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Gold dropped last week to its lowest level since December 2016.

Driven by a surge in the U.S. Dollar to its highest level since the week-ending May, 2017.

Buyers came in as the market approached a main bottom at $1160.00. The move triggered a short-covering rally on the daily chart, but it wasn’t enough to reverse the weekly trend.

The price action is being primarily dictated by the movement in the U.S. Dollar. A weaker dollar is likely to lead to more short-covering, but not enough to change the main trend to up. Any short-covering rally will be designed to alleviate some of the excessive selling pressure.

Weekly Technical Analysis
The main trend is down according to the weekly swing chart. A trade through $1165.00 will signal a resumption of the downtrend.
The main range is $1165.00 to $1392.00. Its retracement zone at $1250.00 to $1277.00 is resistance. This zone is also controlling the longer-term direction of the market.

By Alla Darwish

Alla is IFM Trade’s Senior Broker & Account Manager. You can reach him Monday to Friday directly on +61 291 907 557 or via email on alla.d@ifmtrade.com

IFM Trade is a registered business name of Intelligent Financial Markets Pty Ltd (IFM Trade). IFM Trade (ACN 155 185 014) is regulated by the Australian Securities & Investments Commission (ASIC) AFSL number 3426359. Investing in over-the-counter derivatives carries significant risks and is not suitable for all investors. You could lose substantially more than your initial investment. When acquiring our derivative products, you have no entitlement, right or obligation to the underlying financial asset. IFM Trade is not a financial adviser and all services are provided on an execution only basis. IFM Trade is authorised to provide general advice only and information contained in this article is general information only. Any advice is general advice only. Neither your personal objections, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objections, financial situation and needs, before acting on the advice A Product Disclosure Statement (PDS) for our financial products and our Financial Services Guide (FSG) are available at www.IFMTrade.com or can be obtained free of charge by calling IFM Trade on 1300 735 125 (+61 3 9021 0420). The PDS and FSG are important documents and should be reviewed prior to deciding whether to acquire, hold or dispose of IFM Trade’s financial products or services. Warning: CFD trading both carry a high level of risk to your capital with the possibility of losing more than your initial investment. These products may not be suitable for all investors and are not available to individuals under the age of 18. Please ensure that you are fully aware of the risks involved and refer to our Risk Warning. If necessary, seek independent financial advice. The Customer Agreement and Execution Policy are available at www.IFMTrade.com and are important and should be reviewed prior to deciding whether to acquire, hold or dispose of IFM Trade’s products.

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AUDUSD rallies in anticipation of positive meetings between Chinese and US trade delegates




The Aussie rallied last Friday as China and the US resume trade talks next week, with a Chinese delegation traveling to Washington for meetings slated to take place on 21 (tomorrow) and 22 August.

The Aussie rallied last Friday as China and the US resume trade talks next week, with a Chinese delegation traveling to Washington for meetings slated to take place on 21 (tomorrow) and 22 August.

Analysts commented that although these talks are not between top level officials, it is a step in the right direction, and will be positive for the Yuan as well as the AUDUSD if there is any effort to bring this trade war to an end.

Technically, the AUDUSD should see some resistance at the previous support of 0.7325 and surpassing that, it will meet with its next resistance levels of 0.7360 and 0.7395.

However, on the downside, support is seen at the 0.7250 level, but if the Aussie breaches that, it will re-visit the recent low of 0.7200 and if that is breached, it will see some support at 0.7160.

By Jin Rin Yau
Jin is one of IFM Trade’s senior Account Managers and Market Expert. You can reach him Monday to Friday directly on +61 291 907 556 or via email on jinrin.y@ifmtrade.com

IFM Trade is a registered business name of Intelligent Financial Markets Pty Ltd (IFM Trade). IFM Trade (ACN 155 185 014) is authorised and regulated by the Australian Securities & Investments Commission (ASIC) AFSL number 3426359. Investing in over-the-counter derivatives carries significant risks and is not suitable for all investors. You could lose substantially more than your initial investment. When acquiring our derivative products, you have no entitlement, right or obligation to the underlying financial asset. IFM Trade is not a financial adviser and all services are provided on an execution only basis. IFM Trade is authorised to provide general advice only and information is of a general nature only and does not take into account your financial objectives, personal circumstances. IFM Trade recommends that you seek independent personal financial advice. A Product Disclosure Statement (PDS) for our financial products and our Financial Services Guide (FSG) are available at www.IFMTrade.com or can be obtained free of charge by calling IFM Trade on 1300 735 125 (+61 3 9021 0420). The PDS and FSG are important documents and should be reviewed prior to deciding whether to acquire, hold or dispose of IFM Trade’s financial products or services. Warning: CFD trading both carry a high level of risk to your capital with the possibility of losing more than your initial investment. These products may not be suitable for all investors and are not available to individuals under the age of 18. Please ensure that you are fully aware of the risks involved and refer to our Risk Warning. If necessary, seek independent financial advice. The Customer Agreement and Execution Policy are available at www.IFMTrade.com and are important and should be reviewed prior to deciding whether to acquire, hold or dispose of IFM Trade’s products.

