed by Fibosignals.com unless otherwise indicated by an authorized representative.
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