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Article » UFXBank Daily Review - January 19, 2010
UFXBank Daily Review - January 19, 2010
Jan 19 2010, 04:29

Daily Review 19/01/2010

USD Dollar (USD) –
The Dollar weakened versus most majors after a low volume session and gains in world equity markets worldwide pushed the Dollar lower versus the other majors. U.S stock markets have been closed due to Martin Luther King Day. Crude was almost flat with 0.22% closing at 78.25$ a barrel and Gold (XAU) almost unchanged closing at 1131.10$ an ounce. Today, TIC Long Term Purchases are expected stronger with 30.3B versus 20.7B prior.


EURO (EUR) –The Euro gained slightly versus the Dollar and weakened versus the Pound as Greece's debt problems continue to worry investors. Overall, EUR/USD traded with a low of 1.4335 and a high of 1.4408. EUR/USD has been trading near the 200 moving day average that acts as support and an upside move is possible. Today, German ZEW Economic Sentiment is expected weaker with 49.8 versus 50.4 prior.

EUR/USD - Last:  1.44

Resistance    1.4425    1.445    1.4485

Support    1.4365    1.4335    1.43



British Pound (GBP) – The Pound gained versus the Dollar and the Euro as House Prices in the U.K rose, signaling the economy is getting better in the U.K. Overall, GBP/USD traded with a low of 1.6249 and a high of 1.6378. GBP/USD has hit resistance level at 1.6350 along with 200 day moving average. Remaining above 1.6350 will likely set a move toward the 1.67 resistance. Today, CPI is expected higher with 2.6% versus 1.9% prior. BOE's Governor King will speak in Exeter today.

GBP/USD - Last:  1.64

Resistance    1.642    1.6475    

Support    1.63    1.627    1.621


Japanese Yen (JPY) –The Yen gained versus the Dollar and the Euro as comments about U.S recovery slowing down helped the appeal of the Yen as safety. Overall, USD/JPY traded with a low of 90.57 and a high of 91.06. USD/JPY has moved down and reached the 50% Fibonacci retracement from the upside movement it made in December. Along with the Fibonacci support level daily moving averages 50 and 100 are near and all these are expected to support the pair near 90.50. Today, Tertiary Industry Activity is expected weaker with -0.1% versus 0.5% prior.


USD/JPY-Last: 90.68

Resistance    91.05    91.3    91.55

Support    90.60    90.4    90


Canadian Dollar (CAD) –
The Canadian Dollar gained versus the Dollar as commodities and equities gained, leading the high yielding currency higher. Foreign Securities Purchases came out stronger than expected helping the Canadian Dollar to gain. Overall, USD/CAD traded with a low of 1.0248 and a high of 1.0314. USD/CAD trend is downwards trading near its 2009 lows at 1.0205. A rebound back up is possible but it will be against the main trend. Today, BOC will release its Rate Statement. The Rate is expected to remain unchanged at 0.25%.  

USD/CAD - Last:  1.0255


Resistance    1.029    1.0315    1.0355

Support    1.025    1.0225    1.0205



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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

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