Market Analysis By FXOpen

[Wither]

EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March

As the EUR/USD chart shows at the start of the European session today, the exchange rate has dropped below EUR 1.08 per US dollar.

Tuesday's news contributed to this. According to Nasdaq.com, on March 26, 2024, The Conference Board published a report for March, according to which the CB Consumer Confidence index of consumer confidence dropped sharply: fact = 104.7; forecast = 107.0; previous value = 106.7. Comments followed: “Consumers remain concerned about increased price levels, which dominates the responses. March written responses showed growing concerns about food and gasoline prices.”


As a result, the US dollar strengthened (as shown by arrow No. 1). After all, if the published data give grounds to assess inflation as high, then the Fed’s tough policy may last longer.

Today's decline reflects a rebalancing in market sentiment.

Fed spokesman Christopher Waller added doubts about easing monetary policy yesterday, saying that the economy does not require a dramatic reduction in rates, so the Fed is in no hurry.




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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors

[Wither]

Stock Market Analysis: NVDA Losing Leadership?

Since the start of the week, the S&P-500 Index (US500) is up about 0.58% while NVDA's share price is down about 3.8%. This is a worrying sign for Nvidia stock investors — could it be a sign that NVDA is no longer the market leader?

Dubravko Lakos-Bujas, JPMorgan's chief equity strategist, warned of a potential "surprise" shock to the stock market, Bloomberg reported. He's noticed a trend in recent history where gains in popular momentum stocks like NVDA are often followed by corrections. This situation has repeated itself three times since the 2008 global financial crisis.

“One day this may happen completely unexpectedly. This has happened in the past; we’ve had flash collapses,” Lakos-Bujas said in the webinar. “One large fund starts cutting some positions, a second fund hears this and tries to reposition, a third fund is basically caught off guard, and then, you know, we start to unwind more and more momentum.”

He noted the potential for innovation in artificial intelligence as a major source of surprise, emphasizing that these opportunities are dwindling and risks are growing in the background.




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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors

[Wither]

Commodities and European currencies Test Key Supports

On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term movements. Thus, the US dollar/loonie currency pair is trading near 1.3600, euro/US dollar sellers are trying to push through the support at 1.0800, and the pound/US dollar pair is once again testing 1.2600.

USD/CAD
Fluctuations in the oil market and the Fed’s indecisiveness regarding changing the vector of monetary policy contributed to the strengthening of the USD/CAD pair to recent extremes at 1.3600. If buyers of the pair manage to gain a foothold above the mentioned level, the price on the usd/cad chart may continue to rise in the direction of 1.4000-1.3800. Otherwise, another price test of 1.3400-1.3300 is possible.

Today at 15:30 GMT+3, the publication of Canadian GDP data for January is expected. US GDP data for the fourth quarter will also be published and weekly data on the number of applications for unemployment benefits will be released.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors

[Wither]

Market Analysis: Gold Price and Crude Oil Price Gain Bullish Momentum

Gold price started a steady increase above the $2,200 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $85.00.

Important Takeaways for Gold and Oil Prices Analysis Today
· Gold price started a decent increase from the $2,158 zone against the US Dollar.

· A connecting bullish trend line is forming with support near $2,218 on the hourly chart of gold at FXOpen.

· Crude oil prices rallied above the $81.60 and $82.00 resistance levels.

· There is a key bullish trend line forming with support at $82.30 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price found support near the $2,158 zone. The price formed a base and started a fresh increase above the $2,175 level.

There was a decent move above the 50-hour simple moving average and $2,200. The bulls pushed the price above the $2,220 resistance zone. Finally, the bears appeared near $2,235, A high was formed near $2,236.20 and the price is now consolidating gains.


The current price action is positive above the 23.6% Fib retracement level of the upward move from the $2,157 swing low to the $2,236 high. The RSI is still stable near 60 and the price could aim for more gains.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors

[Wither]

DOGE Price Increases by 170% in Less Than 2 Months

On February 1, 2024, the DOGE/USD rate was = 0.0783. On the last Friday of March, it rose to 0.2150. The rising price means Dogecoin is now the eighth-largest cryptocurrency in the world by market capitalization, overtaking Cardano (ADA) and Avalanche (AVAX) in recent days.

The reason for the positive sentiment is the support of the token from Elon Musk.

