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Article » UFXBank Daily Review - February 9, 2010
UFXBank Daily Review - February 9, 2010
Feb 09 2010, 03:47

Daily Review 9/2/2010

USD Dollar (USD) – The Dollar has been trading sideways versus most majors due to lack of major economic data. NASDAQ weakened by -0.7% and Dow Jones closed beneath 10,000 for the first time in 3 months with -1.04%. Crude Oil gained by 0.69% closing at 71.68$ a barrel. Gold (XAU) weakened slightly closing at 1,062.5$ an ounce. Today, Wholesale Inventories are expected with 0.5% versus 1.5% prior. 


EURO (EUR) –The Euro remained unchanged versus the Dollar and gained versus the Pound as investor's sentiment remained weak and no major economic data was released. Overall, EUR/USD traded with a low of 1.3621 and a high of 1.3714. EUR/USD is oversold according to the RSI indicator, but MACD shows a correction back up in the near term is possible. Today, German Final CPI is expected unchanged with -0.6%.

EUR/USD - Last:  1.3645

Resistance    1.372    1.377    1.385

Support    1.359    1.353    1.3445


British Pound (GBP) –
The Pound weakened slightly versus the Dollar as stocks continued to decline and no major economic data was released. RICS House Price Balance came out stronger with 32% versus 28% expected. Overall, GBP/USD traded with a low of 1.5534 and a high of 1.5660. GBP/USD is oversold according to the RSI indicator and a correction back up is possible, but the trend is still downwards. Today, Trade Balance is expected with -6.6B versus -6.8B prior. 

GBP/USD - Last:  1.5570

Resistance    1.5665    1.57    1.5745

Support    1.553    1.548    1.545



Japanese Yen (JPY) –The Yen remained almost unchanged versus the Dollar, Euro and the Pound. Overall, USD/JPY traded with a low of 89.15 and a high of 89.56. USD/JPY is trading downwards in a narrow range but still unable to cross below the significant 88.50 support. Core Machinery Orders are expected with 8.1% versus -11.3% prior.  

USD/JPY-Last: 89.3

Resistance    89.55    89.75    90.1

Support    89    88.5    87.75


Canadian Dollar (CAD) – The Canadian Dollar weakened versus the American Dollar as drops in equity markets lowered demand for higher yielding assets. Housing Starts came out stronger with 186K versus 180K expected. Overall, USD/CAD traded with a low of 1.0657 and a high of 1.0771. USD/CAD has continued higher toward the 200 Daily Moving Average but has major resistance near 1.08. No economic data expected today.   

USD/CAD - Last:  1.0760


Resistance    1.078    1.085    1.0875

Support    1.069    1.0655    1.0605



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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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