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Article » UFXBank Daily Review - January 14, 2010
UFXBank Daily Review - January 14, 2010
Jan 14 2010, 04:03

Daily Review 14/01/2010 

USD Dollar (USD) – The Dollar weakened against 12 of the 16 most traded currencies after the Federal Reserve said that a modest economic recovery is broadening. NASDAQ and Dow Jones rose by 1.12% and 0.50% respectively. Crude oil fell for a 3rd day after U.S. inventories report showed an increase of 3.7M barrels as demand dropped. Crude prices decreased by -1.4% closing at 79.65$ a barrel. Gold (XAU) rose by 0.7% closing at 1136.8$ an ounce. Today, Retail Sales are expected with 0.4% vs. 1.3% prior, Unemployment Claims are expected to increase from 434K to 438K,

 EURO (EUR) – The Euro strengthened against the Dollar and the Yen after Greek Finance Minister George Papaconstantinou said the nation is on the right track to solve its problems and does not need bailing out. EUR/USD has been struggling with the 1.45 level but as long as it remains above 1.4480 it is still bullish. Overall, EUR/USD traded with a low of 1.4456 and a high of 1.4579.Today, the ECB will release its' interest rate decision which is expected to remain at 1.0%, ECB Press Conference will follow the decision.

EUR/USD – Last: 1.4540

Resistance    1.4557    1.4580   

Support    1.4455    1.44    1.4275


British Pound (GBP) –The Pound rose for a 4th day against the Dollar, its longest run since November, after Bank of England policy maker Andrew Sentance was cited as saying interest rates may have to increase this year. Manufacturing Production came out worse than expected at 0.0% vs. 0.3% forecast. GBP/USD has breached above 1.6240 therefore the momentum is upward. The pair is currently near another resistance level at 1.63. Overall, GBP/USD traded with a low of 1.6135 and a high of 1.6306. No economic data expected today.

GBP/USD - Last: 1.6298

Resistance    1.6310       

Support    1.6260    1.6135    1.6060



Japanese Yen (JPY) –The Yen fell against all of its major counterparts as a rebound in stocks prompted speculation traders will sell the currency to fund investments in higher yielding assets. Better than expected employment data from Australia and gains in Asian stocks led the Yen lower as risk appetite increases. The main support we see on 1 hour chart is 90.70 if the pair will break below this level it's a clear downtrend .The short term momentum is upwards but many resistance levels prevent the pair from big movements. Overall, USD/JPY traded with a low of 90.90 and with a high of 91.56. No economic data expected today.

USD/JPY-Last: 91.70

Resistance    91.90    92.25   

Support    91.50    91.15    90.70


Canadian dollar (CAD) – The Canadian Dollar gained for the first time in 3 days as investors’ appetite for higher-yielding currencies rose following rises in stocks and better than expected employment data from Australia. The USD/CAD is on a clear downtrend which is consistent with the RSI. As long as USD/CAD remains below 1.0420 a short position is preferred but traders should watch oversold conditions that starting to appear. Overall, USD/CAD traded with a low of 1.0289 and with a high of 1.0411. No economic data expected today.

CAD/USD - Last: 1.0298   

Resistance    1.0360    1.0395    1.0415

Support    1.0290    1.0250   



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with Matthew Sheppard
Senior Forex
Advisor at XForex

1. What is your name and position?
Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

2. What is your experience and professional background?
In the last 6 years I had filled several positions in financial institutions such as a stock broker, a foreign exchange desk manager, a financial consultant and in my recent role I serve as a senior Forex advisor for XForex which is an online forex company.

3. What type of clients you deal with?
We deal with clients on all levels from the beginning stages to the more advanced trading levels.

4. Does most of your business activity come from the online or offline world?
Because of our high presence on the web, most of our business comes from the online world.

5. Why should a trader pick XForex from all forex brokers?
Aside from all the benefits that XForex offer like commission-free trading, 24/7 online support, high leverage (200:1), XForex offers educational and learning trading experience that you won’t find anywhere else..
Our team of experts and financial trainers provide personal assistance and guide clients to financial success. We provide daily analysis and market reviews to our clients giving them a better understanding of the market and helping them trade profitably.

6. From your experience, what advice would you give a person who wants to enter the forex world?
My advice to the beginning trader entering the Forex world is as follows:
• Learn the market and understand what you’re getting into.
• Research and find the broker that suits your needs and wants. Look for a good offering but more importantly customer service, don’t go for the low rates offer without being certain they have a good customer service department. From my extensive experience in the Forex world your key to success will be your client-broker relationship. I can honestly say that at XForex they put an emphasis on servicing clients, which is so important.
• Invest smartly and calculate your risks
• Always know when to get out of a trade

read more forex interviews

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