As the Independent writes:
→ Rumors have intensified that Elon will integrate DOGE into his social network X (Twitter), which he planned to make “an app for everything.” Musk's other companies, SpaceX and Tesla, already support payments in Dogecoin.
→ According to Elon, Dogecoin has the potential to become the main online currency due to its ease of use and efficiency.
→ The billionaire also said that DOGE could become the official currency on Mars if SpaceX can establish a permanent human colony there.
→ The price of DOGE/USD is also supported by the general bullish trend in the cryptocurrency market.


The DOGE/USD chart shows that:
→ the price moves within an uptrend (shown in blue);
→ the price of Dogecoin has overcome the psychological level of $0.2 per coin;
→ the price is near the upper border of the channel - the price action on March 28-29 can be interpreted as an attempt to break through this resistance.




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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors

[Wither]

Although UK-100 Index Is Near All-time Highs, UK Economy Slips into Recession

echnically, a national economic recession is defined as two consecutive quarters of contraction, and yesterday's Office for National Statistics data confirmed that this has happened — UK GDP fell in the third and fourth quarters of 2023 by 0.1% and 0.3% respectively.

The Guardian writes that the recession may be deeper than it seems at first glance:
→ Increased government spending (including for the military) masks a deep and persistent decline in production.
→ The economy is shrinking despite population growth;
→ In the fourth quarter of 2023, the deficit widened to £26.3 billion, or 3.9% of GDP, up £5.9 billion from the third quarter.
→ The big problem is the decline in goods exports. Soaring prices for imported raw materials and energy have played a major role in increasing the cost of producing goods in the UK and making it difficult to sell them abroad.

However, the price of the UK-100 index (or FTSE-100) is near all-time highs. This is because the Bank of England may ease monetary policy to avoid worsening the recession. And this will be a positive factor for the development of the top 100 companies whose shares are included in the index — this expectation is included in the current quote.


The UK-100 Index chart shows that:

→ today the price of UK-100 is moving within an upward trend (shown by the blue channel);
→ demand forces are active at the lower border of the channel, quickly absorbing all declines (shown by arrows);
→ the bulls confirmed their dominance upon breaking through the 7,800 level, forming a strong cup-and-handle pattern;
→ the psychological level of 8,000 points prevents the bulls from maintaining the growth rate - when approaching it, the bullish candles become narrower. Buyer confidence is waning. This creates difficulties for the price to realize the prospect of reaching the upper boundary of the channel.




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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors

[Wither]

The US Dollar Declines against Major World Currencies

The US dollar is weakening against the euro, yen and pound. In February, the core personal consumption expenditure index fell from 0.5% to 0.3% on a monthly basis and from 2.9% to 2.8% on an annual basis, justifying preliminary estimates. Thus, the slowdown in inflationary pressure continues at a steady pace, convincing investors that the US Federal Reserve will keep interest rates the same in May and begin lowering them in June. In addition, personal income increased by 0.3%, less than expected by 0.4%, and expenses by 0.8%, significantly exceeding the expected 0.5%: this may mean continued risks of rising consumer prices, but for now investors don't pay any attention to these statistics.

EUR/USD
The EUR/USD pair is moving in a narrow range around the 1.0780 level. Immediate resistance can be seen at 1.0860, a break higher could trigger a rise towards 1.0880. On the downside, immediate support is seen at 1.0768, a break below could take the pair towards 1.0750.

Market activity is reduced because Friday was a public holiday in most eurozone countries, so financial institutions are closed and investor activity is reduced. However, market participants were monitoring comments from European Central Bank (ECB) officials regarding its future actions. Thus, the head of the Bank of France, François Villeroy de Galhau, said that the regulator will probably start with a moderate reduction in interest rates, but it does not matter much whether this happens in April or June. The official added that after the first cut in borrowing costs, it would not necessarily continue at the next ECB meeting. This position coincides with the expectations of most economists surveyed by Reuters.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors

[Wither]

E-mini S&P-500 Start Quarter at Historic Highs

On Friday, data from the Personal Consumption Expenditures (PCE) index was published. According to Trading Economics, the PCE price index report showed that inflation is slowing. On a monthly basis, it grew by 0.3% in February, forecast = 0.4%, a month ago = 0.4%.

Following the release of the PCE index, Jerome Powell stated that:
→ the Fed is in no hurry to cut interest rates;
→ the latest PCE inflation data is in line with what the Fed wants to see.

Market participants received a portion of fundamental information positively. And since Friday was a day off on the stock market, the news is taken into account by the price on Monday.

