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Article » UFXBank Daily Review - February 22, 2010
UFXBank Daily Review - February 22, 2010
Feb 22 2010, 04:50

Daily Review 22/2/2010

USD Dollar (USD) – The Dollar has finished lower versus most majors after comments from Fed officials who said the change in the lending rate doesn't signal any change in the outlook for the economy or for monetary policy. CPI came out weaker with 0.2% versus 0.3% forecast, disappointing investors. NASDAQ and Dow Jones gained by 0.1% and 0.09% respectively as the Dollar weakened, finishing the week with their fourth straight gain. Crude Oil gained by 1.2% closing at 80.14$ a barrel. Gold (XAU) gained by 1.6% closing at 1,118.7$ an ounce. No economic data expected today.

EURO (EUR) –The Euro gained versus the Dollar after weak CPI figures in the U.S and comments from Fed officials about the key interest rate. Manufacturing and Services PMI data came out mixed. Overall, EUR/USD traded with a low of 1.3454 and a high of 1.3618. EUR/USD has started correcting upwards after being oversold according to the RSI indicator and not being able to cross below 1.3450. EUR/USD is facing resistance levels at 1.3650 and 1.38 and the main trend continues to be downwards. No economic data expected today.  

EUR/USD - Last:  1.3615

Resistance    1.3655    1.37    1.379

Support    1.352    1.344    1.332


British Pound (GBP) – The Pound gained versus the Dollar after weak CPI results in the U.S. Retail Sales came out -1.2% weaker than -0.5% expected. Overall, GBP/USD traded with a low of 1.5345 and a high of 1.5477. GBP/USD has corrected upwards after reaching oversold conditions according to the RSI indicator. GBP/USD main trend is still downwards, but a correction to 1.56 is possible. No economic data expected today.  

GBP/USD - Last
:  1.5475

Resistance    1.551    1.5535    1.5625

Support    1.541    1.535    1.528


Japanese Yen (JPY) –The Yen gained versus the Dollar and the Pound and weakened versus the Euro after weak CPI figures in the U.S. Overall, USD/JPY traded with a low of 91.49 and a high of 92.14. USD/JPY has failed to break above its daily 200 moving average and seems to be heading toward a correction. Today, Monetary Policy Meeting Minutes will be released.

USD/JPY-Last: 91.55

Resistance    92.1    92.5    92.7

Support    91.5    91    90.75


Canadian Dollar (CAD) – The Canadian Dollar gained versus the American Dollar as equities and commodity prices rose. Overall, USD/CAD traded with a low of 1.0388 and a high of 1.0530. USD/CAD failed to break above daily moving averages 50 and 100 and continues moving downwards near its 1 month lows. Today, Bank of Canada's Senior Deputy Governor Paul Jenkins will speak today.

USD/CAD - Last:  1.0390


Resistance    1.044    1.0475    1.053

Support    1.037    1.0335    1.0315


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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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