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Article » UFXBank Daily Review - March 22, 2010
UFXBank Daily Review - March 22, 2010
Mar 22 2010, 03:56

Daily Review 22/03/2010 

USD Dollar (USD) –
The Dollar strengthened against most majors after the Dow Jones Industrial Average fell for the first time in nine days, damping demand for safety assets. NASDAQ and Dow Jones decreased by 0.71% and 0.35% respectively, crude oil weakened  by 1.8% closing at 80.68$ a barrel, Gold(XAU) weakened   by 1.78% closing at 1107.6$ an ounce. Today, Treasury Sec Geithner Speaks.

EURO (EUR) – The Euro recorded its biggest weekly drop against the Dollar since January as concern Greece will fail to secure financial assistance from the European Union lowered appetite for the currency. The EUR/USD has been trading downwards in the last three days therefore a sort position is preferred, the main support is 1.3450. Overall, EUR/USD traded with a low of 1.3503 and with a high of 1.3627.Today, ECB President Trichet Speaks.

EUR/USD – Last: 1.3515

   1.3545    1.3625    1.3695

Support    1.3500       


British Pound (GBP) – The Pound weakened versus most majors after the bank of England policy maker Andrew Sentence said Britain may return to recession. The GBP/USD has a clear downwards trend and it has broken the 20 moving average on the daily graph therefore the momentum is bearish. Overall, GBP/USD traded with a low of 1.4988 and with a high of 1.5254.Today, BOE Gov King Speaks.

GBP/USD - Last: 1.4980

Resistance    1.5033    1.5160    1.5328

Support    1.4975       


Japanese Yen (JPY) –The yen rose against most majors after Japan's all industry activity climbed 3.8% in January from December and US stocks weakened, cause the investors to buy safety currencies.  The USD/JPY trapped between 89.75 - 91.0 levels in the last few days, there isn't a clear trend. Overall, USD/JPY traded with a low of 90.34 and with a high of 90.71.No economic data expected today owing to bank holiday.

USD/JPY-Last: 90.45

Resistance    90.59    90.71   

Support    90.34    90.16    89.97


Canadian dollar (CAD) –
The Canadian Dollar weakened versus the Dollar after Canada's annual core inflation rate unexpectedly rose in February to 2.1 percent from 2.0 percent, putting more pressure on the Bank of Canada as it ponders when to withdraw extraordinary stimulus from the economy. USD/CAD has been trading downwards since February as long it's below 1.0350 a short position is preferred. Overall, USD/CAD traded with a low of 1.0061 and with a high of 1.0189. No economic data expected today.

 USD/CAD - Last: 1.0165

Resistance    1.0188       

Support    1.0152    1.0116    1.0061



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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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