The E-mini S&P-500 opened with a gap this morning, and at a historical peak. The S&P 500 rose 10.2% in the first quarter, its best performance since 2019. The bull run is fueled by both expectations of Fed interest rate cuts and enthusiasm surrounding the adoption of AI.


The S&P 500 chart shows that:
→ The price moves in an ascending channel (shown in blue), demonstrating stable demand.
→ The price has broken through the resistance level of 5,200. It is acceptable to expect that it will act as resistance.
→ The market can be supported by the median line.




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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors

[Wither]

High Hopes for Amazon as Analysts Look at Earnings Call Potential



Amazon, one of the most successful e-commerce businesses in the world, entered its 30th year in 2024 with its relatively humble yet ingenious origins as an online bookseller based out of Jeff Bezos' garage in Washington State, a distant memory.

Today's Amazon is completely unrecognizable. A global giant among Silicon Valley's big-cap internet moguls, dominating the internet services and retail delivery sectors in most markets worldwide.

Not resting on its laurels, Amazon, one of the 'Magnificent 7' tech stocks, has been actively sharpening its remit recently, with a commitment to the development of AI being one of the areas of innovation that the company is now heavily invested in.

Amazon's stock has been doing very well so far this year, and when the US market closed yesterday after its first trading day following a long holiday weekend, trading appeared to continue where it left off on Thursday, March 28, which was the final trading day of the first quarter of this year, with Amazon stock being at its highest value since November 2021 when it spiked to just over $183 per share before climbing down shortly afterwards.

The tech stock doldrums of 2022 ensued, and Amazon, despite its evergreen parcel delivery enterprise being its distinguishing factor from other internet and high technology giants, was not immune. The lull in value during that period was sustained, but as investor appetite for tech stocks came back, Amazon began to grow its share price once again.

This year so far, Amazon stock has been one of the top risers, and according to FXOpen pricing, Amazon closed yesterday at a lofty $180.38, which represents the highest point since it began this particular rally on January 9, at which point it was trading at $127.22. That is a considerable increase within the space of just under two months.
→ The market can be supported by the median line.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors

[Wither]

The Dollar Resumes Growth after the Release of Positive Macroeconomic Statistics



Weak market volatility associated with the celebration of Catholic Easter and a strong foundation from the United States contributed to a sharp strengthening of the dollar against commodity and European currencies. Thus, the pound/US dollar currency pair is trading below the key support at 1.2600, euro sellers are preparing to test 1.0700, and the US dollar/yen pair is as close as possible to recent extremes at 152.00.

GBP/USD
The data on the US manufacturing business activity index for March published yesterday was at the level of 50.3 points, which significantly exceeded the analysts' forecast of 48.3 points. The released data reduces the likelihood of a reduction in the base interest rate at the next Fed meeting and naturally leads to strengthening of the American currency in almost all directions.

The GBP/USD pair traded between 1.2700 and 1.2600 for about a week. Yesterday, sellers of the pound were stronger than buyers and the pair lost about 100 pp in just a couple of hours. If the current mood in the market continues, the price on the GBP/USD chart may test the low of February of this year at 1.2518. We can consider canceling the downward scenario if we confidently consolidate above 1.2700.

Today at 11:30 GMT+3, we are waiting for data on the volume of consumer lending from the Bank of England for February. Also at the same time, the manufacturing business activity index (PMI) for March will be published.




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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors

[Wither]

US Dollar Strengthens after Strong ISM Manufacturing PMI Report



Yesterday, news was published on the state of the US manufacturing sector, namely the Purchase Manager Index (PMI), which is calculated by The Institute for Supply Management (ISM).

The data turned out to be strong: fact = 50.3, forecast = 48.5, a month earlier = 47.8.

Since readings above 50 indicate manufacturing growth, yesterday's news showed the health of this sector in the US. Consequently, it reduced the pressure on the Fed to cut interest rates.

And since the current tight monetary policy may last longer, the value of the US dollar has increased relative to other financial assets:
→ Regarding currencies. For example, the NZD/USD rate set a minimum of 2024.
→ Regarding cryptocurrencies. The decline in BTC/USD that began yesterday led to the Bitcoin rate dropping to USD 66.5k today.




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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors

[Wither]

Gold Price XAU/USD Sets Another All-time High


The XAU/USD gold chart today indicates that the price of the metal has exceeded USD 2,250 per ounce.

