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Article » UFXBank Daily Review - March 8, 2010
UFXBank Daily Review - March 8, 2010
Mar 08 2010, 02:38


Daily Review 8/3/2010



USD Dollar (USD) –
The Dollar weakened versus most majors and gained versus the Yen after a smaller than expected decline in Nonfarm Payrolls left investors optimistic. Non Farm Payrolls showed a decrease of -36K versus -40K forecast and Unemployment Rate remained at 9.7%, better than 9.8% expected. NASDAQ and Dow Jones gained by 1.48% and 1.17% respectively, led by financial stocks. Crude Oil gained by 1.61% closing at 81.50$ a barrel. Gold (XAU) gained by 0.19% closing at 1,135.2$ an ounce. No economic data expected today. 



EURO (EUR) –The Euro gained versus the Dollar after better unemployment data in the U.S signaled a stronger recovery from the recession. German Factory Orders came out better with 4.3% versus 1.6% forecast. Overall, EUR/USD traded with a low of 1.3530 and a high of 1.3630. EUR/USD is still trading in a daily channel between 1.3780 and 1.3450,. Today, German Industrial Production is expected better with 1.1% versus -2.6% prior.

EUR/USD - Last:  1.3685



Resistance    1.3695    1.374   

Support    1.358    1.353    1.35



EURUSD



British Pound (GBP) – The Pound gained versus the Dollar as risk appetite rose following better unemployment data in the U.S. PPI Input came out as expected with 0.1% and PPI Output came out slightly better with 0.3% versus 0.2% forecast. Overall, GBP/USD traded with a low of 1.4992 and a high of 1.5167. GBP/USD The main trend continues to be bearish but a strong correction upwards due to oversold conditions is possible. Today, MPC Member Barker will speak in London. 



GBP/USD - Last:  1.5170



Resistance    1.5245    1.532   

Support    1.497    1.488    1.4785



GBPUSD



Japanese Yen (JPY) –
The Yen fell versus the Dollar after better than expected NFP data led to stronger risk appetite. Overall, USD/JPY traded with a low of 89.15 and a high of 90.59. USD/JPY has bounced after reaching close to the support at 88 and continues upwards. The pair is facing strong resistances at 90.5 and 91. No major economic data expected today.   



USD/JPY-Last: 90.42



Resistance  
  90.75    91.25    91.75

Support    89.8    89.5    88.95



USDJPY



Canadian Dollar (CAD) –
The Canadian Dollar gained versus the Dollar, reaching a 6 week high after better NFP data and advance of commodities. Overall, USD/CAD traded with a low of 1.0261 and a high of 1.0331. USD/CAD has continued downwards and is near oversold RSI conditions and yearly lows at 1.02 which is expected to hold as a strong support. Today, Housing Starts are expected slightly higher with 188K versus 186K prior.



USD/CAD -
Last:  1.0265

 

Resistance
    1.0365    1.041    1.045

Support    1.0255    1.0225    1.02



USDCAD


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Interview
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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