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AUDUSD recovers ahead of Australian jobs report




The Aussie recovered from its depth of 0.7208 in the NY market session to above 0.7230, awaiting the Australian employment report due out at 11.30 AM AEST. Economists are expecting a rise of about 15,000 jobs, which will be sufficient to hold the official unemployment rate steady at 5.4%.

The Aussie recovered from its depth of 0.7208 in the NY market session to above 0.7230, awaiting the Australian employment report due out at 11.30 AM AEST. Economists are expecting a rise of about 15,000 jobs, which will be sufficient to hold the official unemployment rate steady at 5.4%.

Analysts comment the AUDUSD will probably be more sensitive to actual weaker numbers coming out today rather than stronger ones, as the pair has been subject to selling pressure due to it being a proxy to the Chinese Yuan. China is in the midst of a trade war with the US at the moment, and the Yuan has weakened by some 10.5% since last May. The Aussie has dropped about 5.5% in the same period.

Technically, if the Aussie breaches the 0.7210 level, it will see some support at the 0.7175 and 0.7130 levels.

However, if the AUDUSD somehow finds impetus for a push upwards, it should see some resistance at the previous support of 0.7295 and surpassing that, it will meet with its next resistance levels of 0.7325 and 0.7360.

By Jin Rin Yau
Jin is one of IFM Trade’s senior Account Managers and Market Expert. You can reach him Monday to Friday directly on +61 291 907 556 or via email on jinrin.y@ifmtrade.com

IFM Trade is a registered business name of Intelligent Financial Markets Pty Ltd (IFM Trade). IFM Trade (ACN 155 185 014) is authorised and regulated by the Australian Securities & Investments Commission (ASIC) AFSL number 3426359. Investing in over-the-counter derivatives carries significant risks and is not suitable for all investors. You could lose substantially more than your initial investment. When acquiring our derivative products, you have no entitlement, right or obligation to the underlying financial asset. IFM Trade is not a financial adviser and all services are provided on an execution only basis. IFM Trade is authorised to provide general advice only and information is of a general nature only and does not take into account your financial objectives, personal circumstances. IFM Trade recommends that you seek independent personal financial advice. A Product Disclosure Statement (PDS) for our financial products and our Financial Services Guide (FSG) are available at www.IFMTrade.com or can be obtained free of charge by calling IFM Trade on 1300 735 125 (+61 3 9021 0420). The PDS and FSG are important documents and should be reviewed prior to deciding whether to acquire, hold or dispose of IFM Trade’s financial products or services. Warning: CFD trading both carry a high level of risk to your capital with the possibility of losing more than your initial investment. These products may not be suitable for all investors and are not available to individuals under the age of 18. Please ensure that you are fully aware of the risks involved and refer to our Risk Warning. If necessary, seek independent financial advice. The Customer Agreement and Execution Policy are available at www.IFMTrade.com and are important and should be reviewed prior to deciding whether to acquire, hold or dispose of IFM Trade’s products.

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What Happened to The Turkish Lira?




The Lira has lost 45 percent of its value this year. The currency hit a record low of 7.24 against the US Dollar last Monday. This rapid slump came after Donald Trump announced doubling of steel and aluminium tariffs on Turkey.

The Lira has lost 45 percent of its value this year. The currency hit a record low of 7.24 against the US Dollar last Monday.

This rapid slump came after Donald Trump announced doubling of steel and aluminium tariffs on Turkey.

Logic says that Turkey should respond by increasing interest rate, however, this is only a short-term solution and won’t help when Turkey already has an interest rate of almost 18%.

Trump is using the US dollar as a weapon to force other emerging economies to play by their rules and Turkey is trying to take other measures and other steps to control the situation.

On Monday the central bank increased the liquidity of its banking sector. The industry ministry announced the activation of $1.2 billion for the Turkish Industrial production.
President Erdogan, rejecting economic fundamentals as the cause of the Lira’s weakness, he said that Turkey was the target of an economic war and that they wont play by the US’s rules. He urged manufacturers not to rush to buy dollars. Erdogan announced the country will boycott US electronic goods.

The weakness of the Lira has affected other economies and currencies such as the Euro, The Great British Pound and the Indian Rupee.

I believe that the fall of these currencies helps exports in Turkey, Europe and across Asia as the US Dollar is expensive so investors will use local currencies to trade, however, this puts up the prices for their imports such as oil, gas and other resources which in turn leads to inflation.

I believe that this trade war has been contagious to other economies and we will continue to see the EUR and the GBP drop against the USD until other extreme measures are taken.