Causes:
→ Geopolitical tensions. Military conflicts in Ukraine and the Middle East do not subside, the threat of terrorist attacks is growing, and new hot spots may appear on the world map.
→ Concerns about a new round of inflation due to rising commodity prices.

In both cases, gold acts as a safe-haven asset.


Since the beginning of 2024, the price of XAU/USD has risen by 12%. How much longer can the rally last?

In terms of technical analysis of the gold price, there are two tools to take into account:

→ ascending channel (shown in blue). Today XAU/USD is in its upper half, the price has tested (shown by the arrow) the support of the median line. And from the first days of April it has been demonstrating dynamics that direct it towards the upper border of the channel.

→ Fibonacci proportions. If we take the A→B impulse as 100%, then the decrease in B→C finds support in the zone of levels 0.5-0.618, which confirms the relevance of using proportions. Then the target for impulse price growth from point C may be the level of 1.618.




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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors

[Wither]

Market Analysis: EUR/USD Starts Recovery, USD/CHF Could Extend Gains


EUR/USD is attempting a recovery wave from the 1.0725 zone. USD/CHF climbed higher above 0.9070 and might extend gains in the near term.

Important Takeaways for EUR/USD and USD/CHF Analysis Today
· The Euro declined toward 1.0725 before it started a recovery wave against the US Dollar.

· There was a break above a key bearish trend line with resistance at 1.0765 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF climbed higher above the 0.9035 and 0.9070 resistance levels.

· There was a break above a major bearish trend line with resistance at 0.9035 on the hourly chart at FXOpen.

EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair extended the decline below the 1.0785 support zone. The Euro even declined below 1.0750 before the bulls appeared against the US Dollar, as mentioned in the previous analysis.

The pair traded as low as 1.0724 and recently started a recovery wave. There was a move above the 1.0745 resistance zone. Besides, there was a break above a key bearish trend line with resistance at 1.0765.


The bulls pushed the pair above the 50-hour simple moving average and the 50% Fib retracement level of the downward move from the 1.0805 swing high to the 1.0724 low.

Immediate resistance on the EUR/USD chart is near the 1.0785 zone. It is close to the 76.4% Fib retracement level of the downward move from the 1.0805 swing high to the 1.0724 low. The first major resistance is near the 1.0805 level.




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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors

[Wither]

USD/JPY Analysis: Calm Before the Storm?


The USD/JPY chart today shows that the rate has stabilized at 152 yen per US dollar. But can we say that there is calm in the market?

Hardly.

First, it is important to note that in 2023 there was a sharp reversal of trend around the 152.00 level due to intervention by the Japanese authorities, which supported an excessively weak yen. Therefore, crossing this psychological threshold can serve as a trigger for a new intervention.

Secondly, Reuters writes about a growing volatility premium in the options market, which confirms the growing likelihood of a strong trend in the near future.


According to USD/JPY technical analysis:
→ ADX indicator is near its lows. When this situation was observed at the end of February, 2 sharp movements followed in March: a decline in USD/JPY to 146.6 and a subsequent recovery to 151.6.
→ the price of USD/JPY today is squeezed into a narrowing triangle between the level of 152.0 and the median line of the ascending channel. The price exiting the technical triangle may mean the beginning of a new trend.

Today, 2 important news are expected: after the publication of the ISM Services PMI index (at 17:00 GMT+3), a speech by the head of the Federal Reserve is expected (19:10 GMT+3). A piece of fundamental news could change the valuation of the US dollar and lead to a surge in volatility in the USD/JPY market - this should be given special attention, given the arguments presented.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors

[Wither]

Brent Oil Price Reaches Its Highest Since October 2023


The Brent oil chart today shows that the price has exceeded USD 89 per barrel — this is the highest level since the end of October 2023.

Reasons for strong demand for oil:
→ The OPEC+ meeting ended this week. Exporting countries maintained their policy of limiting oil production unchanged.
→ Ukrainian drone attacks on oil refineries in Russia.
→ Latest data on the strength of the US economy.


Technical analysis of the Brent market shows that:
→ The price moves within the ascending channel (shown in blue), which originates back in 2023.
→ Increased demand in the spring of 2024 led to the fact that the Brent price rose into the upper half of the blue channel and formed a steeper growth trajectory (shown by black lines).
→ The median line of the blue channel acted as support (shown by arrows).

The upper limit of the blue channel is around USD 92 per barrel of Brent and it is possible that the price may reach these values in the next 1-2 months.




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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors