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Gold hovers around USD 1200/Oz


 

 

FXStreet (Mumbai) - Gold prices trade around USD 1200/Oz levels, largely unchanged on the day, as the exhaustion over the Greek impasse ahead of the weekend zapped volatility in the markets. 


Supported by safe haven appeal

 

The metal, along with other traditional safe haven assets like the treasuries, Swiss Franc, and the Yen, is heading into the weekend on a positive note. The Greek impasse has led to an exhaustion of sorts in the markets ahead of the June 30 deadline. 

 

Moreover, the safe haven bids, along with the weakness in the US dollar pushed the metal to a weekly high of USD 1205.8/Oz. At the moment, a positive weekly close is more or less confirmed, unless a breakthrough deal between Greece and its creditors weighs over safe haven assets. 

 

Gold Technical Levels

 

The metal currently trades at USD 1200.4/Oz. The immediate resistance is located at 1208.6 (May 25 high), above which gains could be extended to 1215.1 (Apr. 28 high). On the flip side, a break below 1192.80 (50-DMA) could open doors for 1185.00. 

 

 

   

 

 

 

June 19,2015

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EUR/USD hits session low of 1.1291


 

 

FXStreet (Mumbai) - The EUR/USD pair finally breached 1.13 levels to print a low of 1.1291 before recovering back to 1.13. 

 

USD strengthens on safe haven bids

 

The US dollar continues to strengthen on an increase in demand for safe haven treasuries amid Greek issue. This is the reason why the shared currency weakened despite of a larger fall in the US Treasury yields. The US-German yield spread which stands at 153 basis points, largely unchanged on the day has does not have an impact on the EUR/USD pair, since the fall in Treasury yields is mainly on account of safe haven bids. 

 

Ahead in the day, the empty US calendar leaves the pair at the mercy of the market’s appetite for the US dollars. 

 

EUR/USD Technical Levels

 

The immediate support is seen at 1.1293 (23.6% Fib R of 1.3991-1.0461), under which the pair could target 1.1228. On the flip side, a break above 1.1343 (hourly 50-MA) could see the pair re-test 1.14. 

 

 

   

 

 

 

June 19,2015

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Reasons for a stronger dollar – JP Morgan


 

 

FXStreet (Edinburgh) - Analysts at JP Morgan exposed their reasoning backing a firmer USD in the upcoming periods.

 

Key Quotes

 

“The reasons we still project further USD strength beginning at some point this summer are the following:”

 

“(1) the labour market should create inflation pressures that the Fed would start responding to probably in September;”

 

“(2) as the Fed responds, it will still be the only central bank hiking in H2;”

 

“(3) most vulnerabilities of the non-USD currencies (high valuations, negative real policy rates, current account deficits) persist two years after the taper tantrum; and” 

 

“(4) illiquidity could exaggerate bond and FX moves in an otherwise dull Fed cycle where modest and gradual seem the buzzwords”. 

 

 

   

 

 

 

June 22,2015

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EUR/CHF rises to fresh session high of 1.0472


 

 

FXStreet (Mumbai) - The shared currency is gaining ground against the safe haven CHF, taking the EUR/CHF pair to a fresh session high of 1.0472 levels. 

 

EUR/CHF takes out hourly 100-MA resistance

 

During the move higher, the pair took out the hourly 100-MA resistance located at 1.0456. The common currency is being bought against the safe haven currency after the EU chief expressed confidence that a deal with Greece would be reached by this weekend. 

 

Moreover, the EU chief’s statement helped weaken the bid tone on the Swiss Franc, leading to an unwinding of a safe haven CHF longs. 

 

EUR/CHF Technical Levels

 

The immediate resistance is located at 1.0474 (hourly 200-MA), above which the pair could target 1.048. On the flip side, a break below 1.0464 could see the pair re-test its hourly 50-MA located at 1.0451. 

 

 

 

 

   

 

 

 

June 22,2015

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Housing Data reaction: USD/CAD trades at daily highs


 

 

FXStreet (Barranquilla) - The USD/CAD is trading now on the positive field following the upbeat US housing data; After falling 50 pips in the European session, the US Dollar finally found buyers against the Canadian Dollar as the pair bounced off 1.2215 to price at daily highs above 1.2280. 

 

Existing home sales rose 5.1% in May, well above expected. Annual rate is now 5.35M, the highest since August 2013. On the other hand, Europe consumer confidence was reported down to -5.6 in June; the worse since February.

 

Currently, USD/CAD is trading at 1.2282, up 0.12% on the day, having posted a daily high at 1.2288 and low at 1.2217. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish. 

