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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.

Last:  1.4220

Resistance    1.4335    1.4375    1.4415

Support    1.4175    1.4130    


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



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


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



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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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