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UFXBank Daily Review - March 23, 2010
Mar 23 2010, 04:04

Daily Review 23/03/2010 

USD Dollar (USD) –
The Dollar weakened against most majors after US market and commodities climbed, tempting the investors to buy higher yielding asset. NASDAQ and Dow Jones advanced by 0.88% and 0.41% respectively as a reaction to Obama’s health care plan approval. Crude oil rose by 0.8% closing at 81.6$ a barrel and Gold (XAU) weakened   by 0.7% closing at 1099.8$ an ounce. Today, Existing Home Sales are expected to weak from 5.05M to 5.01M and Treasury Secretary Geithner Speaks.

EURO (EUR) – The Euro rose from a three-week low against the Dollar as European leaders tried to allay concerns that they were unprepared to aid Greece, easing pressure on higher-yielding assets. The EUR/USD has been trading downwards in the last three days therefore a short position is preferred, the main support is at 1.3450. Overall, EUR/USD traded with a low of 1.3463 and with a high of 1.3568.Today, Belgium NBB Business Climate is expected at -4.1 vs. -7.0 prior.

EUR/USD – Last: 1.3561

Resistance    1.3569    1.3626    1.3695

Support    1.3500    1.3463   


British Pound (GBP) – The Pound climbed against the Dollar and extended gains versus the Euro after first quarter inflation is more likely to be in line with the Bank of England Monetary Policy Committee's forecast and the MPC expects fourth quarter GDP to be revised higher. 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 1.4932 and with a high of 1.5108.Today, CPI is expected to weaken from 3.5% to 3.1%, CBI Realized Sales are expected at 18 vs. 23 prior.

GBP/USD - Last: 1.5101

Resistance    1.5161    1.5249    1.5368

Support    1.5075    1.4979    1.4932


Japanese Yen (JPY) –The Yen climbed versus the Dollar after BOJ said that he might extend its Market Access Support Facility beyond the current March 31 deadline.  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 89.83 and with a high of 90.77.No economic data expected today.

USD/JPY-Last: 90.29

Resistance    90.37    90.77   

Support    90.00    89.83   


Canadian dollar (CAD) – The Canadian Dollar fell for a third day on speculations that  the rally that pushed the currency closest to parity with the Dollar in almost 20 months was too fast to be sustained. 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 1.0147 and with a high of 1.0244. Today, Leading Index is expected to remain at 0.9%.

 USD/CAD - Last: 1.0174

Resistance    1.0189    1.0215    1.0244

Support    1.0147    1.0089    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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