 

USD/CAD Forecast

 

Anil Panchal from Admiral Markets said in the latest USD/CAD Forecast Poll that the "failure to break 1.2170-60 horizontal mark could pullback the pair towards 1.2400 region." 

 

In addition, according to JPMorgan, Labor market creating inflationary pressures; Fed rate hike in September; most vulnerabilities of the non-USD; and illiquidity made the case for a stronger dollar.

 

USD/CAD Level

 

If the USD/CAD manages to extend gains, resistances are at 1.2300, 1.2350 and 1.2360. To the downside, supports are at 1.2215, 1.2200 and 1.2140.  

 

 

 

 

   

 

 

 

June 22,2015

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Greece economy minister says new proposals have broken the deadlock - BBC


 

 

FXStreet (Barranquilla) - The USD/CAD is trading now on the positive field following the upbeat US housing data; After falling 50 pips in the European session, the US Dollar finally found buyers against the Canadian Dollar as the pair bounced off 1.2215 to price at daily highs above 1.2280. 

 

Existing home sales rose 5.1% in May, well above expected. Annual rate is now 5.35M, the highest since August 2013. On the other hand, Europe consumer confidence was reported down to -5.6 in June; the worse since February.

 

Currently, USD/CAD is trading at 1.2282, up 0.12% on the day, having posted a daily high at 1.2288 and low at 1.2217. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish. 

 

USD/CAD Forecast

 

Anil Panchal from Admiral Markets said in the latest USD/CAD Forecast Poll that the "failure to break 1.2170-60 horizontal mark could pullback the pair towards 1.2400 region." 

 

In addition, according to JPMorgan, Labor market creating inflationary pressures; Fed rate hike in September; most vulnerabilities of the non-USD; and illiquidity made the case for a stronger dollar.

 

USD/CAD Level

 

If the USD/CAD manages to extend gains, resistances are at 1.2300, 1.2350 and 1.2360. To the downside, supports are at 1.2215, 1.2200 and 1.2140.  

 

 

 

 

   

 

 

 

June 22,2015

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GBP/USD having worst day in two weeks


 

 

FXStreet (Córdoba) - Cable remains near the lows unable to recover as the euro rises across the board on hopes of a deal between Greece and its creditors. GBP/USD recently attempted to recover but it was capped by 1.5845 and retreated. 

 

Currently trades at 1.5815/20, approaching daily lows that lie slightly above 1.5800. Greenback remains mostly in positive territory in the market on Monday, but the euro outperformed during the last hour, after the Eurogroup press conference. During the last hour EUR/GBP rallied and climbed above 0.7200 weakening the demand of the pound in the market. 

 

GBP/USD rally pausing

 

The pair is falling 55 pips so far on Monday, enough to put it on the way to the worst performance of the pound against the US dollar in two weeks. The rally of the pair from 1.5250 found resistance last week below 1.5950 and is now retreating but still holding a bullish tone in the medium term. 

 

   

 

 

 

June 22,2015

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EUR/USD: Embarking on a very constructive bullish signal


 

 

FXStreet (Guatemala) - Analysts at Rabobank, while waiting for Eurozone officials to start their emergency summit on Greece, gave us a look at EUR/USD from the perspective of technical analysis.

 

Key Quotes:

 

The price action on the weekly chart resembles an inverted head and shoulders formation. Admittedly, it is not an example that one would necessary use if/when writing a book about technical analysis, but the trendline resistance marked on our chart at 1.1440~ stands out as crucial at this stage.

 

This could be a neckline with the left shoulder at 1.11~ (set in January) and the right shoulder at 1.0819 (end of May low) forming an inverted H&S formation.

 

A break above the neckline/trendline resistance would be a very constructive signal for EUR/USD. 

 

 

 

 

 

   

 

 

 

June 22,2015

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No formal decision on Greece expected to come from today’s summit


 

 

FXStreet (Córdoba) - Heading into the European leaders summit, French President Hollande and German Chancellor Merkel agreed that there is potential for a Greek deal, but latest proposals are insufficient to make a decision today.

 

French President Francois Hollande said that no formal decision will come from today’s summit but it will open the way for resolution.

 

Hollande's comments echoed German Chancellor Angela Merkel's who stated that there is potential for a deal with Greece, but proposals are insufficient to make a decision today. 

 

 

 

 

 

 

   

 

 

 

June 22,2015

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Gold drops in line with other safe havens


 

 

FXStreet (Mumbai) - Gold continued its steady decline to hit a session low of USD 1179.5/Oz, in line with the similar weakness seen in other traditional safe havens – JPY, CHF, Treasuries, Bunds. 

