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Article » UFXBank Daily Review - February 3, 2010
UFXBank Daily Review - February 3, 2010
Feb 03 2010, 03:50

Daily Review 3/2/2010

USD Dollar (USD) – The Dollar declined across the board rising only against the Australian Dollar. The fall of the American currency was moderated on a relative quiet day in the market. Pending Home Sales data came out 1% better then than the 0.4% expected. US markets rose for the second day in a row extending its recovery after last week sell off. The Dow Jones rose by 1.10% and the NASDAQ gained 0.87%. Crude oils rose almost by 3% closing near $77 a barrel. Gold (XAU) also rose and closed at 1114$ an ounce. Today, The ADP Nonfarm Employment Change is expected at -40K vs. -84K previously.

EURO (EUR) – The Euro remains capped by 1.3980 levels despite strong recovery in Wall Street. The PPI came out 0.1% better than expected 0%. Breaching the 1.398 levels may test higher levels of 1.4120. Overall, EUR/USD traded with a low of 1.3885 and a high of 1.3974. Today, The Retail Sales is expected at 0.4% vs. -1.2% previously.

EUR/USD - Last:  1.3960

1.399    1.4025    1.4075

Support    1.39    1.385    1.3815


British Pound (GBP) – The Pound strengthened slightly versus the Dollar after consolidating support at 1.5920. The Nationwide Consumer Confidence came out 73 better than expected 70. If the pair sustains above the 1.5980 level, it may test higher levels at 1.6120. Overall, GBP/USD traded with a low of 1.5901 and a high of 1.5994. Today, the Halifax House Price Index is expected at 0.9% vs. 1% previously.

GBP/USD - Last:  1.5990

Resistance    1.602    1.605    1.61

Support    1.591    1.585    1.578


Japanese Yen (JPY) – The Yen rose against the Dollar. USD/JPY fell to 90.25 after being unable to break above 91.00, a zone that has been tested over the last three sessions. If the pair sustains the support of 89.8 levels, upside run to 91.8 could be seen. Overall, USD/JPY traded with a low of 90.25 and a high of 90.90. No economic data expected today. 

USD/JPY-Last: 90.4

Resistance    90.6    90.95    91.2

Support    90    89.6    89.35



Canadian Dollar (CAD) – The Canadian Dollar rose for a second consecutive day as equities and crude oil rose, making the currencies of commodity producers more attractive. If the pair will sustain the 1.6020 as a resistance downtrend acceleration could be seen to the 1.0480 area. Overall, USD/CAD traded with a low of 1.0564 and a high of 1.0640. No economic data expected today. 

USD/CAD - Last:  1.0575


Resistance    1.0625    1.064    1.0685

Support    1.0565    1.0525    1.046



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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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