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Article » UFXBank Daily Review - April 22, 2010
UFXBank Daily Review - April 22, 2010
Apr 22 2010, 03:10

Daily Review 22/04/2010

USD Dollar (USD) – The Dollar traded with a mixed trend versus the majors. No clear direction seems across the board. NASDAQ and Dow Jones rose by 0.17% and 0.07% respectively. Crude oil plunged after the Inventories data showed an increase of 1.9M barrels, closing at 83.4$ a barrel. Gold (XAU) increased for another day closing at 1146$ an ounce. Today, PPI is expected at 0.4% vs. -0.6% previously. The Initial Jobless Claims is expected at 450K vs. 484K previously and the Existing Home Sales is expected at 5.3M vs. 5.02M previously.

EURO (EUR) – The Euro traded near a 2 week low against the Dollar on concern that the aid package for Greece will fail to stabilize the nation’s debt crisis. The main resistance of the pair is located at 1.3500, as long it trades below this level the momentum is bearish. Overall, EUR/USD traded with a low of 1.3357 and a high of 1.3446. Today, the French PMI is expected at 56.8 vs.56.5 previously. The German Manufacturing PMI is expected unchanged at 60.2. The Manufacturing PMI is expected at 56.8 vs. 56.6 previously.

EUR/USD – Last: 1.3380

Resistance    1.3440    1.3470    1.3510

Support    1.3370    1.3340    1.3280


British Pound (GBP) – The Pound gained versus the Dollar after Claimant Count Change showed -32.9k people claimed for unemployment related benefits vs. -6K expected. If the pair holds above 1.5380 the positive momentum will continue. Overall, GBP/USD traded with a low of 1.5330 and with a high of 1.5437. Today, Retail Sales are expected at 0.7% vs. 2.1% previously.

GBP/USD - Last: 1.5410

Resistance    1.5430    1.5460    1.5510

Support    1.5380    1.5340    1.5280


Japanese Yen (JPY) – The Dollar weakened versus the Yen after Trade Balance data came out 0.67T better than 0.65T expected. If the pair holds below 93.4 levels it is likely to continue lower back to 92 areas. Overall, USD/JPY traded with a low of 92.92 and with a high of 93.43. No economic data expected today. 

USD/JPY-Last: 92.80

Resistance    93.40    93.80    94.20

Support    92.70    92.20    91.80


Canadian dollar (CAD) – The Canadian Dollar touched its strongest level against the US Dollar in 22 month reaching the 0.9930 level but ended the day almost unchanged near the parity level at 1. The Wholesale Sales came out -1.2% vs. expected 1.3%. In the near term more fluctuations around the 1 area are expected. Overall, USD/CAD traded with a low of 0.9928 and a high of 1.0014. Today, The Leading Indicators Index is expected unchanged at 0.8% and later a BOC Monetary Policy Report will be released.

USD/CAD - Last: 0.9968

Resistance    1.0005    1.0050    1.0130

Support    0.9955    0.9930   



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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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