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Article » UFXBank Daily Review - January 20, 2010
UFXBank Daily Review - January 20, 2010
Jan 20 2010, 04:33


Daily Review 20/01/2010



USD Dollar (USD) – The Dollar gained versus most majors after TIC Long Term Purchases came out much stronger with 126.8B versus 30.3B forecast. NASDAQ and Dow Jones rose by 1.42% and 1.09% respectively and they are slightly below their 52 week high. Crude Oil rose by 1.22% closing at 78.95$ a barrel and Gold (XAU) rose by 0.85% closing at 1139.70$ an ounce. Today, Building Permits are expected unchanged with 0.59M and PPI is expected lower with 0.1% versus 1.8% prior.

 

EURO (EUR) –The Euro fell versus the Dollar and the reached a 4 month low versus the Pound after German Zew Economic Sentiment came out weaker than expected. Weaker consumer sentiment and more Greek Debt issues continue to worry investors and drag the Euro lower. Overall, EUR/USD traded with a low of 1.4252 and a high of 1.4413. EUR/USD is still trading above the 200 moving day average that acts as support and near monthly lows near 1.42 a break below these levels will push it toward the 1.40 level. Today, German PPI is expected with 0.2% versus 0.1% prior.



EUR/USD -
Last:  1.4220



Resistance    1.4335    1.4375    1.4415

Support    1.4175    1.4130    



EURUSD



British Pound (GBP) – The Pound gained slightly versus the Dollar after stronger CPI figures were released. CPI came out 2.9% versus 2.6% expected and Core CPI came out 2.8% versus 2.3% expected 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 is trading around 1.6350 and near its 200 day moving average. If it is unable to remain above 1.63 a breakdown could occur. Today, MPC Meeting Minutes will be released and expected to show a unanimous vote on the previous Rate Decision. Claimant Count Change is expected to show -3.3K versus -6.3K prior.



GBP/USD - Last:  1.6325



Resistance    1.64    1.644    1.6475

Support    1.631    1.627    1.62

 



GBPUSD





Japanese Yen (JPY) –
The Yen weakened versus the Dollar after bouncing from the support created by daily moving averages 50 and 100. Household Confidence in Japan came out weaker with 37.6 versus 40.3 prior. Overall, USD/JPY traded with a low of 90.31 and a high of 91.12. USD/JPY reached a Fibonacci retracement level at 90.35 and along with strong support levels could continue the uptrend which started in November. No economic data expected today.



USD/JPY-Last: 91.10



Resistance    91.3    91.75    92.05

Support    90.8    90.3    90



JPYUSD



Canadian Dollar (CAD) –
The Canadian Dollar weakened versus the Dollar after BOC left the Interest Rate unchanged at 0.25% and stated that the currency's strength makes the economic recovery harder. Overall, USD/CAD traded with a low of 1.0248 and a high of 1.0348. USD/CAD reached a strong support near 1.02 and is moving toward the 1.04 resistance. Today, CPI is expected lower with -0.1% versus 0.5% prior and Core CPI is expected with -0.2% versus 0.4% prior. Manufacturing Sales are expected with 1.6% versus 2.0% prior.



USD/CAD - Last:  1.0345

 

Resistance    1.0355    1.04    1.0415

Support    1.03    1.025    1.0225

 



CADUSD


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Interview
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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.

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My advice to the beginning trader entering the Forex world is as follows:
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