 

Focus on US data

 

Investors await the US durable goods report, which is expected to show a contraction of 0.5% in May. The durable goods report will be followed by the preliminary manufacturing data and new home sales report. 

 

Apart from the US data, the broader market sentiment with regards to the safe havens would also impact the metal. Moreover, safe haven assets have been ditched in the European session after optimism surrounding Greek deal triggered risk-on rally in the equities. 

 

Gold Technical Levels

 

The immediate support is seen at 1175.9, under which the metal could extend the drop to 1172.6. On the flip side, a break above 1186.4 could drive the metal higher to 1187.11 (hourly 200-MA). 

 

 

 

 

 

 

   

 

 

 

June 23,2015

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EUR/USD around 1.1200 on US data


 

 

FXStreet (Edinburgh) - The offered tone remains intact around the dollar on Tuesday, with EUR/USD hovering over the 1.1200 handle.

 

EUR/USD muted on poor US data

 

The pair keeps the range despite US Durable Goods Orders disappointed markets during the month of May, contracting 1.8% inter-month vs. forecasts for a 0.5% contraction. Orders excluding the Transportation sector have expanded 0.5% on a monthly basis vs. 0.6% initially anticipated.

 

Next of relevance in the US calendar will be New Home Sales (525K exp.) and the flash print of the manufacturing PMI gauged by Markit.

 

EUR/USD levels to consider

 

As of writing the pair is down 1.49% at 1.1170 with the next support at 1.1151 (low Jun.12) followed by 1.1087 (low Jun.8) and then 1.1049 (low Jun.5). On the other hand, a breakout of 1.1349 (high Jun.23) would open the door to 1.1404 (high Jun.22) and finally 1.1421 (high Jun.18). 

 

   

 

 

 

June 23,2015

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US durable goods orders fall 1.8% in May


 

 

FXStreet (Mumbai) - The data reported by the US commerce department showed today that orders for durable goods in May dropped 1.8% after a downwardly revised 1.5% fall in April. The headline figure was expected to drop 1.0% in May.

 

Though the headline figure dropped, the orders for non-defense capital goods excluding aircraft, a proxy for future business investment, rose 0.3%. Orders for such goods were projected to rise 0.5%. Bookings for non-military capital goods excluding aircraft rose 0.4% last month after a 0.3% decrease in April.

 

The drop in the headline figure was largely due to a drop in the volatile aircraft category. Orders for business equipments continued to rise for the second month, which is slightly positive. 

 

 

   

 

 

 

June 23,2015

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USD/CAD tests lows near 1.2300


 

 

FXStreet (Edinburgh) - After an ephemeral visit to the 1.2300 neighborhood, USD/CAD has now returned to the 1.2340 area.

 

USD/CAD recovers post-US data

 

The pair has quickly reversed the knee-jerk to the vicinity of 1.2300 the figure after US Durable Goods Orders missed expectations during the last month. In fact, Orders contracted 1.8% on a monthly basis vs. a 0.5% gain forecast-ed, while Orders excluding the Transportation sector advanced 0.5% MoM vs. 0.6% anticipated. 

 

Next of note in the pair will be New Home Sales (525K exp.) followed by the flash Markit’s manufacturing PMI for the current month.

 

USD/CAD levels to consider

 

At the moment the pair is up 0.29% at 1.2347 and a breakout of 1.2360 (high Jun.15) would aim for 1.2442 (high Jun.9) and then 1.2472 (high Jun.8). On the other hand, the immediate support lines up at 1.2307 (low Jun.23) ahead of 1.2127 (low Jun.18) and finally 1.2072 (76.4% of 1.1920-1.2563). 

 

 

 

   

 

 

 

June 23,2015

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US: New home sales rises 2.2% in May


 

 

FXStreet (Córdoba) - Sales of new homes in US grew by 2.2% in May to a seasonally adjusted 546,000, reaching its highest level since February 2008.

 

New home sales beat expectations of 523,000 compared with a prior estimate of 517,000 for April, which was upwardly revised to 534,000. 

 

 

 

   

 

 

 

June 23,2015

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UK BBA Mortgage Approvals rise in May, miss expectations


 


FXStreet (Mumbai) - The number of loans for house purchases increased in May, driven by post-election political and economic certainty, and increased buyers' appetite. 

 

In May, the number of mortgage approvals rose to 42,530, up from 42,020 in April, but less than estimated, according to the British Banking Association (BBA) report published on Wednesday. 

 

Richard Woolhouse, chief economist at the BBA, state, "The increase in mortgage approvals this month is consistent with the trend we’ve seen since the start of the year. The numbers show that the property market remains buoyant after the general election. Fierce competition between lenders means that there are some great mortgage deals available from the high street banks." 

