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UFXBank Daily Review - February 23, 2010
Feb 23 2010, 05:30

Daily Review 23/2/2010

USD Dollar (USD) – The Dollar gained slightly versus the higher yielding assets weakening versus the Yen after a tight range trading day. NASDAQ and Dow Jones declined by -0.08% and -0.18% respectively, posting their first loss in 5 trading sessions. Crude Oil gained by 0.44% closing at 80.16$ a barrel. Gold (XAU) weakened by -0.78% closing at 1,112.6$ an ounce. Today, CB Consumer Confidence is expected lower with 55 versus 55.9 prior. FOMC Member Bullard will speak in Richmond.

EURO (EUR) –The Euro weakened slightly versus the Dollar after not being able to move above 1.365. Concerns over Greece's future continue to worry investors in the Euro region. Overall, EUR/USD traded with a low of 1.3574 and a high of 1.3654. EUR/USD has failed to move above the 1.3650 resistance level, and a continuance of the main downtrend is likely. Today, German Ifo Business Climate is expected higher with 96.2 versus 95.8 prior.

EUR/USD - Last:  1.36

Resistance    1.364    1.3675    1.3725

Support    1.3575    1.353    1.3485


British Pound (GBP) – The Pound remained unchanged versus the Dollar after a short range trading day due to lack of economic news. Overall, GBP/USD traded with a low of 1.5448 and a high of 1.5521. 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. Today, Inflation Report Hearings will be held by the MPC. BBA Mortgage Approvals are expected slightly lower with 45.3K versus 45.9K prior.

GBP/USD - Last:  1.5485

Resistance    1.5535    1.5625    1.57

Support    1.545    1.541    1.535


Japanese Yen (JPY) –The Yen gained versus most majors after speculations over Greece's bailout and the pace of the Fed's stimulus withdrawal continue to worry investors. Overall, USD/JPY traded with a low of 91.02 and a high of 91.90. USD/JPY has turned downwards after it failed to break above its daily 200 moving average. The daily 50 moving average is likely to act as support at the area of 91. Today, Trade Balance is expected slightly lower with 0.51T versus 0.52T prior.

USD/JPY-Last: 91.15

Resistance    91.7    92.1    92.5

Support    90.75    90.5    90


Canadian Dollar (CAD) – The Canadian Dollar weakened versus the American Dollar as stock markets declined and Copper, one of Canada's biggest exports, prices fell. Overall, USD/CAD traded with a low of 1.0370 and a high of 1.0441. USD/CAD is facing resistance near daily moving averages 50 and 100 at the area of 1.05. No economic data expected today.  

USD/CAD - Last:  1.0425


Resistance    1.0445    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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