How is all this affecting the Gold? Gold moves in the opposite direction of the USD, with the USD strengthening the Gold is tanking and reaching new low levels. The Gold is sitting at 1191.70 now and it reached a low of 1191.24 for the day breaking the resistance level of 1191.60. The only next resistance level I see is 1180.00.

By Alla Darwish

Alla is IFM Trade’s Senior Broker & Account Manager. You can reach him Monday to Friday directly on +61 291 907 557 or via email on alla.d@ifmtrade.com

IFM Trade is a registered business name of Intelligent Financial Markets Pty Ltd (IFM Trade). IFM Trade (ACN 155 185 014) is regulated by the Australian Securities & Investments Commission (ASIC) AFSL number 3426359. Investing in over-the-counter derivatives carries significant risks and is not suitable for all investors. You could lose substantially more than your initial investment. When acquiring our derivative products, you have no entitlement, right or obligation to the underlying financial asset. IFM Trade is not a financial adviser and all services are provided on an execution only basis. IFM Trade is authorised to provide general advice only and information contained in this article is general information only. Any advice is general advice only. Neither your personal objections, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objections, financial situation and needs, before acting on the advice A Product Disclosure Statement (PDS) for our financial products and our Financial Services Guide (FSG) are available at www.IFMTrade.com or can be obtained free of charge by calling IFM Trade on 1300 735 125 (+61 3 9021 0420). The PDS and FSG are important documents and should be reviewed prior to deciding whether to acquire, hold or dispose of IFM Trade’s financial products or services. Warning: CFD trading both carry a high level of risk to your capital with the possibility of losing more than your initial investment. These products may not be suitable for all investors and are not available to individuals under the age of 18. Please ensure that you are fully aware of the risks involved and refer to our Risk Warning. If necessary, seek independent financial advice. The Customer Agreement and Execution Policy are available at www.IFMTrade.com and are important and should be reviewed prior to deciding whether to acquire, hold or dispose of IFM Trade’s products.

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AUDUSD weakened by disappointing Chinese data




The Aussie, being the most liquid proxy to the Chinese Yuan, was sold down on news from China, as it announced July Retail Sales rose by less-than-expected, up 8.8% YoY (versus expected 9.1%) while Industrial Production in the same month grew 6.0%, missing market’s forecast of 6.3%.

The Aussie, being the most liquid proxy to the Chinese Yuan, was sold down on news from China, as it announced July Retail Sales rose by less-than-expected, up 8.8% YoY (versus expected 9.1%) while Industrial Production in the same month grew 6.0%, missing market’s forecast of 6.3%.

Analysts believe that the Yuan will probably endure more pain as fresh 25% import tax on another $16bn in Chinese goods is scheduled next week and the US is preparing a flood of duties if deemed necessary. The AUDUSD therefore will probably see some short term weakness alongside the Yuan.

Technically, if the Aussie breaches the 0.7210 level, it will see some support at the 0.7175 and 0.7130 levels.

However, if the AUDUSD somehow finds impetus for a push upwards, it should see some resistance at the previous support of 0.7295 and surpassing that, it will meet with its next resistance levels of 0.7325 and 0.7360.

By Jin Rin Yau
Jin is one of IFM Trade’s senior Account Managers and Market Expert. You can reach him Monday to Friday directly on +61 291 907 556 or via email on jinrin.y@ifmtrade.com

IFM Trade is a registered business name of Intelligent Financial Markets Pty Ltd (IFM Trade). IFM Trade (ACN 155 185 014) is authorised and regulated by the Australian Securities & Investments Commission (ASIC) AFSL number 3426359. Investing in over-the-counter derivatives carries significant risks and is not suitable for all investors. You could lose substantially more than your initial investment. When acquiring our derivative products, you have no entitlement, right or obligation to the underlying financial asset. IFM Trade is not a financial adviser and all services are provided on an execution only basis. IFM Trade is authorised to provide general advice only and information is of a general nature only and does not take into account your financial objectives, personal circumstances. IFM Trade recommends that you seek independent personal financial advice. A Product Disclosure Statement (PDS) for our financial products and our Financial Services Guide (FSG) are available at www.IFMTrade.com or can be obtained free of charge by calling IFM Trade on 1300 735 125 (+61 3 9021 0420). The PDS and FSG are important documents and should be reviewed prior to deciding whether to acquire, hold or dispose of IFM Trade’s financial products or services. Warning: CFD trading both carry a high level of risk to your capital with the possibility of losing more than your initial investment. These products may not be suitable for all investors and are not available to individuals under the age of 18. Please ensure that you are fully aware of the risks involved and refer to our Risk Warning. If necessary, seek independent financial advice. The Customer Agreement and Execution Policy are available at www.IFMTrade.com and are important and should be reviewed prior to deciding whether to acquire, hold or dispose of IFM Trade’s products.

Read More Back