 

 

 

 

   

 

 

 

June 24,2015

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EUR/USD keeps the 1.12 handle pre-Eurogroup


 

 

FXStreet (Edinburgh) - The common currency keeps the buoyant tone on Wednesday, sending EUR/USD to test highs near 1.1240 ahead of the Eurogroup meeting.

 

Greece remains at the top of the agenda in today’s Eurogroup meeting to be held in Brussels, with Greek PM A.Tsipras expected to previously meet with Juncker, Draghi and Lagarde. Further news saw the ECB extending its emergency funding to the Greek banks under its ELA mechanism, all in light of the persistent deterioration of the Greek banking system in response to the increasing deposits withdrawals by Greek savers.

 

In the data space, the German IFO came in below consensus in all of its components, although spot paid little attention, if any, to the release.

 

EUR/USD levels to consider

 

As of writing the pair is up 0.38% at 1.1210 and a breakout of 1.1236 (high Jun.23) would open the door to 1.1349 (high Jun.23) and finally 1.1404 (high Jun.22). On the other hand, the next support lines up at 1.1154 (low Jun.24) followed by 1.1135 (low Jun.23) and then 1.1087 (low Jun.8). 

 

 

 

   

 

 

 

June 24,2015

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German IFO hurt by Greece – ING


 

 

FXStreet (Edinburgh) - Analyst at ING Bank Carsten Brzeski assessed the recent poor results from the German IFO.

 

Key Quotes

 

“Creeping Greek fears. The number one topic in Germany has finally reached German businesses: the Greek crisis and fears of a Grexit. After a long period of stable business optimism, Germany’s most prominent leading indicator, the Ifo index, dropped to 107.4 in June, from 108.5 in May”.

 

“Even if the doses has been reduced somewhat, the German economy is still on steroids. Despite some recent rebounds, the weak euro exchange rate and low energy prices are still artificially extending the last phase of a very positive reform-growth cycle”.

 

“Even after today’s drop, the level of the Ifo remains comfortably high. In fact, comparing the levels of the second quarter with the levels of the first quarter suggests a growth acceleration of the German economy in Q2, confirming our positive growth outlook”.

 

“All in all, today’s Ifo index shows that German businesses are not immune against the Greek crisis and that Grexit fears are not only discussed in the local pub but also in boardrooms. However, for the time being, these fears should not (yet) have a negative impact on the economy”. 

 

 

   

 

 

 

June 24,2015

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GBP/USD eases to 1.5750, Greece in focus


 

 

FXStreet (Mumbai) - GBP/USD trimmed gains and retreated from near 1.58 handle during the European session, as markets shifted their preference towards the US dollar amid Greece headline ahead of Euro group meeting. While traders also gear up for the upcoming US GDP revision.

 

GBP/USD drops from 1.5790

 

The GBP/USD pair trades 0.14% at 1.5752, quickly shedding away nearly 40 pips. The cable gave back half the gains as the offered tone around the greenback decreased as traders switched to the reserve currency, moving away from higher yielding currencies as Greece updates take centre stage.

 

While, markets also unwound GBP longs ahead of the third estimate of the first quarter US GDP data due for release later in the North American session.

However, the pair also remains supported on the back of hawkish comments from Bank of England (BOE) policy maker Weale, advocating for a rate hike on tightening labour market in the UK.

 

GBP/USD Levels to consider

 

The pair has an immediate resistance at 1.5833 (June 23 High) above which gains could be extended to 1.5850 levels. On the flip side, support is seen at 1.5731 (Today’s Low) below which it could extend losses to 1.5704 (June 23 Low) levels. 

 

 

 

   

 

 

 

June 24,2015

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USD/CHF: CHF strengthens on safe-haven appeal


 

 

FXStreet (Mumbai) - The Swiss franc remains heavily bid versus the American dollar in the mid-European session, driving USD/CHF deeper in to losses just above 0.93 handle. The Swiss currency emerged the biggest gainer this session so far mainly on the back of increased demand for safety assets as Greek debt deal lurks. 

 

USD/CHF drops from 0.9375

 

Currently, the USD/CHF pair trades -0.35% lower at 0.9332, recovering slightly from fresh session lows printed at 0.9319. The Swiss franc gained upside momentum versus the greenback largely on the back of generalized risk-on moods amid uncertainty surrounding Greece with markets speculating increased Grexit fears. While traders flock to safe-havens such as CHF ahead of Euro group meeting tomorrow.

 

Moreover, EUR/USD resilience also supports the franc, knocking-off USD/CHF almost 50-pips lower. Meanwhile, the dollar index which measures the greenback’s strength against its major peers, now trades muted around 95.35, near session lows at 95.28. 

