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Article » UFXBank Daily Review - April 14, 2010
UFXBank Daily Review - April 14, 2010
Apr 14 2010, 03:59

Daily Review 14/4/2010

USD Dollar (USD) – The Dollar was little changed after Trade Balance was released, showing a larger than expected deficit of 39.7B, lowering the appeal of the Dollar but reducing Risk Appetite as well. NASDAQ and Dow Jones gained by 0.33% and 0.12% after mixed results from Alcoa and better than expected results by Intel. Crude Oil weakened by -0.34% closing at 84.05$ a barrel after dropping as low as 82$. Gold (XAU) weakened by -0.76% closing at 1,152.8$ an ounce. Today, Core CPI is expected unchanged with 0.1% and Retail Sales are expected higher with 1.1% versus 0.3% prior. Crude Oil Inventories will be released and likely to cause volatility in Crude prices. Fed Chairman Bernanke will testify in Washington and Fed's Beige Book will be released.

EURO (EUR) –The Euro gained slightly versus the Dollar after stronger than expected demand for Greece's bonds was issued, showing the massive rescue plan might define a new way for the Euro. Overall, EUR/USD traded with a low of 1.3545 and a high of 1.3627. EUR/USD is trading slightly above its 50 day moving average which acts as a support level, but could head lower to 1.35 toward closing the gap. No major economic data expected today.

EUR/USD - Last:  1.3608

Resistance    1.3695    1.3780    1.3817

Support    1.3545    1.3505    


British Pound (GBP) – The Pound finished unchanged versus the Dollar after not being able to sustain earlier gains. Trade Balance showed a smaller than expected deficit of 6.2B versus 7.3B forecast, but the gains were released after a larger than expected deficit in the U.S lowered risk appetite. Overall, GBP/USD traded with a low of 1.5535 and a high of 1.5449. As long as GBP/USD keeps trading above the 50 day moving average the momentum is bullish. Nationwide Consumer Confidence will be released overnight and is expected higher with 81.

GBP/USD - Last:  1.5375

Resistance    1.5450    1.5485    

Support    1.5335    1.5310    1.5260


Japanese Yen (JPY) –The Yen finished unchanged versus the Dollar after earlier gaining after a larger than expected trade deficit was released in the U.S lowering the appeal of the Dollar. Overall, USD/JPY traded with a low of 92.57 and a high of 93.41. USD/JPY wasn't able to remain below support at 92.80. No major economic data expected today.  

USD/JPY-Last: 93.15

Resistance    93.40    93.80    

Support    92.75    92.55    92.15



Canadian Dollar (CAD) – The Canadian Dollar gained slightly versus the Dollar but still unable to cross below parity. Trade Balance came out stronger with 1.4B versus 0.7B expected and NHPI came out worse than expected with 0.1%. Overall, USD/CAD traded with a low of 1.0005 and a high of 1.0066. USD/CAD has been struggling with the support level around parity at 1.00 and could head higher if unable to break below it. No economic data expected today.

USD/CAD - Last:  1.0015


    1.0065    1.0090    1.0130

Support    0.9990    0.9970    



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Currency converter

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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