 

Karen Jones, Analyst at Commerzbank notes, “USD/CHF has started to erode the 2 month downtrend. A close above here should be enough to trigger a recovery to the 0.9543 end of May high and the top of the cloud resistance at 0.9600.” While she recommends buying on dips to 0.9320 and further add at 0.9320.

 

USD/CHF Technical Levels 

 

To the upside, the next resistance is located at 0.9375 (Today’s High) levels and above which it could extend gains to 0.9408 (June 11 High) levels. To the downside, immediate support might be located at 0.9300 levels and below that at 0.9272 (June 15 Low) levels. 

 

 

 

 

   

 

 

 

June 26,2015

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EUR/GBP negative below 0.7324 – Commerzbank


 

 

FXStreet (Edinburgh) - The short term perspective for the cross remains bearish below the 6-month downtrend currently at 0.7324.

 

Key Quotes

 

“EUR/GBP is sitting on the .7074 support line and is currently finding some support there. Intraday rallies are indicated to terminate circa .7150 for losses to the .7057 May low and the .7015 March low”.

 

“Below here lies the .7000 psychological support and the .6985 6 year down channel”.

 

“Rallies will find initial resistance at .7214, the 55 day ma. This guards the .7324 resistance line and the tougher resistance at .7385/91 – this is the March high and the 78.6% retracement”. 

 

 

 

   

 

 

 

June 26,2015

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EU preparing an emergency plan if Greek talks fail – MNI


 

 

FXStreet (Mumbai) - MNI is reporting that the European Union is preparing an emergency plan if Greek rejects the deal offer on Saturday. 

 

The report says Greece’s creditors will not back down from their proposal and the proposal is for an extension till the end of November. 

 

Meanwhile, German finance minister Schaeuble said the Eurozone must not risk credibility by spending beyond limits. 

 

 

 

   

 

 

 

June 26,2015

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NOK/SEK could face additional selling pressure – TDS


 

 

FXStreet (Edinburgh) - According to Strategists at TD Securities, the Nordic cross could head towards parity in the medium term.

 

Key Quotes

 

“It has become more difficult to position for the easing risks from the Riksbank. Several members seem to now have a more mixed opinion of taking rates more negative. So if SEK appreciates, it is possible the short-end rallies further, but it is also possible they decide to rely more heavily on QE, which would have a broader influence on the curve, or even introduce an FLS-style program, where the impact on rates is more uncertain.

 

“The Norges Bank's decision to cut its key policy rate to 1.00% was broadly expected. But leaving the door open to additional easing in the next few months was not. With the Riksbank on hold, NOKSEK will come under additional pressure and drop toward par in the months ahead”. 

 

 

 

   

 

 

 

June 26,2015

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USD/JPY climbs to highs near 123.80


 

 

FXStreet (Edinburgh) - A bout of buying interest around the American currency is now sending USD/JPY to post session tops in the 123.80 area.

 

USD/JPY firmer on Treasuries

 

The pair has woken up from its early consolidative pattern boosted by a firmer tone in US Treasuries, where the 10-year benchmark is up more than 2% around 2.45%. Other bond markets are following suit with higher yields in Bunds and Gilts.

 

At least a bit of entertainment and volatility in today’s flat markets, with all the attention pointing to tomorrow’s Eurogroup meeting, leaving activity close to zero on Friday. 

 

USD/JPY levels to watch

 

As of writing the pair is up 0.12% at 123.77 with the next resistance at 123.96 (high Jun.25) ahead of 124.38 (high Jun.24) and then 124.46 (high Jun.18). On the downside, a break below 123.23 (low Jun.26) would expose 123.20 (61.8% of 122.48-124.38) and finally 123.00 (psychological level). 

 

 

 

   

 

 

 

June 26,2015

OctaFX.Com News Updates

 

 


 

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EU's Juncker: No ‘take or leave it situation’ on Greece


 

 

FXStreet (Córdoba) - European Commision President, Jean-Claude Juncker said that an agreement tomorrow could genuinely be reached tomorrow, as progress has been made on Greek negotiations.

 

He said it is not a ‘‘take or leave it situation’ on Greece. He added he is quite optimistic but not “overly” optimistic. 

 

 

 

 

June 26,2015

OctaFX.Com News Updates

 

 


 

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I am really interested to know where EU goes now since I have few trades on working, so due to I am really keen on knowing about the possibilities. Working with a really brilliant coming like this, it makes everything so much easier and I am have been using this facility by OctaFX broker since last 1 year free of cost, so it’s really extra-ordinary having this and makes my chances much better and allows me to be successful like never before!

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